Nm, wrong thread
millionaires
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Last: 9 days ago by AgDrone14
JohnClark929 said:
Agree with your posts. My wife and I have been retired a few years now living off $4M of investments, no debt. For us it's more than enough and we don't even take SS yet. We love retirement; I haven't met anyone that retired and regretted it. Like others have said, retirement isn't as costly as I thought before pulling the trigger. I will admit it was a very difficult decision to retire; I identified by my work, was making great money, had a fear of running out someday, and just an image I had of retirement as a stage of old folks doing nothing before death. Those were the things that made me pause but I gathered the courage to do it and glad I did. We are having a great time.
Outstanding. Well done. I'm sure my wife and I will be traveling some as we have some pretty good vacations already booked my first year in retirement, but I'm interested to see if my day-to-day bills are less than what I actually expect as you and others have claimed once they retire?
JohnClark, appreciate your post. We're sitting on roughly the same amount of net worth right now and I'm 52. As I mentioned in previous threads, showing up to work these days is a real grind for me. I don't enjoy it like I used to. What age did you retire? My wife and I spend probably no more than $90k/year in living expenses. What does your cost structure look like, when did you retire? Hope these aren't too personal but your worth and mine are very similar and I take comfort in reading that you have plenty for your needs. Thanks.
I'm not JonClark, but you are good if you have $4M and live off $90k. A conservative 4% would give you $160k per year and probably outlast your lifetimes in like 95% of simulations.
RWC... at your age you probably want to focus on the brokerage account value to avoid early withdrawal penalties on your deferred accounts.
Also... you can google monte carlo sim programs to run all kinds of historical data to help with getting more comfortable.
Also... you can google monte carlo sim programs to run all kinds of historical data to help with getting more comfortable.
Another millionaire hack: Be careful who you marry and don't get divorced.
That set me way back. With investments and what-not, it probably cost me a couple million. I've crawled back out of that hole, but it was rough for a while. I'm about to turn 55 and seeing the light at the end of the tunnel.
My current GF is awesome with money. She hates to spend it like I do.
That set me way back. With investments and what-not, it probably cost me a couple million. I've crawled back out of that hole, but it was rough for a while. I'm about to turn 55 and seeing the light at the end of the tunnel.
My current GF is awesome with money. She hates to spend it like I do.
I made the decision this year to cut back on 401K to the company match and move that amount and as much as I can to my taxable account. 42, two comma net worth. I want to call it quits around 52 to 55 and need to get more in the taxable accounts to bridge the gap to 59.5. Lots of good advice in this thread, thanks to those giving us younger folks the lessons learned.
Hoyt Ag said:
I made the decision this year to cut back on 401K to the company match and move that amount and as much as I can to my taxable account. 42, two comma net worth. I want to call it quits around 52 to 55 and need to get more in the taxable accounts to bridge the gap to 59.5. Lots of good advice in this thread, thanks to those giving us younger folks the lessons learned.
The Rule of 55 would allow you to withdraw from your current employer's 401k if you retire once you reach the age of 55 or older without penalty.
https://www.schwab.com/learn/story/retiring-early-5-key-points-about-rule-55
You could also set up a Roth Ladder to help you access funds before 59.5.
txaggie_08 said:Hoyt Ag said:
I made the decision this year to cut back on 401K to the company match and move that amount and as much as I can to my taxable account. 42, two comma net worth. I want to call it quits around 52 to 55 and need to get more in the taxable accounts to bridge the gap to 59.5. Lots of good advice in this thread, thanks to those giving us younger folks the lessons learned.
The Rule of 55 would allow you to withdraw from your current employer's 401k if you retire once you reach the age of 55 or older without penalty.
https://www.schwab.com/learn/story/retiring-early-5-key-points-about-rule-55
You could also set up a Roth Ladder to help you access funds before 59.5.
Or, https://www.irs.gov/retirement-plans/substantially-equal-periodic-payments
Stopping giving away tax arbitrage savings for no reason.
Yeah I have started researching the different strategies. I like the ChooseFI podcast and they lay out a lot of different tax efficient strategies for people in my shoes. I will continue to research but may consult a FA to help guide me. Who knows what the landscape will be in 10-12 years....Just have to keep adjusting and planning best we can.
We're sitting at 23% in taxable savings with 71% in "tax advantaged" savings like 401k, pension, Roths, HSA.
There's probably 15% of my tax advantaged savings that sits in a Roth 401k so that would also be included in cash I could access till 59.5, I think.
There's probably 15% of my tax advantaged savings that sits in a Roth 401k so that would also be included in cash I could access till 59.5, I think.
is that dependent upon a maximum salary level?
when parents pass away and leave money to their children
is there a way that it should be conducted to lessen taxes?
or doesn't really matter?
is there a way that it should be conducted to lessen taxes?
or doesn't really matter?
