Is the first million really the hardest?

Is the first million really the hardest?

There’s a really interesting thread on Reddit’s Fat Fire subreddit (see below for my summary of FIRE; Fat Fire is a form of FIRE for folk who don’t want to be frugal post ‘retirement’!

To quote the original post: “I seem to have been at the 1 million (GBP) milestone for a few years, but haven’t been able to push far beyond. I’m self-made through my dedication to saving, ruthless judgement on purchases, and businesses I run. I have 25% of my NW in index funds / premium bonds, 25% in my businesses, 35% in the home we live in and 15% in Bitcoin and other assets.

I’m 41yo with partner and child. Our family won’t be growing and whilst it would be great to move house one day, we are comfortable with where we are, and take many trips away thanks to owning a campervan. We don’t have expensive taste, no fine wine or watches, and probably live on 40k per year. I know this NW is hardly anything compared to many of you, but I’m sure some of you were in this position at some point.

I’ve never considered property investment, not entirely sure I have the stomach for it, and I forecast my businesses will continue to operate at existing levels (a mere 80k per annum) for another 5 years; albeit on very few hours actual graft each week. I’m a hard worker, strong work ethic, so starting a fresh business is certainly on the agenda but what else might I want to consider. I’m at a point of struggling how to reach my target of 5mil.

Some will ask why I want to reach that; because I want to jump a couple of runs on the ladder for our next home, and I’ve always had a passion for cars and would like to finally get in to a supercar, rather than sports car. Above all, I want to provide a future for my son who suffers from a number of disabilities that will likely impact his chances of a ‘normal’ life when he’s an adult. My post is because I’m lacking motivation right now, and to that end am not as happy as I could be. Any suggestions greatly appreciated.’

I’ve added in a few paragraph breaks for ease of reading!

It would be a nice problem to have, but without getting judgemental, it does illustrate a point I’ve made before. Very few people actually feel comfortably wealthy. $1 million isn’t a fortune these days, but you could live off the income from it if you were careful.

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