Poll, how old when you plan to hit $1MM

[Swank]

Spend it when you can enjoy it! Sorry kids, I'll be dead when you find out I'm an asshole

[Strider]

Originally posted by timdog
$1MM for a single person is not the same as $2MM for a couple. not even close. anyone that lives with their significant other knows that costs go down dramatically when you are partnered up. I'd argue it would be something like $1.3 to $1.5MM for a couple

I get that needs / living expenses, etc decrease when partnered up. But I talking strictly in the context of this measuring contest. $1MM or $2MM?


There is only one definition of net worth. All you fire moustache people can go make your own thread with your alternative definitions.

Originally posted by D'z Nutz
LOL, 1 million sounds pretty damn cheap to me. Is this not including any drinks or something?

Are you guys all students on a budget or something?

[blownz]

My goal was always 40 and I was excited when I touched it just before turning 38 (late 2014) and then 2015 happened... at least 2016 was good so I was comfortably above and just before turning 40. My bigger goal though is $1M of actual investments and I am still about 3 years away from that. As long as my impulsive wife doesn't quit her job to stay home with the kids again like she keeps suggesting...

[mr2mike]

I'll wait until inflation takes off and then all middle class will be Millionaires.
So I'll be a millionaire in say, in 5 yrs.

No one's just happy being a Hundred-Thousandaire?
Single comma club represent!

[vengie]

Originally posted by D'z Nutz
LOL, 1 million sounds pretty damn cheap to me. Is this not including any drinks or something?

Are you guys all students on a budget or something?

/thread

[Darkane]

Originally posted by blownz
My goal was always 40 and I was excited when I touched it just before turning 38 (late 2014) and then 2015 happened... at least 2016 was good so I was comfortably above and just before turning 40. My bigger goal though is $1M of actual investments and I am still about 3 years away from that. As long as my impulsive wife doesn't quit her job to stay home with the kids again like she keeps suggesting...

It was suggested a couple would have to be in the 1.3-1.5 area.

A dink couple could do this pretty quickly so numbers should be adjusted a bit.

A million is a nice round number however.

Question for everyone: should mortgage be paid off prior to achieving this? As in focus on investments when rates are low and payments when rates are high?

The reason I ask is because for the last 8years rates are stupid cheap so I bet a lot of "millionaires" have hefty mortgages. I believe a house of 500-700 should be paid before net reaches a mill.

[J-hop]

Net worth as I was schooled on wouldn't necessarily mean you had to pay off your mortgage.

But I've always considered the term "millionaire" to be reserved for people with 1MM relatively liquid. I wouldn't consider someone eating ramen noodles every night with candles for light and heat because they spent every last dollar they saved on a million dollar home a "millionaire". But not everyone defines it the same.

https://www.cnbc.com/amp/2015/06/24/...t-depends.html

[blownz]

Originally posted by Darkane


It was suggested a couple would have to be in the 1.3-1.5 area.

A dink couple could do this pretty quickly so numbers should be adjusted a bit.

A million is a nice round number however.

Question for everyone: should mortgage be paid off prior to achieving this? As in focus on investments when rates are low and payments when rates are high?

The reason I ask is because for the last 8years rates are stupid cheap so I bet a lot of "millionaires" have hefty mortgages. I believe a house of 500-700 should be paid before net reaches a mill.

I guess I should clarify that by goal, I don't mean end goal, I just more of a target in the short term. I definitely won't stop working with a mil in cash even though I do have a paid off house and no vehicle loans. I personally think $3M is my number where I look to retire. If both my wife and I work, that will (should) be easy before we hit 60. I am personally in no huge rush to retire. I don't mind working while I can and I get 5 weeks vacation now and as I get older I will just push for more or take time of without pay to get the right work/life balance.

As for your question on having a mortgage paid off, personally with rates this low I don't think you need to be in a rush, but I would always assume that they could easily go back up. And no mortgage is a great feeling and gives you a lot of freedom which is why I paid mine off sooner than I needed to. I sleep better at night knowing that no matter what happens, no one can take away my home or vehicles.

[tehwegz]

40 seems to be a solid age. I have 15.5 years, gotta start now, gotta dig deep. Plan to skip the mortgage/kids/family crap till I'm 35 at least.

[max_boost]

Originally posted by Darkane



Question for everyone: should mortgage be paid off prior to achieving this? As in focus on investments when rates are low and payments when rates are high?

I tried but I couldn't do it. The markets have done great. Indexes are at all time highs but *I* couldn't do it lol

So I pretty much resorted to basically putting all money towards paying off the primary and toys. The stock market just isn't for me. I stress myself out.

