Have You Saved Your First Million Yet?

[Mall Guy]

Wow, what a diverse conversation. . . from 'did you' to 'can you' to 'do you want to' to 'how to get there'. . . but back to OPs original post . . . let's do the add'em up - how many have saved a million, did it change anything for you, did you finally just freaking relax or did you go "better get another mil to go with the first". I think I only saw one yes, and a bunch of working on its, and a few getting close. What is considered "saved" . . . investments (whether in RRSP, TFSA, or taxable), contributions to RESPs (that you will re-repatriate at some point), home equity, investment property equity, DC pension . . . future value of inheritance ?

Depending on the definition . . . yes by net worth, no in my own mind . . . I want a million in a balanced investment portfolio, plus all the other stuff listed above! But still I won't relax . . . 1% my ass !!!

[My Own Advisor]

I am trying to work towards a $1 mil. stock portfolio and a paid off home in another 15 years. Hopefully the house is done in 9 years, the portfolio will take a few more years than the house...maybe more than 15 but hopefully not. That portfolio does not include my pension at work. This will be my financial freedom.

[marina628]

I got there in 2012 but I am still relatively young(45) so still have to plug away at it .

[Jon_Snow]

In terms of net worth, I will soon be closer to the 2 million mark... but sadly, my portfolio is still considerably shy of a million. Would have to sell a few of my properties to get there. But considering our naturally frugal ways, I don't think we need a million dollar portfolio anyway...

[mrPPincer]

Semi-retired at age 50, have been for a number of years, gradually working less and less over the last decade.
Excluding the value of my home, my portfolio needs about 2 more doublings to get me within spitting distance.

Considering that I plan to only add the TFSA limit of new money for 10 more years, I'll need something in the neighbourhood of 14% returns over the next decade to have saved a mil by age 60. (rule of 72)

At present I'm an index investor, and I don't forsee mind-blowing returns over the next decade for a balanced index portfolio, nor do I see myself consistently being lucky or outsmarting the market in active investing, so reaching a million before I plan to fully retire (from physical labour type work) seems highly improbable, but not impossible.

There is however, my alternative retirement strategy, the OLG, otherwise known as voluntary taxes.
When the pot for the lotto 649 goes over 28 mil, a ticket is worth the 2 bucks, because the odds of hitting the jackpot are 1 in 14M.
(Sometimes there's 2 winners, but I figure that is somewhat counterbalanced by all the smaller prizes)

Plan C, becoming pool boy and subsequently marrying into money seems even more improbable than plan B, so it brings me full circle, back to A

[Square Root]

yes. Many times over. Annual earnings from our investments and pensions exceed that figure. We are very lucky and know it.

[Homerhomer]

No, not yet and it's not a goal to be honest, however looking around I can't think enough how blessed we are.
We are healthy, son is turning out to be a nice young fellow.

Some of our friends have serious health issues, children with disabilities, some are alcoholics, have other addictions or are not happy in their relationships. Wouldn't trade it for a million, or even two.

We are trully blessed.

[atrp2biz]

Yup--and zero real estate. Moved to Calgary from Toronto last summer and we're still renting--haven't found the house we're looking for yet. We're in our early 30's with one kid and another in the oven--I'm thinking the new baked goods may force our hand in making the real estate plunge.

[olivaw]

Yes, my wife and I have surpassed our first million in liquid assets. It wasn't easy and most of the savings came later in life after the kids were done, the mortgage was paid off and we reached our peak earnings years.

[My Own Advisor]

Congrats Square Root, marina and oliviaw and others.....you're an inspiration.