just hit the two comma club today...some thoughts

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seligsoj
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just hit the two comma club today...some thoughts

Post by seligsoj » Thu Oct 19, 2017 10:17 pm

This may be the only safe place to brag that I hit the two comma club today....husband and I are both 40. Not too shabby for degree/career choices that are not known money makers. I did my undergrad in psychology/women studies and grad school for school psychology. My husband did his undergrad in music followed by two grad degrees in music performance and library science. It has been a combination of:

luck- came from middle class families who taught us about money management, helped pay for undergrad so we weren't saddled with loans, have two healthy kids, have not encountered any disabling health conditions, etc., both work in safe industries and have been steadily employed
hard work- both got full scholarships/worked during grad school so no student loans again, husband picked up tech skills along the way that increased his salary potential; I developed some entreprenurial websites that also has made some money along the way
LBYM- Bought a fixer-upper in a HCOL area that we could easily afford and did most of the renovations ourselves; Most of our clothing is from old navy, lots of hand-me-downs for the kids; Dependable cars like toyota/honda; we are homebodies so not a lot of vacations; eating out and date nights but only fancy dining every so often; Put our investing and bill payment on auto-pilot so we don't even have to think about it much
We hit our fair share of financial bumps along the road....like our first property that we purchased at the height of the housing market and then dropped in value by $100,000---we stayed there for 7 years and ultimately sold it at a $50,000 loss for example;
There's a lot more that goes in each category but it's getting late........ :)

DrHotLunch
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Re: just hit the two comma club today...some thoughts

Post by DrHotLunch » Thu Oct 19, 2017 10:42 pm

Congratulations, that's awesome. Great job!

(I'm also in my early 40's and just joined the "club" as well. I had never actually heard that term before, I love it!)

MrJones
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Re: just hit the two comma club today...some thoughts

Post by MrJones » Thu Oct 19, 2017 10:49 pm

Congratulations. Very inspiring to the folks here who are not in the traditional high earning professions.

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jabberwockOG
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Re: just hit the two comma club today...some thoughts

Post by jabberwockOG » Thu Oct 19, 2017 11:04 pm

Congratulations! Hard work, LBYM, and perseverance usually pays off very well over time.

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White Coat Investor
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Re: just hit the two comma club today...some thoughts

Post by White Coat Investor » Fri Oct 20, 2017 12:00 am

Well done.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

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Sandtrap
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Re: just hit the two comma club today...some thoughts

Post by Sandtrap » Fri Oct 20, 2017 12:03 am

Awesome!!
:sharebeer
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eye.surgeon
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Re: just hit the two comma club today...some thoughts

Post by eye.surgeon » Fri Oct 20, 2017 12:51 am

Congratulations. That's a young age to reach such a significant milestone.
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adptnt
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Re: just hit the two comma club today...some thoughts

Post by adptnt » Fri Oct 20, 2017 7:53 am

That is awesome! You'll be set to be FI sooner rather than later if you keep that up.

Does the 2 comma balance sheet include home equity or strictly cash and investments only?

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seligsoj
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Re: just hit the two comma club today...some thoughts

Post by seligsoj » Fri Oct 20, 2017 11:49 am

It includes our home equity of $120,000

soccerrules
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Re: just hit the two comma club today...some thoughts

Post by soccerrules » Fri Oct 20, 2017 11:53 am

seligsoj wrote:
Fri Oct 20, 2017 11:49 am
It includes our home equity of $120,000
2 commas is 2 commas ! Congrat's on solid NW.

and it sounds like you can celebrate again when your investment accounts hit $1M !

You got to $1M NW probably 5-6 years ahead of me. Not that it is a race, but be pleased with your accomplishment. Now put your head down and keep it up for at least 10-15 years ?? 8-)
Don't let your outflow exceed your income or your upkeep will be your downfall.

Grt2bOutdoors
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Re: just hit the two comma club today...some thoughts

Post by Grt2bOutdoors » Fri Oct 20, 2017 12:08 pm

Congrats! :sharebeer Onwards and upwards.
Most millionaires did not get there by luck, windfalls or inheritances. They arrived by taking little steps that compounded into giant great leaps over time with occasional bumps in the road. Good work!
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

exoilman
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Re: just hit the two comma club today...some thoughts

Post by exoilman » Fri Oct 20, 2017 12:18 pm

Grt2bOutdoors wrote:
Fri Oct 20, 2017 12:08 pm
Congrats! :sharebeer Onwards and upwards.
Most millionaires did not get there by luck, windfalls or inheritances. They arrived by taking little steps that compounded into giant great leaps over time with occasional bumps in the road. Good work!
Couldn't agree more! :sharebeer

Check article below.

