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leper khan posted:Congrats. We didn't even realize when we hit the milestone. It's one of those things where it's objectively a lot but it's not enough where we can stop working/etc. Yeah, it's "could retire and maybe even early" money, but that's still ~20 years down the road. H110Hawk posted:First off: - congratulations it's a huge accomplishment. This is good advice, thank you. I'm 38, my wife is 36. I've been talking to her about goal setting, and I think I need to sit down and commit to something. Side note, but we were borrowing her parents 2014 Prius for a while, gotta say I really liked it. Great gas mileage, comfortable, will fit a bike with the seats down, surprising acceleration when you really stomp it. Too bad the catalytic converter got stolen. Brain Curry posted:Sup fellow 1mm net worth and breast cancer survivor! We are still trying to fully integrate the desire to live now and not defer our dreams for a time that may never come. So far she’s reduced her hours and stress at work and traveled more, but everything else is the same. Hello! So glad to hear that you're both doing well. Before my wife got sick her mom told us a story about a friend who worked her whole life, retired to her dream house in the country and immediately got cancer and died. Never got to enjoy it. The story was scary as an intellectual exercise, but now I think we understand it a little more viscerally and we're trying to enjoy ourselves. We've also traveled a bunch. We took a big trip to Japan this year and it was a milestone for post treatment life. I've been coming back to CoastFIRE calculators which say that I'm already set. I'd like to make a career switch and try something new eventually but I make good money and I like my job and there's a lot more expenses in the future. Might as well keep going. Awkward Davies fucked around with this message at 21:28 on Jan 9, 2024 |
# ? Jan 9, 2024 21:25 |
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# ? Apr 28, 2024 13:18 |
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Awkward Davies posted:This is good advice, thank you. I'm 38, my wife is 36. I've been talking to her about goal setting, and I think I need to sit down and commit to something. I've personally found that setting a date nominally in stone then looking at what I could do during that time has helped. "Ok, we're going to take a week in december. Let's go <here>." and "This is a 4-week vacation block. How far from home can we get on our budget?" Having the date decided lets us narrow it down - I'm not going to Alaska in the US winter, but I might go to Australia. Either way, look at your available vacation balance and book it. Awkward Davies posted:I've been coming back to CoastFIRE calculators which say that I'm already set. I'd like to make a career switch and try something new eventually but I make good money and I like my job and there's a lot more expenses in the future. Might as well keep going. The FIRE folks scare me. I feel like for every story you see on reddit there are 100 others where "oops: {untreated mental health issues, turns out they had no plan for doing stuff and are bored, health insurance, apparently my spouse isn't on board with this major decision I made unilaterally as though we don't share resources, my friends all hate me because I rub it in their faces}" that quietly don't get said. It's like Trying To Conceive boards - once people are pregnant they don't post there anymore so it's all people struggling. I feel like you see a lot of people who focus on how nice it would be to not have to work anymore as their identity. A million bucks in the bank gives you a lot of flexibility - it's FU money to losing your job or some awful boss. It also isn't an unlimited sum, especially when you two definitely need top notch health insurance for the next long while.
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# ? Jan 9, 2024 22:28 |
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H110Hawk posted:
Always having a fallback plan, and being able to make at least some money from whatever catches your eye/interest is sort of necessary. And yah, needing health care sort of really puts a crimp in things. Buying your own decent plan is just insanely expensive. The past couple years of inflation has to have really hammered a lot of folks as well, many of these calculators just don't account for that kind of hiccup.
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# ? Jan 9, 2024 23:04 |
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leper khan posted:401k money is usually locked up We have plenty of cash in hysa/money market funds since I was preparing to quit last October and move cross-country. The tax advantaged space is more important to us than the paychecks at the moment. Awkward Davies posted:Hello! So glad to hear that you're both doing well. Before my wife got sick her mom told us a story about a friend who worked her whole life, retired to her dream house in the country and immediately got cancer and died. Never got to enjoy it. The story was scary as an intellectual exercise, but now I think we understand it a little more viscerally and we're trying to enjoy ourselves. We've also traveled a bunch. We took a big trip to Japan this year and it was a milestone for post treatment life. Thank you. It’s fantastic you took that trip. I think it’s incredibly important to make those milestones and create events that can serve as delineations when you look back. We lost her mom to ALS during my wife’s cancer treatment so we’re painfully aware that we can lose our ability to do the things we want while still being alive. One of my big fears is that we’ll finally move somewhere with mountains but not be healthy enough to hike and camp when we do.
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# ? Jan 9, 2024 23:28 |
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After some napkin math, it appears that my wife and I (41M, 40F) have broken the $1m net worth barrier.
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# ? Apr 12, 2024 00:45 |
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dreesemonkey posted:After some napkin math, it appears that my wife and I (41M, 40F) have broken the $1m net worth barrier. congrats. it probably doesnt feel any different
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# ? Apr 12, 2024 01:05 |
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dreesemonkey posted:After some napkin math, it appears that my wife and I (41M, 40F) have broken the $1m net worth barrier. congrats!
