millionaires

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MyMamaSaid
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In reply to bkag9824 • 8:30p, 1/4/25
AG
Kinda quirky and only available on the website, but here's a good explanation: https://thepointsguy.com/loyalty-programs/united-expert-mode/

Back in the late 90s/early 2000s yahoo travel used to show the same data for *all* us airlines. Was way too easy back then to game the system for comp upgrades on CO.
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EvenPar
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10:14p, 1/4/25
AG
Re: Travel Points and Credit Cards

If you're looking to maximize your credit card points for travel check out Freedom Travel Systems and their owner Eli.

They average just over $.04 per cc point worldwide and $.072 per cc point to Europe. If you want to get the every best value you shouldn't be booking/redeeming through the Credit Card Company's web site using your points. You need to transfer points to travel partners and strike while a deal
Is hot.
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Ag06Law
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In reply to EvenPar • 10:20p, 1/4/25
AG
EvenPar said:
Re: Travel Points and Credit Cards

If you're looking to maximize your credit card points for travel check out Freedom Travel Systems and their owner Eli.

They average just over $.04 per cc point worldwide and $.072 per cc point to Europe. If you want to get the every best value you shouldn't be booking/redeeming through the Credit Card Company's web site using your points. You need to transfer points to travel partners and strike while a deal
Is hot.


Thanks Eli!
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GarlandAg2012
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In reply to EvenPar • 10:55a, 1/6/25
AG
EvenPar said:
Re: Travel Points and Credit Cards

If you're looking to maximize your credit card points for travel check out Freedom Travel Systems and their owner Eli.

They average just over $.04 per cc point worldwide and $.072 per cc point to Europe. If you want to get the every best value you shouldn't be booking/redeeming through the Credit Card Company's web site using your points. You need to transfer points to travel partners and strike while a deal
Is hot.
WTF is this? There's no info they are providing you that you can't gain for free by reading blogs and forums. That website is full of red flags.
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EvenPar
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In reply to GarlandAg2012 • 10:59a, 1/6/25
AG
Great point and very true. Pretty much anything can be learned these days by the methods you mention, web sites, blogs, YouTube, etc.

Was just offering an option for those whose time might be more valuable than spent researching.

I pay someone to mow and fertilize my lawn as well. Different strokes.
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GarlandAg2012
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In reply to EvenPar • 11:18a, 1/6/25
AG
Fair enough, something about that site just seems a bit sus to me. I think the numbers they cite are overinflated and most of their testimonials appear to be from young influencer types. Just doesn't seem trustworthy to me, but if you vouch for the information, so be it.
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YouBet
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In reply to GarlandAg2012 • 1:41p, 1/6/25
AG
GarlandAg2012 said:
Fair enough, something about that site just seems a bit sus to me. I think the numbers they cite are overinflated and most of their testimonials appear to be from young influencer types. Just doesn't seem trustworthy to me, but if you vouch for the information, so be it.


I would use the The Points Guy. That site is pretty much the gold standard for figuring out how to maximize your points and picking the right credit cards....if you care about such things.
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GarlandAg2012
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In reply to YouBet • 4:23p, 1/6/25
AG
YouBet said:
GarlandAg2012 said:
Fair enough, something about that site just seems a bit sus to me. I think the numbers they cite are overinflated and most of their testimonials appear to be from young influencer types. Just doesn't seem trustworthy to me, but if you vouch for the information, so be it.


I would use the The Points Guy. That site is pretty much the gold standard for figuring out how to maximize your points and picking the right credit cards....if you care about such things.
I'm an avid points/miles person and I follow the space pretty closely. TPG was my gateway into the hobby (I definitely consider it a hobby because I don't spend a lot of time trying to maximize value, its more like a puzzle that I enjoy solving that can sometimes save me a good deal of money). As he has monetized the site more, I think the quality gone down a bit, but for news and information it can still be very useful. His main business now is driving people to CC referrals and products that he has a business relationship with (like expertflyer). It's not bad though.

