Page 3 of 3 FirstFirst 123
Results 25 to 36 of 36

Thread: Who wants to be a Millionaire?

  1. #25

    Join Date
    Sep 2006
    Location
    Rocky Mountain High
    Posts
    6,828

    Default Re: Who wants to be a Millionaire?

    I found out the other day that I work with someone who claims to have a tsp balance of $2.5 million. He said that he started contributing to tsp when he was 19, and has left it in the C fund for his whole career. I think he is in his mid to late 40s.
    Weatherweenie's Account Talk
    Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Expected retirement date: November 2023

  2.  
  3. #26

    Join Date
    Sep 2006
    Location
    Upstate NY
    Posts
    3,014
    Blog Entries
    45

    Default Re: Who wants to be a Millionaire?

    From the article, I find it interesting that it took 27 years to hit $1M then six years later $2M. It's time in the market and steady savings that will get you to your goals.

    It took 27 years (at a starting salary of about $21,000) to make his first million.
    So much will ultimately depend on what kind of market you have during your career.

    I agree with him about maxing the 401k out. It's unnecessary. Do it a few years, but don't go putting yourself in the poor house doing it.

    He doesn't sound like a fan of diversification though.
    Last edited by Bullitt; 01-22-2021 at 07:01 PM.

  4.  
  5. #27

    Join Date
    Sep 2006
    Location
    Rocky Mountain High
    Posts
    6,828

    Default Re: Who wants to be a Millionaire?

    Quote Originally Posted by Bullitt View Post

    I agree with him about maxing the 401k out. It's unnecessary. Do it a few years, but don't go putting yourself in the poor house doing it.
    Then he follows it up with, in getting from 1 to 2 million he was maxed out along with over 50 catch-up contributions.
    Weatherweenie's Account Talk
    Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Expected retirement date: November 2023


  6.  
  7. #28

    Join Date
    Apr 2008
    Location
    Cleveland, Ohio
    Posts
    10,699

    Default Re: Who wants to be a Millionaire?

    Quote Originally Posted by Bullitt View Post
    From the article, I find it interesting that it took 27 years to hit $1M then six years later $2M. It's time in the market and steady savings that will get you to your goals.

    So much will ultimately depend on what kind of market you have during your career.

    I agree with him about maxing the 401k out. It's unnecessary. Do it a few years, but don't go putting yourself in the poor house doing it.

    He doesn't sound like a fan of diversification though.
    If you have a million invested I can see how you can reach $2M in six years. Especially since the market has earned double digits over the last 10 years (with a miner hiccup or two). It takes money to make money.
    May the force be with us.

  8.  
  9. #29

    Join Date
    Sep 2006
    Location
    Upstate NY
    Posts
    3,014
    Blog Entries
    45

    Default Re: Who wants to be a Millionaire?

    He did contradict that maxing out statement later on. I felt this guy's goal was just to have more. He's already working in retirement and seems to be well off without the 401k.

    Causey is a tough one to listen to also. Always cheerleading the TSP millionaires as if that's a number everyone needs to reach no matter what he cost. He spends more time talking about how wonderful it is to have all these millionaires when he'd be better off telling listeners to map out a plan for what their needs and goals are in retirement and NOT worry about what someone else has. The thought that everyone needs more is partially what is causing rampant speculation today.

    Time in the market is very important, but a good tailwind (bull market) during the drawdown years is even more more important.

  10.  
  11. #30

    Join Date
    Aug 2020
    Location
    New Hampshire
    Posts
    25

    Default Re: Who wants to be a Millionaire?

    I used to read Causey’s column in the Washington Post twenty years ago when I was in the Washington area. His columns seemed to be better back then. I read him now and his pieces seem to be repetitive and pretty thin in information. Almost seems like he’s just phoning it in. I think I’ve read his millionaires article a few times in the last year or so.

  12.  
  13. #31

    Default Re: Who wants to be a Millionaire?

    Quote Originally Posted by ALRetiree View Post
    I used to read Causey’s column in the Washington Post twenty years ago when I was in the Washington area. His columns seemed to be better back then. I read him now and his pieces seem to be repetitive and pretty thin in information. Almost seems like he’s just phoning it in. I think I’ve read his millionaires article a few times in the last year or so.
    He also carries over the same mistakes from article to article. He always seems to misinterpret what he's looking at.

  14.  
  15. #32

    Join Date
    Feb 2007
    Location
    San Diego, CA
    Posts
    6,988

    Default Re: Who wants to be a Millionaire?

    The TSP’s million dollar escalator: Better odds than the Powerball


    By Mike Causey @mcauseyWFEDJanuary 26, 2021 1:00 am






    Like most of you, I’m sure, I’m way too smart and sophisticated to play the lottery. To stand in line in the evening with a bunch of desperate looking people and wait my turn Look at the odds!

    https://federalnewsnetwork.com/mike-causey-federal-report/2021/01/the-tsps-million-dollar-escalator-better-odds-than-the-powerball/

    (Spoiler: another Mike Causey article)
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
    Tracker =
    Check my position

  16.  
  17. #33

    Join Date
    Sep 2006
    Location
    Upstate NY
    Posts
    3,014
    Blog Entries
    45

    Default Re: Who wants to be a Millionaire?

    Too bad he wasn't on this afternoon, he could be advising worried TSP'ers not to panic because "stocks are on sale right now."

  18.  
  19. #34

    Join Date
    Feb 2007
    Location
    San Diego, CA
    Posts
    6,988

    Default Re: Who wants to be a Millionaire?

    More than 8% of American adults are millionaires. Here’s how they got wealthy

    Odds are you know at least one millionaire.
    More than 8% of adults in the U.S. have enough assets to fit the definition, according to the Global Wealth Report 2020 by Credit Suisse. That works out to more than 20 million Americans.

    ...


    https://www.cnbc.com/2021/02/09/more-than-8-percent-of-american-adults-are-millionaires-heres-how-they-got-wealthy.html
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
    Tracker =
    Check my position

  20.  
  21. #35

    Join Date
    Sep 2006
    Location
    Upstate NY
    Posts
    3,014
    Blog Entries
    45

    Default Re: Who wants to be a Millionaire?

    I think some people give themselves too much credit. How many of them found their way into some Silicon Valley startup that got bought out by Google?

    Causey has another podcast out today. Guess what he's talking about?

    Most of the 75,420 (as of Dec. 30, 2020) feds with $1 million-plus Thrift Savings Plan accounts have three things in common. And none of which is age, occupation, sex, geographic location or agency.

    The vast majority got Club Millionaire status by doing the same three things...
    https://federalnewsnetwork.com/mike-...king-a-winner/

  22.  
  23. #36

    Join Date
    Feb 2007
    Location
    San Diego, CA
    Posts
    6,988

    Default Re: Who wants to be a Millionaire?

    New interesting count on TSP Millionaires!

    https://federalnewsnetwork.com/mike-...-set-the-pace/
    Long range TSP investors set the pace


    By Mike Causey @mcauseyWFEDApril 13, 2021 1:00 am

    ...



    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
    Tracker =
    Check my position


  24.  
Page 3 of 3 FirstFirst 123

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
SPY (C Fund) (delayed)
Who wants to be a Millionaire?
(Stockcharts.com Real-time)
DWCPF (S Fund) (delayed)
Who wants to be a Millionaire?
(Stockcharts.com Real-time)
EFA (I Fund) (delayed)
Who wants to be a Millionaire?
(Stockcharts.com Real-time)
BND (F Fund) (delayed)
Who wants to be a Millionaire?
(Stockcharts.com Real-time)

Yahoo Finance Realtime TSP Fund Tracking Index Quotes