Bored after making $1M?
For those who have made $1M, how do you feel? (Of course, many will say you need more than $1M to retire but making your next million won’t be the same as your first million. Making the next million is often easier due to your existing portfolio helping you out — e.g. you’d made another million in 7 years even if you didn’t try because the return in your $1M investment would do it for you at 10% return/year, the avg return rate of the US stock market.) TC: $250k
How did you manage to make it?
Be frugal. Super achievable goal.
Investing in stocks, real estate, living frugally, and never throwing away anything over $5 — I always sell whatever items I don’t use anymore to recapture it’s value, enabling me to buy most everything at ~50% net discount. But this also answers Microsoft’s comment. Because $1M counts as making it in society, no need to stress yourself out to shoot higher when multimillionaire status will come naturally anyways in less than 7 years. #Restandvestlife
Not bored. Still struggling for a house with 2 kids in Bay Area.
Sorry to hear that my man. My heart goes out to you
Didn't even notice.
Why not?
Imagine most people don't unless they go from 0 to 1m in an incredibly short time. Most folks just steadily go from 990 to 1m and therefore don't notice. Even when I sold my first company nothing really changed. Not trying to downplay it but realistically most people probably don't notice.
Same as I felt when I made my first 100k.. Of course many will say 100k is not enough but the 2nd 100k is easier. In 7 years you'll have 100k more without even trying.
How many years did it take you to hit the first million? I plan to retire once I hit my first million, take a 2 year break and work on things I want to do. By retire here I don't mean stop working completely, just will start working on my ideas and at my hours for things I am really passionate about.
1M ain't that much around here.
Lol, I alluded to this in the original post. Hope you read it
I mean, it ain't just a paltry sum in Seattle/SFBA/NYC. It's also paltry in MCOL locations.
Op did you make $1M? Because I do not think I will be bored even after I do.
Why wouldn’t you be bored? What would keep you interested? I only have 3 goals — make $1M or more, fuck and marry an 8+, have a family. I can focus on other goals yes, but the $1M was the big one for a long time
May I ask at what age you set the $1M goald and did you give yourself a deadline?
Does 1 mil include 401k which you can't take out anytime without significant fees?
Yes, but that doesn’t matter because I don’t plan to take any of the money out. You can imagine all the $1M being in a fort that I can never touch lol. Just got it to say I’m a millionaire
This is just dick measure. This - I am a millionaire doesn't buy anything. Come to Bay area and see a few good houses in Palo Alto - heck check a few out in mountain view and go back to your pay check, you will realize it is nothing. It's all relative as much as 1 million is a rounded up number that means nothing. The quicker you get out of this, the better you can get back to your humility. 😁
I would like to hit 1M on just my Fidelity retirement account. That would be neat.
aim higher
I would but other aims are more socially arbitrary and thus less rewarding. E.g $3M? $5M? Just random numbers Reaching $1M enables you to call yourself a millionaire, where as the other ones are just slight improvements (e.g. multimillionaire) but require 3-5x more work, so the effort to reward payoff isn’t there
You can’t live like a millionaire until unless you have 4-5 millions. So yes the work hasn’t stopped yet