Other sites that are very useful:
  • Frequent Miler
  • Flyertalk
  • Doctor of Credit
  • One Mile at a Time

There are some facebook, reddit, and discord groups as well that can be really helpful but there are also a lot of noobs who just ask a question and then never stay to actually build the community, so it can be hit and miss.
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RangerRick9211
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In reply to MyMamaSaid • 8:51a, 1/7/25
AG
MyMamaSaid said:
Petrino1 said:
Question for the millionaires on this board. At what level of net worth do you allow yourself to splurge on stuff like business class seats, nicer cars, nicer vacations etc? When I reached a million I decided that I would always try and upgrade to at least exit row or premium economy class on planes, having lots of airline miles helps as well.
Great question. For me, it was a combination of NW and age. Influenced by Millionaire Next Door (MND) and Die with Zero (DWZ), I started 'splurging' on experiences once NW hit low 7 digits and I turned 45. Some anecdotal data points:

- I had a total of 4 cars over 25 years (like MND) and have had the same Tahoe since '09 that I've modified extensively as a hobby. Like DWZ, at 45 I then bought an M2 as a second fun car, traded for a GT4 in '19 (made $35k on that car when I sold it!!), then bought another GT4 in '22 and have kept that one. I bought a new X3M Comp when they first came out in '20, then traded it for another LCI X3M Comp in '22, then sold it in early '24. So….4 cars in 25 years, then 5 (expensive & fun) cars in the past 8 years. I'm down to the '09 Tahoe and the '16 GT4, doubt I ever sell either one of them.

- I'm a million miler on UA (going back to CO days from IAH) and 1K every year on biz travel, so have tons of points. I play expert mode on UA's website and almost always buy B our Y to get auto-upgrade to first domestically. I make 1-2 trips internationally (not including Mexico) a year and always buy biz class seats.

- Definitely taking 'trips of a lifetime' since ~2016/turned 45, but my version of these are sometimes inexpensive and more about the time & experience than anything. Rafting/camping down the Snake River in Idaho for a week, hiking/camping in Glacier NP for a week, mountain biking in Ketchum, ID for a week, a week on a catered catamaran in BVI for a week (that was indeed expensive), Cabo for fishing in prime season (fishing expensive, everything else cheap), etc. My wife and I are investing in an Airstream this summer and will base it out of Heber City, UT going forward for camping trips all around the western US and Canada. Why Heber City? Well, that leads me to the biggest splurge…

- A townhouse in Park City, UT. I house hunted with a realtor for almost 10 years and finally found a great place at a great price in May '23. It has been awesome and has already appreciated beyond my wildest expectations. We spent about 13 weeks total there in '23 and '24, planning on about the same in 25. Long-term, we are planning to spend ~6 months a year based there upon retirement in mid-'28. All that to say maybe part splurge/part investment.
Oh hell yeah.

We let our hair down last year @ 36 when we hit 75% of our FI number. By most assumptions it only impacts our RE date by +/- 1 year (45 years old). The stash has returned way more than what we have been putting in the past two years. We still save, but rate went from ~40% to ~10%.

So we're "coasting" to an eventual RE. The wife has gone part-time (1 kido in K, 1 on the way). I'm still full-time, but remote and done climbing the ladder.

But the big shift was a Sprinter Van conversion. Full-gas time and memory investment. Wife spec'd the entire thing: custom finishes, seats/sleeps 4, shower, galley, fridge, toilet. AWD with bike and ski rack on the back. We spend almost every Friday night through Sunday morning camping/skiing the mountain (6 year old rips already). We also have Ikon this year and have already tripped Deer Valley, Sun Valley and Bachelor over the break. Last summer we did OR coast > NorCal > Tahoe > Bend and back trip. This summer we're going BC > Banff > MT > ID > back. It has Starlink and again, I'm remote working EST from PST. I start at 5 and typically done around 1PM.

