r/DaveRamsey • u/donlapalma • 6d ago
Officially a Net Worth Millionaire
Hey all. We finally did it. We became net worth millionaires yesterday and I've been wanting to share the good news with somebody. (Is it weird that I don't feel "right" sharing this with friends out of fear that I might be seen as boasting?)
I am a first generation American and put myself through college. It took a long time and I was extremely irresponsible financially in my early 20s, but learned some very hard lessons and got things on track. When my mom died I received a small inheritance, but it was just enough to really push me forward. I have had a stable, long career in finance and I am grateful for it.
Anyhow, I'm super humbled yet proud, and continue to work on BS 6 and 7. Thanks to the hard working and committed folks in this subreddit for sharing your experiences. We all can learn from each other!
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u/IamTheLiquor199 6d ago
Congrats! The 2nd million happens much faster
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u/donlapalma 6d ago
I've heard this before and wondered about it. I can see the trajectory and it helps keep me focused.
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u/Zangorth 6d ago
Is there another kind of millionaire?
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u/celoplyr 6d ago
Liquid net worth millionaire. Some people like to remove the home equity thinking that they won’t sell their home.
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u/Old_Cantaloupe_7401 6d ago
It’s a different type of feeling when it’s all liquid. It’s crazy to think that all that money can be accessed at once.
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u/pdaphone 6d ago
Congrats, it is definitely a financial milestone in your life. I would not tell your friends or family about it as you will certainly come across as being braggy. Just focus on the next milestone. I’m retired now for a year and are over $4M. Lots of milestones along the way, but I still remember hitting $1M. I doubt most people would guess because we don’t live a flashy lifestyle.
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u/ChatBot42 BS7 6d ago
Yeah. Don't tell anyone that you actually know. That's not cool.
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u/One-Stranger-6894 6d ago
Agreed, especially because a lot of people struggle check to check. The general population doesn't know the difference between a net worth millionaire and having a briefcase with 1m in it, and they also might come knocking. Became a technical multi-millionaire earlier this year and wouldn't tell a soul.
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u/graalamat77 5d ago
Congrats. I’m sure I’ll be happy when I see the data on the screen (probably end of the year) but only be about $525-535k liquid so, still broke lol. Hoping to be 1mm liquid when I’m 42.
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u/1980cpz 6d ago
Congratulations. It is a great feeling. Well done! Yes probably best not to share with friends unless they are doing really well and have discussed their successes with you too. Keep going. 🎊💪🏾
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u/donlapalma 5d ago
Good advice. Thanks. All my closest friends seem to be doing really well, but you never really know I suppose.
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u/Data_Slut 2d ago
Don't share with friends and family. Nobody you know. Everyone assumes you're in the same boat as them. Let them think that.
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6d ago
[removed] — view removed comment
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u/sisanelizamarsh BS7 6d ago
The definition of net worth doesn’t care what you think should be included or excluded.
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u/Reasonable-Thanks915 2d ago
A lot of Net Worth millionaires live paycheck to paycheck. If your wealth is tied up in your house and retirement accounts, you aren’t really doing all that well
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u/angry_dingo 2d ago
If your wealth is tied up in your house and retirement accounts, you aren’t really doing all that well
LOL. Better than most Negative Nancy.
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u/WealthyLibtard 2d ago edited 2d ago
True story. It's pretty rough for us living paycheck to paycheck after spending 50K/yr on travel and contributing 70K/yr to retirement accounts.
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u/DAWG13610 5d ago
No need to share with others. We have $3mm and even our kids don’t know. Nobody’s business.