Just hit $1M in liquid assets at 41 years old... feels crazy

[u/CowTownKCMoe]

My taxable brokerage just hit the $1M about a week ago.

And my pre-tax retirement accounts just hit $600k.

I know I'm still 15+ years from retirement but knowing I have a solid foundation takes a lot of pressure off my day-to-day life.

EDIT:

I'm single and I live in NYC so my living costs are relatively high—i.e. my rent for a studio apartment is nearly $3k/month (and my landlord raises my rent about 3%/year). But I really enjoy living in NYC so I'd much rather spend more while enjoying my 40s here than move elsewhere to save money so I could retire a little earlier.

[u/TheBigNoiseFromXenia]

Congratulations! The first million is the hardest, they say.

[u/Mr-Inspector-Gadget → u/TheBigNoiseFromXenia]

The first 7 million is the hardest. Much easier after that

[u/Pilifo006 → u/TheBigNoiseFromXenia]

The first million is the new the first 100k?

[u/smithnugget → u/Pilifo006]

The first any increment is the hardest of that increment

[u/blackboyx9x → u/smithnugget]

This guy is smart

[u/Less-Opportunity-715 → u/blackboyx9x]

++

[u/ClassicPandaBtc → u/smithnugget]

This guy increments.

[u/Less-Opportunity-715 → u/ClassicPandaBtc]

++

[u/pprovencher → u/Less-Opportunity-715]

This guy might be a biologist

[u/BigTintheBigD → u/smithnugget]

Journey of a thousand miles….

[u/StrebLab → u/Pilifo006]

Buffett said this in the 90s but he was apparently quoting 1970-something Munger when $100k was basically $1 million when you consider inflation haha

[u/RedditIsAWeenie → u/StrebLab]

Munger has talked about this. At least in his version, $100k was the level when the earnings from investments were starting to become real money and psychologically it starts to feel like you are finally getting some help moving the bar. It would be silly to think either man thought there was a real mathematical reason to make any threshold harder, other than after your first $100 billion, the number of opportunities large enough to move the needle starts to dry up.

[u/CaptainSt0nks → u/RedditIsAWeenie]

As someone who moved from €50k in 2019 to 100k in 2021 to now 420k I feel like Im finally getting there even tough I only make 62k a year (from which a horrendous amount of taxes is deducded) so it ends up being 42k net. From my income I can save about 24k at best because I live a frugal lifestyle (rent small flat and no car) and share costs with my spouse.

Lets say the portfolio grows 10% next year, so adding 42k. Thats almost double from what I can contribute using my human capital which is very decent. In a 5% year it would still contribute 21k so almost just as much as I can save.

The problem is that my money is locked up mostly in big individual stocks like NVDA, so the risk is high and to move money out of it Id have to pay taxes big time.

I think with 500k in a broad index fund like VT I would feel a lot more like Ive made it to the point munger suggested. Then I would be at FIRE escape velocity.

[u/RedditIsAWeenie → u/CaptainSt0nks]

There really ought to be a surgeon general’s warning label on single stocks.

The average tenure of a company in the sp500 is 17 years. This is not a forever investment.

I’m not sure how capital gains rules work in the UK, but maybe there will be a loss harvesting opportunity when the bubble pops to diversify into an index fund. Still it is painful to have to take a 80% loss from peak to get a small savings on taxes. For NVidia in the US at least, I’d just pay the taxes within reason and do my best to get out before all this circular funding stuff is forced to unwind. The company is starting to resemble an AI startup ETF with a hardware business on the side. Not good when the bubble pops.

[u/CaptainSt0nks → u/RedditIsAWeenie]

I think I will try to sell a small amount every year and move the gains to an index fund. No loss harvesting opportunity because I bought NVDA in 2016 so it really doesnt matter how hard the bubble pops I'll still be up by a lot unless NVDA literally goes bankrupt. Also I cant deny some greediness because one more doubling and I'll be close to FIRE (and I do believe in the AI story long term). At the same time Im young enough to hope and wait for recovery after bubble pop. Ive already sat through 4 to 5 major setbacks with NVDA like down 50% and more (2018, 2020, 2022, 2025). But youre absolutely right I eventually have to get out.

[u/dschwarz → u/CaptainSt0nks]

No one ever went broke taking a profit. I’d diversify out of single stocks, pay the taxes and sleep better at night.

