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My Next Financial goals: $1M

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  • My Next Financial goals: $1M

    The nice thing about achieving goals is choosing new ones to attain.

    My next financial goals [these are more long term than my prior]: giving away $1M, and $1M in retirement accounts.

    I looked back at old goals [milestones] and goals always seem distant and large before you achieve them and ho-hum afterwards.

    Quick summary:
    net worth of zero about five years ago
    net worth of $1M about 3 years ago [some loans/debt came off]
    $1M in investments+retirement accounts about 4 months ago

    Even though I max out retirement contributions, I don’t project reaching my goal for another 10 years [I do mega back door Roth with my 1099 income but it is not large enough to max out the $56k ceiling].

    For me, setting new goals doesn’t have to do with a course change or a correction to my plan just a new milestone to look forward to.

  • #2
    Originally posted by runfast00 View Post
    The nice thing about achieving goals is choosing new ones to attain.

    My next financial goals [these are more long term than my prior]: giving away $1M, and $1M in retirement accounts.

    I looked back at old goals [milestones] and goals always seem distant and large before you achieve them and ho-hum afterwards.

    Quick summary:
    net worth of zero about five years ago
    net worth of $1M about 3 years ago [some loans/debt came off]
    $1M in investments+retirement accounts about 4 months ago

    Even though I max out retirement contributions, I don’t project reaching my goal for another 10 years [I do mega back door Roth with my 1099 income but it is not large enough to max out the $56k ceiling].

    For me, setting new goals doesn’t have to do with a course change or a correction to my plan just a new milestone to look forward to.
    you became a millionaire in 2 years? i mean, congrats but whats hard about these goals then?

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    • #3
      It's probably just me but I would probably wait until I had $1M in my retirement accounts before I gave away $1M.

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      • #4
        Peds. You are correct. I made a timeline error

        ***corrected
        net worth zero 10 years ago
        5 years ago medical school loan forgiveness completed
        Net worth 5 years ago 400k

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        • #5
          IMO It's way better to have 1M in taxable first rather than focus on 1M retirement first.

          Both are good of course, but having a large taxable account gives you so much more freedom and peace of mind, since you are able to tap into it literally any time you want or need it.

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