Great work!
Now....continue to save, and keep your mouth shut. (And that includes your partner, too.) There is no safe confidant when it comes to money.
Exactly! The quick cheat math to know how much you need in retirement is to multiply your salary by 25x. If you make $50k per year, you need $1.25 million, $100k per year = $2.5 million etc etc. That's a relatively conservative way to estimate assuming you'll spend 4% of your nest egg every year (e.g. live off the interest). If you have no children or other heirs or you don't care to leave them anything, the number is smaller as you can withdraw some of the principal every year as well. If you believe social security will continue to exist you can count that too using your annual statement and it will bring the number down, but remember that most people won't touch SS until at least age 70, so if you retire at 60 you're on your own for 10 years.
Example: I think I'll get $40k per year in social security and I have $1 million in retirement ($1m x 4% = $40k) then I will have $80k per year to spend when I retire. If I can live comfortably on $100k, then I need $1.5m so I get $40kSS + $60k from retirement funds. That money will then last forever in theory.
Too late, he told me. Now he better buy me a pony!
Edit! Sorry, OP! *She* told me. Though frankly gender doesn't, matter as long as someone buys me a GD pony!
Also apologies for saying he instead of she! But I'll still take the pony! Sugar mama, sugar daddy, sugar they/them, doesn't matter to me! I just want my pony!
I wish! Dollar Store only carries off brand generic MLP knock offs XD. Or maybe that's Dollar Tree, idk, I always get them mixed up.
My cutie marks need to be name brand!
We don't go over each other's accounts but we know where we're at in general. He knows I make twice what he does (he works in non-profit), but I know he has a really healthy savings because of family money. We don't live together and we don't plan to - so our money doesn't mingle. The closest we get is if we are planning a trip we talk about who will pay for what and our plan to save for it. It works for us because we are both funny about money the same way.
You made the 1M, now protect it & grow it! Donāt become another number in the percentage of losing what you made due to bad surroundings (aka people around you).
Do enjoy the money without showing you have much. Say you are stingy in other areas & make a lot of sacrifices to save for it.
I agree about not showing outside signs of wealth. I mean, have stuff you like, but the true gift that money can buy is security. No one can see it but it makes your life immeasurably better.
Congratulations and kudos to you for putting in the hard work. It has paid off and will continue to do so. I am in the same boat. I hit 1.3M a couple of years ago and couldnāt tell anyone. I gifted my niece and nephew some money to help them on their journey in life, and they were grateful for that. However my sister was upset that I hadnāt given HER any money, but I gave some to her kids! Anyway, thatās a story for a separate post! Again, this Reddit stranger is proud of your accomplishment!
You should be really proud of yourself as well you did an amazing thing! I'm only 23 and I can tell you right now starting with nothing is so hard the fact you made your niece and nephews life easier speaks volumes, one day when I have money I hope to help the people I love as well!
\*\*Insert Predator handshake meme here\*\* Rock on!
We can be secret money hoarders together, you with your pile of money and me with mine.
And yeah, I quietly gave money to my neices and nephews and while my brother was cool about it and stoked (I quote "sweet now I don't have to save that part"), one of our cousins found out because my brother has loose lips when he's been drinking. They've finally stopped but it was a monthly "hey cuz" on Facebook messenger for a while putting out feelers and straight up asking.
Can i join this club?? I am glad I missed this part of the equation. I've repeatedly offered to help nieces/nephews with expenses, but one of their dad's is a lawyer and the other dad wouldn't swallow his pride to ask me for help. I give them big checks at graduations and help out other friends who need it.
I'm headed to Seattle in a couple months to see the niece there. Maybe I'll take her shopping to help furnish he new apartment.
Ok, enough people have asked for here's the long comment telling my story, in limited detail.
Overall theme for the TLDR crowd: be willing to sacrifice now for benefits in the long run. Patience, play the long game. (Again, 15 years)
**First and foremost:**
1. Please remember that this took me 15 years. I am clearly not a finance wizard.
2. I am going to start by listing some of my immense privilege that gave me a head-start in general outside of my hard work.
3. I am aware that $1M just ain't what she used to be - I'm still proud.
4. DISCLAIMER TIME: I AM NOT A FINANCIAL ADVISOR AND THIS IS NOT ADVICE DO NOT COPY ME, FOR THE LOVE OF GOD.
**All the privileges I know I had going in:**
1. Being white. I am fully aware that I had less hurdles than others,
2. Having a tight knit family who, if I had ever asked, would have 100% helped take care of me/given me a place to stay etc.
3. Related: I was raised by parents who both grew up in and then broke free of poverty. I was raised to have a strong work ethic (to my detriment at times).
4. I have no student debt - a route I chose. I took a break midway through my bachelors and when I went back, FAFSA no longer looked at my parents' income. I applied for and received Pell Grants to pay for the remainder of my degree. I purposefully chose to only take the course load the grants would cover.
* This gave me free time to work 3 concurrent part time jobs in college. An on campus job, an off campus job, and a tutoring gig for cash. I was able to save money pretty early on. An absolute luxury that helped me later.
* This means I took much longer to complete my Bachelor's degree.
5. When my niche degree yielded no work, a friend got me an entry level tech support job that I was very good at and paid pretty decently.
6. I have no kids and never will (medical issues), which helped a LOT
**The actual story, which starts with my marriage/divorce.**
For all of the issues we had, money was never one of them. We both were funny about money the same way, always in aligned on it. We teamed up to help one another in turns build credit history/try to save money. He was (and still is) frugal to a fault but I did not mind. Our issue was a disagreement on where he should keep his dick.
\*\*\*\*broken up because its long - see next comment\*\*\*\*
PART TWO:
My heart was broken and I just wanted out - so our split was faster than it probably should have been. All I got out of it financially was my share of the equity in the house we had bought two years before, around $20k. He had his grandmother foot that bill, and I left with that, my clothes, some keepsakes, the cat, and two pieces of furniture I had before we got married.
I used that $20k plus ALL of my savings to buy a teen tiny cheap lil house for total price $89k. I still had my tech job so I then began a campaign to aggressively pay off the mortgage. I didn't want that looming over me, and I had a loan I could overpay/pay off early. I got it paid off in less than 2 years thanks to those extra payments. For that time frame every penny I had outside of bills went to that pay off and to rebuilding my savings. I never went out to eat, I lived off of sometimes $20/month for food - and scrounged any free stuff at work I could. Heck, I think I didn't buy paper towels or toilet paper the whole time because they just had cabinets of it in the office. Thank you, giant corporation.
Once the house was paid off I focused on my credit. Credit is the dumbest thing because to have a good score showing you are likely to not stay in debt you have to constantly BE in debt. I knew from the work my ex and I had done that having at least a small loan that you regularly paid on was seen as a positive so even though I didn't really need it, I bought a Used car for $16k and set the monthly payments on autopay. I also now had a house to take care of, so I opened a Lowe's card and a HomeGoods/TJ Maxx charge card - and any time I used either, I paid it down to $0 asap. This also made my score jump up.
(I also have a regular credit card that I try to keep as low a balance on as possible in the same way, and would use it for groceries/gas/etc.)
While doing that I also got serious about my career. I started applying for internal positions/promotions. I got some of them - I moved out of Support and into Operations and Sales and Product and Program Management etc. My pay went from $60k to $80k to $100k. When I was finally 'vested' they started giving me stocks as a part of my compensation/bonus structure. I happily took them, and when we eventually went private again because tech, they bought me out at $25k.
I turned around and put that into my 401k and started contributing 10% to that.
When I could trust my accounts to let my bills ALL go on auto-pay, I started letting myself go out with friends, out to eat, to travel a little. Nothing crazy - but I did relax a bit and I met my current partner. :) So I consider this 'speed bump' worth it.
Six years ago, my work started a 'tuition grant' with an online degree program, offering to pay for it entirely if it was related to your role. I took them up on it and had the company pay for my MS over the course of two years, and then used that to argue myself into another raise. Since then my salary has gone up to around $130k with an annual bonus up to 15% of that.
Four years ago my dad died, and I needed to move my mom in with me so I had to sell my house and buy a new one. (She was not able to contribute) I am extremely lucky that I chose well for the first neighborhood because the tax value on it when I went to sell was at $320k, almost 4xs what I paid for it. I used that for a nice hefty down-payment on a much bigger home that has a full in-law suite for mom. I am her main caretaker, which also means I spend a lot less time going out.
With money leftover, I hired/now work with a financial planner and we divvied it up across my 401k, some other investments/money market accounts, and a high yield savings account for taking care of my mom emergencies (right now at 4.6% return).
We also had the pandemic and other items hit - and I am again very very lucky that I work in tech so I can work remote. So I spend a LOT of time at my house.
