robertf57
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Thanks for the clarification and congrats.
29 (now 38) - Long Way to Go, But Digging In
- Thread starter Standard Staples
- Start date
Standard Staples
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Time for a mid-year update, as of the end of June:
Here's where I was at the start of 2015 and where I am now:
===============================================================
$165,000 Annual Combined Income – Tracking closer to $171,000
$66,000 Roth - $72,000 (+6,000)
$52,000 Taxable Brokerage - $60,800 (+$8,800)
$43,000 Rollover IRA - $40,200 (-$2,800)
$64,000 401k (Combined) - $83,000 (+$19,000)
$14,600 IRA/Roth IRA (College Savings) - $20,000 (+$5,400)
$18,000 Cash/HSA - $20,000 (+$2,000)
Primary Residence: $218,500 Debt ($131,500 Equity) - $213,500 Debt ($147,500 Equity)
Rental Property: $141,000 Debt (-$35,000 Equity) - Still generating $250/month in profit. - $139,000 Debt (-$8,000 Equity) ~$300/month profit through June
NET WORTH: ~$354,100 – ~$435,500 (+$81,400)
2014 Annual Expenses: $57,600 – 2015 tracking at $57,604.40 (kind of crazy to be that similar)
2014 Annual Savings: $71,850 – 2015 tracking at $82,794.04
===============================================================
Here’s how I'm tracking with my 2015 goals:
$40,000 401k (including Company Matches) – $20,935.46 – Off Track - Need to ramp up my wife's 401k to meet
$20,000 Brokerage – $7,500 – Off Track - Diverting money to tax advantaged accounts first
$10,000 House Principal Payoff – $5,097.36 – On Track
$8,000 Reinvested Dividends – $3,785.29 – On Track - 2nd Half of the Year is going to push me well in excess of $9,000
$5,500 Roth – $5,500 – DONE EARLY
$3,600 IRA – $3,200 – On Track - Includes $1,900 for 2014 adders
$3,600 HSA – $1,800 – On Track
$0 Secondary Roth - NEW GOAL - $1,905 - On Track
$90,700 TOTAL – My current estimate for this total is closer to $81,000, with the drop in Brokerage adders. I’ll do my best to ramp this number up as the year closes out, working to get both 401k accounts maxed out for the year.
===============================================================
I am pleased to announce the baby plans have thus far worked out as planned, and we are expecting our second child in February of next year! For now, we are still planning for my wife to continue working, as the income is strong, and we have been really pleased with my son’s progress at daycare. It’s not cheap, but his growth in speech, motor skills, social skills, etc. has been well worth the cost, and we want our second to have the same experiences. I feel very good about 2015, so far, and I’m looking forward to the rest of the year.
Here's where I was at the start of 2015 and where I am now:
===============================================================
$165,000 Annual Combined Income – Tracking closer to $171,000
$66,000 Roth - $72,000 (+6,000)
$52,000 Taxable Brokerage - $60,800 (+$8,800)
$43,000 Rollover IRA - $40,200 (-$2,800)
$64,000 401k (Combined) - $83,000 (+$19,000)
$14,600 IRA/Roth IRA (College Savings) - $20,000 (+$5,400)
$18,000 Cash/HSA - $20,000 (+$2,000)
Primary Residence: $218,500 Debt ($131,500 Equity) - $213,500 Debt ($147,500 Equity)
Rental Property: $141,000 Debt (-$35,000 Equity) - Still generating $250/month in profit. - $139,000 Debt (-$8,000 Equity) ~$300/month profit through June
NET WORTH: ~$354,100 – ~$435,500 (+$81,400)
2014 Annual Expenses: $57,600 – 2015 tracking at $57,604.40 (kind of crazy to be that similar)
2014 Annual Savings: $71,850 – 2015 tracking at $82,794.04
===============================================================
Here’s how I'm tracking with my 2015 goals:
$40,000 401k (including Company Matches) – $20,935.46 – Off Track - Need to ramp up my wife's 401k to meet
$20,000 Brokerage – $7,500 – Off Track - Diverting money to tax advantaged accounts first
$10,000 House Principal Payoff – $5,097.36 – On Track
$8,000 Reinvested Dividends – $3,785.29 – On Track - 2nd Half of the Year is going to push me well in excess of $9,000
$5,500 Roth – $5,500 – DONE EARLY
$3,600 IRA – $3,200 – On Track - Includes $1,900 for 2014 adders
$3,600 HSA – $1,800 – On Track
$0 Secondary Roth - NEW GOAL - $1,905 - On Track
$90,700 TOTAL – My current estimate for this total is closer to $81,000, with the drop in Brokerage adders. I’ll do my best to ramp this number up as the year closes out, working to get both 401k accounts maxed out for the year.