For early retirees how do yall get health insurance?
RightWingConspirator said:
JohnClark, appreciate your post. We're sitting on roughly the same amount of net worth right now and I'm 52. As I mentioned in previous threads, showing up to work these days is a real grind for me. I don't enjoy it like I used to. What age did you retire? My wife and I spend probably no more than $90k/year in living expenses. What does your cost structure look like, when did you retire? Hope these aren't too personal but your worth and mine are very similar and I take comfort in reading that you have plenty for your needs. Thanks.
You are doing something right whereas I am not. There is no way I could get to this number, currently.
Actually, there are four of us that live within $90k/year. Up until last year, there were five of us living under that same expenditure.
RightWingConspirator said:
Actually, there are four of us that live within $90k/year. Up until last year, there were five of us living under that same expenditure.
I almost want to post the Anchorman gif here.
Hendrix said:
Want to be a millionaire in a year? Invest about 250-300k in PLTR. GL!
from page 32 of this thread
PLTR ended at 26.90 on 2/19/21 (when this post was made)
if you closed it out "in a year" you would've lost a ton since it ended at 10.57 on 2/18/22.
HOWEVER, if you held an initial 250K investment in PLTR from 2/19/21 till today (closing price 156.24 on 7/29/25)....your stake would be worth $1.452M today!
Moral of the story- if you want to be a millionaire, buy winners and hold them forever.
Yukon Cornelius said:
For early retirees how do yall get health insurance?
Healthcare.gov
LMCane said:
when parents pass away and leave money to their children
is there a way that it should be conducted to lessen taxes?
or doesn't really matter?
Assuming you and your spouse are still alive you both have about $14 million exemption each for your estate. If one of you dies before the other, the other should take the portability election to inherit their 14 million share. Once that happens when the last parent dies if their estate is under $28 million there would be no tax on the estate. (This is based on current laws however if you elect the portability you lock in first spouses half so even if it goes to $0 you can lock in the first $14 million as long as you file the IRS paperwork correctly)
On after tax assets (property, brokerage accounts etc) the heirs get a step up in basis so even if you had appreciated shares they would be able to liquidate them and pay no tax and they could sell your property and owe no tax.
Tax deferred accounts they would have to follow the secure act and likely have to have to liquidate them within 10 years and pay ordinary income tax on it based on whatever bracket they are in at the time.
Quote:Quote:
Want to be a millionaire in a year? Invest about 250-300k in PLTR. GL!
from page 32 of this thread
PLTR ended at 26.90 on 2/19/21 (when this post was made)
if you closed it out "in a year" you would've lost a ton since it ended at 10.57 on 2/18/22.
HOWEVER, if you held an initial 250K investment in PLTR from 2/19/21 till today (closing price 156.24 on 7/29/25)....your stake would be worth $1.452M today!
Moral of the story- if you want to be a millionaire, buy winners and hold them forever.
that may have been the post that initially got me to look into PLTR, as my first buys were in March 2021
Through that I then came across Amit (best finance channel on Youtube) who powered my conviction to keep buying relentlessly through the crash down to $6 then back into the 20s where I sadly stopped past $30, though still have never sold other than recovering close to 20% of cost basis in CC's
Its Texas Aggies, dammit
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AG
Gordo14 said:Its Texas Aggies, dammit said:HECUBUS said:
To be fair, when this thread started a million dollars was like five million dollars today.
If you assume that inflation tracks a historical 7% average increase in the money supply per year, $1M in 2013 would be $2.25M today.
For comparison purposes, Bitcoin is ~100x the 2013 high.
Inflation doesn't equal the money supply increase in the same way that access to resources is not the same as it was in 2013. But I know a couple companies have levered up to buy bitcoin over and over again (Microstrategy now owns 2% of all bitcoin in existence) and they can then just kind of sit there and stare at the number in their wallet I guess. Because if they actually wanted to use them or sell them the price of bitcoin would tank. I can think of nothing that could go wrong.
Not sure what your first sentence means. Could you please elaborate?
Also, a bitcoin wallet that held ~80,000 bitcoin worth ~$9B moved the other day for the first time since 2011. When the full amount was sold, the price moved a bit and has since recovered. This is bullish for bitcoin IMHO.
Its Texas Aggies, dammit said:Gordo14 said:Its Texas Aggies, dammit said:HECUBUS said:
To be fair, when this thread started a million dollars was like five million dollars today.
If you assume that inflation tracks a historical 7% average increase in the money supply per year, $1M in 2013 would be $2.25M today.