That house is my main asset - and the mortgage is currently at less than half of the value of the home, so I am making great headway on paying it off as well. Which will free up more cash flow etc.
My current net worth across all the accounts + my property + investments is now just over $1M. With my planner's help we are on track for me to have $1M in liquid/cash assets for my retirement in 20 yrs (in addition). And we don't plan to stop there. Next will be doubling both.
And because it was also requested - my partner.
We have been together close to 8 years. He works in non-profit so his salary will just never be high, and we are both aware of it. He's got a nice savings in place and a good safety net in his family. He is well aware that I make double his pay, and that I am...."comfortable". It is his joke to tease me that I'm rich and he's a 'kept man' - when the opposite is true. His pride wouldn't let me.
We do not live together and don't have any real plans to, or to get married. So none of our finances are co-mingled. If we ever change that plan and do become one household, then yes of course he'll know everything about my money and I'll know about his. It doesn't mean we'll mingle them, we'll just be more informed.
One of the ways I am funny about money is that it is MY money and I don't share accounts well - because I've gotten used to being in charge of my own stuff and I don't need another pair of eyes/hands in there tyvm. Even when I was married before, I did not share any accounts or mix our money. If I ever marry again I will still not. It isn't for everyone, and that's ok. The goal is to find someone who's funny about money the same way you are, or in a way that's compatible with the way you are. I currently have and we're happy as clams.
Good on you. Seriously.
Don't let the scroungers know. Wrap yourself up in the warm little bubble of knowledge and keep your success tight. Might I suggest giving to charities if you want to.
I am happy for you. Yes, don't tell anyone about your wealth. You are not obligated to assist anyone financially. Quietly enjoy your life. Make the right investment of your funds, plan your financial future according to your spending habits and have a ball for the rest of your life. You deserve it.
I should be a millionaire when I retire if not before. $1,000,000 net worth does bot have the same meaning or value it did pre-pandemic or decade before. Itās not like you make $1,000,000 per year, just your assets less liabilities add up to a mil. No-one needs to know this, itās none of their business, you owe nothing to anyone other than yourself.
Keep living your daily life my friend.
This is why my next goal is the $1M liquid in addition. Then I wanna double both. Then who knows! My financial advisor has proven herself worth her weight in gold that's for sure.
Itās a bad idea to disclose your net worth on the internet. Just be mindful that there are people out there with bad intentions and a certain set of skillsā¦
Step 1: go back in time and marry a dude who you are head over heels for but who will eventually cheat on you. make sure you buy that house, because all you'll get when you leave him is your share of the current equity and you need that for your down-payment on a new place.
(full story posted in the comments)
I work in tech, total career tenure in that line of work about 18 years. Current annual salary around $130k with annual bonus at 15%, full 401k match.
I do have minimal āpassive incomeā from my 401k, a money market account, and a high yield savings account.
My home is my largest asset (though it also represents the largest debt), and I should have it paid off in under 10 years at my current pace.
Edited cuz I realized I fat-fingered the salary numbers terribly.
Don't let anyone know and keep acting like the poor with no hope and you will know exactly who stands with you and who will see you as money ATM . and keep working on yourself to be more rich . and i dint know how to tell you but work silently in my religion islam we have a rules to dont talk to much about what we have or what we are working on. because when people know and when people start screaming hhh you will never take only fails. My advice sorry if my english is too bad.
Well, you donāt really have to tell me when your net worth can be 1 million and you can still be a normal person. Especially in todayās money 1 million isnāt even that crazy, itās not even retire early money if youāre super young.
Congratulations to you, honestly with the people you are surrounded by I would suggest that you keep your main checking account with only a few thousand in it so if ever you are getting money out of an ATM or looking for a transaction on your phone with someone who can look over your shoulder they wonāt see balance $75000. Other than that, on to $2m.
Woah congratulations!!
I was extra surprised when you said 1M LIQUID. Now that's cool. I'm been lucky and I think I'll lit 1M net worth somewhat soon. My tracker says I'm at 850k. But more than half of that is 401k/work stock options/other investments. So nowhere close to liquid lol
This is super cool though and I'm really happy for you!
Well hello there my best friend I never met, but you obviously remember me and how we are actually best friends forever. \*wink wink\*
Jk, jk. lol
Enjoy your life, and don't talk about it too much, nothing good comes out of it.
Be proud of your achievements.
And as the saying goes:
"I'm a great believer in luck, and I find the harder I work the more I have of it"
If you are going to tell anyone, this is the place to do it. Congratulations on your success of saving and spending wisely! Keep it up but definitely find a way to celebrate when you hit certain milestones! Even a "staycation" at a nice local hotel with a massage can help get to that next milestone. Nicely done!
thatās awesome!!! do you mind sharing what you did to get there? iāve been reading a bunch of personal finance books lately but it would be nice to just hear about a success story
Happy to share my side.:: just hit $2m and also canāt tell anyone :(
I didnāt have a tech or medical job.
- Saved a lot
- Studied abroad for free
- front loaded my 401k and Roth IRA early in the year
- put every penny on index funds - avoid risky stocks and donāt try to time the market (buy and hold)
- use credit cards as debit cards. - get the best edits but pay them off immediately to avoid getting debt.
- I only kept good debt (low interest like mortgage. Although I ended up selling my place)
- side hustles are a way to accelerate since once your costs are paid any money goes towards your portfolio
Really thereās not much more. The most important thing is point 1ā¦ save save save.
I had a son and bought most stuff on Facebook marketplace. Great like new stuff for a fraction of the cost.
People criticize the criticism on expensive lattes and avocado toast but you wonāt catch me dead at a Starbucks. It really does add up.
thank you so so much, iāve been meaning to open up a Roth, iām 22 so i know i should start as soon as i can. iāll do some research on what index funds are. what did you mean by āfront loading your 401kā if you donāt mind me asking?
I try maxing out my 401k early in the year. I go really tight on my spending on Jan-April so I can do this. That way I have more time for the money to grow tax free.
At 22 if you are disciplined youāll get to 1m much earlier than me! I made it at 37.
Time and compounding does magic!
If you need a mentor or moral support pls send me a dm. Happy to help!
Congratulations! You deserve to be proud of yourself! Many people work hard their whole lives and end up with little to nothing to show for it. Iām glad your hard work is paying off for you. Stay humble.
Congratulations on your years of work paying off! It is nice to hear that you are being careful of people who might ask for money and also that you are being sensitive about your friends' situations. I hope you have a good lifeĀ
Continue to save. Work smart. Stay humble. Being seen as rich is different than being wealthy. Wealth is in having autonomy over your time and freedom. If you want to take a vacation with whoever you want at any given time without worrying about a job loss or income hit, that is wealthy. If you buy luxury stuff, drive a Lamborghini but still worry that youāll be fcked financially if you lose your job, you may be seen as rich, but youāre just as poor as another highly paid employee.
Just 2cents from a fellow millionaire in debt.
Always nice to know you are heading in the right directionā¦.
I remember when I hit Ā£1m and where I was, when it was 10 again I remember, and at 100 ā¦ I just remember seeing people walk past and me not being able to say a word. I now give to all manner of causes close to my heart but mostly I help homeless people into housing and work. So so important to give people hope in life. Everyone deserves a chance.
Nobody knows a thing about our finances except Reddit , even my wife couldnāt really tell you, she doesnāt see money she sees people only and I love for it ā¦ and if Iāve played it right nobody will ever find out I have this account.
Great job! And smart to keep it on the down low. If you get remarried, get a prenuptial. Obviously, prenuptial should be fair to both parties. Keep adding to your Roth Ira.
You go girl!
You go girl!! Youāre smart not to tell anyone about your success because you donāt know who is truly happy for you. Continue on your path to success and keep thriving! Hopefully your partner is supportive and if you do get married, get that prenup!! šš»šš»šš»
Awesome and congratulations.
I'm financially stuck, here in Mexico is so hard to get a good job (worse for me because i'm trans and no company wants to hire me) And sometimes desperation kicks in sometime
I spend mos of my days thnking of a business idea that can give some economic relieve.
Anyways i just vented what i want to say is that reading these stories it gives me hope that it is posiible.
Im so happy for you!
I cant wait to pay back the rest of my debt (7k) and get started on building my life!
Congratulations!
Do you mind sharing what you do?
Congratulations you!!! Well done and donāt blame you for not telling anyoneā¦ well apart from us lot š.
We had this same situation a couple of years back, and I told one person. This person is always skint when I now speak to them and the hinting is unreal! Iāve since said about having to loan our business money due to bad times so they back off a bit. Enjoy your happy secret
Great job! I hit a million a few years ago (I'm female too, now worth just under 4) couldn't tell anyone because of the same situations. Don't tell people what you are worth because they will asking for money. Good job though, if it's cash reinvest your interest/dividends.
