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It is a number that we use as a goal for the year we retire (seven more years). I recall the first time I thought about the standard 4% draw down and thought, “Wow, that’s only 40k per year.” Does anyone recall when making one’s age in income was significant? Things have changed.
Every milestone, and especially ambitious ones, feels tantalizingly magnetic; while distant, we're sustained by dreams of it. Once drawing close, we're entranced by the nearness of almost being able to reach for it, and to grab it, field-lines from north to south. But then, after all too transitory and minor an elation, it passes... visiting upon us disaffection, ennui, jadedness... internal misalignment. "Is that all, that that is?" It was the same with teenagers getting their drivers' licenses, teenagers experiencing - ahem - other passages into adulthood... graduation from college, the 20-year pin at the office, the first memorable incidence of forgetting where one lives.
As many have noted, directly or obliquely, $1M US Dollars in 2018 is not a princely sum. It won't buy a private jet or private island, let alone a private island large enough to land one's private jet. In many parts of the country, it won't even buy a house with adequate privacy. Ought such milestone then breezily be dismissed, toppled in a gust, as if chasing after wind? I disagree. Humans now can run quite a bit faster than a 4-minute mile, yet for me, doing it under 7 minutes would be a spectacular achievement. What elation would I feel, upon reaching that goal? Perhaps that would deserve a couple of beers; maybe a week's reprieve from the rigors of the gym. And then, back on the treadmill, for the next goal... for how many freshly-minted millionaires have thereupon found full contentment?
We were 35. The market was really good to us over the last few years. I pinch myself when bringing up our portfolio.
Back then I mentioned it to my wife but it wasn't a big deal. Kinda like a "what's next" moment. I fully expect to lose it. I don't really believe our luck will continue.
Every milestone, and especially ambitious ones, feels tantalizingly magnetic; while distant, we're sustained by dreams of it. Once drawing close, we're entranced by the nearness of almost being able to reach for it, and to grab it, field-lines from north to south. But then, after all too transitory and minor an elation, it passes... visiting upon us disaffection, ennui, jadedness... internal misalignment. "Is that all, that that is?" It was the same with teenagers getting their drivers' licenses, teenagers experiencing - ahem - other passages into adulthood... graduation from college, the 20-year pin at the office, whatever else.
As many have noted, directly or obliquely, $1M US Dollars in 2018 is not a princely sum. It won't buy a private jet or private island, let alone a private island large enough to land one's private jet. In many parts of the country, it won't even buy a house with adequate privacy. Ought such milestone then breezily be dismissed, toppled in a gust, as if chasing after wind? I disagree. Humans now can run quite a bit faster than a 4-minute mile, yet for me, doing it under 7 minutes would be a spectacular achievement. What elation would I feel, upon reaching that goal? Perhaps that would deserve a couple of beers; maybe a week's reprieve from the rigors of the gym. And then, back on the treadmill, for the next goal... for how many freshly-minted millionaires have thereupon found full contentment?
1M means a person won't be choosing between running the furnace or eating that day. It probably also means you will always have a few dollars to stick in the grand kids birthday cards and a couple early bird dinner specials here and there. So it does buy some security. What does a person get for their second million in the bank?
I'm reaching my goal of 500000 and I'm considering backing way down on the busting of the butt to get anymore in those accounts besides the minimum to match. What am I going to get got that extra money? Is it worth working all the overtime I can get and socking it away for? Is it worth forgoing luxuries now for?
As many have noted, directly or obliquely, $1M US Dollars in 2018 is not a princely sum.
Whether it's princely or not is relative. Not princely for someone who has $10M+ perhaps or has extravagant tastes or lives in the most expensive parts of the nation, but compared to the median standard of life in the entire country it is indeed a pretty huge amount. There are plenty of fine places in the United States where you can get a home for $150k and $1M at 5% annual returns is $50,000/yr which is nothing to scoff at and will buy a single person a fairly good life in a good part of the United States.
Whether it's princely or not is relative. Not princely for someone who has $10M+ perhaps or has extravagant tastes or lives in the most expensive parts of the nation, but compared to the median standard of life in the entire country it is indeed a pretty huge amount. There are plenty of fine places in the United States where you can get a home for $150k and $1M at 5% annual returns is $50,000/yr which is nothing to scoff at and will buy a single person a fairly good life in a good part of the United States.
there are plenty of places where one can take the few hundred thousand they do have and l live like it is the equal to a million bucks in other areas , so the reverse is true too as long as we want to keep relocating people to places they may not want to live .
all that counts is your lifestyle , where you want to live and what it buys . this median income crap is useless info when the dollars in that numbers are variable and buy different lifestyles from place to place .
based on median and average someone strappd to a bench with one side packed in ice and one side to a fire should be comfortable . i highly doubt that will be true
I remember when I was in my early twenties a client of mine who was a business owner stated that it is a b*tch getting your first $100K, which he was right. Rightly so then getting to your first $1M would be the same hurdle which the majority of Americans most likely will not but I suspect most on this board either have or soon will merely due to the fact most are educated on basic finances etc. unlike many other people in the world.
Sure hitting the milestone is something to be proud of and having the security of knowing you have money to weather most economic storms but as Ohio pointed out that elation is usually short lived then the eyes are on obtaining the next $1M but I'm sure most realize time approaches quick & there may not be enough time.
there are plenty of places where one can take the few hundred thousand they do have and l live like it is the equal to a million bucks in other areas , so the reverse is true too as long as we want to keep relocating people to places they may not want to live .
all that counts is your lifestyle , where you want to live and what it buys . this median income crap is useless info when the dollars in that numbers are variable and buy different lifestyles from place to place .
based on median and average someone strappd to a bench with one side packed in ice and one side to a fire should be comfortable . i highly doubt that will be true
That is correct, where you live is a lot of the overall puzzle. Big difference between NYC and in middle class PA where I live. I still make a trip or two each year to NYC, love the city - but I could never live there. It just costs too much. Even much of New Jersey -- property taxes are insane there - I don't know how people do it.
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