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62strat
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In reply to bagger05 • 11:49a, 3/10/24
AG
bagger05 said:
62strat said:
Kansas Kid said:
aggiesundevil4 said:
Agree Cade, FIRE is the path of lazy nihilists that don't care about having the money for great life experiences, world travel, and passing something valuable onto children and grandchildren. I know I'd rather live well than live cheap just to avoid having a job in my 50s, and some people love the FIRE concept but it's not for me.
I agree with you. The other issue I have with FIRE is what are you going to do with your time if you are retired at 35-45? I bet there will be a study that shows those that do either die early or go back to work after a few years.

If only we had a huge group of people that all retire before 40.

Cough athletes cough.

Would be interesting to look at the data.

Even a lot of those who have enough money to hang it up get into coaching, charity, media, or start businesses.

.

So… something that's enjoyable.
People know what to do with their time. They don't just wither away and die.
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Brian Earl Spilner
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In reply to aggiesundevil4 • 12:17p, 3/10/24
AG
aggiesundevil4 said:
Agree Cade, FIRE is the path of lazy nihilists that don't care about having the money for great life experiences, world travel, and passing something valuable onto children and grandchildren. I know I'd rather live well than live cheap just to avoid having a job in my 50s, and some people love the FIRE concept but it's not for me.


Tell that to people who've retired early and are enjoying world travel and having great life experiences.
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Kansas Kid
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In reply to 62strat • 12:22p, 3/10/24
62strat said:
Kansas Kid said:
aggiesundevil4 said:
Agree Cade, FIRE is the path of lazy nihilists that don't care about having the money for great life experiences, world travel, and passing something valuable onto children and grandchildren. I know I'd rather live well than live cheap just to avoid having a job in my 50s, and some people love the FIRE concept but it's not for me.
I agree with you. The other issue I have with FIRE is what are you going to do with your time if you are retired at 35-45? I bet there will be a study that shows those that do either die early or go back to work after a few years.

If only we had a huge group of people that all retire before 40.

Cough athletes cough.

And most of them still work. Dat Nguyen is running a Chick-Fil-a as an example.
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bjork
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In reply to aggiesundevil4 • 5:03p, 3/10/24
aggiesundevil4 said:
Agree Cade, FIRE is the path of lazy nihilists that don't care about having the money for great life experiences, world travel, and passing something valuable onto children and grandchildren. I know I'd rather live well than live cheap just to avoid having a job in my 50s, and some people love the FIRE concept but it's not for me.


Phew, that's a straw-man worthy the Politics board.

FIRE is 25-30x expenses. Your expenses can ramen or Bordeaux, it doesn't change the math.
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LMCane
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In reply to Brian Earl Spilner • 10:05a, 3/11/24
Brian Earl Spilner said:
aggiesundevil4 said:
Agree Cade, FIRE is the path of lazy nihilists that don't care about having the money for great life experiences, world travel, and passing something valuable onto children and grandchildren. I know I'd rather live well than live cheap just to avoid having a job in my 50s, and some people love the FIRE concept but it's not for me.


Tell that to people who've retired early and are enjoying world travel and having great life experiences.
yeah I can't understand that counter argument

the entire POINT of FIRE is to be able to live the life you want when you are still young enough to enjoy it and make use of it.

what's the point of saving until you are 67 to then travel the world- and your knees and hip have to be replaced?

would much rather live throughout Europe at age 55 and then have less money at age 75.
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62strat
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In reply to LMCane • 10:28a, 3/11/24
AG
LMCane said:
Brian Earl Spilner said:
aggiesundevil4 said:
Agree Cade, FIRE is the path of lazy nihilists that don't care about having the money for great life experiences, world travel, and passing something valuable onto children and grandchildren. I know I'd rather live well than live cheap just to avoid having a job in my 50s, and some people love the FIRE concept but it's not for me.