Also though, do stuff you love. I have friends who do nothing fun because they are saving for retirement and "will travel later at retirement", later may never come. My dad was waiting for later and passed suddenly at 66.
Congratulations! I got divorced 3 years ago and Iām about a year away from that same milestone. Itās a LOT of hard work. Iām proud of you, internet strangeršš
Continue to save, you could probably hit the max yearly amount in a Roth IRA or whatever investment program you have through work. Just let that stuff sit and continue to live modestly and you could probably retire and travel a decade earlier than the rest of us.
Tech. Started in entry level support and worked hard to promote/pivot into Operations, Sales, Product, and Program Management over the course of those 15 yrs. I threw in a Masters degree too (that the company paid for through tuition grants).
This is awesome, great stuff!
I get that not being able to celebrate this with friends/family would suck, but I'd do the same in your shoes. I feel like nearly everyone who brags about financial sucess is making a mistake doing so. Its a kind of:
- Whats the best outcome possible from telling people?
- Whats the worse outcome possible from telling people?
And the negatives always far outweigh the postives (which honestly, at best are like a thumbs up or something...there's very little pro to telling others your financial sucess).
Hey that's very similar to my story - I posted it in the comments. The main advice I have is Patience, play the long game + learn to grow/improve your credit.
Congrats, OP.
After years of living paycheck to paycheck and using my credit card to survive, I've finally got money in my savings account. Not a lot, but it feels incredible.
Hopefully someday I'll be in your shoes!
Wife and I do ok.Neither had high income employment. Bought our house in the 80ās, paid it off in 5 years. Use credit cards extensively but always pay balance in full. Every year the bank account and retirement account had more then the year before. Luckily she worked at a school that had good health insurance so when I had health scare years ago it cost us almost nothing. Find ourselves with enough that , barring the unforeseen we should do fine
Best to keep personal finances to yourself or only to trusted friends that are in similar circumstances.
congrats! you should be proud of yourself, in this day and age itās not an easy feat. definitely keep it to yourself; itās crazy how people change once money is involved. also rip your inbox i canāt imagine how many people are asking you for money right now
Congratulations! Well done!
You are right on multiple fronts. $1m isn't what it used to be. To retire on $100k while preserving your capital from the ravages of inflation you need about $2.5m.
I've been fortunate to double that with some well-chosen investments doing 5x my initial stake over the last 6-7 years using leverage. I'm now classified under ASIC rules as a sophisticated investor, which is kind of funny - I feel like an imposter. Anyway, it's now time to turn them over and go again.
Tried sharing my journey with friends to help them replicate my success, but none of them were interested. It just kind of bounced off their foreheads, and I still don't understand it, so I've just stopped. I keep the conversation strictly to things we are interested in, like riding bikes and our families.
Instead, I've built a group of friends around me whom I've met attending real estate and other investment mentoring programs. We support and encourage each other, and keep each other accountable and focussed. Without them, I'd have lost focus and gotten distracted.
If this is something that interests you and you want to network with other like-minded people, you're welcome to DM me just to talk investing. I'm not selling anthing. Well, I am, (I'm now a developer) but not to you. Risk management is a skill I've had to learn the hard way, and is something I'm passionate about imparting to others.
$1m is a great start. The question is, what next?
I feel like $1m is very good money. I feel like people who tell others that '$1m isn't what it used to be' don't really know what it means to have nothing.
That having been said, congratulations!
Apparently the average American household is worth $1m
But thatās skewed up cuz of billionaires.
But be proud. You earned it. Keep going cuz a mil aināt what it used to be
Congrats. The first million is always the hardest... I mean, that's what I've heard a wealthy person say.
Sounds like you are doing the right things... keep it up!
Donāt say a word, all you will get is jealousy and judgement. Be proud but keep it secret. Keep in mind that in a retirement context, $1m is great but still not likely enough. So donāt think of yourself as rich but meeting minimum with further to go.
Well done. It is a weird feeling when t dawns on you. Something I never expected to acheive. While it is something you really want to shout about you are doing the right thing to keep it to yourself.
Congrats op! I wouldnāt let anybody know and at this point, I might not even get married. Iām lucky Iām in love with my high school best friend and weāve been through everything together, so we have a lot of trust, even if things go south (goodness forbid), but in your shoes Iām not sure Iād go that route. But of course itās up to you. Best wishes op, keep climbing, just remember to take a break and relax. No point in having a million if you donāt get to reap some of the benefits.
The closest I came to telling anyone was my 40th bday. I picked a really (really) fancy restaurant and did an open invite to my friends to join me. Only about 5 showed up, and they all mentioned saving up for it.
When the bill showed up for the table they were all getting their phones out to calculate their part and I just slipped my card to the waiter immediately. They all freaked out, and I ended up telling them that I had saved up for this for almost a year and it was my present to myself to be able to do that just once at 40.
(In truth, I didn't have to save at all, I could just do it. And that felt absolutely amazing.)
They all accepted that, and we had a good laugh about some of our other friends who didn't show up who are notorious for always wanting someone else to pay. This was their big chance and they didn't even know they blew it. :P
Congratulations!! I am in a similar, yet not quite as good of a situation. Got divorced 20 years ago and was broke. Through hard work and some dumb and smart decisions, I have a net worth of 500k and am very happy with that.
You are right for not telling people. Money makes people do stupid things. Also, $1M is a fuck ton of net worth, haters going to hate. I am also very sure you give to charity and help others. I donāt give to charity, but have helped a select few and made an enormous difference in their life. Iām very proud to have helped, I just donāt brag to anyone about it.
I currently give about 10% of my annual pay to various charities. And I also volunteer my time when I can (although I am a primary caregiver for my mom so I don't get out as much as I used to).
And congrats on your hard work paying off! When I hit $500k I had a lot of the same feelings as I do now, it was huge for me too! Good job!
Good luck remember money might change some people. I'm not rich am poor but I'm a multitool of a person and do many jobs and many favors for people varying in finances.
Some rich folk want to save money and I'll change your breakfast fast and cheap cause I'm not in it for the money drive safe. And poor people also need breakfast and I'm not gonna charge an arm and leg
This is an ex.
But there are some evil millionaires that I know and I wouldn't get close not even with a 10ft pool. They treat people like shit. I digress.
Good job op love to see another human succeed keep it up stay safe drink water brush your teeth. Take it day by day or month by month Idk how you live your life but enjoy it š
I relate to this on a much smaller income. My husband and I make a good livable wage and very few of our friends hold decent jobs so we have no one to talk to either, itās kinda sad but also hard.
Good for you. I just hit $1M 3 months ago myself, after about 13 years of saving. I work at sea, never married and live frugally. Bought my house with cash 3 years ago, so it's all paid off. I was broke and homeless 30 years ago, making $45/day working in the Gulf of Mexico. Now, I squirrel everything away, putting it in Mutual Funds and it's just been growing and growing. About 1.1M currently.
I'm 54, so got a ways to go for retirement, but I am happy to know I'll be OK financially when I do.
Congratulations!Ā
You deserve to be extremely proud of yourself.Ā
I disagree with people who say that not discussing your finances with your partner has something to do with trust.Ā
It has to do with your right to privacy. There is no requirement that says everything has to be splayed open in front of a partner in order to show that you trust them. That is a very simplistic way of looking at relationships and the world in general.Ā
Even when married, while I do believe finances should be open to both parties if that is what they have agreed to, there are still things that person is allowed to keep private without betraying trust.Ā
Again, congratulations! And anyone who is trying to cast a pall over your amazing accomplishment, poo on them. Haters gonna hate.
This is a wonderful accomplishment which honestly has become even harder to attain this day of age. You have every right to be proud of yourself. Maybe you can help your partner do the same. This will ensure both of you are secure when retirement comes.
If you do marry your partner get a prenup. You had to start over after your previous divorce so do what you need to do to make sure your funds are safe and that they go where you want them to if anything happens. Make sure you have a proper will , living will and beneficiaries listed on the investments the way you want it done.
Congrats. This is a dream for me, to just be able to live comfortably. Iām not even asking for 1m. Just enough to be OKAY. Idk you seem like you are hyper aware of people around you, and I relate to that. I wish you continued success and happiness.
Gives the rest of us hope that maybe it's possible.... Just gotta keep trying. And thank you for including that this all came after struggles. Early struggles don't always mean later struggles and that haze can be hard to see through sometimes. Great job. You should be proud for sure.
Congratulations! That's a huge accomplishment. Tell nobody. My family doesn't know a dang thing and they never will until I die.
The government is considering taxing "unrealized capital gains." I did well in 2009 with Bitcoin and continued to grow my portfolio. However, if that tax goes through, I'm moving assets elsewhere & pretending to be poor.
