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ToddyHill
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7:50p, 3/3/22
AG
Quote:
if you have $535,000 in savings at age 50 you would be a millionaire at 65
Wow, how incredibly disappointing.

Ironically, I got serious about investing when I was 50, but I sure didn't have $535.000. In fact, I had about 25% of that amount. And I just turned 65, so there are a couple of metrics there that align with me.

I did much better than 7%...and anyone on this board that is serious about investing can as well. At a minimum, one should be able to beat the S&P 500 year in/year out.

I am a firm believer the vast majority of professional money managers are more concerned about what's in it for them than their clients annual return. Just my opinion.

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capital markets
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In reply to ToddyHill • 8:05p, 3/8/22
AG
ToddyHill said:
Quote:
if you have $535,000 in savings at age 50 you would be a millionaire at 65
Wow, how incredibly disappointing.

Ironically, I got serious about investing when I was 50, but I sure didn't have $535.000. In fact, I had about 25% of that amount. And I just turned 65, so there are a couple of metrics there that align with me.

I did much better than 7%...and anyone on this board that is serious about investing can as well. At a minimum, one should be able to beat the S&P 500 year in/year out.

I am a firm believer the vast majority of professional money managers are more concerned about what's in it for them than their clients annual return. Just my opinion.

Why do you think it is so easy to beat the S&P 500, given that so many money managers/hedge funds don't?
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aTm_bomb
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In reply to capital markets • 9:50p, 3/8/22
AG
Because the last 15 years has been a historically good run up. Toddy had the good fortune of the bottom of the Great Recession and the boondoggle of tech companies. Amazon Facebook Tesla google apple. Hit on a few of those and easily beat the s&p.

I graduated in 07 and I have to remind myself that we're not as smart as we think we are in the market. Just had fortunate timing to start out. I feel the same way about people who talk about rental properties as if owning a bunch is no big deal and everyone should do it, no body was saying that in mid 2000s. This bull run has made us lose perspective on the ups and downs.
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aggiedaniel06
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In reply to aTm_bomb • 10:40p, 3/8/22
AG
Don't worry. The illusion is about to disappear.
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aggie_fan13
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11:13p, 3/8/22
AG
How has the recent increase in prices, inflation in general affected you lolrich? Lolpoor here asking for myself
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cgh1999
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In reply to aggie_fan13 • 6:19a, 3/9/22
AG
Hedge said:
How has the recent increase in prices, inflation in general affected you lolrich? Lolpoor here asking for myself

Lolrich- have a little less to invest, but nothing really changes. (May adjust lifestyle down to have more cash to buy the dip)

Lolmedium- spend a little less on discretionary, save a little less

lol poor- serious lifestyle change and little/no investment. Probably adding debt
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permabull
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6:40a, 3/9/22
AG
The lolrich are tax loss harvesting, roth converting their most down positions they still believe in and rebalancing their portfolios
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Aggie71013
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In reply to permabull • 7:53a, 3/9/22
AG
I assume they are only tax loss harvesting loser stocks and not down positions in ETFs, mutual funds, etc. In taxable accounts. Is there any benefit to exiting a diversified etf for tax loss harvesting unless you really think it's a bum fund?
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Rustys-Beef-o-Reeno
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In reply to permabull • 8:12a, 3/9/22
AG
Having this discussion right now with the planner. Seeing some more pull back in the mkt and then it's time to start converting a huge chunk of a 401k to a Roth
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aggie_fan13
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In reply to permabull • 8:18a, 3/9/22
AG
Can you explain why one would convert to Roth now?
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permabull
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In reply to aggie_fan13 • 8:27a, 3/9/22
AG
If you think some assets in your reg IRA are undervalued or oversold you can Roth convert them in kind and owe tax on the current depressed value. So if you planned to do 25k in Roth conversions for the year and you think we are getting close to the bottom and expect things to pick back up in a few months you will be able to get more shares converted now than if you waited till the end of the year.
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permabull
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In reply to Aggie71013 • 8:29a, 3/9/22
AG
I'm not a huge fan of tax loss harvesting because you just essentially lower your basis so you are kind of kicking the tax can down the road. It works well if you don't ever plan to realize those gains though and expect someone else to inherit the assets and get the step up in cost basis.