Tell that to people who've retired early and are enjoying world travel and having great life experiences.

what's the point of saving until you are 67 to then travel the world- and your knees and hip have to be replaced?
lol.. my mom and nearly all my dad's siblings had the knees replaced in late 50s!
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Petrino1
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10:48a, 10/1/24
I've been following this thread for a long time and forgot to post my millionaire update. I officially crossed the one million net worth last week in my late 30's. I'm single, lifelong renter, no inheritance, graduated college with student loan and credit card debt, no money or help from parents etc.

I went from zero net worth to a million in about 12 years the old fashion way: keeping my expenses low, working hard, having multiple streams of income, and saving/investing a large percentage of my income in low cost stock market index funds consistently every month over a period of time. All of my money is mainly in the stock market (index funds, individual stocks, and some bonds + cash), zero real estate equity. I was frugal with my money but also enjoyed it along the way via frequent travels and giving to family and charity. The goal is $5MM by age 45 and then I will reevaluate from there.

I wish everyone the best of luck in their millionaire journey!
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BTHOB
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In reply to Petrino1 • 10:54a, 10/1/24
AG
Petrino1 said:
I've been following this thread for a long time and forgot to post my millionaire update. I officially crossed the one million net worth last week in my late 30's. I'm single, lifelong renter, no inheritance, graduated college with student loan debt, no money from parents etc.

I went from zero net worth to a million in about 12 years the old fashion way: keeping my expenses low, and saving/investing a large percentage of my income in low cost market index funds consistently every month over a period of time. I was frugal with my money but also enjoyed it along the way via frequent travels and giving to family and charity. The goal is $5MM by age 45 and then I will reevaluate from there.

I wish everyone the best of luck in their millionaire journey!


Great job! Keep it up and you'll have lots of options going forward.
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Your Mom And Them
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11:20a, 10/1/24
I stumbled upon this thread a few years ago. I crossed the millionaire threshold within the last few years. I told my kids that you'd never know that some people are millionaire's because they don't exhibit the characteristics of what you'd think a millionaire would be like. I told them that their mother and I fall into that category. My youngest shot back, "Well, we certainly don't live like it!" I just kinda laughed and told him that's why we're millionaires. I echo the sentiments of many on this board:

1) Start investing early while time is on your side.
2) Be smart with your money. Buy some wants along the way, but don't go crazy.
3) Be consistent in your investing...slow and steady wins the race.
4) Diversify, diversify, diversify.
5) Buy real estate.
6) Don't carry debt.

Those are the ones that helped me get to this point.
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The Pilot
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In reply to Your Mom And Them • 11:30a, 10/1/24
AG
Your Mom And Them said:
I stumbled upon this thread a few years ago. I crossed the millionaire threshold within the last few years. I told my kids that you'd never know that some people are millionaire's because they don't exhibit the characteristics of what you'd think a millionaire would be like. I told them that their mother and I fall into that category. My youngest shot back, "Well, we certainly don't live like it!"
You should have told them "Your mother and I are millionaires, you are not".
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94chem
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In reply to Kansas Kid • 2:34p, 10/1/24
Kansas Kid said:
62strat said:
Kansas Kid said:
aggiesundevil4 said:
Agree Cade, FIRE is the path of lazy nihilists that don't care about having the money for great life experiences, world travel, and passing something valuable onto children and grandchildren. I know I'd rather live well than live cheap just to avoid having a job in my 50s, and some people love the FIRE concept but it's not for me.
I agree with you. The other issue I have with FIRE is what are you going to do with your time if you are retired at 35-45? I bet there will be a study that shows those that do either die early or go back to work after a few years.

If only we had a huge group of people that all retire before 40.

Cough athletes cough.