New little is due in September. I get paternity (16 weeks) and plan on starting Jan '26. Baby and I are going to get after it in the van.
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MyMamaSaid
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In reply to RangerRick9211 • 4:05p, 1/7/25
AG
RangerRick9211 said:
MyMamaSaid said:
Petrino1 said:
Question for the millionaires on this board. At what level of net worth do you allow yourself to splurge on stuff like business class seats, nicer cars, nicer vacations etc? When I reached a million I decided that I would always try and upgrade to at least exit row or premium economy class on planes, having lots of airline miles helps as well.
- Definitely taking 'trips of a lifetime' since ~2016/turned 45, but my version of these are sometimes inexpensive and more about the time & experience than anything. Rafting/camping down the Snake River in Idaho for a week, hiking/camping in Glacier NP for a week, mountain biking in Ketchum, ID for a week, a week on a catered catamaran in BVI for a week (that was indeed expensive), Cabo for fishing in prime season (fishing expensive, everything else cheap), etc. My wife and I are investing in an Airstream this summer and will base it out of Heber City, UT going forward for camping trips all around the western US and Canada.
Oh hell yeah.

We let our hair down last year @ 36 when we hit 75% of our FI number. By most assumptions it only impacts our RE date by +/- 1 year (45 years old). The stash has returned way more than what we have been putting in the past two years. We still save, but rate went from ~40% to ~10%.

So we're "coasting" to an eventual RE. The wife has gone part-time (1 kido in K, 1 on the way). I'm still full-time, but remote and done climbing the ladder.

But the big shift was a Sprinter Van conversion. Full-gas time and memory investment. Wife spec'd the entire thing: custom finishes, seats/sleeps 4, shower, galley, fridge, toilet. AWD with bike and ski rack on the back. We spend almost every Friday night through Sunday morning camping/skiing the mountain (6 year old rips already). We also have Ikon this year and have already tripped Deer Valley, Sun Valley and Bachelor over the break. Last summer we did OR coast > NorCal > Tahoe > Bend and back trip. This summer we're going BC > Banff > MT > ID > back. It has Starlink and again, I'm remote working EST from PST. I start at 5 and typically done around 1PM.

New little is due in September. I get paternity (16 weeks) and plan on starting Jan '26. Baby and I are going to get after it in the van.
We're cut from similar cloth, for sure. Love the DWZ approach to "full-gas time and memory investment" approach to life. Don't ever stop….awesome that you're spending time getting out using your Ikon passes.

I left out a 10 day trip a few years ago to Bend, Bachelor, Crater Lake, Deschutes, Detroit, etc. Ran into a family of 3 in a Sprinter Van with a similar setup at Pacific Park in Bend. The scene was a great memory, speaking of dividends:


We are planning to outfit the camper with StarLink and lots of other creature comforts to be able to make long runs like those you've outlined above. Next summer we're doing PC > ID (a week rafting/fishing/hiking on the Salmon River) > Sawtooth NRA > Ketchum. And then maybe another trip down through Zion > Bryce > Glen Canyon > Capital Reef > Dead Horse Point. Just so many awesome journeys out there.
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Dallas Ag03
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9:18p, 1/8/25
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Daytona22
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7:26p, 1/12/25
AG
Listened to an interesting podcast a few weeks ago talking about the psychology of money that I thought may be interesting for this group.

https://open.spotify.com/episode/5in0bWIi05XzEwhdyLbrTe

As another discussion topic since I've been updating my net worth spreadsheets for end of year… how does everyone capture cost basis vs market value? I've always captured market value on stocks, cost basis on private equity since you can't truly value that until sold, and appraised value on house. Our new CPA has us input everything as cost basis into QuickBooks.
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BenTheGoodAg
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In reply to Daytona22 • 8:09p, 1/12/25
AG
I've always accounted for market value for everything, but try to be conservative on non-stock-based assets.

I guess it depends on why you track your net worth. I want to know what my asset mix really looks like, what my umbrella policy should look like, and what I'm putting at risk when I make certain financial decisions. Example - If I insure my house for my cost-basis, and it burns down, I wouldn't be able to replace it in the current real estate market with the payout. Sort of non-realistic example, but trying to illustrate the point.

To me, the cost-basis isn't what is important. I want to know what I have at stake today, but that's just me.
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TXTransplant
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8:16a, 2/6/25
Hit a new milestone today (finally!).

Balance in just my cash Fidelity investment accounts hit 7 figures. I surpassed the $1MM total mark a while ago, but I have accounts across different investment firms and include a somewhat nebulous pension in my total. So it's nice to see that much all in one place.