Edit: to answer your question the advantage would be to pay less taxes this year, either because you think you can eventually pay tax on that position at a lower rate or never at all (die and leave it someone else who steps up the cost basis or donate the appreciated assets in the future)
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Cyp0111
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8:43p, 7/5/22
Bringing this bad boy back around given recent market action.
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LMCane
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In reply to Cyp0111 • 8:36a, 7/6/22
Cyp0111 said:
Bringing this bad boy back around given recent market action.
a lot fewer millionaires in the USA now than 6 months ago!!
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Red Pear Realty
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9:12a, 7/6/22
Sponsor
AG
More millionaires are minted during recessions than there are during bull markets. Wealthy people know there are ALWAYS opportunities for making money. Don't get discouraged and don't stop hustlin'.
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
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one MEEN Ag
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2:28p, 7/6/22
AG
If you're gonna make money selling high, you gotta actually buy when its low.
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wessimo
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8:42p, 7/29/22
AG
$1MM when this thread was started is equivalent to $1.28MM now. Pretty soon the thread title is going to need to be changed to multimillionaires.
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Dr. Horrible
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In reply to wessimo • 8:56p, 7/29/22
wessimo said:
$1MM when this thread was started is equivalent to $1.28MM now. Pretty soon the thread title is going to need to be changed to multimillionaires.
$1MM is still better than not $1MM
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BlackGoldAg2011
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In reply to Dr. Horrible • 6:55a, 7/30/22
AG
And also even if it's not the same value as it was, I still feel like adding that second comma is a pretty big psychological milestone.
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krosch11
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In reply to aggiedaniel06 • 10:06p, 8/1/22
AG
aggiedaniel06 said:
Don't worry. The illusion is about to disappear.


This is why you're my put buy signal.
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evestor1
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9:38a, 8/2/22
Hi, my name is evestor1, and I am a recovering millioniare!



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62strat
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In reply to wessimo • 11:38a, 8/4/22
AG
wessimo said:
$1MM when this thread was started is equivalent to $1.28MM now. Pretty soon the thread title is going to need to be changed to multimillionaires.


I'm no mathmatologist, but I'd say we have about another 20 years.

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Stat Monitor Repairman
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4:42p, 8/4/22


Buffett with the zinger on ol girl.

/wallstreetbets
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PeekingDuck
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2:27p, 8/5/22
AG
That was polite.
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AgOutsideAustin
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In reply to LMCane • 3:04p, 9/30/22
AG
LMCane said:
Cyp0111 said:
Bringing this bad boy back around given recent market action.
a lot fewer millionaires in the USA now than 6 months ago!!



Well shoot might as well bring this one out again.
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TexasStone
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4:08p, 9/30/22
Haven't ran the number in two months
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YouBet
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8:59p, 9/30/22
AG
Could reverse this thread to log who all has lost at least a million under Biden.
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Cyp0111
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8:47a, 10/1/22
These drawdowns really present opportunities to make some wealth.
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BenTheGoodAg
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In reply to YouBet • 8:51a, 10/1/22
AG
For real, man.

I'm not in that category, but were close to crossing the 7-fig status. Instead, I lost more money in September than I made in my first year after getting my degree.

It'll come back eventually, but damn...
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Brian Earl Spilner
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2:08p, 10/1/22
AG
I'm coming close to down six figures from the top.
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techno-ag
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10:41p, 10/1/22
AG
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bmks270
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In reply to GE • 11:25p, 10/1/22
AG
GE said:
ea1060 said:
LMCane said:
I think it would be helpful if this thread got back to how to amass net worth of a million dollars.

which 401K mutual funds?

which private brokerage stocks?

which ETF?

how much crypto?

which real estate to buy?
Its simple. Make a high income. Save most of that income. Invest your savings into a low cost index fund like VTSAX. You should have a million net worth in 7-10 years if you follow this.
That first part about the high income isn't that simple.


Saving it isn't that simple either if you have a family.
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$30,000 Millionaire
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In reply to techno-ag • 10:35a, 10/2/22
AG
We are not going to 2009 levels. Be real.
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Dill-Ag13
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2:21p, 10/2/22
AG
It's not a loss until you sell. Time to average in…
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$30,000 Millionaire
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In reply to Dill-Ag13 • 7:11p, 10/2/22
AG
Dill-Ag13 said:
It's not a loss until you sell. Time to average in…


Wrong. Unrealized and realized loss are the same thing but you do own the same amount of assets.
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