So you want to be a millionaire...

[Deebs]

We have a ton of student loan debt, but will reach over 1 mil before retirement. We are working really hard to pay down debts while investing for retirement because, to be honest, 1 mil isn't necessarily all that much anymore. I'm not counting on Medicare or SS being there for us - it will just be a happy surprise if it is.

[spotty_dog]

We have a ton of student loan debt, but will reach over 1 mil before retirement. We are working really hard to pay down debts while investing for retirement because, to be honest, 1 mil isn't necessarily all that much anymore. I'm not counting on Medicare or SS being there for us - it will just be a happy surprise if it is.

Agreed. I've played a bit with this tool, it's a really good one for simulating both the growth and withdrawal phases, and most of the time I assume zero post-retirement income from social security just to play it safe: http://www.flexibleretirementplanner.com/wp/

[Liisi]

Being millionaires is not our goal, and I agree with this part of the article:

"5. First of all, why do you want to be a millionaire? Then the next question is? How many millions? Is 1 enough? or 2 , or 10? You will never be satisfied, whatever you make. Like many said above, live below your means, and try to find happiness in things you do well. Be nice to your family. Have 1 or 2 good friends and spend time with them. Live life to the fullest. Being a millionaire really doesn’t give you happiness, if that is what you are aiming at. Being jealous of the neighbor who is an investment banker living in a million dollar home is only going to bring sadness in your life. Move away and live in a different community !!!"

[spotty_dog]

Being jealous of the neighbor who is an investment banker living in a million dollar home is only going to bring sadness in your life. Move away and live in a different community !!!"

But I thought that response was the oddest, and was one of the reasons I brought up the Millionaire Next Door. Living lavishly is seldom the way to create a high net worth, and the most compelling reasons to work toward saving rather than spending are to have the means to be in charge of your life decisions, reduce the stress of worrying about job loss, reduce the stress of uncertain economic times...money doesn't buy love or happiness, but living within ones means seems to be a pre-requisite for those things to some extent. "Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery."

[BonBon]

I didn't care for the response because it implies that the doc is motivated by cash and not what the cash can do for him (ie RETIRE). My husband's goal wasn't to become a physician to be a millionaire; however given how much he's invested into his career it's a very nice perk. Like Spotty Dog said above, we are wealthy now *because* we didn't live lavishly. We still live well below our means and invest and squirrel away. The result is we have no financial worries.

[weeniegeniewife]

I didn't care for the response because it implies that the doc is motivated by cash and not what the cash can do for him (ie RETIRE). My husband's goal wasn't to become a physician to be a millionaire; however given how much he's invested into his career it's a very nice perk. Like Spotty Dog said above, we are wealthy now *because* we didn't live lavishly. We still live well below our means and invest and squirrel away. The result is we have no financial worries.

This is us as well. Perfectly said, BonBon!