Obviously paying off the first house is one, maybe buying first investment house might be another, what else makes you feel good? Just noticed I have more in my retirement account than I owe on my mortgage, nice feeling.
Rental income covers all the outstanding mortgage. Next would be, rental income covers all PITI+maintenance. Next would be rental income covering all PITI+maintenance+living expenses.
no milestone accomplished for me until my passive income = my salaried income. It’s a long road ahead. Still a salary slave.
Ok, maybe not a slave, maybe it’s slightly upgraded to being Uncle Sam’s W2 indentured servant.
Took us a reallllly long time to claw up to zero networth. I was happy when we were just at zero. I was out of law school at least a decade before we made it to 0.
let’s see…
* first business & first check (never did frame that)
* first home (scared but felt good)
* first office building (happy to not have increasingly expensive rent)
* 7 figure net worth (never kept a close eye on this but found out when refinanced office building)
* first Ferrari (a childhood dream. the drive home was pretty sweet)
* paid off business loan (big smile that day)
I feel opposite of scaredy on student loan. I would never be in my financial situation without student loan.
It’s not that uncommon in the High Tech or people I know who work for the studio’s or L.A. City, (man those guys get paid a lot LOL).
Our development manager lives in Beverly Hills (and no his kids don’t go to public schools).
I think he mentioned his place is paid off once, that alone would put him close to 8 figures.
Don’t want go OT, or into any other detail, but for me, it’s really hard to separate financial milestones from personal milestones because, for us, the spiritual, family, friends, financial and other factors in our lives all hold equal importance–especially since everything in this world is so fleeting.
That said, on a purely financial basis, having a high net worth is nice. Having our dream home in our dream location, along with other properties is nice. Having toys like cars, boats, planes, helicopters, etc., is fun. That’s about all I can think of right now.
Yeah, AN, we’ve always had a combo of TF money, W-2, and are also business owners.
For some reason, I keep on thinking 7 figures is $10M+. Which is why I said what I said. You’re right, there are plenty of W2-er with 7 figures. I guess that’s what happen when you go to a states school. I don’t learn how to count in term of figures :-).
[quote=AN] Any 7 figures net worth out there as a W2-er?[/quote]
Actually I think it is probably quite common in older Coastal SD for home owner to have 7 figure net worth (and not really make that much on the W2 income).
If they inherited the home they live in or bought it say in the late 80’s etc…, the the home could easily be worth 7 figures but they make say 70-100k on W2
Stuff like that happens all the time I am fairly sure.