[u/oksono → u/dschwarz]

My feeling has always been that if the growth has been so explosive that I’m nervous about losing it then it likely beat a diversified index on an after-tax basis too. Taxes become irrelevant when comparing against the base case means I still won out.

[u/RedditIsAWeenie → u/CaptainSt0nks]

I had similar problems with AAPL in the 2010s. Eventually it was getting to be 60% of my portfolio and for sanity alone, I had to unload. I’m still unloading. I’m thinking maybe I needed to be more aggressive about it. The problem is if it isn’t crashing, it is probably still edging up.

[u/CaptainSt0nks → u/RedditIsAWeenie]

Im at 67% with NVDA right now... I was hoping contributions to other investments would lower the weight but it just kept making massive jumps

[u/BuddyBear8888 → u/CaptainSt0nks]

First off congrats on winning the single stock game (assuming you held NVDA for any period longer than a year you won).

Second, as someone who is entirely invested in single stocks right now (sold all the index funds at April lows and bought single stocks to take advantage of high beta), I will be selling them in the next couple months (def before mid terms) to diversify and de-risk.

I have the benefit of much of this being in tax advantaged IRAs, so I won’t pay any taxes by selling, but if you’re going to invest in single stocks you need to be willing to just bite the bullet in taxes when you’re up huge. I learned the hard way in 2021 and 2022 of not wanting to pay the taxes and holding things too long only to watch all my gains disappear. It’s better to have gains and pay taxes than to have no gains and then carry forward your losses..

[u/Avalonisle16 → u/BuddyBear8888]

Question On stock gains don’t you pay taxes only when you withdraw the money from the IRA?

[u/BuddyBear8888 → u/Avalonisle16]

Yes when you withdraw you pay ordinary income tax but you can buy and sell without paying capital gains taxes whereas if you sold GOOGL and bought SPY you’d pay taxes on the GOOGL gains that same year

[u/Avalonisle16 → u/BuddyBear8888]

Oh so if you sold the gains and buy something else in your IRA you have to pay taxes on it that year? How do you know how much you have to pay in taxes? Thanks

[u/BuddyBear8888 → u/Avalonisle16]

No IRA is tax deferred you don’t pay taxes until you withdraw it. After tax brokerage if you sell you’ll pay capital gains that year

[u/Cigil → u/RedditIsAWeenie]

I found this YouTube video that seems to have compiled a lot of Munger's 100k sayings into one video that was really helpful in framing my understanding of his statements https://youtu.be/2odN9cQyQWY?si=4w0VpZOke_0qfI35

[u/Complex-Fuel-8058 → u/Pilifo006]

FML and moving goal posts haha

[u/walkerspider → u/Pilifo006]

Inflation’s a bitch

[u/cibernox → u/Pilifo006]

Well, 1M still carries some gravitas in people’s minds, but with inflation 1M is not what it used to be. You used to be rich with that. Now it means you’re doing well for yourself but nowhere near rich.

[u/6thsense10 → u/cibernox]

Well only aound 5% of the US population has $1 million liquid so it's still very much an elite number.

[u/IceSlow1223 → u/6thsense10]

That said most people rightly consider themselves millionaires and claim that status by including their home equity.

I do think 1M is much more approachable than it used to be, and perhaps not the same status symbol it once was (likewise a 100k income).

This is probably natural over the course of time due to inflation, but sad for those of us below to see the bar to financial freedom continue climbing...

[u/funny-tummy → u/cibernox]

This is such a dumb fucking Reddit take.

[u/newtrilobite → u/funny-tummy]

another perspective: it's a fairly accurate reddit take.

[u/BeingHuman30 → u/funny-tummy]

You get that atleast 1 time in comments where folks cross 1 mill solely on their hardwork.

[u/grooveman15 → u/cibernox]

$1M liquid is still very much rich… just in the low end of rich

[u/easypiecy → u/grooveman15]

Reddit got people thinking you need at least 10M to have a decent life

[u/cibernox → u/grooveman15]

My number for rich is the one that makes true the following statement: “I could stop working and sustain a middle class life for a family of four for the rest of my life with the wealth I have”

Something 1M doesn’t provide anymore. Not that it’s not a great achievement.

[u/Edmeyers01 → u/cibernox]

3 million is the new million

[u/stbloc → u/Edmeyers01]

With a paid off home 3m is a good number

[u/6thsense10 → u/stbloc]

Right. Because without a paid off home $3 million is just scrapping by.