Congrats
Sam


https://www.entrepreneur.com/article/286336

Biglaw Investor
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Re: just hit the two comma club today...some thoughts

Post by Biglaw Investor » Fri Oct 20, 2017 4:53 pm

Congratulations! Thanks for posting and sharing the news.

Leemiller
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Re: just hit the two comma club today...some thoughts

Post by Leemiller » Fri Oct 20, 2017 6:33 pm

Congratulations! That kind of investment starts to do some heavy lifting for you!

Are you going to celebrate?

slowbutsteady
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Re: just hit the two comma club today...some thoughts

Post by slowbutsteady » Fri Oct 20, 2017 6:43 pm

:sharebeer Congratulations!!...and thanks for sharing your story.
The tortoise wins every time I read that story.

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samsoes
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Re: just hit the two comma club today...some thoughts

Post by samsoes » Fri Oct 20, 2017 6:43 pm

Congratulations! :sharebeer

Now don't tell a soul!!
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TheHouse7
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Re: just hit the two comma club today...some thoughts

Post by TheHouse7 » Fri Oct 20, 2017 7:21 pm

Grt2bOutdoors wrote:
Fri Oct 20, 2017 12:08 pm
Congrats! :sharebeer Onwards and upwards.
Most millionaires did not get there by luck, windfalls or inheritances. They arrived by taking little steps that compounded into giant great leaps over time with occasional bumps in the road. Good work!
+1 Hope to hit the same mile stone in 10 years! (30yrold)
"PSX will always go up 20%, why invest in anything else?!" -Father-in-law early retired.

A440
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Re: just hit the two comma club today...some thoughts

Post by A440 » Sat Oct 21, 2017 6:24 am

Congratulations! :sharebeer
We hit the mark Aug '14, when I was 46 (my goal was 45).
Still, not too shabby for a public school teacher whose wife stays home to help raise the kiddos :happy
I don't know what the future holds, but I know who holds my future.

bulbul
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Re: just hit the two comma club today...some thoughts

Post by bulbul » Sat Oct 21, 2017 6:51 am

Congratulations! :sharebeer

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CyclingDuo
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Re: just hit the two comma club today...some thoughts

Post by CyclingDuo » Sat Oct 21, 2017 7:22 am

seligsoj wrote:
Thu Oct 19, 2017 10:17 pm
This may be the only safe place to brag that I hit the two comma club today....husband and I are both 40. Not too shabby for degree/career choices that are not known money makers. I did my undergrad in psychology/women studies and grad school for school psychology. My husband did his undergrad in music followed by two grad degrees in music performance and library science. It has been a combination of:

luck- came from middle class families who taught us about money management, helped pay for undergrad so we weren't saddled with loans, have two healthy kids, have not encountered any disabling health conditions, etc., both work in safe industries and have been steadily employed
hard work- both got full scholarships/worked during grad school so no student loans again, husband picked up tech skills along the way that increased his salary potential; I developed some entreprenurial websites that also has made some money along the way
LBYM- Bought a fixer-upper in a HCOL area that we could easily afford and did most of the renovations ourselves; Most of our clothing is from old navy, lots of hand-me-downs for the kids; Dependable cars like toyota/honda; we are homebodies so not a lot of vacations; eating out and date nights but only fancy dining every so often; Put our investing and bill payment on auto-pilot so we don't even have to think about it much
We hit our fair share of financial bumps along the road....like our first property that we purchased at the height of the housing market and then dropped in value by $100,000---we stayed there for 7 years and ultimately sold it at a $50,000 loss for example;
There's a lot more that goes in each category but it's getting late........ :)
Well done!

Is your husband in a music performing career now?
"Everywhere is within walking distance if you have the time." ~ Steven Wright

Traveler
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Re: just hit the two comma club today...some thoughts

Post by Traveler » Sat Oct 21, 2017 7:45 am

Congratulations! I am plugging along trying to get there myself. Single, 45. Maybe next year.