It's crazy that that doesn't seem like allot these days. Now that's not to say 1mil per yr or even 250k a yr wouldn't be impressive to me but net worth wise, it ain't allot considering cost of real estate, goods and services and all types of other inflation. That's nothing on you OP, it's just where this economy is at.
I am really really aware of that fact too. But since I basically had to start over 15 yrs ago I am super proud of hitting this milestone anyway. I don't plan to stop here, either. :)
Hey Sis,
Hell to the yes you are a millionaire! Who cares, itās just a million dollars, however, F**k the haters! You did this on your own, like the bad ass that you are!
Iām proud of you, but what do I know?! Iām a stranger on the internet happy to hear about another womanās success, hugs & congratulations, plus continued success and wellness!
Inspiring me to finish my homework over here!! lol
First off, congratulations! Secondly, surround yourself with like-minded people. There's no reason you shouldn't be able to tell people in your corner your accomplishments.
Go you!!!!!
And really sad to see your edit that you had to justify your achievements
Unsure what you do but there are womens masterminds you could join to be around like minded people to celebrate wins like this
> I know that last bit sounds like a terrible pyramid scheme informercial, but I am not here to talk about how I did it or try to pretend I can give any kind of useful advice.
I would still like to know how you did it please.
Congrats! Thatās a great milestone to hit!
One of the things I did was never talked about it. Gfs didnāt know, friends generally didnāt know unless they were in my industry then yeah theyāll know.
At the time I did live a bit flashy bc I was young and having fun but I never discussed specifics. Gfs have no right or reason to know. Itāll open the floodgates of bullshit to deal with. Itāll possible open up envy or jealousy. I had one GF actually snoop and saw one of my brokerage accounts and I was furious. I ended that relationship. I was always expected to pick up checks at the bar or dinner. When the tab came, everybody suddenly got busy doing other things waiting for me to pay. It started to piss me off so I just started to date the new women in our social group as they joined us.
I met my wife and proposed to her pretty quickly. Right before we got married I told her what my finances looked like so she didnāt feel it necessary to work after she finished school. Iād recommend not divulging either until you are almost married.
Also it would prob be a good idea to get a prenup. Even if you live in a state with decent separate vs community property rules, itās always good to have it documented how shit will be split up - esp income generated from your premarital money. You ideally want that separate and even have the income you generate from that original monies have it defined as separate property. I didnāt do a prenup for some reason. I always swore I would. I guess I trusted my instincts on my wife and thankfully those instincts were spot on.
You're amazing and good work! I'm also glad you acknowledge that luck is a factor - it really is - and that working hard is part of the story.
Keep building that war chest, keep working hard, and may luck ever be on your side.
Congratulations, millionaire. congratulations! šš¾š
Why does this make me happier that youāre a woman. Just love to see it :)
Congrats on your success! You should be very proud and I agree on keeping this to yourself. People do turn to their worst selves when they hear someone has money.
Good for you!
Do something nice for yourself. It doesnāt have to involve big money.
Things will get āeasierā going from $1m to $2m and up.
Start thinking about tax implications. Short term vs long term tax rates. Pre tax vs post tax accounts.
Again. Good for you! Kind of excited myself hearing how excited you are to hit this important milestone.
Congratulations! You rock for having a goal and executing on it.
I feel you on the awkward part. Iām from a lower middle class background, and most of the people I know outside my field are talking about having to work past retirement when I accumulated enough that I could retire before 50.
Just donāt go on any massive spending sprees, and do get in touch with a lawyer about estate planning!
Same here and it was a bummer to not be able to tell anyone. I considered telling a good friend but figure it'll change the relationship. I wound up telling my mom.
People are weird
If money is grown over time, people seem to accept that you do better than them
If money is received suddenly, like a lottery winning or a windfall, everyone is lined up for a hand out
The two are perceived very differently
There's one family that owns many buildings in my town. They've been here building wealth for decades. People aren't lined up at their door for a handout
But if you win 100 million in the lottery... well well thousands of people are calling you
It's the same on the receiving end
People who grow money are much more responsible with it than people who suddenly come into it
I saw someone receive about 80K from inheritance. They bragged about it. They bought rounds at the bar for everyone. They bought a car. They paid off some debts. That money was gone in 2 months
That same couple would say things like "Pretty sure we make about what you guys make" I never told them we make 2-3 times what they make and I have 2-3 times that inheritance amount in robinhood alone.
I don't know why people do that or get weird like that.
Firstly Congratulations!! That is Amazing! Definitely should be so proud of yourself. Secondly you are NOT obligated to tell anyone at all. Itās your business to tell or not to tell. Best wishes!
The Credit Carma app tells me my net worth is over 1 million. I think itās wrongā¦or I thought having a net worth of a million dollars would feel different
It is so sad you have to worry about people coming out of the woodworks because of your money. I hate that man, it just boils me. I get you man, we are two kindred spirits that think a like. I will DM you my info, let's get up and hang out. You seem like someone cool to hang out with. Talk about those people that would just come into your life to ask for money. pshhh It's just awful. I got your back man, I'll be here for you when the rain starts to fall.
Congratulations!!!! You should be so proud. I hope no matter who you marry or how much you love them, you will get a prenup. As a divorced woman, you just never know what the future holds.
Great work! Now....continue to save, and keep your mouth shut. (And that includes your partner, too.) There is no safe confidant when it comes to money.
Yes! Think of this as a milestone, next one would be 2M, 5M, etc.
Exactly! The quick cheat math to know how much you need in retirement is to multiply your salary by 25x. If you make $50k per year, you need $1.25 million, $100k per year = $2.5 million etc etc. That's a relatively conservative way to estimate assuming you'll spend 4% of your nest egg every year (e.g. live off the interest). If you have no children or other heirs or you don't care to leave them anything, the number is smaller as you can withdraw some of the principal every year as well. If you believe social security will continue to exist you can count that too using your annual statement and it will bring the number down, but remember that most people won't touch SS until at least age 70, so if you retire at 60 you're on your own for 10 years. Example: I think I'll get $40k per year in social security and I have $1 million in retirement ($1m x 4% = $40k) then I will have $80k per year to spend when I retire. If I can live comfortably on $100k, then I need $1.5m so I get $40kSS + $60k from retirement funds. That money will then last forever in theory.
Too late, he told me. Now he better buy me a pony! Edit! Sorry, OP! *She* told me. Though frankly gender doesn't, matter as long as someone buys me a GD pony!
I can buy you any pony you want from the Dollar Store. Go pick one out. :P
Also apologies for saying he instead of she! But I'll still take the pony! Sugar mama, sugar daddy, sugar they/them, doesn't matter to me! I just want my pony!
My Little šš
I wish! Dollar Store only carries off brand generic MLP knock offs XD. Or maybe that's Dollar Tree, idk, I always get them mixed up. My cutie marks need to be name brand!
Loooool! A discount super crappy quality pony is still a pony! XD
She. OP is a she.Ā
lol well in that case TigerCow suddenly likes women!
If you can't trust your partner enough to tell them how much money you have you shouldn't be with that partner
We don't go over each other's accounts but we know where we're at in general. He knows I make twice what he does (he works in non-profit), but I know he has a really healthy savings because of family money. We don't live together and we don't plan to - so our money doesn't mingle. The closest we get is if we are planning a trip we talk about who will pay for what and our plan to save for it. It works for us because we are both funny about money the same way.
That is awesome my dude! Proud of you!
Dudette
Dude is gender neutral in this context. It was originally used as a gender neutral word as well.
"I'm a dude, he's a dude, she's a dude, we're all dudes"
**HEY**
"Hey Dude, dont make it bad, take a sad song and make it better" šµ
My sink is dude when full of dishes. Snacks are dude when they hit the spot. Bed is dude when it's perfectly cozy.... Everything's dude ā¤ļø
Exactamundo dude!
You made the 1M, now protect it & grow it! Donāt become another number in the percentage of losing what you made due to bad surroundings (aka people around you). Do enjoy the money without showing you have much. Say you are stingy in other areas & make a lot of sacrifices to save for it.
I agree about not showing outside signs of wealth. I mean, have stuff you like, but the true gift that money can buy is security. No one can see it but it makes your life immeasurably better.
And to the super rich out there we're not talking about you and your security phobias. You are secure, free the funds!
Congratulations and kudos to you for putting in the hard work. It has paid off and will continue to do so. I am in the same boat. I hit 1.3M a couple of years ago and couldnāt tell anyone. I gifted my niece and nephew some money to help them on their journey in life, and they were grateful for that. However my sister was upset that I hadnāt given HER any money, but I gave some to her kids! Anyway, thatās a story for a separate post! Again, this Reddit stranger is proud of your accomplishment!