I've been flirting with it for months but could never quite make it. And there is a good chance it will drop back below $1MM before it stays there permanently. But it still feels good.
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LMCane
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In reply to TXTransplant • 11:27a, 2/6/25
In all my years of study and podcasts and youtube and books and online

I have never heard a single expert say to keep one million dollars IN CASH.

especially not now with high inflation.
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I Am A Critic
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In reply to LMCane • 11:41a, 2/6/25
Don't get her started.
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TXTransplant
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In reply to LMCane • 11:43a, 2/6/25
LMCane said:
In all my years of study and podcasts and youtube and books and online

I have never heard a single expert say to keep one million dollars IN CASH.

especially not now with high inflation.


You are reading that way too literally and not within the context of most of the discussion in this thread.

By cash accounts, I meant "real" money - after tax investments, 401k, Roth IRA, HSA, etc.

Not "unrealized" savings like pensions, home equity, etc.
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RangerRick9211
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In reply to TXTransplant • 5:00p, 2/6/25
AG
TXTransplant said:
LMCane said:
In all my years of study and podcasts and youtube and books and online

I have never heard a single expert say to keep one million dollars IN CASH.

especially not now with high inflation.
You are reading that way too literally and not within the context of most of the discussion in this thread.

By cash accounts, I meant "real" money - after tax investments, 401k, Roth IRA, HSA, etc.

Not "unrealized" savings like pensions, home equity, etc.
I get it.

But, you're tripping on these terms. You're probably "unrealized" across all your accounts. That's a selling term, not liquid. None of it is "real" until you sell - same as your house. One is more easier to sell than the other.

Liquid Net Worth = Post-tax, 401(k), Trad, Roth, cash, etc.

Cash = Cash

Non-Liquid Net Worth = Home equity, pension

Congrats, but you confusing!
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TXTransplant
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In reply to RangerRick9211 • 5:05p, 2/6/25
Liquid is the correct term. Forgive me and my 46 year old peri-menopause brain. The struggle is real.

The only terms that would come to mind were "cash" and "actual money". I went with cash.

Regardless, it feels good to log into one single account and see a 7 figure total.
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Petrino1
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In reply to TXTransplant • 5:24p, 2/6/25
TXTransplant said:
Liquid is the correct term. Forgive me and my 46 year old peri-menopause brain. The struggle is real.

The only terms that would come to mind were "cash" and "actual money". I went with cash.

Regardless, it feels good to log into one single account and see a 7 figure total.
I think $1MM in investments outside of your home equity would've made sense here lol. Either way, congrats on the milestone!
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62strat
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In reply to TXTransplant • 9:17a, 2/7/25
AG
TXTransplant said:
Liquid is the correct term. Forgive me and my 46 year old peri-menopause brain. The struggle is real.

The only terms that would come to mind were "cash" and "actual money". I went with cash.

Regardless, it feels good to log into one single account and see a 7 figure total.
if you are 46 is a 401k really liquid?

I mean, it is.. but only 90% of it is after your withdrawal penalty.

If you want to get technical anyway!
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TXTransplant
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In reply to 62strat • 10:07a, 2/7/25
Yeah, sort of splitting hairs on that. I know there are certain circumstances where I could access those funds with no/minimal penalty.

Certainly more liquid than my pension or home equity.

Not to mention that balance in my Fidelity accounts comes from (mostly) money that I've saved through my own efforts. That's what I mean by "actual money". Funding those accounts has been a deliberate and consistent effort on my part. It's a mental boost to see that it's grown to a significant number.

This is opposed as opposed to my pension that I did not contribute to at all (and has a somewhat nebulous value), or home equity that is somewhat luck of the draw (and from a tax perspective, I wish that equity would decrease a little).

And that's why I posted - as encouragement to the corporate cube dwellers like me who are trying to build wealth. It can be hard to see how well you can do when you're in the early years, but commitment and discipline will get you there.
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Diggity
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In reply to TXTransplant • 10:11a, 2/7/25
AG
working for a supermajor also helps
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RangerRick9211
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In reply to 62strat • 10:20a, 2/7/25
AG
62strat said:
TXTransplant said:
Liquid is the correct term. Forgive me and my 46 year old peri-menopause brain. The struggle is real.