Topic Author
seligsoj
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Re: just hit the two comma club today...some thoughts

Post by seligsoj » Sat Oct 21, 2017 4:28 pm

CyclingDuo wrote:
Sat Oct 21, 2017 7:22 am
seligsoj wrote:
Thu Oct 19, 2017 10:17 pm
This may be the only safe place to brag that I hit the two comma club today....husband and I are both 40. Not too shabby for degree/career choices that are not known money makers. I did my undergrad in psychology/women studies and grad school for school psychology. My husband did his undergrad in music followed by two grad degrees in music performance and library science. It has been a combination of:

luck- came from middle class families who taught us about money management, helped pay for undergrad so we weren't saddled with loans, have two healthy kids, have not encountered any disabling health conditions, etc., both work in safe industries and have been steadily employed
hard work- both got full scholarships/worked during grad school so no student loans again, husband picked up tech skills along the way that increased his salary potential; I developed some entreprenurial websites that also has made some money along the way
LBYM- Bought a fixer-upper in a HCOL area that we could easily afford and did most of the renovations ourselves; Most of our clothing is from old navy, lots of hand-me-downs for the kids; Dependable cars like toyota/honda; we are homebodies so not a lot of vacations; eating out and date nights but only fancy dining every so often; Put our investing and bill payment on auto-pilot so we don't even have to think about it much
We hit our fair share of financial bumps along the road....like our first property that we purchased at the height of the housing market and then dropped in value by $100,000---we stayed there for 7 years and ultimately sold it at a $50,000 loss for example;
There's a lot more that goes in each category but it's getting late........ :)
Well done!

Is your husband in a music performing career now?
No, he worked in a music library right after graduating, then a university multimedia center, and now a technology consortium for libraries. He gets to be very creative with his day job and plays music with our son for fun...so it works for him

Topic Author
seligsoj
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Re: just hit the two comma club today...some thoughts

Post by seligsoj » Sat Oct 21, 2017 4:32 pm

Leemiller wrote:
Fri Oct 20, 2017 6:33 pm
Congratulations! That kind of investment starts to do some heavy lifting for you!

Are you going to celebrate?
No celebrations yet. My husband joked that we should celebrate by splitting a Subway sandwich. :).

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Devil's Advocate
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Re: just hit the two comma club today...some thoughts

Post by Devil's Advocate » Sat Oct 21, 2017 4:49 pm

seligsoj wrote:
Sat Oct 21, 2017 4:32 pm
Leemiller wrote:
Fri Oct 20, 2017 6:33 pm
Congratulations! That kind of investment starts to do some heavy lifting for you!

Are you going to celebrate?
No celebrations yet. My husband joked that we should celebrate by splitting a Subway sandwich. :).
That's hilarious! Congratulations that is impressive.

DA

sean31081
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Re: just hit the two comma club today...some thoughts

Post by sean31081 » Sat Oct 21, 2017 5:00 pm

Congratulations! :sharebeer

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Soul.in.Progress
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Re: just hit the two comma club today...some thoughts

Post by Soul.in.Progress » Sat Oct 21, 2017 5:13 pm

Fantastic!! Celebrate and keep it going :)

I agree with Grt2bOutdoors, that was certainly true for our case.
Grt2bOutdoors wrote:
Fri Oct 20, 2017 12:08 pm
Most millionaires did not get there by luck, windfalls or inheritances. They arrived by taking little steps that compounded into giant great leaps over time with occasional bumps in the road.
Start by doing what is necessary; | then do what is possible; | and suddenly you are doing the impossible. | -- Francis of Assisi

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ClevrChico
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Re: just hit the two comma club today...some thoughts

Post by ClevrChico » Sat Oct 21, 2017 5:18 pm

Congrats! Awesome work! We've had a setback or two, but discipline wins in the end!

Our most popular restaurant outing is splitting a subway sandwich too. :-)

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hoppy08520
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Re: just hit the two comma club today...some thoughts

Post by hoppy08520 » Sat Oct 21, 2017 5:43 pm

seligsoj wrote:
Sat Oct 21, 2017 4:32 pm
Leemiller wrote:
Fri Oct 20, 2017 6:33 pm
Congratulations! That kind of investment starts to do some heavy lifting for you!

Are you going to celebrate?
No celebrations yet. My husband joked that we should celebrate by splitting a Subway sandwich. :).
Bought with a coupon, I hope? ;-)

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hoppy08520
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Re: just hit the two comma club today...some thoughts

Post by hoppy08520 » Sat Oct 21, 2017 5:49 pm

Wow, I just glanced at Mint and we (wife and I) just hit the 2-comma club too, including HE (~$250k). We were at $997K last week, now $1,003,000. I screen-shot it for a keepsake, knowing that it could drop a lot...

Congrats to all of us. We are around 7 years older than you.

Topic Author
seligsoj
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Re: just hit the two comma club today...some thoughts

Post by seligsoj » Sat Oct 21, 2017 5:53 pm

hoppy08520 wrote:
Sat Oct 21, 2017 5:49 pm
Wow, I just glanced at Mint and we (wife and I) just hit the 2-comma club too, including HE (~$250k). We were at $997K last week, now $1,003,000. I screen-shot it for a keepsake, knowing that it could drop a lot...