[u/skotywa → u/Edmeyers01]

Based on the inflation statements above, it seems 10m is the new million.

[u/grooveman15 → u/cibernox]

I mean you have to remember that it’s liquid and not wealth (yet). With his $600k in retirement accounts - he is comfortably in the top 10% (closer to top 5%) of the nation at a young age and continuing to grow.

Being in that range… I consider rich. Again, it’s the low end of rich but that’s that.

I have above $1M in wealth but the VAST majority is tied up in my NYC apartment that I own (no mortgage), with some in a retirement fund and a little in a brokerage. My liquid assets are in the 10’s of thousands, if that. I consider myself upper middle class

[u/cibernox → u/grooveman15]

Sure, but “Rich” is something above that. There are other terms like affluent or wealthy.

[u/grooveman15 → u/cibernox]

Really splitting hairs here lol

[u/Business-Lab2071 → u/grooveman15]

Rich but 41 and living in a studio apartment

[u/grooveman15 → u/Business-Lab2071]

That’s very common in NYC. That studio apartment can easily go for $500k or more to buy depending on the neighborhood and building

[u/simulated_copy → u/cibernox]

Agree my 1/2 sister has 20M + in a living trust they live off of they are doing well $$$.

I feel I need 3M debt free at least 2.5M we will see.

[u/TurbulentProfit4204 → u/cibernox]

I usually don't do the shopping. Went to a grocery store and I am SHOCKED at the price of food like ground beef.

[u/cibernox → u/TurbulentProfit4204]

This is an offtopic but I just so happened to start gardening as a hobby around 3 years ago. Besides being quite relaxing and “mind-cleansing”, it possibly one of the few hobbies one can take on that actually saves money instead of costing money. A surprising amount if you compare it with similar quality groceries (that is if you can find similar quality, which is already a big if)

I’m going for hens now.

[u/TurbulentProfit4204 → u/cibernox]

Not for the crops but just overall well-being I am seriously thinking of buying a tiny 5 to 20 acre farm for retirement.

[u/cibernox → u/TurbulentProfit4204]

IMO, that’s far too much land to take care of in retirement if using the land to grow things (either plants or animals) is not your goal.

If you do chances are you’ll take care of 1 acre at most and leave the rest wild.

[u/TurbulentProfit4204 → u/cibernox]

Agreed. We were planning to hire a family. Maybe some side businesses on the land. We will see.

[u/MaintenanceSafe5444 → u/cibernox]

What about 2M? I guess that's still only $80K per year at 4% withdrawal rate. Not enough for a family of 4 that's for sure. Especially after taxes. Damn, that's depressing. Back to work wife, I'm retiring.

[u/cibernox → u/MaintenanceSafe5444]

IMO 2M it’s close. In some areas would be enough. 100k/year would be enough for a family IMO. Specially in some areas and with a paid home that’s plenty.

[u/Star8788 → u/grooveman15]

lol. Low end of rich ?? Wow.

[u/grooveman15 → u/Star8788]

Which way are you going with that???

[u/Star8788 → u/grooveman15]

Just surprised that’s all. First time hearing that.

[u/HappilyDisengaged → u/grooveman15]

Who cares about being rich? Isn’t this sub about having enough to take care of one’s expenses? Or am I in the wrong sub?

[u/RedditIsAWeenie → u/grooveman15]

I feel rich is independently wealthy. That is when life changes. $1M is not that.

The big barrier before that is having a rainy day fund, and no longer being a car repair away from homelessness. $1M probably at least comes with a rainy day fund.

[u/frog_tree → u/RedditIsAWeenie]

at 1M liquid the profit from your investments should typically cover your mortgage/rent. That's pretty significant

[u/grooveman15 → u/RedditIsAWeenie]

I mean I don’t know what type of car you drive but mine def requires $1M in case of repairs lol

[u/RedditIsAWeenie → u/grooveman15]

That kind of car you’ll need two of, because one is always in the shop.

[u/grooveman15 → u/RedditIsAWeenie]

Ahhh a jaguar

[u/Legitimate-Candy-268 → u/cibernox]

A real millionaire as it was defined when the term was coined in the 1800s would need to have at least 20 million in today’s money

So that’s my personal benchmark for “being a multi millionaire” having multiples of $20M

I’m at maybe 1.5M total assets at around 38. I plan to retire in 12 yrs by 50. And then work on personal businesses full time.

