millionaires - Page 27

proudaggie02

12:36p, 6/3/20

^
I appreciate the feedback.

Any suggestions on other oil stocks? I've invested in some of the safer, better companies (EOG, XOM) that might have 50-100% upside over the next year or two. Based on my CDEV position, I'm willing to take some risk in hopes of higher returns.

RightWingConspirator

1:21p, 6/3/20

I purchased XLE, EOG, PXD, COP, CVX, FANG and TRP. Maybe there is some upside left, but I'm up on some of those equities ~70 percent in 2.5 mos. Not sure how many "hidden gems" exist at these price levels. I won't add to my position at these prices. I'd wait for a pull back if I were you.

Cyp0111

2:12p, 6/3/20

In reply to RightWingConspirator

I think the value bump with good names has overshot reality that we are still in a $1.80/35 market.

Boat Shoes

10:05p, 8/17/20

With the stock market near all time highs I expected a flurry of activity on this thread!

Esteban du Plantier

10:44p, 8/17/20

WoMD

11:14p, 8/17/20

In reply to Boat Shoes

Boat Shoes said:
With the stock market near all time highs I expected a flurry of activity on this thread!

Pushed me over the mark between cash and brokerage accounts. Counting investment real estate pushed well past 2.

SMM48

1:44a, 8/18/20

In reply to Boat Shoes

Maybe start a "Multi Millionaire Thread".

AgOutsideAustin

8:58a, 8/18/20

In reply to Boat Shoes

Boat Shoes said:
With the stock market near all time highs I expected a flurry of activity on this thread!

Nah just sitting back watching others drive our balances to all time highs, while enjoying a beverage or two. Ok three this afternoon if the numbers hold......

SW AG80

5:43p, 8/31/20

We have hit that mark. Real estate has been a great investment for us. An acre on the Guadalupe River, a house in College Station and then the house we live in .Make good investments, don't spend as much as you make. Limit your expensive spending habits. Aggie FB has been our biggest luxury for some time. Travel the other. It is great having children out of college.

A New Hope

8:03p, 8/31/20

I got there by working my ass off 80-90 hrs a week and living within my means,

12thmanfootball

12:41a, 9/1/20

For me, putting 95% of my money in Tesla in late Nov/early Dec of last year has been "a knock it out of the ballpark" financial move. I can't believe that I lucked out (a little bit of research, too).......the stock has been on absolute insane hyperbolic trajectory since then. I am not selling for at least 10 years. I fully expect this company to grow at a 50% clip for years to come. Musk is changing the world for the better. Helluva smart guy.

I feel so blessed to own this stock, somebody must like me upstairs!

ktownag08

6:55a, 9/1/20

In reply to 12thmanfootball

Congrats on the success!

Curious what made you go "all in" on TSLA? Huge risk that worked out, but I've been burned on too many trades to do that again.

Cyp0111

8:15a, 9/1/20

In reply to 12thmanfootball

I would cash out

Hendrix

8:25a, 9/1/20

In reply to 12thmanfootball

I'd advise to slowly take a few chips off the table and diversify. Maybe hold 50% of what you have by this time next year. That's a lot of eggs in a basket.

MAS444

9:58a, 9/1/20

In reply to SW AG80

I'm assuming the acre on the Guadalupe is a rental home? Just curious as I would love to be able to justify that kind of investment...

bmks270

10:39a, 9/1/20

In reply to Cyp0111

Cyp0111 said:
I would cash out

At least cash out half so you don't have all your eggs in one basket. Once you've made it on offense you need to play some defense.

Cyp0111

10:42a, 9/1/20

In reply to bmks270

Tsla is still one wild valuation that has significant downside. De-risk.

ToddyHill

11:01a, 9/1/20

In reply to 12thmanfootball

I was in a similar situation back in 2007. I wasn't at all pleased with my mutual fund and the low returns and the high expenses. My middle daughter, who was a senior in high school at the time said, "Hey Dad, I think this iPhone is going to be a big deal." I thought, what the hell...and put all of it in AAPL. It was the right move.

Ed Carter

3:41p, 10/12/20

New net worth data is out...fascinating to see how much it takes to be in the top 1% these days

https://personalfinancedata.com/networth-percentile-calculator/

JLN90

5:33a, 10/16/20

In reply to Ag92NGranbury

This, and the closer you get to retirement $1M is not what it was at 40.

cgh1999

6:35a, 10/16/20

In reply to JLN90

JLN90 said:
This, and the closer you get to retirement $1M is not what it was at 40.

$2 million is the new $1 million

YouBet

3:24p, 10/16/20

In reply to Ed Carter

Ed Carter said:
New net worth data is out...fascinating to see how much it takes to be in the top 1% these days

https://personalfinancedata.com/networth-percentile-calculator/

No kidding. I'm 46 and you have to have $10-11M net worth to be top 1%.

A New Hope

5:54p, 10/16/20

Never saw that calculator before. Interesting. I'm 95%. Late 50s. Markets, solid savings approach and a lot of hard work got me there. My 'number' was lower but markets propelled me upward. Now I'm trying to figure out when to pull everything out and go more conservative.