The only terms that would come to mind were "cash" and "actual money". I went with cash.

Regardless, it feels good to log into one single account and see a 7 figure total.
if you are 46 is a 401k really liquid?

I mean, it is.. but only 90% of it is after your withdrawal penalty.

If you want to get technical anyway!
We've covered this so, so, so many times. To get super technical.

SEPP/72T,
Quote:
Yes. Under Section 72(t)(2)(A)(iv), if the distributions are determined as a series of substantially equal periodic payments (called a "SoSEPP") over the taxpayer's life expectancy (or over the life expectancies of the taxpayer and the taxpayer's designated beneficiary), the 10% additional tax does not apply.
https://www.irs.gov/retirement-plans/substantially-equal-periodic-payments

Or, Roth Ladder,
Quote:
A Roth IRA conversion ladder entails moving your money from a tax-deferred account, such as a 401(k) or traditional IRA, into a Roth IRA. The benefit of doing this is that you can withdraw the converted funds from your Roth IRA after only five years.

Roth IRA conversions are different. The IRS imposes a five-year waiting period after each conversion. If you withdraw the converted balance before five years you will be hit with a 10% early withdrawal penalty. (You won't have to pay ordinary income tax because you already paid it when you converted the funds to the Roth.)
https://choosefi.com/article/how-and-why-to-set-up-a-roth-ira-conversion-ladder

Either will not be subject to the early 10% withdrawal penalty. Roth Ladder will require enough taxable/cash to cover the 5 year seasoning period.
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TXTransplant
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In reply to Diggity • 10:20a, 2/7/25
Diggity said:
working for a supermajor also helps


That it does! Unfortunately I do not work for one. I'm jealous of the stock options/profit sharing my friends who do have gotten!
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62strat
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In reply to TXTransplant • 10:25a, 2/7/25
AG
TXTransplant said:
or home equity that is somewhat luck of the draw
kind of like myself and others like me who maybe first started saving for retirement in the years following 2008.. certainly luck of the draw to have a decade plus of great growth.

MY wife and I were late to the game, having virtually $0 in savings/retirement by the time we were about 30.

But, now at 44/45, with 401k contributions, a few (again, lucky) stock picks with my wifes cashed out TRS fund and rollover (I'm almost 6x on her $50k just 10 years in), and a decade of profit sharing from my current employer, we also have that (getting really close) 7 figure number when I log in to my fidelity (which also tracks hers and my profit sharing)

So luck goes beyond the home equity. It almost all has to do with luck honestly. I put her trs and 401k rollover of $50k in 5 picks (nflx, aapl, cost, fselx, fncmx).. and, well now it's $300k just 8 years later.

Definitely pure luck. It could has easily been worth the same $50k or less today (I'm looking at you invemstment in TGT summer of 2021!!)

Not just what I picked, but the timing of the picks as well.
Look at nflx, it 'crashed' in 2021 and didn't reach that price again for 3 years.
Or my XOM which was in the red for like 7 years.



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BonfireNerd04
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12:49p, 2/13/25
I'm a TexAgs poor with a net worth of only $475k or so.
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He Who Shall Be Unnamed
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In reply to BonfireNerd04 • 8:15a, 2/14/25
It's all good. I was probably happiest in my life when I had a net worth of about $500.
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permabull
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3:40p, 2/16/25
AG
There are ways to get into your 401k early without penalty. You can set up a SEPP but will have to take payments every year once you start until you hit 59.5. I believe you can roll a portion of your 401k/tIRA into a different IRA and SEPP only that account so you can have control on how much you have to withdraw with a little bit of planning
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AgOutsideAustin
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In reply to BonfireNerd04 • 5:59p, 2/16/25
AG
BonfireNerd04 said:
I'm a TexAgs poor with a net worth of only $475k or so.


Mo money mo problems
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Brian Earl Spilner
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9:33p, 2/16/25
AG
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one safe place
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10:30p, 2/16/25
I keep seven figures in loose change, plus whatever I can find under the cushions on the couch.
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AgOutsideAustin
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In reply to one safe place • 7:42a, 2/17/25
AG
one safe place said:
I keep seven figures in loose change, plus whatever I can find under the cushions on the couch.



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