[USER]

Milestone achieved! My net worth has reached the $1M mark so I wanted to share this among other like-minded individuals and hope it inspires someone.

Age 40 with 2 young kids (ages 4 and 1)
LCOL area
$385k+ total stock investments between 401k, HSA, brokerage

$250k primary home equity
$200k equity in cash flowing rental properties

$200k various other assets (paid-for cars and toys, etc)
I am on track to pay off my primary home in the next ~7 years.

No debt besides mortgages. I did not get serious about investing until around age 35. I really wish I had started much earlier!

I know this is significant, but I must say I still feel behind when it comes to achieving financial independence.

Not feeling “wealthy” at all, but I do acknowledge that I am very fortunate with a healthy and happy family and I basically

have everything I “want” right now. The lack of feeling ahead may be the life effect beating me down right now as we are currently cash-flowing my wife’s masters degree plus daycare expenses.

Staying diligent and hoping to retire comfortably by age 58!

[Jeff]

Congrats! Remember to subtract any liabilities…and for me, I generally don’t include cars/toys unless they are high end and you expect them to appreciate…but seriously, nicely done!

[Dena]

Congrats! In my net worth, I do not count anything I’m not going to sell, like my primary residence equity or depreciating assets like cars, boats, planes, etc.

Only things that actually generate income go on the net worth list.

Even with a paid off home, there are still so many costs to account for. You are fortunate to live in a LCOL area & should be able to reach your fire goals!

I agree with the other comment regarding having a term life insurance policy for both you & your partner.

Expenses definitely go up when you lose a spouse suddenly with young children & I would want something more stable than a policy tied into a job you may or may not keep.

It’s a lot less expensive the younger you get them too!

[Jody]

Congrats on your big milestone at such a young age! This may not be necessary in your situation or you may already have it, but I would consider getting a term life insurance since you have 2 young kids and while you’re still young.

Life insurance gets more expensive as you get older. Also, not sure if you have set aside money for your kids education.

We have set money aside for my kids but don’t let them know about it, so they won’t expect any money from us. Good luck!

[Jody]

We are probably about a year behind you! 35/39, started saving about 5 years ago, 100k in primary property, $250k in rentals, 365k in retirement accounts.

We stopped contributing to retirement this year (beyond what’s needed to get the match.

Exciting!

[Alberto]

Are you selling everthing to get the 1m liquid cash? It Does not look like you have anything to bridge to retirement early.

[Bassel]

I feel behind too. I’m 45 and husband is 47 $900k in funds/retirments all over the place and $700k equity in my house. I’m still trying to fund two colleges in 5 and 10 years.

I’m paying one college now and I have one semester left to pay.

It seems like once you hit one goal the next one comes up. Next will be cars for my kids, car for me, weddings.. does it ever stop?!! I’m not sure…

Congrats on a job well done.

[Author]

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