Saturday 2 July 2016

2 Commas = £1,000,000

Today, as I have done pretty much every Saturday morning since October 2007, I again sat down and updated my wealth and progress to FIRE (financially independent retired early).  This morning was however a little different as when I usually look at the wealth column of my spreadsheet after entering the data I see 6 figures and a single comma.  Today, for the first time, I saw a second comma indicating that my wealth had passed the £1,000,000 mark.

Wealth spreadsheet snapshot
Click to enlarge, Wealth spreadsheet snapshot

This number means I am now 98.9% of the way to FIRE.

RIT path trodden to Financial Independence
Click to enlarge, RIT path trodden to Financial Independence

This was always a psychological number for me given the amount of sheer determination (in the end it took me 8.5 years to achieve it) I knew I would have to sustain to achieve it.  I’m sure it’s also a psychological number for many others and also a number that many will never see.  Given its significance I thought I’d be jumping for joy and popping the champagne corks.  In the real world I’m doing neither with the word to describe my current feelings actually being nonchalant.  This is because it just seems fake and I actually feel a little cheated.  I wanted to cross this mark with a blaze of hard graft, frugality and investing savvy.  Instead the majority of the final leg simply came from the devaluation of the pound because of the Brexit vote.

I guess one positive of it all is that I’ll at least remember what was happening at the time I became a millionaire.  Oh and of course a second big positive is that with a fair wind I could actually be financially independent in just a few short weeks...

22 comments:

  1. Whoo hoo!! Great news RIT - warmest congratulations on getting to this milestone.

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  2. Fantastic. Nice job and congrats on entering the double comma club. This is a huge accomplishment and you should be proud of your accomplishment.

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  3. Congratulations! i hope FIRE wont be the end of your blog.

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  4. Shouldn't the devaluation of the pound also adjusted the goal? Particularly if still looking to migrate to the south?

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  5. On the continent it would only be one comma. I blame Brexit.

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  6. Well done RIT, enjoy the rest of the journey.

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  7. Congratulations :)

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  8. A landmark passed following nearly a decade of hard graft, congratulations! It is truly inspiring stuff, Sir RIT :)
    Mr Z

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  9. Congratulations RIT!

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  10. Well done sir, very impressed!

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  11. Damn, I am jealous! You are rich, man.

    And I am booking my next luxury holiday now....

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  12. Interesting - especially the comments so far . To me - the world has changed - especially for the UK. There is a lot less certainty about the future, many more risks - and the level of pre-existing risks has increased .
    I normally think I am a bit more bullish than RIT - but I am currently MUCH more bearish. Our situations are very different as I have always known that I would have a fairly substantial Govt.backed ( ie - unfunded!and non invested )index linked pension to look forward to- that gives me a great sense of security allowing a riskier approach to my other assets .I admit that I am probably too obsessed with politics and economics - but fundamentally these are both mainly about people - whom I find fascinating.
    I have felt particularly gloomy this week - so it is nice to her RIT being so upbeat - and maybe leaving the UK looks more attractive than it did pre-referendum.

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  13. Congratulations on this momentous occasion, RIT - well done!

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  14. @All
    Many thanks for the positive wishes. Next step FI.

    @stringvest
    This is a personal finance blog and not a political one so I won't veer to far off topic. I know that when I leave this great country it will be with some genuine sadness. However if the UK worst case does occur with the draw bridge being pulled up and the country starting to look inwards that sadness may just turn into relief.

    @dearieme
    I assume you're referring to the comma's being stop's and the stop's being comma's?

    @anon
    "Shouldn't the devaluation of the pound also adjusted the goal? Particularly if still looking to migrate to the south?" My financial modelling assumes an exchange rate of 1.123 forever so I'm still good to go even at current rates. If it does get worse than that for an extended period I would need to start cutting back a little but I have opportunity to do that also.

    @K.
    Our holiday is also booked. This one is hopefully the one that will help us finalise our Med location.

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  15. Well done RIT. Have you ever posted your spreadsheet template? Very interested to know your column headings between A and EI!!

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  16. That is a monumental achievement - very well done. Insane discipline and stratospheric earnings. You deserve a rest.

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  17. Congratulations RIT! The devaluation is annoying, especially with your future plans (as we've discussed before re: currency risk) but I fully admit I wouldn't give that two minutes thought it your shoes on first seeing the second comma! :)

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  18. Excellent discipline and organisation - does the figure include your the value of your home?

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  19. Considering our trade deficit and the general cost of things here, a fall in Sterling is a good thing and is long overdue.

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  20. well done Rit! set a goal and worked unswervingly towards it and got there.

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