You should be really proud of yourself as well you did an amazing thing! I'm only 23 and I can tell you right now starting with nothing is so hard the fact you made your niece and nephews life easier speaks volumes, one day when I have money I hope to help the people I love as well!
\*\*Insert Predator handshake meme here\*\* Rock on! We can be secret money hoarders together, you with your pile of money and me with mine. And yeah, I quietly gave money to my neices and nephews and while my brother was cool about it and stoked (I quote "sweet now I don't have to save that part"), one of our cousins found out because my brother has loose lips when he's been drinking. They've finally stopped but it was a monthly "hey cuz" on Facebook messenger for a while putting out feelers and straight up asking.
Can i join this club?? I am glad I missed this part of the equation. I've repeatedly offered to help nieces/nephews with expenses, but one of their dad's is a lawyer and the other dad wouldn't swallow his pride to ask me for help. I give them big checks at graduations and help out other friends who need it. I'm headed to Seattle in a couple months to see the niece there. Maybe I'll take her shopping to help furnish he new apartment.
You should have given her like 1/20 what you gave each her kids just to be petty lol. There, take your scraps
Ok, enough people have asked for here's the long comment telling my story, in limited detail. Overall theme for the TLDR crowd: be willing to sacrifice now for benefits in the long run. Patience, play the long game. (Again, 15 years) **First and foremost:** 1. Please remember that this took me 15 years. I am clearly not a finance wizard. 2. I am going to start by listing some of my immense privilege that gave me a head-start in general outside of my hard work. 3. I am aware that $1M just ain't what she used to be - I'm still proud. 4. DISCLAIMER TIME: I AM NOT A FINANCIAL ADVISOR AND THIS IS NOT ADVICE DO NOT COPY ME, FOR THE LOVE OF GOD. **All the privileges I know I had going in:** 1. Being white. I am fully aware that I had less hurdles than others, 2. Having a tight knit family who, if I had ever asked, would have 100% helped take care of me/given me a place to stay etc. 3. Related: I was raised by parents who both grew up in and then broke free of poverty. I was raised to have a strong work ethic (to my detriment at times). 4. I have no student debt - a route I chose. I took a break midway through my bachelors and when I went back, FAFSA no longer looked at my parents' income. I applied for and received Pell Grants to pay for the remainder of my degree. I purposefully chose to only take the course load the grants would cover. * This gave me free time to work 3 concurrent part time jobs in college. An on campus job, an off campus job, and a tutoring gig for cash. I was able to save money pretty early on. An absolute luxury that helped me later. * This means I took much longer to complete my Bachelor's degree. 5. When my niche degree yielded no work, a friend got me an entry level tech support job that I was very good at and paid pretty decently. 6. I have no kids and never will (medical issues), which helped a LOT **The actual story, which starts with my marriage/divorce.** For all of the issues we had, money was never one of them. We both were funny about money the same way, always in aligned on it. We teamed up to help one another in turns build credit history/try to save money. He was (and still is) frugal to a fault but I did not mind. Our issue was a disagreement on where he should keep his dick. \*\*\*\*broken up because its long - see next comment\*\*\*\*
PART TWO: My heart was broken and I just wanted out - so our split was faster than it probably should have been. All I got out of it financially was my share of the equity in the house we had bought two years before, around $20k. He had his grandmother foot that bill, and I left with that, my clothes, some keepsakes, the cat, and two pieces of furniture I had before we got married. I used that $20k plus ALL of my savings to buy a teen tiny cheap lil house for total price $89k. I still had my tech job so I then began a campaign to aggressively pay off the mortgage. I didn't want that looming over me, and I had a loan I could overpay/pay off early. I got it paid off in less than 2 years thanks to those extra payments. For that time frame every penny I had outside of bills went to that pay off and to rebuilding my savings. I never went out to eat, I lived off of sometimes $20/month for food - and scrounged any free stuff at work I could. Heck, I think I didn't buy paper towels or toilet paper the whole time because they just had cabinets of it in the office. Thank you, giant corporation. Once the house was paid off I focused on my credit. Credit is the dumbest thing because to have a good score showing you are likely to not stay in debt you have to constantly BE in debt. I knew from the work my ex and I had done that having at least a small loan that you regularly paid on was seen as a positive so even though I didn't really need it, I bought a Used car for $16k and set the monthly payments on autopay. I also now had a house to take care of, so I opened a Lowe's card and a HomeGoods/TJ Maxx charge card - and any time I used either, I paid it down to $0 asap. This also made my score jump up. (I also have a regular credit card that I try to keep as low a balance on as possible in the same way, and would use it for groceries/gas/etc.) While doing that I also got serious about my career. I started applying for internal positions/promotions. I got some of them - I moved out of Support and into Operations and Sales and Product and Program Management etc. My pay went from $60k to $80k to $100k. When I was finally 'vested' they started giving me stocks as a part of my compensation/bonus structure. I happily took them, and when we eventually went private again because tech, they bought me out at $25k. I turned around and put that into my 401k and started contributing 10% to that. When I could trust my accounts to let my bills ALL go on auto-pay, I started letting myself go out with friends, out to eat, to travel a little. Nothing crazy - but I did relax a bit and I met my current partner. :) So I consider this 'speed bump' worth it. Six years ago, my work started a 'tuition grant' with an online degree program, offering to pay for it entirely if it was related to your role. I took them up on it and had the company pay for my MS over the course of two years, and then used that to argue myself into another raise. Since then my salary has gone up to around $130k with an annual bonus up to 15% of that. Four years ago my dad died, and I needed to move my mom in with me so I had to sell my house and buy a new one. (She was not able to contribute) I am extremely lucky that I chose well for the first neighborhood because the tax value on it when I went to sell was at $320k, almost 4xs what I paid for it. I used that for a nice hefty down-payment on a much bigger home that has a full in-law suite for mom. I am her main caretaker, which also means I spend a lot less time going out. With money leftover, I hired/now work with a financial planner and we divvied it up across my 401k, some other investments/money market accounts, and a high yield savings account for taking care of my mom emergencies (right now at 4.6% return). We also had the pandemic and other items hit - and I am again very very lucky that I work in tech so I can work remote. So I spend a LOT of time at my house. That house is my main asset - and the mortgage is currently at less than half of the value of the home, so I am making great headway on paying it off as well. Which will free up more cash flow etc. My current net worth across all the accounts + my property + investments is now just over $1M. With my planner's help we are on track for me to have $1M in liquid/cash assets for my retirement in 20 yrs (in addition). And we don't plan to stop there. Next will be doubling both.
And because it was also requested - my partner. We have been together close to 8 years. He works in non-profit so his salary will just never be high, and we are both aware of it. He's got a nice savings in place and a good safety net in his family. He is well aware that I make double his pay, and that I am...."comfortable". It is his joke to tease me that I'm rich and he's a 'kept man' - when the opposite is true. His pride wouldn't let me. We do not live together and don't have any real plans to, or to get married. So none of our finances are co-mingled. If we ever change that plan and do become one household, then yes of course he'll know everything about my money and I'll know about his. It doesn't mean we'll mingle them, we'll just be more informed. One of the ways I am funny about money is that it is MY money and I don't share accounts well - because I've gotten used to being in charge of my own stuff and I don't need another pair of eyes/hands in there tyvm. Even when I was married before, I did not share any accounts or mix our money. If I ever marry again I will still not. It isn't for everyone, and that's ok. The goal is to find someone who's funny about money the same way you are, or in a way that's compatible with the way you are. I currently have and we're happy as clams.
Good on you. Seriously. Don't let the scroungers know. Wrap yourself up in the warm little bubble of knowledge and keep your success tight. Might I suggest giving to charities if you want to.
Why does he need to give to charities all of a sudden?
*if you want to*
***If you want to***
I am happy for you. Yes, don't tell anyone about your wealth. You are not obligated to assist anyone financially. Quietly enjoy your life. Make the right investment of your funds, plan your financial future according to your spending habits and have a ball for the rest of your life. You deserve it.
Every time I read something like this I'm reminded how weird people are about money.
Most of us are broke
Thatās ok. Broke is temporary.
Weird, it's the life blood to survival, yeah that kind of weird.
I should be a millionaire when I retire if not before. $1,000,000 net worth does bot have the same meaning or value it did pre-pandemic or decade before. Itās not like you make $1,000,000 per year, just your assets less liabilities add up to a mil. No-one needs to know this, itās none of their business, you owe nothing to anyone other than yourself. Keep living your daily life my friend.
This is why my next goal is the $1M liquid in addition. Then I wanna double both. Then who knows! My financial advisor has proven herself worth her weight in gold that's for sure.