===============================================================
I am pleased to announce the baby plans have thus far worked out as planned, and we are expecting our second child in February of next year! For now, we are still planning for my wife to continue working, as the income is strong, and we have been really pleased with my son’s progress at daycare. It’s not cheap, but his growth in speech, motor skills, social skills, etc. has been well worth the cost, and we want our second to have the same experiences. I feel very good about 2015, so far, and I’m looking forward to the rest of the year.
Greencheese
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I really like the use of colors in tracking changes to your net value!
Standard Staples
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It's been a couple months, but there are a few notable updates. First, we found out we are having a baby GIRL. It will be a new experience, but we think it's really cool we'll have one of each. To help with the second child coming along, my boss called out of the blue last week and gave me a $10K/year raise, just to show their appreciation of my efforts and that they want to see me grow and be promoted within the company. I was stunned, since I hadn't even hinted at asking for a raise. Feels good to be looked after by a solid boss.
The market has been off lately, but with a long horizon, I don't mind. My net worth hasn't continued it's rapid upward ascent, but it's still up a bit, and it's a very good buying opportunity. Here's where I am:
Time for a mid-year update, as of the end of June:
Here's where I was at the middle of 2015 and where I am now:
================================================== =============
$171,000 Annual Combined Income – Now tracking closer to $178,000
$72,000 Roth - $67,300 (-$4,700)
$60,800 Taxable Brokerage - $59,500 (-$1,300)
$40,200 Rollover IRA - $39,200 (-$1,000)
$83,000 401k (Combined) - $89,300 (+$6,300)
$20,000 IRA/Roth IRA (College Savings) - $21,300 (+$1,300)
$20,000 Cash/HSA - $18,000 (-$2,000)
Primary Residence: $213,500 Debt ($147,500 Equity) - $211,500 Debt ($158,300 Equity)
Rental Property: $139,000 Debt (-$8,000 Equity) - Still generating $250/month in profit. - $138,000 Debt (-$2,000 Equity) ~$450/month profit through September
NET WORTH: ~$435,500 - ~$450,900 (+$15,400)
2014 Annual Expenses: $57,600 – 2015 now tracking down to $57,000
2014 Annual Savings: $71,850 – 2015 now tracking up to $87,350
================================================== =============
Here’s how I'm tracking with my 2015 goals:
$40,000 401k (including Company Matches) – $29,240 – On Track - Will exceed $42,000
$20,000 Brokerage – $8,350 – Off Track - Still diverting money to tax advantaged accounts first
$10,000 House Principal Payoff – $6,850 – Slightly Off Track
$8,000 Reinvested Dividends – $6,580 – On Track - 2nd Half of the Year is going to push me well in excess of $9,000
$5,500 Roth – $5,500 – DONE EARLY
$3,600 IRA – $3,600 – DONE EARLY - Includes $1,900 for 2014 adders
$3,600 HSA – $2,200 – On Track
$0 Secondary Roth - NEW GOAL - $3,000 - DONE EARLY
$90,700 TOTAL – My current estimate for this total is now up to $86,500, with the drop in Brokerage adders. I’ll do my best to ramp this number up as the year closes out.
