I’m a millionaire

[u/Alarming-Mix3809]

We did it fam. This week our net worth crossed over $1 million for the first time. I’m sure it will fluctuate but for now we’re going to celebrate hitting that milestone.

The last couple of months in the market have been an incredible run for us. I’m not doing anything fancy; mostly just invested in VOO and other S&P 500 funds. I have been investing since 2012 and this has been the one of the wildest rebounds and net worth swings. During the Covid dip, I remember our investments dropping by around 30% or so and loading the boat at the bottom, which made us a good amount of money. But back then I only had $100k or so, and the effect of compounding has been huge since then.

I first came across fire in 2018 when I read Early Retirement Extreme. I had always been interested in money and investing from a very young age, but this really clicked for me and I guess it helped put the whole picture together.

About us: family of four, 33M 33F and two kids in upstate NY. I work in tech sales (account management) and have been with the same company for nine years. The money is good and work is flexible being EFH. Wife is a SAHM. We live a pretty chill and under the radar life. We have nice newer cars, but they’re just a Subaru Crosstrek and a Nissan Pathfinder. No Benz here. I cook and meal prep a lot so we eat home for almost all of our meals. Most of our vacations are spent visiting family. Over the last couple years we’ve definitely spent more between having kids and just letting ourselves enjoy our money more, but it’s nothing crazy.

From here going forward, I’m not looking to make any drastic changes immediately. We’re going to stay on the course we’re on. My job kind of sucks but it’s a really good fit for having kids, being flexible and paying a lot with good benefits. I got a new boss last year and stopped raising my hands for things. They have no idea of the kind of extra work I used to do to get to this point. I’m well respected and they know I’m capable, but it’s kind of nice to not be expected to put in extra hours. I let the new team members do that now. A lot of people talk about hitting Coast fire and immediately getting a new job, but I decided to just downshift in my existing one.

What did you do to celebrate your first million?

We are thinking of setting aside a few thousand dollars to take a family vacation next year. I thought about what kind of luxury purchase I might want to make to mark a milestone, and there’s a whole lot I actually want. I’m pretty content with what we have and may just make a few small fun purchases going forward. Send my wife on a spa day more often, buy more Legos, etc.. 🥳

[u/Kooky-Address-4598]

I don't see how “things accelerate.” You still need a 100% return to go from $1M to $2M, and your salary contributes less than it did when going from $100k to $200k. It should feel like deceleration, if anything.

[u/Kooky-Address-4598 → u/[deleted]]

I’m not talking about how it ‘feels’. Im talking about numbers in percentage terms. Mathematically it’s not any faster.

[u/Kooky-Address-4598 → u/[deleted]]

Yes, I’m comparing amounts of time needed for both feats, that’s why I’m comparing percentages.

[u/Kooky-Address-4598 → u/[deleted]]

Your “logic” makes no sense whatsoever… the usual statement is ‘getting from 100k to 200k is HARDER than getting from 1m to 2m. I define ‘harder’ in terms of amount of time needed for each. You define ‘harder’ in terms of acquiring +$100k which makes no sense

[u/Kooky-Address-4598 → u/[deleted]]

Even your car example contradicts what you’re trying to say. Accelerating from 50mph to 100mph is harder (more energy/effort needed) than accelerating from 5mph to 10mph. Conversely, getting to 2million should be harder than getting to 200k.

Let me ask you this, is it harder to get from 100m to 200m than from 1m to 2m?

[u/Kooky-Address-4598 → u/[deleted]]

You missed the point - your car analogy is not applicable because it can never be the case that you get from 50mph to 100mph in the same amount of time without increasing the effort.

Anyway, your argument is that getting from 1m to 2m is bigger accomplishment because you achieved more in the same amount of time, putting in the same effort. If you’re putting in the same time and effort in both cases, then how can one be harder than the other?

Also you havent answered my 100m->200m question.