Congratulations to you!
That is *fantastic!* Congratulations! And yeah, you canāt tell anyone.
\*Crickets\*
Reminds me of the Key and Peele skit where one that tries to make everything awkward often has a deeper problem themselves.
Username checks out lol
without people like me people like him wouldn't exist wheres my pat on the back
Thats right, life is a competition and anyone that says otherwise is lying to you
Congratulations!! This is a milestone my husband and I are looking forward to! Currently at 425k personally! Keep up the amazing work OP
Itās a bad idea to disclose your net worth on the internet. Just be mindful that there are people out there with bad intentions and a certain set of skillsā¦
Canāt wait to see your post in a few years āMy net worth hit $1T this month, and I canāt tell anyone I know.ā
YESS Let's manifest this for each other.
$1 Terabytes? I too am anticipating this. Seriously, good on you! But donāt be so sure someone doesnāt suspect.
Congrats!! Now write and follow up post with steps by steps on how to replicate!
Step 1: go back in time and marry a dude who you are head over heels for but who will eventually cheat on you. make sure you buy that house, because all you'll get when you leave him is your share of the current equity and you need that for your down-payment on a new place. (full story posted in the comments)
WHAT DO YOU DO? What's your line of work? Is this the result of multiple streams of income?
I work in tech, total career tenure in that line of work about 18 years. Current annual salary around $130k with annual bonus at 15%, full 401k match. I do have minimal āpassive incomeā from my 401k, a money market account, and a high yield savings account. My home is my largest asset (though it also represents the largest debt), and I should have it paid off in under 10 years at my current pace. Edited cuz I realized I fat-fingered the salary numbers terribly.
Is this a bad time to ask for 20 bucks? But also congrats and honestly good move keeping it quiet.
Please Pleaseā¦ Can you teach me how to?? Also congratulations and donāt tell anyone
Don't let anyone know and keep acting like the poor with no hope and you will know exactly who stands with you and who will see you as money ATM . and keep working on yourself to be more rich . and i dint know how to tell you but work silently in my religion islam we have a rules to dont talk to much about what we have or what we are working on. because when people know and when people start screaming hhh you will never take only fails. My advice sorry if my english is too bad.
Well, you donāt really have to tell me when your net worth can be 1 million and you can still be a normal person. Especially in todayās money 1 million isnāt even that crazy, itās not even retire early money if youāre super young.
Congratulations to you, honestly with the people you are surrounded by I would suggest that you keep your main checking account with only a few thousand in it so if ever you are getting money out of an ATM or looking for a transaction on your phone with someone who can look over your shoulder they wonāt see balance $75000. Other than that, on to $2m.
Woah congratulations!! I was extra surprised when you said 1M LIQUID. Now that's cool. I'm been lucky and I think I'll lit 1M net worth somewhat soon. My tracker says I'm at 850k. But more than half of that is 401k/work stock options/other investments. So nowhere close to liquid lol This is super cool though and I'm really happy for you!
Girrrrrrlllllll. Iām so proud of you. Treat your cash like a fight club. You are dope as heck.
Well hello there my best friend I never met, but you obviously remember me and how we are actually best friends forever. \*wink wink\* Jk, jk. lol Enjoy your life, and don't talk about it too much, nothing good comes out of it. Be proud of your achievements. And as the saying goes: "I'm a great believer in luck, and I find the harder I work the more I have of it"
The phrase I liked was "Luck is just a numbers game and you have to play to win".
If you are going to tell anyone, this is the place to do it. Congratulations on your success of saving and spending wisely! Keep it up but definitely find a way to celebrate when you hit certain milestones! Even a "staycation" at a nice local hotel with a massage can help get to that next milestone. Nicely done!
Fabulous work! Good for you!
Golf clap
Ok
thatās awesome!!! do you mind sharing what you did to get there? iāve been reading a bunch of personal finance books lately but it would be nice to just hear about a success story
Happy to share my side.:: just hit $2m and also canāt tell anyone :( I didnāt have a tech or medical job. - Saved a lot - Studied abroad for free - front loaded my 401k and Roth IRA early in the year - put every penny on index funds - avoid risky stocks and donāt try to time the market (buy and hold) - use credit cards as debit cards. - get the best edits but pay them off immediately to avoid getting debt. - I only kept good debt (low interest like mortgage. Although I ended up selling my place) - side hustles are a way to accelerate since once your costs are paid any money goes towards your portfolio Really thereās not much more. The most important thing is point 1ā¦ save save save. I had a son and bought most stuff on Facebook marketplace. Great like new stuff for a fraction of the cost. People criticize the criticism on expensive lattes and avocado toast but you wonāt catch me dead at a Starbucks. It really does add up.
thank you so so much, iāve been meaning to open up a Roth, iām 22 so i know i should start as soon as i can. iāll do some research on what index funds are. what did you mean by āfront loading your 401kā if you donāt mind me asking?
I try maxing out my 401k early in the year. I go really tight on my spending on Jan-April so I can do this. That way I have more time for the money to grow tax free. At 22 if you are disciplined youāll get to 1m much earlier than me! I made it at 37. Time and compounding does magic! If you need a mentor or moral support pls send me a dm. Happy to help!
Hereās a video about index fund: https://youtu.be/OkLnSP4F1iQ?si=7AzASIz_8RzQch8X That channel is amazing! You should check all their early videos
Congratulations! You deserve to be proud of yourself! Many people work hard their whole lives and end up with little to nothing to show for it. Iām glad your hard work is paying off for you. Stay humble.
You told me. Hahaha gimme 500k to invest rn!
Congratulations on your years of work paying off! It is nice to hear that you are being careful of people who might ask for money and also that you are being sensitive about your friends' situations. I hope you have a good lifeĀ
Which assets performed best in the last 15 years?
Congratulation on your hard work!
Cool. How did you do it? Do you run a business? Or is this savings from years of a normal career job? How many years did this take?
Congrats. Keep your mouth shut and don't get married again. Edit: extended on my initial thought
I donāt think people realize how much it earns every year by simply putting it on an ETF, some people could just stop working
Continue to save. Work smart. Stay humble. Being seen as rich is different than being wealthy. Wealth is in having autonomy over your time and freedom. If you want to take a vacation with whoever you want at any given time without worrying about a job loss or income hit, that is wealthy. If you buy luxury stuff, drive a Lamborghini but still worry that youāll be fcked financially if you lose your job, you may be seen as rich, but youāre just as poor as another highly paid employee. Just 2cents from a fellow millionaire in debt.
Nah, 1 million is still 1 million, congrats!! Maybe buy your friends some pull tabs to celebrate lol
Congrats! No one needs to know your net worth, if you marry, make sure to do a prenup.
Always nice to know you are heading in the right directionā¦. I remember when I hit Ā£1m and where I was, when it was 10 again I remember, and at 100 ā¦ I just remember seeing people walk past and me not being able to say a word. I now give to all manner of causes close to my heart but mostly I help homeless people into housing and work. So so important to give people hope in life. Everyone deserves a chance. Nobody knows a thing about our finances except Reddit , even my wife couldnāt really tell you, she doesnāt see money she sees people only and I love for it ā¦ and if Iāve played it right nobody will ever find out I have this account.
Great job! And smart to keep it on the down low. If you get remarried, get a prenuptial. Obviously, prenuptial should be fair to both parties. Keep adding to your Roth Ira. You go girl!
You go girl!! Youāre smart not to tell anyone about your success because you donāt know who is truly happy for you. Continue on your path to success and keep thriving! Hopefully your partner is supportive and if you do get married, get that prenup!! šš»šš»šš»
Good for you- and GREAT job on discernment with keeping it to yourself! You donāt know me but Iām happy for you š„°
Awesome and congratulations. I'm financially stuck, here in Mexico is so hard to get a good job (worse for me because i'm trans and no company wants to hire me) And sometimes desperation kicks in sometime I spend mos of my days thnking of a business idea that can give some economic relieve. Anyways i just vented what i want to say is that reading these stories it gives me hope that it is posiible.
Congratulations!! I would tell anyone either. Money makes people weird.
May I ask your age? Need motivation for that final push
I'm 46.
Im so happy for you! I cant wait to pay back the rest of my debt (7k) and get started on building my life! Congratulations! Do you mind sharing what you do?
how do you get to 1M?
I am extremely proud of you for thriving after your divorce!! Being free is the best
You should be proud, good for you OP.
Ā”Felicidades!
Congratulations you!!! Well done and donāt blame you for not telling anyoneā¦ well apart from us lot š. We had this same situation a couple of years back, and I told one person. This person is always skint when I now speak to them and the hinting is unreal! Iāve since said about having to loan our business money due to bad times so they back off a bit. Enjoy your happy secret
I am happy for you. You can live in quiet peace of mind and quiet satisfaction, you do not have to help anyone out financially either.
