On a scale of 1 to 10, how likely are you to be a millionaire?

[srblanco7]

For me, I would agree $5M in cash / investments would be the point of saying I was independently wealthy. That said, the figures I've heard, 70% of lottery winners are broke after 5 years, so even spending freely there has to be limits.

I figure this number changes with age. Trying to picture a curve in my head is interesting. If you were 20 years old, you'd need alot more than if you were 90. But at the same time, any extra you have has alot longer to grow, so you could go a lot further with less.

Concur that it changes with age. Though perhaps I'd broaden that term to say "life stage".

We're still working on ER plans - but it's likely that our first couple years of ER will be with two in college. Tuition, room & board are covered via 529 savings. However, we still spend a fair amount helping them out with incidental expenses. If both our kids were graduated and (generally speaking) financially independent, it would certainly change my view of how much we need to have saved to fund ER.

[LivingAlmostLarge]

$10m to be wealthy (expensive area) but $5m to retire comfortably.

[plodding_investor]

At 56 currently $850,000 net worth but with a possible recession and God willing 6 more years of work until retirement, maybe a "5."

I'm close enough in age/NW to QMM that I'll just say "ditto." Thankfully I do have a small state pension that should help during the retirement phase, as I don't expect to ever be financially independent. By small, I mean that I won't be fully vested given when I started vs my age.

[QuarterMillionMan]

The mindset of the majority people wanting to become a millionaire is fast & easy. It is the complete opposite and it is long and difficult to become a millionaire, albeit I'm not quite there yet, it takes discipline of saving and spending within my means. Some people may get lucky and attain millionaire status by other means but the vast majority will have to work hard at it to acheieve it.

[srblanco7]

The mindset of the majority people wanting to become a millionaire is fast & easy. It is the complete opposite and it is long and difficult to become a millionaire, albeit I'm not quite there yet, it takes discipline of saving and spending within my means. Some people may get lucky and attain millionaire status by other means but the vast majority will have to work hard at it to acheieve it.

Took me/us about 20 years (post-college grad) to achieve $1M NW. Made many mistakes along the journey, and we were paying off student loan debt in parallel, nevertheless a long, slow process.

[mom-from-missouri]

10=we hit it years ago. But, it is saved away for retirement (except for the small amount that we are currently drawing). I am still working, so hopefully will continue to add to it.

[terri77]

10…I became a millionaire in 2020.

[Off-Grid Lover]

10…I became a millionaire in 2020.

Good job! That's so exciting

[Off-Grid Lover]

All this is todays dollars

At age 65:
$175 monthly pension
$1550 Husbands SS
+$340+Value for our Part B Premiums covered by my former employer, a job I lost during COVID. Retiree Indemnity Package for $20 a mo for us-. Medical, 4k Dental, Vision, Drugs.
------------------------------
$2065. Most likely, I'll go back to selling on eBay for at least a $800 mo profit. Otherwise this is cutting it pretty close. I'll be retired at 65. Husband likely already retired at ages 70-72 from working part time for 1/2 the year (a physical job which forces him to stay in shape and socialized with friends, it's his business so to continue is good)

At age 67:
$1400 -My SS
$1550 -His SS
$340 Value
-------------------
$2290 per mo. We'll never have a medical cost above $20 Max unless skilled nursing is involved beyond 90 days. Retiree plan includes 90 days a year of Hospitalization/Skilled Nursing.


Age 70
$2290+
$600+ per mo. RMD's. That's being very very conservative. it's probably closer to 1k. Yet I'm realizing now who cares.
--------
$2890 per mo.


Our son has schizophrenia so we'll never take a vacation longer than about 5 days. I worked in Mental Health, and my Dh's brother had it.
It only goes downhill...the disease. His few close friends, what he puts into his mouth and his level of exercise determines OUR lives.

Since we eat organic, eating out isn't that great. I feel slightly blah afterwards for a few days so not really worth it. Always had depression problems and food really
determines that.. Local Cattle ranchers supply our grass fed beef.