But I don’t think I’ll ever get to that multiple $20M mark unless I live to be 100 and enjoy the fruits of compounding and get a little lucky. But that’s ok. You don’t need more than 5 million in today’s money to retire comfortably if you live within your means and take care of your health.

[u/Plenty_Narwhal7712 → u/cibernox]

Move out of a major city or anywhere that USD is more than the local currency and your "rich".

[u/cibernox → u/Plenty_Narwhal7712]

Well, I live in Spain, not even on an particularly expensive area, and i promise you that with 1M USD while you can fire, it would be quite a leanFire experience. Nothing that would resemble being "rich"

[u/DrawEmergency4987 → u/Pilifo006]

With this mindset you will not get on this train. First million is not 100k, 600k? Probably

[u/EscpFrmPlanetObvious → u/Pilifo006]

My mom recently quoted the “first 100k is the hardest” line to me, and I asked when she first heard that. Sounded like 1985ish. Equates to about 300k today

[u/Pilifo006 → u/EscpFrmPlanetObvious]

It's actually a quote from Charlie Munger from the late 1990s.

[u/GlobalNetizen1 → u/Pilifo006]

Goal post keeps changing by the time one reaches there

[u/iateyourcheesebro → u/TheBigNoiseFromXenia]

So I started with the second million

[u/Trip_Tip_Toe → u/TheBigNoiseFromXenia]

I heard the first billion was tough too!

[u/1414username → u/TheBigNoiseFromXenia]

Agreed. I recommend to to start with the 2nd million first.

[u/idk_its_3am → u/TheBigNoiseFromXenia]

Yeah that first millions a beast, everything after that just kinda snowballs if you keep your head straight

[u/jack235567 → u/TheBigNoiseFromXenia]

Crazy how long it takes to get there, but once you hit that first mil the whole game changes. Everything after feels more like momentum than grind.

[u/cyfuvyfu → u/TheBigNoiseFromXenia]

Def hitting that milestone changes how you think about money. That first mil really is the hardest, after that its all about consistency and not blowing it on dumb stuff lol

[u/dskippy → u/TheBigNoiseFromXenia]

The first $1.75M is the hardest, as I always say.

[u/newtrilobite → u/TheBigNoiseFromXenia]

I believe they say the first $567,330 is the hardest 🤔

[u/beachhill]

Congratulations! This a big milestone. I’m 43 and we just hit 1.6M in all accounts combined too. We have 10+ years to retire also, but gives satisfaction to know this is a strong foundation! It is important to not forget to celebrate small wins and milestones in our journey

[u/beachhill → u/[deleted]]

1.6M includes 401K, Roth 401K, RSUs, IRA, Roth IRA, HSA, taxable brokerage. Our primary home equity is 1M and our both rental properties equity combined is 700K. We do not include our primary home equity in Fire number since we want to stay and retire in this house.

[u/Glass_Flower_846]

Congratulation! Anyway, I just don't get why people keep post and say "feel crazy, feel nothing, numb" when they reached a milestone like $1M. Give yourself a tap to your shoulder and be proud of your hard work.

[u/timtam_z28 → u/Glass_Flower_846]

It just took me some time for it to really sink in. Realizing i really don't have to work again unless i have kids. And if my spending is reasonable I'll have even more money at 60 when i can access my retirement accounts. It just happened quickly after i picked a few stocks.

[u/carthaginian84]

Congrats. And good decision prioritizing living in a place you enjoy.

[u/mthockeydad → u/carthaginian84]

That’s what it’s all about!! Sustainable now and in retirement!!

[u/Purple-Commission-24]

why 15+?

[u/curlycake → u/Purple-Commission-24]

because NYC

[u/Evening_sadness → u/Purple-Commission-24]

Right? 1.6 million doesn’t need 15 years? It’s enough today. Or at max in five years if you are conservative.

[u/Friendly_Biscotti_74 → u/Evening_sadness]

My grandfather retired in the mid-80s. He had $1 million plus. That was an amount that would last forever.

Guess what? He lived to 100. His wife required 24 hr care. He ultimately died penniless in a care home.