For comparison purposes, Bitcoin is ~100x the 2013 high.
Inflation doesn't equal the money supply increase in the same way that access to resources is not the same as it was in 2013. But I know a couple companies have levered up to buy bitcoin over and over again (Microstrategy now owns 2% of all bitcoin in existence) and they can then just kind of sit there and stare at the number in their wallet I guess. Because if they actually wanted to use them or sell them the price of bitcoin would tank. I can think of nothing that could go wrong.
Not sure what your first sentence means. Could you please elaborate?
Also, a bitcoin wallet that held ~80,000 bitcoin worth ~$9B moved the other day for the first time since 2011. When the full amount was sold, the price moved a bit and has since recovered. This is bullish for bitcoin IMHO.
That was me. I'll be starting a billionaires thread now. Gonna be light on traffic though considering none of you lolpoors can relate.
you'll be a small fish in the pond with a measly 5B after taxes
stonksock said:Yukon Cornelius said:
For early retirees how do yall get health insurance?
Healthcare.gov
Something I need to watch for. My wife works and we get insurance from her job but if she decides to retire, then we will need this.
infinity ag said:stonksock said:Yukon Cornelius said:
For early retirees how do yall get health insurance?
Healthcare.gov
Something I need to watch for. My wife works and we get insurance from her job but if she decides to retire, then we will need this.
As I mentioned earlier, health insurance works through the exchange or medi-share programs IF you are healthy at origination without significant pre-existing conditions.
Keeping your doctor's in those situations require a more traditional group plan, which for my family is roughly $3k/month for medical and dental.
Last time I did some initial pricing with Obamacare it was going to be $1100ish a month for both wife and me.
That was 3 years ago. Someone else posted they have an HDHP so I would be curious what that looks like because I would want as close to catastrophic as I can get.
We already use a concierge model for preventative and pay cash out of pocket. Problem is that ACA has done its best to kill limited plans like what I want.
That was 3 years ago. Someone else posted they have an HDHP so I would be curious what that looks like because I would want as close to catastrophic as I can get.
We already use a concierge model for preventative and pay cash out of pocket. Problem is that ACA has done its best to kill limited plans like what I want.
Retired 9/24 Cobra is $700 for me and $1300 for the wife and two college age kids. In eight months we will find out post COBRA costs. I expect they will be similar. We can probably do a bit better.
How much are you paying for the concierge model?
When my PCP changed I had to find a new one because it was outrageously expensive.. plus my premium cost through my employer is $0
When my PCP changed I had to find a new one because it was outrageously expensive.. plus my premium cost through my employer is $0
https://fortune.com/2024/07/29/us-millionaires-population-ubs-global-wealth-report-china-europe-americans/
One out of every 15 Americans is a millionaire
One out of every 15 Americans is a millionaire
Proposition Joe said:
https://fortune.com/2024/07/29/us-millionaires-population-ubs-global-wealth-report-china-europe-americans/
One out of every 15 Americans is a millionaire
The way that is phrased makes it sound more than it is. That's 6.6% of the population.
Proposition Joe said:
https://fortune.com/2024/07/29/us-millionaires-population-ubs-global-wealth-report-china-europe-americans/
One out of every 15 Americans is a millionaire
I just assume it's mostly home equity though...
ktownag08 said:Proposition Joe said:
https://fortune.com/2024/07/29/us-millionaires-population-ubs-global-wealth-report-china-europe-americans/
One out of every 15 Americans is a millionaire
I just assume it's mostly home equity though...
That would be interesting for sure. My home equity is only a fourth of my NW. Maybe a little less.
Proposition Joe said:
https://fortune.com/2024/07/29/us-millionaires-population-ubs-global-wealth-report-china-europe-americans/
One out of every 15 Americans is a millionaire
they don't define WHAT a millionaire is. I bet that is including the value of the illiquid home
most real definitions only include investable assets that are able to be accessed-
if all your wealth is tied up in a home then you need to sell the home to actually be able to support yourself.
the article you cite is showing 22 million Americans as millionaires so that is definitely including home values
In the US, the number of millionaires, excluding the value of their primary residences, is estimated to be around 15 million. This figure represents the number of households with a net worth exceeding $1 million when their home value is not included in the calculation.
It's always really come down to "how you define millionaire". Even if we're trying to exclude home prices, over the last 10+ years much of the net worth people currently have was derived from the sale of a home.
Basically a millionaire now is the equivalent of someone with $350-$500k back in 2000. The word is the same, but what it represents is wholly different.
Basically a millionaire now is the equivalent of someone with $350-$500k back in 2000. The word is the same, but what it represents is wholly different.
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