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# ? Apr 12, 2024 03:34 |
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dreesemonkey posted:After some napkin math, it appears that my wife and I (41M, 40F) have broken the $1m net worth barrier. Great stuff!
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# ? Apr 12, 2024 07:01 |
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leper khan posted:congrats. it probably doesnt feel any different Can confirm. At this stage in life the bulk of our assets are illiquid and not to be touched (house, retirement accounts) so it's not like you hit an arbitrary threshold and then your life immediately changes. Long-term, slow change? Sure. Still, I feel very fortunate to be in the position we are currently while it feels like the world is burning down around us. I knew we were fairly close for a while, I actually "forgot" my parents had created a trust for my siblings and I that has some stock in it. My parents are not wealthy but fairly comfortable in retirement, this was done for estate planning/asset preservation ~8 years ago when my dad's health was particularly poor. Unfortunately, this stock is one single company (inherited by my parents when my grandfather died - he had worked at this company his whole life). It's performed pretty well, but not really compared to an index fund or something. Since it has sentimental value to my mom and none of us siblings are reliant on this money, I don't want to have the "you know an index fund would have performed way better and been safer" talk.
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# ? Apr 12, 2024 13:43 |
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leper khan posted:congrats. it probably doesnt feel any different I've heard this but was actually kinda surprised how this wasn't that true for me. We broke this barrier near the end of last month (in our mid-late 30s). While the day to day definitely doesn't feel different, it does feel like a load has been taken off. I guess it's because 1MM has been the next milestone for so long, that it was a relief to finally it over with. Also, based on our spend, we would be able to support ourselves with just one part time job now, furthering the lightness I feel. Also, a little embarrassing to admit this, but it's kinda validating because my wife and I are not the super high earners you typically see in the super financially optimized forums (household income being low six figures), but at least we were able to do this.
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# ? Apr 12, 2024 14:03 |
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drainpipe posted:Also, a little embarrassing to admit this, but it's kinda validating because my wife and I are not the super high earners you typically see in the super financially optimized forums (household income being low six figures), but at least we were able to do this. It gives me hope because I am not a super high earner and neither is my boyfriend. We're not at the stage of combining finances or anything, but again it's hope that it's possible to be able to live and have a decent retirement if we do tie the knot etc, etc. Last I checked, I personally was flirting with 100k total net worth depending on how the markets felt that day, so that's something.
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# ? Apr 12, 2024 14:33 |
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drainpipe posted:Also, a little embarrassing to admit this, but it's kinda validating because my wife and I are not the super high earners you typically see in the super financially optimized forums (household income being low six figures), but at least we were able to do this. It's easy to get depressed reading that stuff. Until a couple of years ago, my wife and I were not "high earners" either, so most of our time and financial success has been the "slow and steady" plan. I had stayed at one job for 18 years and was grossly underpaid for what I was doing (total HHI income of around $120k - not poverty by any means), it's only these last couple of years I've been earning a bit more. Thankfully, our lifestyle hasn't changed much.
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# ? Apr 12, 2024 16:19 |
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Our household income is currently 130-140k in a M/HCOL city. Definitely comfortable, but not even the income of one doctor or engineer at a tech giant. While we definitely got lucky with the performance of the market in the last 10 years (which is when I've been saving), it still goes to show that you don't need a stratospheric salary to make it.
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# ? Apr 13, 2024 00:51 |
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While doing taxes this year I got curious and discovered that I’ve now donated more than $1M (Canadian) since 2013. Hope to do more in the future, but that was a nice thing to see in the spreadsheet.
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# ? Apr 13, 2024 01:07 |
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Donated $1m to charity? Dang man. That is impressive.
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# ? Apr 13, 2024 05:03 |
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I'm always weirded out that 1 million is commonly $1MM, for thousand thousand in Roman numerals. Is $1M ever 1 thousand? We obviously have K for that but why the MM for million though? Are $1M and $1m different?
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# ? Apr 13, 2024 06:27 |
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spwrozek posted:Donated $1m to charity? Dang man. That is impressive. Yeah, I’ve had very good financial fortune (other than the divorce…) and I want to use it to help people who haven’t been as fortunate. Off to a good start, I think!
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# ? Apr 13, 2024 22:32 |
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yeah man, that is very awesome. I don't know how much I am at but I try to do $1000-2000 a year. I will at least do $750 so I get my work to match it.
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# ? Apr 14, 2024 01:30 |
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root of all eval posted:I'm always weirded out that 1 million is commonly $1MM, for thousand thousand in Roman numerals. I always just go $1K, $1M, $1B... seems too annoying for the other way.
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# ? Apr 14, 2024 01:31 |
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spwrozek posted:I always just go $1K, $1M, $1B... seems too annoying for the other way. K is for Kelvin. Thousands is lower case k! But anyways at my net worth it's a lot simpler to use scientific notation
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# ? Apr 14, 2024 03:13 |
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lol. I guess my point is everyone knows what you mean with $1k of $1K or $1M or $1m, etc.
