I have big news: we are millionaire!!!
And not in an unlikely currency, not even in euros which are melting like snow in the sun these days…
No no, we are millionaires in CHF!
I can’t believe it, and maybe it’s because of the way it happened…
I still think about this article I wrote in April 2015: my Millionaire todo list.
And here we are 7 years later, with a million CHF of net worth in the MP family.
I’m almost disappointed…
The funny thing about this announcement is that I’m almost disappointed in how it happened.
You know me, as a good Mustachian, I like any increase in wealth to be the result of a long-term effort, not just luck.
But there, it was the opposite.
The first thing that made my net worth jump was the increase in value of our main residence by CHF 87'000, coupled with the possibility of 100% financing through the WIR bank.
Well, if you think about it, this is the result of a long term effort, because we took a long time to become owners, and we are not the kind of people who change houses every 5 years, so we benefit from the gradual increase in value due to the Swiss property market evolution.
I am looking forward to reinvesting these new funds in a rental investment in Switzerland by the way. But that’s another story.
The second element that is really due to luck is a sad event in our surroundings, which resulted in an unpredictable increase in financial capital.
For reasons of confidentiality, I will not elaborate on this subject.
But that’s life too… you can’t plan everything via a spreadsheet… as good a Mustachian as you may be.
So yeah, I’m a little disappointed that I didn’t have to count every CHF up to a million, patiently waiting for each health insurance reimbursement and other cashback from my credit card to finally pop the champagne :)
How does it feel to be a millionaire?
I always wondered what it would be like “the day I become a millionaire”…
Actually, as I write this, I am in a Regio on my way to work.
I still have two arms, two legs, two hands, two eyes. And the same doubts and motivations as the day before.
But there is still something that changes.
And I’ve noticed that already since we’ve passed the half million CHF mark.
The change is psychological.
It mainly concerns my job.
I feel much more comfortable challenging things, because I know that in the worst case scenario, I have a big enough cushion to roll over.
Afterwards, I’m not rude or disrespectful, but I have a lot less pressure to tell myself “Oh my God, if I say that I could be fired”.
And the funny thing is that this new behavior which dares more things, and which challenges the status quo… well… it’s paying off in salary increases :)
The first million is the hardest
As I often discuss during our hikes with a close friend, the first million is the hardest. And everything seems easier after that.
Especially in terms of the opportunities that come your way (and again, I’m biased with how lucky I am to have this blog), and also in terms of the leverage you can get through IBKR’s margin account and mortgage setups through banks that are much easier for me to negotiate with than they were back then.
Now I’m looking forward to one thing…
Since it took me 8.5 years to go from CHF 48'500 to CHF 1'044'205, I can’t wait to see how many years it will take me to reach CHF 2'000'000!
Especially since 2 millions in the MP family means FIRE (Financial Independence, Retire Early). Well, let’s be precise: CHF 2'156'000 exactly.
I’m tempted to bet that in 4 years we’ll be there (don’t hesitate to bet too via the comments below).
My net worth in detail
The patrons are familiar with this table that I send them each month as an exclusive perk.
But today being special, and because I myself would be curious to know the details of a net worth of 1 million CHF, I will share my chart publicly exceptionally:
And you, it will take you (or took you) how many years to reach your first million of CHF?