94chem

11:22p, 10/16/20

In reply to YouBet

YouBet said:
Ed Carter said:
New net worth data is out...fascinating to see how much it takes to be in the top 1% these days

https://personalfinancedata.com/networth-percentile-calculator/
No kidding. I'm 46 and you have to have $10-11M net worth to be top 1%.

Two bachelor's degrees in engineering in the mid-90's, 1-2 children, maxing out 401(k) with corporate match, minimal giving, etc. $10 million would be a pretty easy number to reach.

Sandman98

1:51a, 10/17/20

In reply to 94chem

94chem said:
YouBet said:
Ed Carter said:
New net worth data is out...fascinating to see how much it takes to be in the top 1% these days

https://personalfinancedata.com/networth-percentile-calculator/
No kidding. I'm 46 and you have to have $10-11M net worth to be top 1%.

Two bachelor's degrees in engineering in the mid-90's, 1-2 children, maxing out 401(k) with corporate match, minimal giving, etc. $10 million would be a pretty easy number to reach.

Easy probably isn't the word even with those parameters. Inheritance is how most people make the cut.

Square Pair

4:42a, 10/17/20

1%'er. 50 yrs old. Hit first $1MM at 40. Didn't start investing into the company 401K until I was 27 (8 yrs military - enlisted at 18). Minimum investment to get the company match.

In 2008 at the height of the dot com bust started my own company. I think at that time my 401K might have been around $360K. Fast forward 12 yrs and I'm currently going through the @$$ pain of an m&a due diligence process.

The timeline simply to point out that my "financial gain" began when I started the company and began working for myself. My investments from equity distributions out of the company has far surpassed my 401K which is currently at $1.3MM (no I didn't drain the company to get there). Looking back I still can't believe I took the risk.

YouBet

8:57a, 10/17/20

In reply to 94chem

94chem said:
YouBet said:
Ed Carter said:
New net worth data is out...fascinating to see how much it takes to be in the top 1% these days

https://personalfinancedata.com/networth-percentile-calculator/
No kidding. I'm 46 and you have to have $10-11M net worth to be top 1%.

Two bachelor's degrees in engineering in the mid-90's, 1-2 children, maxing out 401(k) with corporate match, minimal giving, etc. $10 million would be a pretty easy number to reach.

Easy?! What is total annual comp of these two people? It would only be easy with really, really high compensation.

Possible? Sure. Not easy though.

Spaceship

9:56a, 10/17/20

What all is included/excluded in terms of cash, assets and debt for calculating net worth in this context?

Tormentos

10:33a, 10/17/20

All assets minus liabilities.

mavsfan4ever

10:49a, 10/17/20

In reply to 94chem

94chem said:
YouBet said:
Ed Carter said:
New net worth data is out...fascinating to see how much it takes to be in the top 1% these days

https://personalfinancedata.com/networth-percentile-calculator/
No kidding. I'm 46 and you have to have $10-11M net worth to be top 1%.

Two bachelor's degrees in engineering in the mid-90's, 1-2 children, maxing out 401(k) with corporate match, minimal giving, etc. $10 million would be a pretty easy number to reach.

You better be doing a lot more than maxing out retirement accounts to get to $10 million.

Let's say both spouses max out 401k (without company match), both max out IRA or backdoor Roth IRA, and then invest an additional $50k per year. That's about $100k per year for investments. Doing that for 30 years won't even get you to $10 million assuming a 6% rate of return.

I know you can mess with the numbers or the rate of return a little to get to the $10 million figure. But easy isn't how I would describe it.

CaptnCarl

10:57a, 10/17/20

Throw in a common item like child with special needs, private school, IVF, parents with medical bills, etc.

Life can be very difficult, and describing hitting $10MM as easy is almost insulting to people that hit many of life's realities and insincere to those prospective couples in their early 20's.

Spaceship

11:01a, 10/17/20

In reply to Tormentos

Tormentos said:
All assets minus liabilities.

In other words, does this mean all cash, all 401(k), all alternative liquid assets, home equity, less all debt? Thanks.

Boat Shoes

1:05p, 10/17/20

In reply to cgh1999

cgh1999 said:
JLN90 said:
This, and the closer you get to retirement $1M is not what it was at 40.

$2 million is the new $1 million

Guess we need to change the thread title to "2 millionaires!"

CharlieBrown17

1:22p, 10/17/20

Hoping to hit this net worth wise by 30-32. 25 right now and around 70k net worth.

Debt right now is a mortgage and car note. Inherited a rental property with the wife. Both of us contribute enough to 401ks to take advantage of full matching but most of our savings goes towards a down payment for a second rental property and building a maintenance fund for both plus a more aggressive stock market account than our 401ks.

Definitely agree with a lot of the thoughts on here about really needing to balance enjoyment now and savings for later. We could be more frugal but dinner out on fridays or the bar on Saturday is worth it for now over saving every possible cent. On the flip side, we have several friends with similar income to us that spend every cent of it damn near and I can't even imagine spending that much money a month.

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1:45p, 10/17/20