But with that said, I'll probably start trading again with excess cash. meaning once cars are paid, once primary is paid it's all extra money.

It literally is whatever helps you sleep at night.

[sputnik]

Originally posted by tehwegz
40 seems to be a solid age. I have 15.5 years, gotta start now, gotta dig deep. Plan to skip the mortgage/kids/family crap till I'm 35 at least.

You probably don't want to wait until you are 35 to find a woman...

As a 37 year old with single friends... its definitely a risky move.

[Buster]

- The mortgage payment vs investment thing is an ago old debate. However, you can't make the argument that "because rates are low today keep a mortgage". Your mortgage is just capital in the market chasing yield - the same as you are chasing yield with your savings. So you can't have mortgage rates way out of lockstep with other destinations of capital that you might have available. (Now things are a bit complicated here because of gov't intervention with rates. ) But generally speaking markets function to prevent significant arbitrage opportunities between risk-adjusted investment yields and your mortgage payment/rates. If you decide to invest outside of your mortgage instead of paying it down, you are just applying a bit of leverage to your investments. There's nothing wrong with that. But paying off a 2.1% mortgage is basically 2.1% yield with ZERO risk. From a risk adjustment perspective, that's pretty juicy.

- You never own your own home - you are essentially renting the dirt from the city, and so you will always have a cost. If you are paying off your mortgage for "peace of mind", then I think that's a bit of self-trickery as you can't turn yourself into a hermit and not play ball with the city. Stop paying your property taxes and then tell me how much you "own" your house.

- $1mm in net worth is a commendable goal, but it's pretty common nowadays, when you look at the statistics. As a term used to describe "wealthy" I'm not sure it's appropriate. If you want to retain that old-time meaning of millionaire, it's probably better to apply it to people who earn (or see a net worth increase) of $1mm or more PER year. Probably speaks to the intent of the term better.

- It's more useful to talk about financial independence along with a nice lifestyle than it is to pick an arbitrary number. As someone else said, if you have to eat ramen to do it, what's the point? Now, if it's just a waystation on the way to financial independence, that's a different goal. But $1mm isn't financial independence by a long shot.

[muse017]

Did hit 1MM net worth at 35

[BoostinAround]

Why focus on net worth so much, it's kinda pointless dick measuring contest.

Focus on monthly cashflow from sources that require little to no time.

I would be willing to bet more people on this forum would have a drastic lifestyle change from a cashflow of just $5,000 / month coming in consistently outside of their active income than just a 1,000,000 net worth.

anyways, you guys should really dream bigger, 1,000,000 is no big deal and can easily be done in a couple years if you know what you are doing. Surpassed it at 27 after 3.5 years. None of it lottery, luck, inheritance or stock market related.

You Can do it!

[Darkane]

Originally posted by BoostinAround
Why focus on net worth so much, it's kinda pointless dick measuring contest.

Focus on monthly cashflow from sources that require little to no time.

I would be willing to bet more people on this forum would have a drastic lifestyle change from a cashflow of just $5,000 / month coming in consistently outside of their active income than just a 1,000,000 net worth.

anyways, you guys should really dream bigger, 1,000,000 is no big deal and can easily be done in a couple years if you know what you are doing. Surpassed it at 27 after 3.5 years. None of it lottery, luck, inheritance or stock market related.

You Can do it!

Is that right? Care to elaborate since you basically said this wasn't investment related?

Other than inventing or an app, this is difficult. Possible family connections into chosen field of work?

[rx7_turbo2]

Originally posted by BoostinAround
1,000,000 is no big deal and can easily be done in a couple years if you know what you are doing.

Tips and tricks?

[Maxt]

Originally posted by rx7_turbo2

Tips and tricks?

NHL dude... skates are cheap...

[vengie]

Originally posted by BoostinAround
Why focus on net worth so much, it's kinda pointless dick measuring contest.

Focus on monthly cashflow from sources that require little to no time.

I would be willing to bet more people on this forum would have a drastic lifestyle change from a cashflow of just $5,000 / month coming in consistently outside of their active income than just a 1,000,000 net worth.

anyways, you guys should really dream bigger, 1,000,000 is no big deal and can easily be done in a couple years if you know what you are doing. Surpassed it at 27 after 3.5 years. None of it lottery, luck, inheritance or stock market related.

You Can do it!

Sounds like you're affiliated with World Wide Dream builders, aka Amway

[ExtraSlow]

Or World Financial Group.

[Marsh]

Originally posted by flipstah

Originally posted by flipstah


Just for you



What's the point of chasing 1MM when inflation rate devalues it haha.

Haha good plan, her family is rich as hell.