I have to out-live our son to ensure he is okay. He has a degree in Exercise Science, 4 AA degrees so is into health.
He should live longer than most schizophrenics who die at age 60 if he stays close friends with his 2 Pals. I know he would go downhill fast if he had no one

I honestly would have no idea what we would spend money on aside from a few cycling tours for up to 5 days 2x a year. Those truly are fun so we may do more.
We have no family other than our son. We are involved in church. I've put a fork in it at age 54. It really doesn't get any better from here on out. Gotta really enjoy life right now

[plodding_investor]

I'm close enough in age/NW to QMM that I'll just say "ditto." Thankfully I do have a small state pension that should help during the retirement phase, as I don't expect to ever be financially independent. By small, I mean that I won't be fully vested given when I started vs my age.

Now that I have to replace my HVAC, get a 3rd vehicle for my college-age kid and had to replace flooring, I'm wondering if I should bump my possibility score down a bit. Ha. Who says the score has to be static?

[Petunia 100]

All this is todays dollars

At age 65:
$175 monthly pension
$1550 Husbands SS
+$340+Value for our Part B Premiums covered by my former employer, a job I lost during COVID. Retiree Indemnity Package for $20 a mo for us-. Medical, 4k Dental, Vision, Drugs.
------------------------------
$2065. Most likely, I'll go back to selling on eBay for at least a $800 mo profit. Otherwise this is cutting it pretty close. I'll be retired at 65. Husband likely already retired at ages 70-72 from working part time for 1/2 the year (a physical job which forces him to stay in shape and socialized with friends, it's his business so to continue is good)

At age 67:
$1400 -My SS
$1550 -His SS
$340 Value
-------------------
$2290 per mo. We'll never have a medical cost above $20 Max unless skilled nursing is involved beyond 90 days. Retiree plan includes 90 days a year of Hospitalization/Skilled Nursing.


Age 70
$2290+
$600+ per mo. RMD's. That's being very very conservative. it's probably closer to 1k. Yet I'm realizing now who cares.
--------
$2890 per mo.

Your age 67 numbers add to $3290. What happens to the $175 monthly pension at age 67?

Your age 70 numbers jump to $3890.

[Off-Grid Lover]

Your age 67 numbers add to $3290. What happens to the $175 monthly pension at age 67?

Your age 70 numbers jump to $3890.

Good Afternoon. Here is a do-over

$1550 Husbands SS
$150 Pension (I think I errored in saying $175 but with covering any shifts, it could end up at $175+)
$320 Value (Not having to pay Part B Premiums, co-pays, deductibles. ex employer indemnity plan also covers+ 3K a yr of dental)
$600 month from IRA
-------------------------------------
$2620 per mo. at my age of 65 and his age of 72.5

Bills: $1200 mortgage/homeowners $100, water, $100 electricity, $100 propane, $100 Internet/Phone, E-Bikes/Mtn Bikes $200 Insurance/Gas/Tires/DMV $600/Donation :$150= $2400 expenses.

That leaves only $200 a mo. for food & any unexpected expense which is a problem.

I could probably take more from the IRA but don't want to. I want to have plenty to live on when my DH passes away. It's not easy to get a room-mate out in the Tahoe National Forest in a tiny town.

At this point, we will be taking nearby 2-3 day camping trips in the RV

Probably sell online for the next 2 yrs until I take SS at age 67 for $1200 per mo. Luckily we both enjoy doing this, it's great fun if only p/t

Nope, no millionaires over here. We also own some off-grid property which is a bit grid locked by the County who want us to turn it into a home. No way, it was 60k to build.

County wants 40K to complete it with fluff like ceiling sprinklers, a cement foundation, etc,,

We want them to approve it as a garage though it's a 800 sq foot home w.high ceilings and a wrap around deck on 20 acres with springs pipped into the house

We have to remove the plumbing too. It was our retirement home but now we are getting bonded to this area more so it's up in the air what will happen with it.

It's so expensive to live in California

[Petunia 100]

Good Afternoon. Here is a do-over

$1550 Husbands SS
$150 Pension (I think I errored in saying $175 but with covering any shifts, it could end up at $175+)
$320 Value (Not having to pay Part B Premiums, co-pays, deductibles. ex employer indemnity plan also covers+ 3K a yr of dental)
$600 month from IRA
-------------------------------------
$2620 per mo. at my age of 65 and his age of 72.5

Bills: $1200 mortgage/homeowners $100, water, $100 electricity, $100 propane, $100 Internet/Phone, E-Bikes/Mtn Bikes $200 Insurance/Gas/Tires/DMV $600/Donation :$150= $2400 expenses.