And most of them still work. Dat Nguyen is running a Chick-Fil-a as an example.
A Catholic Asian got a Chick-FilA?
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
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Your Mom And Them
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In reply to The Pilot • 2:52p, 10/1/24
The Pilot said:
Your Mom And Them said:
I stumbled upon this thread a few years ago. I crossed the millionaire threshold within the last few years. I told my kids that you'd never know that some people are millionaire's because they don't exhibit the characteristics of what you'd think a millionaire would be like. I told them that their mother and I fall into that category. My youngest shot back, "Well, we certainly don't live like it!"
You should have told them "Your mother and I are millionaires, you are not".
He understood exactly what I was saying. He will probably be a millionaire himself because he's already started investing at 17 years old. He's watched us and has asked questions. To his credit, he has learned and listened. Wouldn't surprise me if he has a net worth of over $1 million before he's 30. He's pretty focused.
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Troglodyte
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In reply to Your Mom And Them • 5:09p, 10/1/24
AG
Your Mom And Them said:
The Pilot said:
Your Mom And Them said:
I stumbled upon this thread a few years ago. I crossed the millionaire threshold within the last few years. I told my kids that you'd never know that some people are millionaire's because they don't exhibit the characteristics of what you'd think a millionaire would be like. I told them that their mother and I fall into that category. My youngest shot back, "Well, we certainly don't live like it!"
You should have told them "Your mother and I are millionaires, you are not".
He understood exactly what I was saying. He will probably be a millionaire himself because he's already started investing at 17 years old. He's watched us and has asked questions. To his credit, he has learned and listened. Wouldn't surprise me if he has a net worth of over $1 million before he's 30. He's pretty focused.
Congrats. This sounds nothing like my 19 year old! Of course, my 19 year old sounded more like this when he was 16.
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txaggie_08
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In reply to Petrino1 • 5:18p, 10/1/24
AG
Petrino1 said:
I've been following this thread for a long time and forgot to post my millionaire update. I officially crossed the one million net worth last week in my late 30's. I'm single, lifelong renter, no inheritance, graduated college with student loan debt, no money from parents etc.

I went from zero net worth to a million in about 12 years the old fashion way: keeping my expenses low, having multiple streams of income, and saving/investing a large percentage of my income in low cost market index funds consistently every month over a period of time. I was frugal with my money but also enjoyed it along the way via frequent travels and giving to family and charity. The goal is $5MM by age 45 and then I will reevaluate from there.

I wish everyone the best of luck in their millionaire journey!

How are you going to go from $1mm to $5mm in ~7 years? If you're invested in the S&P the rule is you should expect your investments to double in 7-10 years. That gets you to about $2mm. You muat be a high earner and expecting to contribute a million or two of your compensation, or a large inheritance.
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94chem
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In reply to txaggie_08 • 6:14p, 10/1/24
txaggie_08 said:
Petrino1 said:
I've been following this thread for a long time and forgot to post my millionaire update. I officially crossed the one million net worth last week in my late 30's. I'm single, lifelong renter, no inheritance, graduated college with student loan debt, no money from parents etc.

I went from zero net worth to a million in about 12 years the old fashion way: keeping my expenses low, having multiple streams of income, and saving/investing a large percentage of my income in low cost market index funds consistently every month over a period of time. I was frugal with my money but also enjoyed it along the way via frequent travels and giving to family and charity. The goal is $5MM by age 45 and then I will reevaluate from there.

I wish everyone the best of luck in their millionaire journey!

How are you going to go from $1mm to $5mm in ~7 years? If you're invested in the S&P the rule is you should expect your investments to double in 7-10 years. That gets you to about $2mm. You muat be a high earner and expecting to contribute a million or two of your compensation, or a large inheritance.


Everything in the S&P in 2017, then move everything to housing in 2020, then back to the S&P in 2023. Probably would've gotten you doubled twice if you pulled it off with the timing of a congressman.

Additional savings could get you the rest of the way if you're a top 5% wage earner.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
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EliteZags
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In reply to txaggie_08 • 6:22p, 10/1/24
AG
txaggie_08 said:
Petrino1 said:
I've been following this thread for a long time and forgot to post my millionaire update. I officially crossed the one million net worth last week in my late 30's. I'm single, lifelong renter, no inheritance, graduated college with student loan debt, no money from parents etc.

I went from zero net worth to a million in about 12 years the old fashion way: keeping my expenses low, having multiple streams of income, and saving/investing a large percentage of my income in low cost market index funds consistently every month over a period of time. I was frugal with my money but also enjoyed it along the way via frequent travels and giving to family and charity. The goal is $5MM by age 45 and then I will reevaluate from there.

