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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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MillionaireSock
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1:37p, 11/30/24
Yesterday's post Thanksgiving run up made me a millionaire the day we renew the rivalry with t.u. (although I'll probably slip back below it when I pay rent next week)

Graduated from A&M 2013, and quickly found the B&I board and this topic, and it inspired me to start investing early. My parents always taught me to save, but they were very risk averse and preferred CDs to equities, so this board was a big mind changer for me. I've been thinking of the day I got to add my post to this thread ever since. Couple benefits I had - between scholarships and parents, graduated with no student debt. I also had parents I knew "could" help me if I needed to in my 20s, and although I never took advantage of it, it did allow me to take a bit more risk early on.

33 years old, single, have worked at one company since graduation (a fortune 500).
Breakdown:
58% in retirement accounts (Regular and Roth 401k, Roth IRA, HSA)
31% in an after tax account
8% in cash (little high, but expecting the potential for a house and/or new car in the next couple of years)
1% in Crypto
2% in hard assets (Nice Watches and not as nice Car, undervalued to be conservative - I normally don't count the car in my financial planning because I need it to get to work, but the value is the value in a net worth calc. I do count the watches because I could sell them if I needed to without impacting my life)

I've been a renter my whole life. Early on, lived with roommates to keep rent low, and invested the difference. It also helped that I actually preferred having roommates. Renting eventually was an advantage in my career as well, allowing me to easily move to take advantage of opportunities to increase my pay.

Saving & Investing aggressively early on allowed me to be in a pretty cool position where, in 2023 and (so far) in 2024, my investment gains alone have been more than my total expenses for those years - all it took was 20%+ gains in the market and living in a low cost of living area. While I've always spent money on fun & experiences and had a job that earned me tons of points for free travel, hitting some of these milestones and being in a place where if I don't save another dime I could be "fine" in retirement, I do see myself being less aggressive in saving extra margin beyond my automated savings, and instead looking for ways to spend it to improve my life in other ways.

Anyway, TLDR: Have been looking forward to posting on this thread for over a decade and I finally earned my way onto it. BTHO t.u.

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chrisfield
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In reply to MillionaireSock • 2:07p, 11/30/24
AG
Congrats! 1M at age 33 is 9M at age 65 with no additional contributions and 7% returns. You've worked hard to be in an incredibly enviable spot. Well done.
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infinity ag
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4:08p, 11/30/24
We are at about $6M including everything. My goal is $20M. I won't be able to spend that money as I don't crave too many expensive things. I just don't want to be in a stinky apartment at 75.

My wife is in a job but I quit a bad job this year and am in no hurry to rush into anything unless I am convinced. Thanks to the cushion I have.

I am able to increase my net worth by several times more than our combined salary at this point. Which begs the question, why even work (in a corp job).
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62strat
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In reply to txaggie_08 • 4:39p, 11/30/24
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.
I invested my wife's TRS payout and a rollover 401k in ~2016/2017, it is up 422% overall; $50k to $275k

I put $5k-$10k in each of COST up 580% NFLX up 800%, AAPL 782%, FSELX 233% and FNCMX 218%.




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AColunga07
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1:00a, 12/1/24
AG
I didn't know this thread existed.

39 yrs old and just crossed 2 mil so that makes me a "multi" millionaire.

I have deep financial insecurities from growing up poor so the thought of retiring is scary. I'll probably keep going until 45? Should be around 3-4 mil by then.
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BenTheGoodAg
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In reply to AColunga07 • 8:42a, 12/1/24
AG
AColunga07 said:
I didn't know this thread existed.

39 yrs old and just crossed 2 mil so that makes me a "multi" millionaire.

I have deep financial insecurities from growing up poor so the thought of retiring is scary. I'll probably keep going until 45? Should be around 3-4 mil by then.
First of all, congrats! That's awesome. And way to turn your family legacy around!

Secondly - if you're considering retiring in your 40's with 3-4 mil, your insecurities are no-where near as deep as the average poster on this board.
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AColunga07
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In reply to BenTheGoodAg • 2:10p, 12/1/24
AG
Thanks. It doesn't help that my wife is the same (she is actually worse). She has to see/feel cash (in her hand) in order to feel safe. I used to get upset about our ~annual hard "conversation" about money. It took me 10 years to realize that I just needed to put mint/vanguard/fidelity on her phone to where it the app has access to all of our accounts and she see the total sum whenever she wants. And, more importantly, keep $200-300 in her purse, in her pants and/or jacket where she can reach in and feel it whenever she needs to.

I have my quirks too. We both struggle with allowing ourselves to enjoy our earnings. I take it to the next level. I still have clothes from high school that my wife gives me crap about. I have a Nike gym bag that I got when I was in 7th grade that I still use today. I was heartbroken earlier this year because I lost my quicksilver sandals that I had bought 25 years ago.

I still struggle with my relationship to food. It's hard growing up hungry. Now I am the food disposal at home. Zero waste. I do really bad in the holidays when there is food everywhere in abundance. Fortunately my frugalness regarding clothes won't allow me to get very far. I switch between cycles of fasting (which is easy for me - been practicing since I was a little kid) and overeating. I'm 5'-7" and swing between 150-170 lbs almost every year.