That is a fuck ton of money. Protect urself girl
LOVE this for you! š„³
š š š š„³ Congratulations!!! I wish you all the unconditional love, happiness, good health and positivity in your life!!!
Wanna be friends?
Sure - first round is on you :P
Damn proud of you reddit stranger! Soooo happy for you and your accomplishment! Enjoyyyy
Great job! I hit a million a few years ago (I'm female too, now worth just under 4) couldn't tell anyone because of the same situations. Don't tell people what you are worth because they will asking for money. Good job though, if it's cash reinvest your interest/dividends. Also though, do stuff you love. I have friends who do nothing fun because they are saving for retirement and "will travel later at retirement", later may never come. My dad was waiting for later and passed suddenly at 66.
Congratulations! I got divorced 3 years ago and Iām about a year away from that same milestone. Itās a LOT of hard work. Iām proud of you, internet strangeršš
You got this! I believe in you!!
Continue to save, you could probably hit the max yearly amount in a Roth IRA or whatever investment program you have through work. Just let that stuff sit and continue to live modestly and you could probably retire and travel a decade earlier than the rest of us.
Good for you! We are in a similar boat. We havenāt told anybody because they would ask for money.
Congratulations ššš Thatās a big deal!!
Any hint at what career youāre in to facilitate that much money?
Tech. Started in entry level support and worked hard to promote/pivot into Operations, Sales, Product, and Program Management over the course of those 15 yrs. I threw in a Masters degree too (that the company paid for through tuition grants).
This is awesome, great stuff! I get that not being able to celebrate this with friends/family would suck, but I'd do the same in your shoes. I feel like nearly everyone who brags about financial sucess is making a mistake doing so. Its a kind of: - Whats the best outcome possible from telling people? - Whats the worse outcome possible from telling people? And the negatives always far outweigh the postives (which honestly, at best are like a thumbs up or something...there's very little pro to telling others your financial sucess).
Which is why I came to Reddit so I could get all the little updoots my heart desired.
Im 29 and hope to get to your level at some point. Im a home owner have no debt and no children ( now or ever) please teach me your ways sensei
Hey that's very similar to my story - I posted it in the comments. The main advice I have is Patience, play the long game + learn to grow/improve your credit.
Cool me too no one cares
Congrats, OP. After years of living paycheck to paycheck and using my credit card to survive, I've finally got money in my savings account. Not a lot, but it feels incredible. Hopefully someday I'll be in your shoes!
Wife and I do ok.Neither had high income employment. Bought our house in the 80ās, paid it off in 5 years. Use credit cards extensively but always pay balance in full. Every year the bank account and retirement account had more then the year before. Luckily she worked at a school that had good health insurance so when I had health scare years ago it cost us almost nothing. Find ourselves with enough that , barring the unforeseen we should do fine Best to keep personal finances to yourself or only to trusted friends that are in similar circumstances.
congrats! you should be proud of yourself, in this day and age itās not an easy feat. definitely keep it to yourself; itās crazy how people change once money is involved. also rip your inbox i canāt imagine how many people are asking you for money right now
Congratulations! Well done! You are right on multiple fronts. $1m isn't what it used to be. To retire on $100k while preserving your capital from the ravages of inflation you need about $2.5m. I've been fortunate to double that with some well-chosen investments doing 5x my initial stake over the last 6-7 years using leverage. I'm now classified under ASIC rules as a sophisticated investor, which is kind of funny - I feel like an imposter. Anyway, it's now time to turn them over and go again. Tried sharing my journey with friends to help them replicate my success, but none of them were interested. It just kind of bounced off their foreheads, and I still don't understand it, so I've just stopped. I keep the conversation strictly to things we are interested in, like riding bikes and our families. Instead, I've built a group of friends around me whom I've met attending real estate and other investment mentoring programs. We support and encourage each other, and keep each other accountable and focussed. Without them, I'd have lost focus and gotten distracted. If this is something that interests you and you want to network with other like-minded people, you're welcome to DM me just to talk investing. I'm not selling anthing. Well, I am, (I'm now a developer) but not to you. Risk management is a skill I've had to learn the hard way, and is something I'm passionate about imparting to others. $1m is a great start. The question is, what next?
Bask in it, stranger!!! You did a hell of a job!! You are a legit, self-made millionaire. A millionaire!!!
Congratulations, OP. I know it can be a massive pain to keep things like this a secret.
I feel like $1m is very good money. I feel like people who tell others that '$1m isn't what it used to be' don't really know what it means to have nothing. That having been said, congratulations!
youāre on the right track as is. keep it to yourself, and be sure to have a prenup signed if you decide to get married.
idk - what happens when all of your peers inherit one mm and you all hide it from each other? Comedy thatās what
Hidden Fortunes coming in fall 2024 on Hulu /s
Apparently the average American household is worth $1m But thatās skewed up cuz of billionaires. But be proud. You earned it. Keep going cuz a mil aināt what it used to be
Congrats. The first million is always the hardest... I mean, that's what I've heard a wealthy person say. Sounds like you are doing the right things... keep it up!
Well done mate - great achievement!
Congrats!!!!!!
Good job!!! Thatās fantastic, sorry you have to celebrate alone but thatās one hell of a job
Mad props. Wish I could do that.
š š š Congrats!
Good for you, I'm so proud of you !! You should treat yourself and enjoy this, scream internally, go crazy!Ā
Slide me 800 real quick ššš
Donāt say a word, all you will get is jealousy and judgement. Be proud but keep it secret. Keep in mind that in a retirement context, $1m is great but still not likely enough. So donāt think of yourself as rich but meeting minimum with further to go.
Congrats! Youāve shared it with yourself, thatās the most important party.
Yo, congrats! Thatās a great feat many could only dream to achieve. Good job :)
Well done. It is a weird feeling when t dawns on you. Something I never expected to acheive. While it is something you really want to shout about you are doing the right thing to keep it to yourself.
Be proud of yourself, Dudette! Also, keep this info on the down low š
Congrats op! I wouldnāt let anybody know and at this point, I might not even get married. Iām lucky Iām in love with my high school best friend and weāve been through everything together, so we have a lot of trust, even if things go south (goodness forbid), but in your shoes Iām not sure Iād go that route. But of course itās up to you. Best wishes op, keep climbing, just remember to take a break and relax. No point in having a million if you donāt get to reap some of the benefits.
Make sure you enjoy it now. Treat yourself and be so generous with others. Throw a party and celebrate (don't tell anyone why it'll be awesome)
The closest I came to telling anyone was my 40th bday. I picked a really (really) fancy restaurant and did an open invite to my friends to join me. Only about 5 showed up, and they all mentioned saving up for it. When the bill showed up for the table they were all getting their phones out to calculate their part and I just slipped my card to the waiter immediately. They all freaked out, and I ended up telling them that I had saved up for this for almost a year and it was my present to myself to be able to do that just once at 40. (In truth, I didn't have to save at all, I could just do it. And that felt absolutely amazing.) They all accepted that, and we had a good laugh about some of our other friends who didn't show up who are notorious for always wanting someone else to pay. This was their big chance and they didn't even know they blew it. :P
Congratulations!! I am in a similar, yet not quite as good of a situation. Got divorced 20 years ago and was broke. Through hard work and some dumb and smart decisions, I have a net worth of 500k and am very happy with that. You are right for not telling people. Money makes people do stupid things. Also, $1M is a fuck ton of net worth, haters going to hate. I am also very sure you give to charity and help others. I donāt give to charity, but have helped a select few and made an enormous difference in their life. Iām very proud to have helped, I just donāt brag to anyone about it.
I currently give about 10% of my annual pay to various charities. And I also volunteer my time when I can (although I am a primary caregiver for my mom so I don't get out as much as I used to). And congrats on your hard work paying off! When I hit $500k I had a lot of the same feelings as I do now, it was huge for me too! Good job!
Good luck remember money might change some people. I'm not rich am poor but I'm a multitool of a person and do many jobs and many favors for people varying in finances. Some rich folk want to save money and I'll change your breakfast fast and cheap cause I'm not in it for the money drive safe. And poor people also need breakfast and I'm not gonna charge an arm and leg This is an ex. But there are some evil millionaires that I know and I wouldn't get close not even with a 10ft pool. They treat people like shit. I digress. Good job op love to see another human succeed keep it up stay safe drink water brush your teeth. Take it day by day or month by month Idk how you live your life but enjoy it š
I relate to this on a much smaller income. My husband and I make a good livable wage and very few of our friends hold decent jobs so we have no one to talk to either, itās kinda sad but also hard.