Congrats to all of us. We are around 7 years older than you.
Congratulations!! Yes...a keepsake is smart...us newly minted members of the 2 comma club could be kicked out next week if the market drops 😋

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seligsoj
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Re: just hit the two comma club today...some thoughts

Post by seligsoj » Sat Oct 21, 2017 5:54 pm

hoppy08520 wrote:
Sat Oct 21, 2017 5:43 pm
seligsoj wrote:
Sat Oct 21, 2017 4:32 pm
Leemiller wrote:
Fri Oct 20, 2017 6:33 pm
Congratulations! That kind of investment starts to do some heavy lifting for you!

Are you going to celebrate?
No celebrations yet. My husband joked that we should celebrate by splitting a Subway sandwich. :).
Bought with a coupon, I hope? ;-)

A coupon, credit card points, and only water to drink...lol

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CyclingDuo
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Re: just hit the two comma club today...some thoughts

Post by CyclingDuo » Sat Oct 21, 2017 6:50 pm

seligsoj wrote:
Sat Oct 21, 2017 4:28 pm
No, he worked in a music library right after graduating, then a university multimedia center, and now a technology consortium for libraries. He gets to be very creative with his day job and plays music with our son for fun...so it works for him.
Ah, understood. Thought I'd just check as I pursued the performing side for 25 years, and am now teaching it to wrap up the music career. Always curious to hear stories from other musicians. Glad he still has his love of music and shares it with your son.
"Everywhere is within walking distance if you have the time." ~ Steven Wright

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Top99%
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Re: just hit the two comma club today...some thoughts

Post by Top99% » Sun Oct 22, 2017 8:55 am

Congratulations and well done. You seem to have The Millionaire Next Door mindset down well :sharebeer
Adapt or perish

IFKC
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Re: just hit the two comma club today...some thoughts

Post by IFKC » Sun Oct 22, 2017 11:27 am

Cheers! That's awesome.
Tragedy at 17 --> $$$ - mistakes + education (including Bogleheads) = a poster who still knows the least on this forum. Happy father, tepid lawyer.

Topic Author
seligsoj
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Re: just hit the two comma club today...some thoughts

Post by seligsoj » Sun Oct 22, 2017 1:56 pm

CyclingDuo wrote:
Sat Oct 21, 2017 6:50 pm
seligsoj wrote:
Sat Oct 21, 2017 4:28 pm
No, he worked in a music library right after graduating, then a university multimedia center, and now a technology consortium for libraries. He gets to be very creative with his day job and plays music with our son for fun...so it works for him.
Ah, understood. Thought I'd just check as I pursued the performing side for 25 years, and am now teaching it to wrap up the music career. Always curious to hear stories from other musicians. Glad he still has his love of music and shares it with your son.
I think he got a little burnt out after 6 years of intense playing for under grad/grad school of classical guitar..so transitioning to something creative but different for his career was a good change for him

Topic Author
seligsoj
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Re: just hit the two comma club today...some thoughts

Post by seligsoj » Sun Oct 22, 2017 1:58 pm

A440 wrote:
Sat Oct 21, 2017 6:24 am
Congratulations! :sharebeer
We hit the mark Aug '14, when I was 46 (my goal was 45).
Still, not too shabby for a public school teacher whose wife stays home to help raise the kiddos :happy
Awesome work! How'd you do it? Love to hear about my fellow educators achieving financial success and security

A440
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Re: just hit the two comma club today...some thoughts

Post by A440 » Sun Oct 22, 2017 3:56 pm

Started investing early w/Vanguard (opened my IRA at age 19), worked a side hustle for the last 25 years, LBYM, always maxed out Roth IRA while also contributing to a low-fee 403(b)(7), learned from my investing mistakes, and married a frugal wife :D
A touch of providence was also very helpful. Soli Deo Gloria!
I don't know what the future holds, but I know who holds my future.

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GerryL
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Re: just hit the two comma club today...some thoughts

Post by GerryL » Sun Oct 22, 2017 4:35 pm

This is not intended to be a downer comment:

I looked back over a spreadsheet that I have updated annually in January for many years. I see that I hit the double comma club for net worth (including house) by 2008. Oops. The entry for the next year shows that I was booted out of the club and net worth was down about 25%. But I held steady and kept up with my investing plan, and by 2011 I was back to where I had been, plus some change. By 2013 my investing accounts alone (excluding house) were firmly in the double comma club.

Moral of story: If we should see a correction that ejects you from the club, keep doing what you were doing to get there in the first place.

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