It turns out you never truly 100% escape poverty.
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cgh1999
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6:21a, 12/2/24
AG
In less than two weeks I will (hopefully) be working my last day as an employee of someone else! I am pretty sure I've told parts of this before, so forgive me as I add the next chapter here:

I've been a saver my whole life and married someone very similar. We are in our late 40's and Just over a year ago she was diagnosed with a fairly aggressive breast cancer. Shes still getting treatment and today we go to get a scan to see if it's all working! (Prayers welcome). All year, I've been thinking of what an old boss told me when he retired. "There is only a small amount of time when you have energy, money and time…why waste it on work?"

Well, I don't have as much money as he does, but I'm currently about 85% of the way to my walk away number. That gives me the confidence to step out on my own and work for myself. While I'm not ready to stop working, this year has shown me clearly that I'm not guaranteed time with my wife and children. I'm not going to waste anymore of that time commuting, managing people, etc.
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JDCAG (NOT Colin)
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In reply to cgh1999 • 7:08a, 12/2/24
AG
Keep fighting! **** cancer
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62strat
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In reply to cgh1999 • 11:10a, 12/2/24
AG
Quote:


Well, I don't have as much money as he does, but I'm currently about 85% of the way to my walk away number. That gives me the confidence to step out on my own and work for myself. While I'm not ready to stop working, this year has shown me clearly that I'm not guaranteed time with my wife and children. I'm not going to waste anymore of that time commuting, managing people, etc.
Working for yourself isn't a guarantee either.. assume you mean some sort of active income.

My neighbor owns his own business, and works from home, yet I see and do things with my kids way more than he does.
Another neighbor is a partner at a mech eng firm.. same thing.. he's working 7-6 everyday.

I'm home by 4-4:15 most days, and I bring my kids to school at 8:30.. all while working for 'the man'.
Our family travels a lot together.. not just the handful of yearly week long trips (usually 3 a year), but it's pretty common for us to go stay at a hotel an hour away for a weekend just because, 6-8 weekends worth of camping in our trailer, and our handful of weekends in Breckenridge every year.

I feel I've accomplished quite a bit when it comes to family life, while working for my employer, who I've been with since my kids were born. Maybe I got lucky? Maybe I just set those expectations somehow early on.. not sure, but honestly I have no desire to leave and try and run my own business, unless I literally was doing nothing and collecting a paycheck.. like if I had a handful of rent houses, or a trailer storage lot.



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cgh1999
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11:52a, 12/2/24
AG
I'm not terribly worried about it. I've got some consulting work lined up and will partner with some of my former clients on other opportunities that should play out.

I could technically walk away now and make it work…I'm just "working" to add to the bank account and to keep busy.
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LMCane
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In reply to jamey • 1:37p, 12/2/24
jamey said:
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.
for purposes of talking about being a millionaire-

the generally accepted method is investments not including your primary residence. Hence Accredited Investors as regulated by the SEC

How can individuals qualify as accredited?
Individuals (i.e., natural persons) may qualify as accredited investors based on wealth and income thresholds, as well as other measures of financial sophistication.

Financial Criteria
Net worth over $1 million, excluding primary residence (individually or with spouse or partner)
Income over $200,000 (individually) or $300,000 (with spouse or partner) in each of the prior two years, and reasonably expects the same for the current year
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62strat
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In reply to LMCane • 2:41p, 12/2/24
AG
LMCane said:
jamey said:
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.
for purposes of talking about being a millionaire-

the generally accepted method is investments not including your primary residence. Hence Accredited Investors as regulated by the SEC

How can individuals qualify as accredited?
Individuals (i.e., natural persons) may qualify as accredited investors based on wealth and income thresholds, as well as other measures of financial sophistication.

Financial Criteria
Net worth over $1 million, excluding primary residence (individually or with spouse or partner)
Income over $200,000 (individually) or $300,000 (with spouse or partner) in each of the prior two years, and reasonably expects the same for the current year
I would disagree..

net worth is exactly what it says, the net of your assets and liabilities. Primary residence equity is no different than say 401k accounts.. it's not always liquid, it depends on where you are in life.

Many people realize a lot of profit from the sale of a home, and nothing is preventing someone from selling a home and pocketing that equity.

My parents sold their texas home they owned outright, bought a CO home, and pocketed the $500k difference.
No reason why last year my dad wouldn't have considered that $1m+ of equity in his home as part of his portfolio, and today is the clear reason why. They aged, wanted to downsize, and realized a large chunk of the equity. It will probably happen again in 10 years.

We have some neighbors who moved from CA.. Bought the house here cash, and then a lot of toys and some rural land showed up in the picture.. so again, how was that CA home that appreciated a bunch not part of this guys wealth? yet a 401k is for a 40 year old?


Having said that, having $1m when a large chunk of it is your home, vs, $1m in liquid/retirement investments.. def. a different feeling.

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MAS444
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6:30p, 12/2/24
AG
This has been beat to death, but "net worth" includes all assets minus debt/liabilities. Period.

LMCane's quote does nothing to dispel this and only further illustrates it. You just remove primary residence from net worth for purposes of qualifying as an "accredited investor," which is something else entirely.

Can't believe I got suckered into replying about this again....
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el_guapo
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6:42p, 12/2/24
I work a regular job - don't own my own business. Save a lot thru an 401k (some years an roth401k)and invest it in the stock market. Have also saved outside a 401k in a taxable account. Pay cash for everything except my house which I paid off in 11 years.
No super fancy house
No brand new cars
Save and invest every month
You will get their easy with a decent job
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BenTheGoodAg
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6:42p, 12/2/24
AG
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