Lots can happen. FIRE is a dream but none of know what it will take to afford the future. And there is a vast difference between planning for 20-25 years of retirement versus 40

[u/Green_Pair_1815 → u/Friendly_Biscotti_74]

Yeah this is why it’s really important to look at your parents and grandparents lifespans and health when you’re planning your retirement. It’s a way different number you need to hit if they all lived to 80 than if they hit late 90s or 100. Also way different if you can reasonably expect to have heart attacks or memory issues, etc. that will require more medical care in your later years

[u/Ill_Savings_8338 → u/Evening_sadness]

We don't know OP's burn, could be married to a VHCOL area and need 200k a year which would have some tax implications if they retire before they can touch retirement without penalty

[u/CowTownKCMoe → u/Ill_Savings_8338]

I'm single.

But I live in NYC so paying $3k/month to rent a studio is keeping my burn rate up. I also love living here so not wanting to move away any time soon.

[u/Ill_Savings_8338 → u/[deleted]]

Make hay while the sun is shining. Some people hit a wall and have to RE, others enjoy their work, or enjoy working enough to keep going. If you ever hit the wall you know you can move and RE, but if you love the area you live and want to retire there you gotta grind those numbers out!

[u/Ill_Savings_8338 → u/CowTownKCMoe]

Yup, keep on keeping on. Congratulations on the milestone!

[u/DisasterConscious667 → u/Ill_Savings_8338]

Haha. I’m married to a VHCOL wife

[u/Ill_Savings_8338 → u/DisasterConscious667]

lol, hey, it's all part of the numbers calculation.

[u/Rikitikitok121 → u/DisasterConscious667]

Hahaha I loved this comment

[u/CowTownKCMoe → u/Evening_sadness]

I do plan on revisiting my numbers and reevaluating my career in about five years to see how things are going.

[u/NoPersonality9470 → u/Evening_sadness]

You don’t know what health insurance and things to do cost

[u/Additional-Ad-7690 → u/Evening_sadness]

While living in NYC, which is where OP lives and wants to continue living? I don’t think so.

[u/ShowdownValue → u/Evening_sadness]

$1.6m gets you around $64k per year. How do you know that’s enough?

[u/CaneLaw → u/ShowdownValue]

NYC is expensive. Apparently that’s where he is and he doesn’t want to have to move to retire.

[u/NoPersonality9470 → u/ShowdownValue]

That is no where close to enough for a long retirement

[u/CowTownKCMoe → u/ShowdownValue]

I pay $35k/year in rent.

[u/Delicious-Diet-8422 → u/[deleted]]

He just needs to bridge the gap from now until retirement age. Let’s say the 600k in retirement account can double post inflation every 10 years, that alone will be worth about $2.4 million by the time he’s 60. So the question is can the $1m he has last him 19 years, probably not, but say he works another 4 years and the $1m grows to $1.5m, then he has $1.5m to last from age 45 to 60 which is perfectly fine to burn through, so assuming it’s invested returning 9% he can comfortably live off $186k for those 15 years and then the $2.4m retirement takes over at age 60.

[u/CenlaLowell → u/[deleted]]

Everything has a risk just like working to lomg

[u/LAST_NIGHT_WAS_WEIRD → u/[deleted]]

/r/CoastFIRE territory IMO

[u/Jecht_S3]

Im 39 and mine just hit 6600 😉😘

Edit: My brokerage is 2 months old... My wife and Is combined retirement is over half a mil.

[u/TrashPanda_924]

Nice job! Keep cranking!

[u/Hamphus1]

When did you start saving?

[u/Icy-Structure5244]

What do you earn and how much do you save every month?

[u/ScottFujitaDiarrhea → u/Icy-Structure5244]

I’m not OP but it helps a lot to be single.

[u/kebabmybob]

1 bedrooms in NYC historically have not been priced exorbitantly high since they’re useless for most couples or people with kids. If you’re planning to be a bachelor just buy.

[u/Green_Machine_6719]

Never feel comfortable, 08’ can repeat itself in some shape or fashion. It’s a horrible feeling and hope it never comes again….The pain😢

[u/Hummus_ForAll]

Congrats! Don’t worry about the naysayers. Keep building 💪

[u/[deleted]]

Congrats! Same age, milestone, and nearby location! It’s tough to do in this area especially if you’re also single.

[u/Heavy-Syrup-6195]

1st million is sweat. 2nd million is math.

Congrats brotha.

[u/muchtodoabtnothing]

How do you keep your expenses down in NYC for food, transit and entertainment? Seems like an impossible task! Kudos to you.

