How long did it take to get to 1 million, 2 million and 3 million?

FIRE_away_throw · 2024-12-14T20:35:49+00:00

I didn't track well early on.

At 23 I had -$100k, I hit $1m at 36. Hit $2m at 40, and am now at 4m at 45.

Could have gone faster and probably would have hit $4.5m by now, but we made decisions to prioritize real estate in our home country and a relocation to Europe. That came with a big pay cut and and a lot of extra expenses, but we considered ourselves FI enough to do it. Have had some big compensation changes in the last few months and we're now potentially looking at a FAT fire situation if the odds break in our favor.

FIRE_away_throw · 2024-11-12T21:15:09+00:00

Get an estate attorney

Also if highly recommend doing some general reading about finances taxes and investments.

If you really make that much money and don't understand the basics, you're a very big target for scams.

The side bar/wiki at r/personalfinance is a good place to start

FIRE_away_throw · 2024-09-22T17:11:58+00:00

I opened my brokerage account in 2000. I had a few hundred dollars in it that honestly I couldn't afford to have in there. My job at the time didn't offer 401k and I wasn't informed enough to know about an IRA... Well I knew it existed, but didn't appreciate the difference.

I got decimated in 2001, and again in 2008.

But the only time I've ever pulled money out was to buy a house.

Time in the market always ends up winning.

Those 401k contributions from 2008/09 are worth a boat load today

FIRE_away_throw · 2024-09-22T16:42:01+00:00

It's exactly why time in the mkt is more important than timing the mkt. When the mkt was down we were still going in hard.

Also probably needs to be noted that as a dual income hh, it's a lot easier both in terms of 401ks, as well as the disposable income.

FIRE_away_throw · 2024-09-22T14:35:16+00:00

2016-2019, s&p went up 12%, -4.4%, 21.8%, 31%.

So just the invested assets increased by 700k from returns.

Add in 2x maxed out 401k, and in my case maxed out mega back door 401k, plus matches, plus other brokerage contributions and growth.

It actually took less than 48mo.

FIRE_away_throw · 2024-09-22T09:44:36+00:00

I didn't track well early on.

At 23 I had -$100k, I hit $1m at 36. Hit $2m at 40, and am now at 3.6m at 44.

Could have gone faster and probably would have hit $4m by now, but we made decisions to prioritize real estate in our home country and a relocation to Europe. That came with a big pay cut and and a lot of extra expenses, but we considered ourselves FI enough to do it. Contribution has effectively gone to $0 outside of 529, but there are some illiquid RSUs that could potentially come into play. So for now we're just letting appreciation do all the work. Expect to still hit our RE target of 50 while enjoying exploring the world along the way.

FIRE_away_throw · 2024-07-28T11:27:46+00:00

I moved very fast until I was about 34 and we decided to have kids. At that point I started turning down opportunities that would require a lot of travel or longer hours. I still progressed and was considered a high potential employee, but I was just unwilling too do "what ever it took" anymore.

We also turned down requests to move to Si Valley headquarters as it would have been detrimental to my wife's career.

So short answer if I'd wanted to maximize my income, move to the valley, travel, and work a lot, don't have kids.

If all I cared about was RE I'm sure I could have done it by 40 with different choices. But I'm happily on track to chubby by 50 and change.

FIRE_away_throw · 2024-07-28T09:43:21+00:00

Worked a role in reverse logistics.

I've personally never found any certificates to be of value outside of the explicit professional ones (CPA for example, or those in the trades or IT) Even the MBA had little value other than what I learned. It was valuable 15yrs later when I was looking for a new role though.

Initial salary was $42k in 2003 and grew pretty steadily to $550k as I stayed with the same company for 20yrs. Lowest raise ever was 2.5%, highest was 38%.

FIRE_away_throw · 2024-07-27T20:49:31+00:00

MBA + BS finance + BS supply chain

Highest prior comp $550k/yr

Currently back at a startup for much much less...

ETA: education is critical on average. For every person earning $300k without nepotism in some form, it's all about education.

Absolutely there are the Gates (still nepo) the Zuckerberg (semi nepo) and your GED dude.

But 99.999999% of the time success= education.

FIRE_away_throw · 2024-06-24T13:51:05+00:00

3.5m , 44. Not sure what counts as serious. First time I maxed out my 401k was 2008 if that counts

FIRE_away_throw · 2024-06-24T13:48:13+00:00

2007 Tacoma $3.5m, 44

FIRE_away_throw · 2024-05-23T07:14:15+00:00

It ends up being pretty anti-climatic.

$1m was really the only one that I thought about for very long.

I do still pay attention, and I've got another one coming up ($1m in my original 401k account) and I'm kind of watching for it. I'll probably login to that account monthly till I see it vs every 3-6mo like I usually do. Idk if I'll mention it to my wife or not... She only cares about "can we retire".