That leaves only $200 a mo. for food & any unexpected expense which is a problem.

I could probably take more from the IRA but don't want to. I want to have plenty to live on when my DH passes away. It's not easy to get a room-mate out in the Tahoe National Forest in a tiny town.

At this point, we will be taking nearby 2-3 day camping trips in the RV

Probably sell online for the next 2 yrs until I take SS at age 67 for $1200 per mo. Luckily we both enjoy doing this, it's great fun if only p/t

Nope, no millionaires over here. We also own some off-grid property which is a bit grid locked by the County who want us to turn it into a home. No way, it was 60k to build.

County wants 40K to complete it with fluff like ceiling sprinklers, a cement foundation, etc,,

We want them to approve it as a garage though it's a 800 sq foot home w.high ceilings and a wrap around deck on 20 acres with springs pipped into the house

We have to remove the plumbing too. It was our retirement home but now we are getting bonded to this area more so it's up in the air what will happen with it.

It's so expensive to live in California

That is very unfortunate. Have you considered at all the idea of building "sheds"? California building code says that structures of 120 sq ft and less do not require building permits. So, you can have a 10 x 12 "shed" with running water. There aren't any rules limiting how nice your "shed" can be. Your 800 sq ft garage home could become your bedroom(s) and living room. Your kitchen and bath can be in "shed"(s). It's not ideal, but might be a solution? Some people have made this sort of thing work for them, using breezeways to make their "sheds" feel more connected.

Are you planning to sell the home which has the mortgage and live full-time in the off-grid property?

[Off-Grid Lover]

That is very unfortunate. Have you considered at all the idea of building "sheds"? California building code says that structures of 120 sq ft and less do not require building permits. So, you can have a 10 x 12 "shed" with running water. There aren't any rules limiting how nice your "shed" can be. Your 800 sq ft garage home could become your bedroom(s) and living room. Your kitchen and bath can be in "shed"(s). It's not ideal, but might be a solution? Some people have made this sort of thing work for them, using breezeways to make their "sheds" feel more connected.

Are you planning to sell the home which has the mortgage and live full-time in the off-grid property?

Wow, You are quite knowledgable about CA building codes and those were fantastic ideas. Exactly how we imagined it! Do you live in California?

Yes we utilized the 120 sq feet rule for 2 sheds already both located on the back deck. You cannot see it in the picture I attached though. I don't have pics on this MacBook.

Both "Sheds" have water pipped to them but the County doesn't know about it. The outdoor kitchen sorta folds out, hard to explain but it's really handy and nice.

Allows the front deck space to be used if we have company. We are going to add a leaning greenhouse to the side with access from both inside and out to extend space.

My husband is a painting contractor so gets items from job sites free or trades services for materials and labor. House only cost 65K to build.


County has no clue there is water going to both these buildings. We told them they are sheds for our E-Bikes and rec equipment. It's just 2-4 steps to get to the outside bath & kitchen

This Off-Grid home has that potential to be a rental. Or hopefully when we can afford it, get it completed and sell it. It's on 20 acres with. multiple springs which never go dry.

We may be able to discount the rent to be able to stay on the property in our RV during the Wintertime Dec-March

When the snow here is unbearable. Our original plan was to sell this home and eventually use the "gain" to finish the off-grid home. But now this place is feeling more like home.

Found a good church here too. But can't live my fantasy of an off-grid life in our current location. It wouldn't let me upload the image so here is a link >> https://ibb.co/p3gst2g


I guess you live in California? Are you or your husband in the Construction industry?

[Petunia 100]

I love your place! That nice, shady deck looks like a lovely place to hang out, weather permitting. The home is very attractive; it does NOT look like it only cost 65k to build.

Yes, I believe that I live one county to the south of you. I am not married but have a significant other. Neither of us are in the construction business. I know about the 120 sq ft limit because we have considered a number of living options for ourselves.

We're at 3600 ft elevation, so we get snow but not an excessive amount.

ETA: And with rents so crazy high around here, your idea to rent the home may very well be a lucrative one.