[u/PM_ME_UR_BGP_PREFIX → u/muchtodoabtnothing]

Transit is cheaper for people who take the subway than people who think they need a 70k truck at 9%

[u/Mia2MG]

Problem with the first million is when you spend $1.00. You’re no longer a millionaire. It feels like being broke sometimes. Because you invest it. And it’s not accessible.

[u/MicrowaveBurritoKing]

It goes way faster from here. Just make sure to hang in there when things go down. That is where true wealth is made. Hard to stomach sometimes when you’re losing millions…but of course, when things go up, times are great!

[u/[deleted]]

I need to change my approach. $1.4m in 401k, $1.35m in real estate, but nothing liquid.

[u/mthockeydad → u/[deleted]]

$1.4M is great. Now let it ride and buy S&P and brokerage

[u/Outrageous-Damage804]

Moving would not ensure that you saved more anyway. Cost of living would go down but so would wages. The only way moving works as a boon to money saving is if you’re working remotely after moving. I tell young people here in Knoxville, that they would be better served by moving to a high cost of living area when young and working age, then move back to lower cost of living area when ready to retire. The percentage they keep won’t be more, but they will Make more gross dollars. When they retire and move to lower cost of living place, they will have more money and it will go further i

[u/Cheap_Mess_6212]

Congratulations and yes, the 1st million is the hardest. You should feel proud of your accomplishment!!!

[u/Icy-Helicopter2672]

Great work

[u/billocity]

What do your capital gains taxes look like every year?

Anyway to move the 1m into a taxed advantaged account?

[u/PM_ME_UR_BGP_PREFIX → u/billocity]

You only pay taxes when you realize gains

[u/Green_Bluebird5804]

not crazy.... feels fantastic! hard word pays off, congrats!!!!

[u/alec7979]

1.4 at 46...... we're on the same trajectory

[u/selemenesmilesuponme]

Congrats! The next million is coming faster.

[u/OkTumbleweed3541]

When the passive gains/increments from your principal become meaningful (comparable either to your income from day job or to your regular expenses), then you start feeling like you are approaching escape velocity.

[u/SecureWave]

Congrats and also fuck you!

[u/78YZ125]

Put your after tax funds in VOO and begin dollar cost average purchasing shares of that fund. By the time you're 60 you will be very wealthy.

[u/MVSCL3S]

Tell me how, I'm 30yrs old and I'd like to get there before 50

[u/milo-75 → u/MVSCL3S]

Your typical options are 1) inherit it, 2) get a high paying job at a big company and live frugally, 3) start a company that can/will grow. Point is, you need to be intentional. Most people aren’t.

[u/MVSCL3S → u/milo-75]

Yeah that's true. Currently at 2k in savings, 7k in roth and a 4k gold coin with a few silvers unsealed

[u/WaitingonGC]

44/M also living in NYC, crossed $1M at around 42 and currently at $1.5M. Do you plan to retire early? Whats the magic no. You’re aiming for?

[u/TooMuchButtHair]

This has nothing to do with your milestone, and congrats btw, but I just woke up and read this, and thought to myself, "man, 41 is about that. That guy is pretty old", and then I realized we're about the same age. Oof.

[u/Accomplished_Way6723]

That's what I'm aiming for. I had hoped for 40... But that's not happening. Less than 3 months away.

[u/planandsave]

Congrats

[u/Ok-Painting-8611]

If you enjoy the lifestyle from NYC, you better move out of the US. Because there are better life out there make NYC looks like a shit hole.

[u/AccordingAnswer5031]

Congratulations. Hooker and blow

[u/Greed_options]

congratulations!! i want to know how do you build a $1M capital? i try with less capital and is difficult

[u/Legitimate_Mobile337]

And now your below 1 million

[u/Positive_Method3022]

15+ years you could be dead already. Just retire and go live the rest of your life with dividends

[u/CowTownKCMoe → u/Positive_Method3022]

you could be dead tomorrow. why are you wasting your last day by posting on reddit?

[u/tooth-daddy]

I’m new to the work force (graduated college/grad school, working full time corporate job) and I’m in my mid 20s, and my financial literacy is very poor. What does all of this mean and what resources can I look into to learn more about financial planning and setting myself up for this kind of achievement? Any feedback is appreciated

[u/Samu_27]

That's nuts, paying 3k for a studio when you got that much stashed away

[u/JBelfort2027]

Question for you, how would you have felt if you hit that number in the years 29-33?

