We're Mortgage Free Millionaires! Now What?

[@JasonBay-RealEstateInvesting]

I am 44 and paid off my mortgage in Feb of this year (2022). I have 11 units of rental property (including a house hack situation) and a net worth of 4 million dollars. This is exactly the video I was looking for. Not sure why but I feel like I need to keep investing hard. I feel nervous about difficult times ahead (potentially). I am struggling with the "live and enjoy now" concept. Thank you

[@JasonBay-RealEstateInvesting]

By the way, I finished watching the whole video. I don't know if I am aligned completely to the ideas here but REALLY loved hearing the arguments. Big fan of hearing some counter to norm concepts. Get's my brain thinking. Thank you for producing this wonderful video!

[@MarriageKidsandMoney]

I really appreciate this feedback and perspective! Especially from someone who has done so well with their wealth building

[@markw6309]

Nice to see this perspective. Too many people focus on making more and more money, forgetting they have a life to live and enjoy right now. Particularly when you have children, you can't go get that time back 20 years later when you retire!

[@MarriageKidsandMoney]

We’re learning this more and more. Time is precious… once we hit our income happiness level, it’s time to enjoy more

[@TheFirstRealChewy]

I live for today and tomorrow. Travel is important to us and not something we want to wait until retirement when we might not have the health and strength to do it. It's going to be different if we wait. If you strike a good balance between today and tomorrow then its all good. Keep in mind that all that extra money in retirement can also go towards providing a head start for your kids future. This is how generational wealth is created, where your kids don't even have to worry about saving for retirement because you already did all the work. Then your grand kids don't even have to worry about work because your kids already did all the work.

[@yasminogbu8929]

Andy your so positive! Its such a breath of fresh air listening to you! You make these subjects, entertaining and joyful to listen to. Thank you! Keep on with the awesome work

[@MarriageKidsandMoney]

I’m so happy to hear you say that! Thank you!

[@carolannstevens5814]

I wish we did this when we were your age. Great job!

[@MarriageKidsandMoney]

Thank you Carol!

[@jaxkewl]

Do people include their home and retirement accounts when they say they are millionaires?

[@MarriageKidsandMoney]

Since they are assets, I do.

[@TheFirstRealChewy]

I don't. It's technically an asset I can tap into if things go really bad, but until then it's not money I plan to spend.

[@TheFirstRealChewy]

I am more conservative. I use the 4% rule as my growth estimate. If 4% growth (accounting for inflation) works for all market conditions, and I plan to base my spending on it in retirement, I might as well base my growth on it leading up to retirement. So I estimate that $550,000 today will grow to about $1,205,000 in 20 years after accounting for inflation; assuming no additional contribution. If it happens to grow by the anticipated 7% then that's great. If I reach my target invested amount early (before retirement age) then I would keep working and just live it up until retirement. Another thing to consider when projecting into the future, is the state of the market at the time that you made the projection. If you made the projection when the market is at its worse (bear market), then there is a high probability that you will exceed your projection. If you made the projection when the market is at its best (bull market), then there is a high probability that you will fall below your projection. So offset your starting point based on the current state of the market to increase your odds of success.

[@MarriageKidsandMoney]

Great points Jermaine! Only time will tell of course. Outside of retirement specific investments, we’re investing in real estate through Arrived Homes, Fundrise and traditional REITs. Also, I see my small business as an income generating asset that I can eventually sell as well. In short, we will always be investing, maybe not as much in traditional retirement accounts.