how long did it take to accumulate $1 mil equity?

[neK]

Did some simplistic modelling and assuming i did everything i did and also bought more property in 2008 and 2013.

Just buying in 2008, approximately 430k better off.
Buying in 2008 and 2013, approxiamtely $800k better off

That's assuming:
1. The bank would be prepared to lend me that money to begin with
2. I was prepared to take that level of debt to begin with (this really flows back into the mindset theme being discussed recently).

 

[mik]

Your original question was ....
it seems the first 1 mil of equity is the turning point of wealth creation, from the first 1 mil on, the journey will be easier, faster.
I don't know where this assumption comes from but I question it's accuracy.
The "turning point" of wealth creation is not $1M or any other amount of money. It is when you start executing a certain attitude or a set of good financial habits. That is when wealth creation starts.
Down the road you will accumulate equity but the real issue is how much income can you generate from that equity? Equity is great but it does not necessarily generate an effective income. In my view it is the passive income generated that gives you "wealth". After all, what is the use of $1M or $10M in equity if you still have to go to work every day to pay the bills.
The other issue to consider is "when is enough enough?". Think about when you will convert the equity into income to support your chosen life style.

 

[LeoT]

Your original question was ....
it seems the first 1 mil of equity is the turning point of wealth creation, from the first 1 mil on, the journey will be easier, faster.
I don't know where this assumption comes from but I question it's accuracy.
The "turning point" of wealth creation is not $1M or any other amount of money. It is when you start executing a certain attitude or a set of good financial habits. That is when wealth creation starts.
Down the road you will accumulate equity but the real issue is how much income can you generate from that equity? Equity is great but it does not necessarily generate an effective income. In my view it is the passive income generated that gives you "wealth". After all, what is the use of $1M or $10M in equity if you still have to go to work every day to pay the bills.
The other issue to consider is "when is enough enough?". Think about when you will convert the equity into income to support your chosen life style.

Kudos to whomever posted this. Its a brilliant post and I agree 100% with every point mate.

That's why I decided to sell some stock and realise the profits now so I can enjoy the lifestyle now and not have to wait till later, whilst keeping some stock also builds the asset base. I especially agree when you said " It is when you start executing a certain attitude or a set of good financial habits. That is when wealth creation starts. Down the road you will accumulate equity but the real issue is how much income can you generate from that equity? Equity is great but it does not necessarily generate an effective income"

Great post and insight I value.

leo