================================================== =============
The market has been off lately, but with a long horizon, I don't mind. My net worth hasn't continued it's rapid upward ascent, but it's still up a bit, and it's a very good buying opportunity. Here's where I am:
Time for a mid-year update, as of the end of June:
Here's where I was at the middle of 2015 and where I am now:
================================================== =============
$171,000 Annual Combined Income – Now tracking closer to $178,000
$72,000 Roth - $67,300 (-$4,700)
$60,800 Taxable Brokerage - $59,500 (-$1,300)
$40,200 Rollover IRA - $39,200 (-$1,000)
$83,000 401k (Combined) - $89,300 (+$6,300)
$20,000 IRA/Roth IRA (College Savings) - $21,300 (+$1,300)
$20,000 Cash/HSA - $18,000 (-$2,000)
Primary Residence: $213,500 Debt ($147,500 Equity) - $211,500 Debt ($158,300 Equity)
Rental Property: $139,000 Debt (-$8,000 Equity) - Still generating $250/month in profit. - $138,000 Debt (-$2,000 Equity) ~$450/month profit through September
NET WORTH: ~$435,500 - ~$450,900 (+$15,400)
2014 Annual Expenses: $57,600 – 2015 now tracking down to $57,000
2014 Annual Savings: $71,850 – 2015 now tracking up to $87,350
================================================== =============
Here’s how I'm tracking with my 2015 goals:
$40,000 401k (including Company Matches) – $29,240 – On Track - Will exceed $42,000
$20,000 Brokerage – $8,350 – Off Track - Still diverting money to tax advantaged accounts first
$10,000 House Principal Payoff – $6,850 – Slightly Off Track
$8,000 Reinvested Dividends – $6,580 – On Track - 2nd Half of the Year is going to push me well in excess of $9,000
$5,500 Roth – $5,500 – DONE EARLY
$3,600 IRA – $3,600 – DONE EARLY - Includes $1,900 for 2014 adders
$3,600 HSA – $2,200 – On Track
$0 Secondary Roth - NEW GOAL - $3,000 - DONE EARLY
$90,700 TOTAL – My current estimate for this total is now up to $86,500, with the drop in Brokerage adders. I’ll do my best to ramp this number up as the year closes out.
================================================== =============
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Something to ponder: you are saving 60% of your income.
If you can push that up even further to 66% you'll effectively be saving two years worth of expenses every year you work!
You might think you have a long way to go but at this rate you may even be fully financial independent by 40.
You're posting from an alternate universe, aren't you?
Standard Staples
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No kidding. I think my jaw literally dropped. I had no response other than to stammer out a thank you. I was actually playing in a charity golf tournament one of our vendors hosted at the time, and we talked at the turn. It was pretty difficult to keep my focus on the back 9 after that call.
Funny part is, he had texted me with "Call me when you have a couple minutes in private." Naturally, my glass half empty side started thinking "Uh oh, what did I do or forget to do? Guess I'm fired now."
Standard Staples
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Good call, and thanks for chiming in. I'm always trying to find gaps in the budget. I started the year forecasting a 48-50% savings rate and have slowly pushed it up to 60%. If we could reach our goals by 40, that would truly be amazing.
Standard Staples
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The end of another year has come, and it's time for an update! I'm really happy with how we did. Overall income was up about 20%, thanks to a generous raise, healthy bonus, reliable renters and growing dividends. The market fluctuated quite a bit, but my two properties gained significant equity, helping to offset some of the unrealized market losses. In terms of net worth, we almost managed to both enter and exit the 400K club in the same year, and I'm optimistic that through growth and contributions, we can race toward the 600K mark by the end of 2016.
