The thing with 5-7 million is, that range could easily be 3-9 million based on inflation and returns over a long fvcking period.
I would hardly call you a mild failure, not even considering that you say you didn't start from much. Statistically you seem to have surpassed the vast majority of Americans and be easily in some of top standard of living globally. That is a successes by any measure not even considering your potential background. I've read that most people only have something like 10k for their retirement.
That said, everyone is different. Both my parents worked their way up and provided a very secure life for me growing up. Psychologically this has left me in a position where (as much as I joke about it), I wouldn't be particularly happy without having some kind of impact on the world. My immediate goal may be financial stability and freedom to be able to lay the foundations for a family, but long term (as of right now, of course everything is open to change), I won't be happy unless have enough money to really change an area of my choosing. While this all seems like a paper dream and may be, I use it when judging my risk tolerances for today. I know my salary can probably carry me to a decent retirement which is why instead I am willing to make occasional highly speculative investments.
I presume about 70k per year which I'll need to adjust for inflation.
That is sadly what I go through now after tax living in the tri-state area.
Oh I know, I don't disagree with you. My boss is an good example of smart + skill + luck colliding. Being at the right place at the right time will really make or break many people.
I actually book my trading accounts out of my shopping/recreation budget, since my 401ks are conservatively run. This way I accept I have an accurate view of my net worth that takes into account the actual risk of those investments. I tend to reinvest the cash that comes off of my speculative investments in much safer investments and then credit those to my net worth. Obama's raise on the qualified dividend tax nearly destroyed that strategy though.
I would argue it's a time to buy a tranche. Given the vol I would split my buying into at least four chunks to cry and get a decent average price.
I'm going to start adding more XOM and BP. The situation is very different than when I initially began my oil investments. While I am happy to have my shale plays, they will either buy off big or die, so no need to be raising the stakes. XOM and BP can survive until the Saudi's begin pushing the price back up.
I would love to own some Aramco, but one of two things would happen:
1. I get no shares, because they are all spoken for 100x over
2. I get shares because they are so obscenely expensive that no professional investor would touch them.
Fun blurb from the Economist:
"By the standards of national oil monopolies, analysts say that Aramco is well run. In the 1940s and 1950s, when the American consortium recruited young Saudis, it was an “unlikely union of Bedouin Arabs and Texas oil men, a traditional Islamic autocracy allied with modern American capitalism”, writes Daniel Yergin in “The Prize”. Under American ownership, it built towns with schools, wiped out malaria and cholera, and helped farmers become entrepreneurs, officials recall, explaining why it was popular with Saudis.
What I was trying to get at is that you cannot tell me to "get over myself" because you were valeting cars or whatnot when you were 30. Why should your life situation have any relevancy to my goals?
It's just as absurd as my assertion that you're a failure for having to work to secure a comfortable living at your age, cause when I'm your age, I don't want to need to be working to fund whatever lifestyle I want at that time (which could be a rather modest one, who knows?).
I don't actually think you're a failure. What you've achieved is commendable, no two ways about it. Besides, you pay taxes, so that's a huge win in and of itself ;)
Still sitting on my cash. Disappointed to see the rally lose steam and reverse course.