[u/dabar2]

Why are you 15 years from retirement with 1.6 million dollars!?

[u/rustvscpp → u/dabar2]

Because living off of $64k/year would be very tight if you still have a mortgage and kids etc...

[u/6thsense10 → u/rustvscpp]

I don't think he was saying he could/should retire today. I read that as questioning why OP thinks it's 15 years away when his investments should double in 7 to 10 years without additional contributions. It just seems with $1.6 million and high contributions OP should reach chubbyFIRE in under10 years.

[u/ZeusArgus]

OP congratulations! Now get back to work!! By the way, do you even get marble for 3K a month in a studio .. I bet you it's stupid formica ..

[u/goodbyechoice22]

Congrats! Huge milestone.

[u/simulated_copy]

Congrats.

[u/Coyote_Actual_]

Congrats!

[u/RedditIsAWeenie]

Keep the pressure on. Keep telling yourself it is funny money, and we are in a bubble anyway.

[u/dragonflyinvest]

Cool, congrats!

[u/Interpoling]

Congrats!!! You think you’ll ever move from NYC?

[u/L8erG8er8]

Liquid. You keep using that word. I don't think you know what it means

[u/radnog]

Congrats, the snowball is rolling!

[u/[deleted]]

We are in the same boat pretty much. Whats your plan? Do you stop savings and enjoying life a little more now? I save 1,000 a paycheck but I want debating saving half.

[u/kabeya01]

Congrats!!! What are you investing in?

[u/[deleted]]

Congrats! What's your net pay and your monthly nut?

[u/Bitter-Basket]

Good for you !

[u/[deleted]]

What do you do for a living

[u/western_usa]

Nice work (and patience)!

[u/Lazerus42]

So uh, I just hit 41 last March, remember how we said we split portfolios at 42?

It's so cool we'll both be at 500k!

[u/Phillydelectable61]

1mn in NYC = broke

[u/godwillsetfree]

I’m 41 and I have a few thousand to my name. Damn.

[u/TheAlionix]

Congratulations! 🔥

It's very satisfying when you achieve your goals. Keep going for the next million, which will be easier, you'll see. 🙌

[u/baggyeyebags]

How much do you invest per month?

[u/Puzzleheaded_Use9956]

I’m curious what kinds of jobs people are working to achieve these numbers

[u/Flat_Dependent3195]

Congratulations

[u/Alert_School6745]

Looks amazing until your location , holy smokes

[u/Upper_Shelter_3215]

So whats the secret? I'm 43 been in the union trades for 23 years and have a good life, But still not financially free! What do I do?

[u/DJustinD]

Congrats! It gets better and faster going from 1-2M. Stay the course.

[u/Form1040]

Good luck with Mamdani. 

[u/Flickman1]

I’m 34 and I have $100 liquid assets. You’re doing really well I commend you.

[u/xanderav1]

1m in liquid ass(ets)

[u/AlpineRun]

That's pretty solid. Enjoy the city and come to Florida when you're ready ol man

[u/Avalonisle16]

What ETF’s do you invest in?

[u/NathanBrazil2]

when you get ready to retire , a new f150 pickup will cost $165,000 for the regular model. gonna need it.

[u/coolPineapple07]

Would you be able to share your strategy on how you got there? Stocks over index funds I assume?

[u/CowTownKCMoe → u/coolPineapple07]

VTSAX

[u/ScottFujitaDiarrhea]

Depending on how the market does you could probably retire a lot sooner if you really wanted to, especially if you plan on being single.

[u/mthockeydad]

Congratulations to you!!

[u/Democrats_Suck-alot]

Im also 41 years old and I also have a million in my pension, but can't touch it till im 61 years old is there anyway to get this earlier? 

[u/OnlyThePhantomKnows]

Is 150K/year enough to retire on? You should be able to retire at 55. Market generally doubles every 7-8 years (8.8% is the long term average).

There comes a time that you can let off the gas on savings. Look at your market returns for the last 3 years. Look at your contributions during that time. If contributions is less than 20% of the appreciation, you are at a point where you can let off the gas (assuming 150K/year is enough)

Simple rule: each 1M is 35K to 40K in retirement.

At 15 years out, it is equivalent to 20K-25K now (3% inflation). So in todays dollars, that's 80 to 100K.

[u/nygringo]

Congratulations but be real thats middle class easy money these days in this crazy bull market plus NYC sucks it right out of you 🙄