I wish everyone the best of luck in their millionaire journey!

How are you going to go from $1mm to $5mm in ~7 years? If you're invested in the S&P the rule is you should expect your investments to double in 7-10 years. That gets you to about $2mm. You muat be a high earner and expecting to contribute a million or two of your compensation, or a large inheritance.

he could be a bit higher risk, ie I'm still ~70% indexes but have several large tech heavy positions that have boosted my returns, since start of 2023 S&P is up close to 50% while my portfolio has roughly doubled in gains

if the market just performs close to avg by doubling in the next ~7 years would in turn mean a concentrated portfolio could realistically triple or more, compounded with healthy contributions could get close to 5M which as stated was a 'goal'

I'm hoping to double again within roughly 5 if the market can just avoid a collapse and call it quits on the day job at least
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I Am A Critic
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In reply to EliteZags • 7:04p, 10/1/24
EliteZags said:
txaggie_08 said:
Petrino1 said:
I've been following this thread for a long time and forgot to post my millionaire update. I officially crossed the one million net worth last week in my late 30's. I'm single, lifelong renter, no inheritance, graduated college with student loan debt, no money from parents etc.

I went from zero net worth to a million in about 12 years the old fashion way: keeping my expenses low, having multiple streams of income, and saving/investing a large percentage of my income in low cost market index funds consistently every month over a period of time. I was frugal with my money but also enjoyed it along the way via frequent travels and giving to family and charity. The goal is $5MM by age 45 and then I will reevaluate from there.

I wish everyone the best of luck in their millionaire journey!

How are you going to go from $1mm to $5mm in ~7 years? If you're invested in the S&P the rule is you should expect your investments to double in 7-10 years. That gets you to about $2mm. You muat be a high earner and expecting to contribute a million or two of your compensation, or a large inheritance.

he could be a bit higher risk, ie I'm still ~70% indexes but have several large tech heavy positions that have boosted my returns, since start of 2023 S&P is up close to 50% while my portfolio has roughly doubled

if the market just performs close to avg by doubling in the next ~7 years would in turn mean a concentrated portfolio could realistically triple, compounded with healthy contributions could get close to 5M which as stated was a 'goal'
Maybe he has stock grants or options that will vest.
Username checks out.
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Petrino1
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In reply to txaggie_08 • 7:41p, 10/1/24
txaggie_08 said:
Petrino1 said:
I've been following this thread for a long time and forgot to post my millionaire update. I officially crossed the one million net worth last week in my late 30's. I'm single, lifelong renter, no inheritance, graduated college with student loan debt, no money from parents etc.

I went from zero net worth to a million in about 12 years the old fashion way: keeping my expenses low, having multiple streams of income, and saving/investing a large percentage of my income in low cost market index funds consistently every month over a period of time. I was frugal with my money but also enjoyed it along the way via frequent travels and giving to family and charity. The goal is $5MM by age 45 and then I will reevaluate from there.

I wish everyone the best of luck in their millionaire journey!

How are you going to go from $1mm to $5mm in ~7 years? If you're invested in the S&P the rule is you should expect your investments to double in 7-10 years. That gets you to about $2mm. You muat be a high earner and expecting to contribute a million or two of your compensation, or a large inheritance.


My plan is to keep contributing a large percentage of my salary to investments for the next 7 years, and also let compound interest do its thing. I started making more money this year with my FT job than I ever have before, plus I also have multiple streams of income, so I'm able to contribute a lot more to investments now.

I may not get to $5MM but age 45, but it's still my goal. Even if I fall short, I'll be in good shape.
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jamey
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9:13p, 10/1/24
AG
My wife and myself did the math this weekend and we're just a little over 1 million. That's 2 401Ks, equity in house and a taxable account net


Said, "we're millionaires" and kinda laughed. It does not mean what it use to

But it was comforting to know we'd be around 2 million in about a decade with investments doubling, paying off house. 2 million, that's our goal. The comforting part was knowing we'd be right at it even if we stopped contributing to the 401K and taxable account within a few years.
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