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This month my wife and I crossed the Half-Millionaire mark on our journey to financial freedom. Half-Millionaire has a nice ring to it.
To celebrate my wife and I are staying in tonight, heating up some soup for dinner, and watching a movie since we have been over budget in our food/dining spending recently.
We have now reached about 25% of our financial freedom goal, but I actually feel like I am already there. Technically we could start to coast, take the foot off the career gas pedal, and if we can just maintain our savings rate there would be a reasonable chance that we would be financially free in ~10 years (give or take).
On the other hand with all the life planning we are doing, our savings ability could be changing drastically over the next couple years. Guess its a bit premature to feel like we can coast to the finish line.
Its been 2 years, 2 months since I reached 10% of our financial freedom goal.
Related in Financial Goals:
Mid-Way Point in Our Journey to Financial Freedom (Nov 11, 2011) I recently celebrated my 10yr anniversary at my employer and I realized we are roughly halfway through our journey to financial freedom (10 years into a 20 year plan). With our $2 million net worth goal as a guidepost and...
Financial Freedom Plan and our Net Worth Goal (Oct 05, 2011) I recently laid out our rough plan for how we plan to generate income once we become financially free. This plan suggests we'd be able to generate between $40k-$76k+ per year which should cover our annual expenses. Next I want...
Pieces of our Financial Freedom Plan Falling Into Place (Aug 31, 2011) One thing I have been pretty vague so far is how we are going to fund our financial freedom. Just because we have a goal to reach a net worth of $2million doesn't automatically mean we will be anywhere close...
Comments (19)
Congratulations on reaching this milestone - and in very quick time too ($200K to $500K in two and a bit years).
I'd agree that stepping off the gas may not be the best plan. All sorts of things can happen between now and then which could disrupt your plan.
Posted by traineeinvestor | May 30, 2008 8:58 AM
That is just awesome! but don't get comfortable! Pound away at the goal as hard and as long as possible... I bet you surpass your 2 million mark easily that way!
Posted by James | May 30, 2008 10:24 AM
That is a great milestone, and one that many people would love to get to. Of course, with the big celebration you're having, it's easy to see why you have reached this goal! Now, if only more people would do something similar more often, then they would reach the heights you have.
Way to go!!
Lance
Posted by Lance | May 30, 2008 10:51 AM
Congrats, that's great!
Posted by Kevin | May 30, 2008 12:08 PM
That's awesome, I've been following your journey since 06. You have been an inspiration to help get my finances in order. Please continue and do not let your guard down.
Posted by Stephen | May 30, 2008 12:42 PM
2Million,
Congratulations, having a 1/2 million net worth is far more than most people ever achieve. Good for you.
I look forward to reading your posting when you break the millionaire mark.
Best,
James
Posted by James | May 30, 2008 2:08 PM
First, congrats! That's a major milestone.
Second, do you feel a great since of fulfillment by meeting the milestone? I've set (and reached) similar financial goals during the years that have passed since I graduated from college and although I had built up the goals and been very excited for the day I met them, ultimately meeting those goals weren't as satisfying as I thought...just a change in a number on paper. On the flip-side, there are many other smaller, unexpected things that have given me more pleasure and satisfaction, such as adopting a new pet and having a baby on the way. Just food for thought.
Another question:
are you happy with your current company? Have you considered a new position where you might be compensated significantly better? A change in your job (but not career) may springboard you onto a new trajectory.
cheers
Posted by Crash | May 30, 2008 3:58 PM
Way to go!!! You are well on your way to achieving your goal. That's what it takes discipline and focus. Keep the momentum going!!!
Posted by MelStar | May 30, 2008 4:49 PM
Congrats. I remember reaching the half way point of my goal as well. What a great feeling. Enjoy.
Posted by Jake (Dividend Investing Blog) | May 30, 2008 6:55 PM
Congratulations! Assuming a 7,3% return or your 500K, your are earning $100 a day from your portfolio. That's over $4 each and every single hour of your life. I bet you sleep well and have great frugal sex! (Just joking)
Posted by hans | May 30, 2008 10:25 PM
Congratulations. That is quite a milestone. I think you are a testament to setting goals. If you don't have specific, measurable goals, then you will never achieve them.
Posted by Kirk | May 31, 2008 9:40 AM
Congratulations! That is the next milestone I am reaching for as well. I believe that if you set goals, you will be more motivated to reach your goal.
Posted by FinancialGoal | May 31, 2008 11:02 PM
Congratulations 2million! Wonderful! I have also celebrated this month reaching our half-millionaire status. It definitely feels good!
Do you have a guess as to when you will reach the three-quarter-millionaire status? 2 years? Less?
Lastly, I'll echo one of the other commentors: remember to enjoy life while you're building towards financial freedom! Yes that new pet or the milestones of your children are precious -- in fact they are the essence of life.
Posted by Anita | June 3, 2008 9:34 AM
Congratulations. Milestones are great ways to relight the fire to fight even harder towards our goals.
Your blog inspired me as I am working for my own goals.
Cheers,
Ed
Posted by Ed | June 3, 2008 2:23 PM
Outstanding. Very inspirational.
Posted by Onein5 | June 3, 2008 2:57 PM
What an awesome mark in life. At this pace, 2 million will be a breeze :)
Posted by Tom | June 3, 2008 6:04 PM
Congratulations on achieving a big milestone. Have enjoyed reading your blog. May you achieve future goals in glorious fashion, banish your enemies, and pleasure their women.
Posted by Roger Blovo | June 6, 2008 10:15 PM
"May you achieve future goals in glorious fashion, banish your enemies, and pleasure their women."
Never heard that; great line!
Posted by Steve | June 15, 2008 7:47 AM
Just started reading your blog and want to congratulate you on your accomplishment. Wish you well on your future endeavors.
Posted by Gary | July 19, 2008 11:18 PM