Yep - that's a Net Worth Equation. If you have enough tangible assets that are primarily paid off and very little to no debt, it's not unthinkable that you could accumulate ~$1MM in Net Worth even if you haven't had a lucrative career.

It's one of the things that I like about the Chase version of "points" - you can always redeem it in their travel portal, or you have a lot of different places you can transfer them. It's quite a bit more difficult to get good value on airline (or hotel) specific points for basic stuff. They're more ideal for luxury experiences. That said, here's a list of various currencies and what this particular website values them at:

https://onemileatatime.com/value-miles-points/

I grew up poor. Most of my life I was poor. I'm no longer poor.

If you have an airline of choice or live in a hub city an airline rewards card could be ideal.

We use Southwest Rapid Rewards and have been flying on points for a few years now + companion pass. Obviously it all got disrupted in 2020.

You should have dumped all of your money into paying off the house years ago, no matter how much you could have made with it in your 401k/investments during that time!!!

Yeah, not to say it's 'easy' and everyone should have a million dollars in assets by their mid-50s, but if you've bought and sold a few houses over decades or have held onto property that's skyrocketed over the years, plus have put some effort in squaring away a 401k, it not some insane goal to have at least half of that wrapped up in equity (the right rental properties are great for this, even if you're barely breaking even year to year), then the target 401k at 55 I assume would cover the other half.

Definitely a good goal by that point in life, and with the right investments and strategy, should be more than enough to retire (unless maybe you plan on living until 110).

ROFL

I had honestly forgot about all those discussions. Obviously DaFace is still salty.

Thinking back I think this thread was the one the prompted me to stick everything on the card for the points.

Not broke at all...

https://external-content.duckduckgo....gif&f=1&nofb=1

I'm very, very rich in experiences........

He's backed off on it a bit, but it's still just such a ludicrous position to take that people should avoid all debt at all costs. Granted, I kind of got lucky in buying to a housing market that has been red hot ever since I bought our place, but I calculated it up the other day, and the value of my house has appreciated more than the sum total of all of the money I have put into it (principal, interest, and repairs/upgrades/maintenance). It's like I've literally been able to live rent free in my own house for a decade.

To put it another way, if I'd rented all of this time, I still probably wouldn't have saved enough to pay cash for my place even in 2009 values, and the price has nearly tripled since then.

My net worth would literally be $300k+ lower right now if I'd followed R8ers advice.

You should never be debt free due to tax purposes, inflation, and the opportunity cost of tying that money up that can be otherwise used as earning power or other investments.

Don't listen to Dave Ramsey. Dave Ramsey is for people who can't wrap it around their heads that they shouldn't spend a ton of money on 40k truck if they make 40k a year. Managing your money is one of the easiest things to do on this planet, that for some reason most people cannot do.

I grew up poor. Most of my youth I was poor. I'm no longer young.

They say the first million is the hardest. Not in my experience. The first million was quite easy.

I have an addictive personality so I'm staying away from my gateway million...

Depends on how AMC does.