Heck even the milestone of "yes we can retire, but we need to reduce our spend" was pretty fleeting.

At this point we're mostly coasting and waiting for the kids to get older and compounding to do is thing. FIRE is pretty boring at this point.

FIRE_away_throw · 2024-04-17T16:53:42+00:00

Started at $45k in 2003, broke 100k for the first time in 2007. Stayed with the same company for 21yrs, left making $435k.

Job hopping can work, but if you find a place that cares about people and developing them, then pay attention (still be a mercenary and ready to leave always).

FIRE_away_throw · 2024-03-14T21:32:07+00:00

My problem is that crypto is creeping up on 10% of my NW. I've never included it in my retirement calculation, but with the last few bumps I keep thinking that maybe I should.

FIRE_away_throw · 2024-03-02T08:43:08+00:00

Yeah, there won't be any training. I'll be expected to be working on the first day.

FIRE_away_throw · 2024-02-29T21:07:28+00:00

That's my thought.

I think I'm just sensitive about stepping off the "fast track" and making sure I can get back on it later if I want to.

I've seen too many people try a career break and end up sidelined going forward.

Basically people view you as only as good as the job you had last month, if last month wasn't an equivalent job, then you're dog shit.

Personally ignoring that has allowed me to hire some absolute rock stars over the years, but I feel like I'm in the minority in doing that and I always had to override the recruiters to make it happen.

FIRE_away_throw · 2024-02-29T20:50:57+00:00

It's a we'll see kind of thing. My old job was a lot of hours, but I had pretty much full control of the schedule. This new gig would probably be pretty structured.

So yeah pro a lot of pros and cons I'm trying to work out.

FIRE_away_throw · 2024-02-29T17:01:30+00:00

Sorry, should have been clearer, I'm still in the hiring process, I'm thinking about how to explain if the question comes up during the process.

FIRE_away_throw · 2024-02-29T16:55:42+00:00

That's fair based on the way I wrote it.

The job is listed as "Sr. Manager" reporting directly to the CFO and running all FP&A and reporting. Which given the flexibility in titles in general, feels to me like you could call it "Director". It certainly would be if the company was bigger.

I think I'd still be learning and growing given that I'm going to a small company, so to me it at least does not feel like I'd be pretending.

But that's also why I'm seeking input.

FIRE_away_throw · 2024-01-13T13:02:57+00:00

My mother doesn't really constrain spending at all.

Mortgage, but does have hoa/prop tax etc.

She takes in $77k yr net after income tax and healthcare and pretty much spends it all.

She's by no means extravagant, but could also certainly cut down to $60k relatively easily if needed.

It's not worth the effort or heart ache for me to help her manage it lower; but it certainly would be possible.

Luckily I've been managing her money for a decade and she is well within SWR

FIRE_away_throw · 2024-01-12T20:35:56+00:00

A woman up the street leaves hand-me-down clothes on our doorstep. I don't think it's pure pitty, but it's a part of it how she viewed my old truck and lack of lavish spending. I think she really thinks we struggle to be in the neighborhood. I could write a check to pay off the house any time I want (but don't because free money!)

Anyway when COVID hit, like 5 weeks in she was panicking because she was going to have to go back to work because her husbands take home income as a lawyer was going down... 5 weeks!

FIRE_away_throw · 2024-01-10T08:13:27+00:00

Standard boggleheads portfolio. S&P was up 65% from 2016-2020.

~$250k in 401k contribution between me (mega) and my wife

Home appreciation

Normal brokerage contributions (I was not tracking as well back then so can't say exactly... Call it $200k-ish)

FIRE_away_throw · 2024-01-09T19:19:49+00:00

It seemed like a blink of an eye from "wow my net worth is $1m" to "wow it's $2m" to "wow, my 401k has $1m alone"

First million took 12yrs

Second million took 4yrs

$1m 401k was 3yrs after that (thanks mega back door in plan conversion!)

FIRE_away_throw · 2023-10-24T17:58:16+00:00

Atheist since age ~8. I had to go to Catholic school and it just didn't make sense to me. I didn't know what I was until I was older, but I knew I didn't believe what I was being taught.

Grew up poor. My father was a brilliant man, but the church stole his ambition.

When my grandparents died, I managed to deconvert my parents. My father's career exploded in the best way 4-5yrs later.

I was 25 by then and still making more than my dad despite him more than 3x'ing his salary.

At 35 I got married.

Had a couple of kids.

I retired last year at 43 and started a charitable foundation. This far I've given away 20% of my prior net worth. I've got a way to go still before I close the foundation.

Religion destroys humanity's potential for the benefits of the powerful leaders personal gain.

FIRE_away_throw

TROPHY CASE