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# ? Apr 14, 2024 03:16 |
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spwrozek posted:lol. I guess my point is everyone knows what you mean with $1k of $1K or $1M or $1m, etc. I felt bad for my pedantry and looked it up. Some industries such as underwriters use M for thousands, based on the roman numeral. Those sources use MM to be thousand thousand = million which is dumb because the roman numeral MM is 2k. But I guess it means that M is ambiguous while MM isn't. k for thousand and m for million is Greek (kilo and mega).
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# ? Apr 14, 2024 04:57 |
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Tomfoolery posted:I felt bad for my pedantry and looked it up. Some industries such as underwriters use M for thousands, based on the roman numeral. Those sources use MM to be thousand thousand = million which is dumb because the roman numeral MM is 2k. But I guess it means that M is ambiguous while MM isn't. k for thousand and m for million is Greek (kilo and mega). I honestly love the Pedantry.
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# ? Apr 14, 2024 05:08 |
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Tomfoolery posted:I felt bad for my pedantry and looked it up. Some industries such as underwriters use M for thousands, based on the roman numeral. Those sources use MM to be thousand thousand = million which is dumb because the roman numeral MM is 2k. But I guess it means that M is ambiguous while MM isn't. k for thousand and m for million is Greek (kilo and mega). It's an old useage, from before SI units were defined / widespread. Like how (in the US at least) property taxes are determined by the millage or mill rate, which is: quote:Mill rate is also known as the millage rate. The term "millage" is derived from a Latin word millesimum, meaning thousandth, with 1 mill being equal to 1/1000th of a currency unit. As used in relation to property tax, 1 mill is equal to $1 in property tax, which is levied per $1,000 of a property's determined taxable value. So in pre-SI finance, M was thousand and MM was (as noted) million, via thousand-thousand. And a lot of finance and law is of the mind that if something worked in 1750, then it works just fine now.
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# ? Apr 14, 2024 17:20 |
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root of all eval posted:I'm always weirded out that 1 million is commonly $1MM, for thousand thousand in Roman numerals. I/we use M as Thousand at the bank I work for, and MM for Million. It was the house style when I got there.
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# ? Apr 14, 2024 17:32 |
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I love numbers, so here's some number facts: English uses the "short scale" when referring to large numbers (large numbers >= 1,000,000,000), while European languages like German (and French) uses the "long scale." So the word for the number 1,000,000 is million in English and in German it's Million. But then the English word for 1,000,000,000 is billion while the German word for that number is Milliarde. The English word for 1,000,000,000,000 is trillion while in German it's Billion. And so on. The word Trillion in German represents the number 1,000,000,000,000,000,000. The number 50,000 in English is 50-thousand, 50 times 1000. In Chinese, this is 5-tenthousand, 5 times 10000. This comes up often in finance/money related contexts, like when your mom asks you how much money you're making because your cousin is making twice as much.
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# ? Apr 14, 2024 18:46 |
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And I learned from my relatives in India that rather than anchor to the English million, they anchor to the lakh (100,000) and crore (10,000,000). So 10 lakhs to a million and 10 million to a crore. No idea how often they use those terms outside of money, and maybe even if they use it at all outside of specifically Indian rupees.
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# ? Apr 14, 2024 19:20 |
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SpelledBackwards posted:And I learned from my relatives in India that rather than anchor to the English million, they anchor to the lakh (100,000) and crore (10,000,000). So 10 lakhs to a million and 10 million to a crore. No idea how often they use those terms outside of money, and maybe even if they use it at all outside of specifically Indian rupees. They also write their numbers differently. 1 lakh = 1,00,000 1 crore = 1,00,00,000 E: one last fun number fact I learned in grad school is that in I think South America? way people tally marks (like writing IIII and then crossing it to signify 5) is to draw a box! Each tally adds to the box so the 4th tally makes a box and the 5th tally crosses/ticks the box. I thought it was kinda neat. Boris Galerkin fucked around with this message at 19:58 on Apr 14, 2024 |
# ? Apr 14, 2024 19:36 |
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Boris Galerkin posted:They also write their numbers differently. Was trying to source something from Indias version of Alibaba and this was confusing the CRAP out of me. Was honestly afraid to buy anything because still wasn't sure if I was off by an order of magnitude.
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# ? Apr 14, 2024 20:21 |
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This is far more fascinating than anticipated, thanks for the various facts!
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# ? Apr 14, 2024 23:25 |
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When I was a VC, I found that the deeper into finance the person was (or wanted to be perceived as), the more likely they were to use “MM”. Was more common in Europe too, IIRC.
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# ? Apr 15, 2024 00:56 |
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The $1,000,000 club talk had me go take a look at where I am at. Not there yet. Might make it by 40 though. I also sat down with my partner and completed a review with her though. Looks like we are sitting at $1.5 million, close to $2 with property. Our early retirement plans seem on track.
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# ? Apr 17, 2024 17:59 |
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# ? Apr 28, 2024 13:18 |
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spwrozek posted:I honestly love the Pedantry. If there's a place for pedantry it's BFC quote:various pedantry posts Beach Bum fucked around with this message at 08:52 on Apr 24, 2024 |
# ? Apr 24, 2024 08:48 |