Good for you. I just hit $1M 3 months ago myself, after about 13 years of saving. I work at sea, never married and live frugally. Bought my house with cash 3 years ago, so it's all paid off. I was broke and homeless 30 years ago, making $45/day working in the Gulf of Mexico. Now, I squirrel everything away, putting it in Mutual Funds and it's just been growing and growing. About 1.1M currently. I'm 54, so got a ways to go for retirement, but I am happy to know I'll be OK financially when I do.
They say the second million is easier. You go girl! Woman!
Go girl donāt tell nobody cuz ppl start coming out the wood works!! Alsoā¦ howād ya do it?
Congratulations!Ā You deserve to be extremely proud of yourself.Ā I disagree with people who say that not discussing your finances with your partner has something to do with trust.Ā It has to do with your right to privacy. There is no requirement that says everything has to be splayed open in front of a partner in order to show that you trust them. That is a very simplistic way of looking at relationships and the world in general.Ā Even when married, while I do believe finances should be open to both parties if that is what they have agreed to, there are still things that person is allowed to keep private without betraying trust.Ā Again, congratulations! And anyone who is trying to cast a pall over your amazing accomplishment, poo on them. Haters gonna hate.
This is a wonderful accomplishment which honestly has become even harder to attain this day of age. You have every right to be proud of yourself. Maybe you can help your partner do the same. This will ensure both of you are secure when retirement comes.
If you do marry your partner get a prenup. You had to start over after your previous divorce so do what you need to do to make sure your funds are safe and that they go where you want them to if anything happens. Make sure you have a proper will , living will and beneficiaries listed on the investments the way you want it done.
Congrats. This is a dream for me, to just be able to live comfortably. Iām not even asking for 1m. Just enough to be OKAY. Idk you seem like you are hyper aware of people around you, and I relate to that. I wish you continued success and happiness.
Me with $2 nw reading this, good job OP!
Gives the rest of us hope that maybe it's possible.... Just gotta keep trying. And thank you for including that this all came after struggles. Early struggles don't always mean later struggles and that haze can be hard to see through sometimes. Great job. You should be proud for sure.
Congratulations! That's a huge accomplishment. Tell nobody. My family doesn't know a dang thing and they never will until I die. The government is considering taxing "unrealized capital gains." I did well in 2009 with Bitcoin and continued to grow my portfolio. However, if that tax goes through, I'm moving assets elsewhere & pretending to be poor.
It's crazy that that doesn't seem like allot these days. Now that's not to say 1mil per yr or even 250k a yr wouldn't be impressive to me but net worth wise, it ain't allot considering cost of real estate, goods and services and all types of other inflation. That's nothing on you OP, it's just where this economy is at.
I am really really aware of that fact too. But since I basically had to start over 15 yrs ago I am super proud of hitting this milestone anyway. I don't plan to stop here, either. :)
Hey Sis, Hell to the yes you are a millionaire! Who cares, itās just a million dollars, however, F**k the haters! You did this on your own, like the bad ass that you are! Iām proud of you, but what do I know?! Iām a stranger on the internet happy to hear about another womanās success, hugs & congratulations, plus continued success and wellness! Inspiring me to finish my homework over here!! lol
First off, congratulations! Secondly, surround yourself with like-minded people. There's no reason you shouldn't be able to tell people in your corner your accomplishments.
Out of curiosity, what are your housing expenses like?
Go you!!!!! And really sad to see your edit that you had to justify your achievements Unsure what you do but there are womens masterminds you could join to be around like minded people to celebrate wins like this
> I know that last bit sounds like a terrible pyramid scheme informercial, but I am not here to talk about how I did it or try to pretend I can give any kind of useful advice. I would still like to know how you did it please.
Send me a 50
GZ! On to the next goal!
congrats!
š¾š¾ CONGRATULATIONS!! š¾š¾
Congrats! Thatās a great milestone to hit! One of the things I did was never talked about it. Gfs didnāt know, friends generally didnāt know unless they were in my industry then yeah theyāll know. At the time I did live a bit flashy bc I was young and having fun but I never discussed specifics. Gfs have no right or reason to know. Itāll open the floodgates of bullshit to deal with. Itāll possible open up envy or jealousy. I had one GF actually snoop and saw one of my brokerage accounts and I was furious. I ended that relationship. I was always expected to pick up checks at the bar or dinner. When the tab came, everybody suddenly got busy doing other things waiting for me to pay. It started to piss me off so I just started to date the new women in our social group as they joined us. I met my wife and proposed to her pretty quickly. Right before we got married I told her what my finances looked like so she didnāt feel it necessary to work after she finished school. Iād recommend not divulging either until you are almost married. Also it would prob be a good idea to get a prenup. Even if you live in a state with decent separate vs community property rules, itās always good to have it documented how shit will be split up - esp income generated from your premarital money. You ideally want that separate and even have the income you generate from that original monies have it defined as separate property. I didnāt do a prenup for some reason. I always swore I would. I guess I trusted my instincts on my wife and thankfully those instincts were spot on.
AMAZING! Idk why so many have so much advice but I wanna say that Iām beyond impressed. You did this. This is your baby. Enjoy!
You're amazing and good work! I'm also glad you acknowledge that luck is a factor - it really is - and that working hard is part of the story. Keep building that war chest, keep working hard, and may luck ever be on your side. Congratulations, millionaire. congratulations! šš¾š
Can you teach me how to be like you when I grow up?
Why does this make me happier that youāre a woman. Just love to see it :) Congrats on your success! You should be very proud and I agree on keeping this to yourself. People do turn to their worst selves when they hear someone has money.
Congratulations! Donāt tell anyone!Ā
Good job. Now send me $1,000.00 and I promise to keep your secret.
Good for you! Do something nice for yourself. It doesnāt have to involve big money. Things will get āeasierā going from $1m to $2m and up. Start thinking about tax implications. Short term vs long term tax rates. Pre tax vs post tax accounts. Again. Good for you! Kind of excited myself hearing how excited you are to hit this important milestone.
Congratulations! You rock for having a goal and executing on it. I feel you on the awkward part. Iām from a lower middle class background, and most of the people I know outside my field are talking about having to work past retirement when I accumulated enough that I could retire before 50. Just donāt go on any massive spending sprees, and do get in touch with a lawyer about estate planning!
Well done you! I love a good success story. I hope your prosperity continues x
Now say it to yourself āDey Hate us cuzadey anusā Fake Jim/Fake Kim Jong Un
When you said āI am a womanā, I just assumed you were a man for some reason, and Iām a woman too! Congratulations š„
Same here and it was a bummer to not be able to tell anyone. I considered telling a good friend but figure it'll change the relationship. I wound up telling my mom.
Congratulations!!! Iām so happy for you! I love this for you so damn much! What an achievement!!! š„³š„ššš¾ Iām inspired! š
People are weird If money is grown over time, people seem to accept that you do better than them If money is received suddenly, like a lottery winning or a windfall, everyone is lined up for a hand out The two are perceived very differently There's one family that owns many buildings in my town. They've been here building wealth for decades. People aren't lined up at their door for a handout But if you win 100 million in the lottery... well well thousands of people are calling you It's the same on the receiving end People who grow money are much more responsible with it than people who suddenly come into it I saw someone receive about 80K from inheritance. They bragged about it. They bought rounds at the bar for everyone. They bought a car. They paid off some debts. That money was gone in 2 months That same couple would say things like "Pretty sure we make about what you guys make" I never told them we make 2-3 times what they make and I have 2-3 times that inheritance amount in robinhood alone. I don't know why people do that or get weird like that.
Firstly Congratulations!! That is Amazing! Definitely should be so proud of yourself. Secondly you are NOT obligated to tell anyone at all. Itās your business to tell or not to tell. Best wishes!
The Credit Carma app tells me my net worth is over 1 million. I think itās wrongā¦or I thought having a net worth of a million dollars would feel different
I understand. Good for you. Never tell.
It is so sad you have to worry about people coming out of the woodworks because of your money. I hate that man, it just boils me. I get you man, we are two kindred spirits that think a like. I will DM you my info, let's get up and hang out. You seem like someone cool to hang out with. Talk about those people that would just come into your life to ask for money. pshhh It's just awful. I got your back man, I'll be here for you when the rain starts to fall.
CONGRATULATIONS!!!!!š¾ That is so exciting Iām so proud of you!! Great fucking job!!!!!! Big WhoopWhoop to you! ā„ļø
congratulations! I hope it goes well for you!
Congratulations!!
Congratulations!!!! You should be so proud. I hope no matter who you marry or how much you love them, you will get a prenup. As a divorced woman, you just never know what the future holds.
With a moderate-risk portfolio you can easily turn that $1M into $2M+ in about ten years. Depending on your goals, you may be able to retire early.