Here's how the end of 2015 looked, when compared with the end of 2014:
================================================== =============
$155,000 Annual Combined Income - $187,000
$66,000 Roth - $63,500
$52,000 Taxable Brokerage - $65,000
$43,000 Rollover IRA - $39,100
$64,000 401k (Combined) - $104,700
$14,600 IRA/Roth IRA (College Savings) - $22,400
$18,000 Cash/HSA - $18,000
Primary Residence: $218,500 Debt ($131,500 Equity) - $209,500 Debt ($180,000 Equity)
Rental Property: $141,000 Debt (-$35,000 Equity) - $138,400 Debt (-$3,400 Equity)
NET WORTH END 2014: ~$354,100
NET WORTH END 2015: ~$489,300
2014 Annual Expenses: $57,600
2015 Annual Expenses: $57,300
2014 Annual Savings: $71,850
2015 Annual Savings: $90,120
2015 Annual Savings Rate: ~61%
========================================================
2015 Goals
$40,000 401k (including Company Matches) - DONE - $42,228.27
$20,000 Brokerage - NOT DONE - $9,850.00
$10,000 House Principal Payoff - NOT DONE - $9,011.18
$8,000 Reinvested Dividends - DONE - $11,911.90
$5,500 Roth - DONE
$3,600 IRA - DONE - $4,400 ($1,900 for 2014)
NEW GOAL $3,000 Roth - DONE
$3,600 HSA - DONE__________________________
$90,700 TOTAL - $89,501.35 TOTAL
I feel great about the goals, having only missed the total investment marker by ~$1,200.
========================================================
2016 Notes & Goals
2016 is going to be a bit tougher, primarily due to expenses related to an upcoming birth (hence the jump in HSA contributions) and the second child daycare expense starting in May. I'm maxing out my $5,000 dependent care FSA, and I only wish it was $5,000 per child. We crushed the savings rate in 2015, but I just don't see us coming close to matching it this year. I think I can push us in to the low-50's, but 60% seems out of reach. I don't see housing equity growing at the same clip as 2015, so my net worth goal is pretty conservative, allowing for a relatively flat year. With that being said, here are my estimates/goals for 2016:
Annual Combined Income: $190,000
Annual Expenses: $73,300
Annual Savings: $60,000
Annual Savings Rate: 45%
Net Worth: $575,000
$41,500 401k (including Company Matches)
$0 Brokerage - (Big Change - Focusing on minimizing tax burden first. Excess money will filter to this account)
$6,400 House Principal Payoff
$9,500 Reinvested Dividends
$5,500 Roth
$3,600 IRA
$1,900 Roth
$6,850 HSA__________________________
$75,250 TOTAL
Here's to 2016! Thanks for following along.
Here's how the end of 2015 looked, when compared with the end of 2014:
================================================== =============
$155,000 Annual Combined Income - $187,000
$66,000 Roth - $63,500
$52,000 Taxable Brokerage - $65,000
$43,000 Rollover IRA - $39,100
$64,000 401k (Combined) - $104,700
$14,600 IRA/Roth IRA (College Savings) - $22,400
$18,000 Cash/HSA - $18,000
Primary Residence: $218,500 Debt ($131,500 Equity) - $209,500 Debt ($180,000 Equity)
Rental Property: $141,000 Debt (-$35,000 Equity) - $138,400 Debt (-$3,400 Equity)
NET WORTH END 2014: ~$354,100
NET WORTH END 2015: ~$489,300
2014 Annual Expenses: $57,600
2015 Annual Expenses: $57,300
2014 Annual Savings: $71,850
2015 Annual Savings: $90,120
2015 Annual Savings Rate: ~61%
========================================================
2015 Goals
$40,000 401k (including Company Matches) - DONE - $42,228.27
$20,000 Brokerage - NOT DONE - $9,850.00
$10,000 House Principal Payoff - NOT DONE - $9,011.18
$8,000 Reinvested Dividends - DONE - $11,911.90
$5,500 Roth - DONE
$3,600 IRA - DONE - $4,400 ($1,900 for 2014)
NEW GOAL $3,000 Roth - DONE
$3,600 HSA - DONE__________________________
$90,700 TOTAL - $89,501.35 TOTAL
I feel great about the goals, having only missed the total investment marker by ~$1,200.
========================================================
2016 Notes & Goals
2016 is going to be a bit tougher, primarily due to expenses related to an upcoming birth (hence the jump in HSA contributions) and the second child daycare expense starting in May. I'm maxing out my $5,000 dependent care FSA, and I only wish it was $5,000 per child. We crushed the savings rate in 2015, but I just don't see us coming close to matching it this year. I think I can push us in to the low-50's, but 60% seems out of reach. I don't see housing equity growing at the same clip as 2015, so my net worth goal is pretty conservative, allowing for a relatively flat year. With that being said, here are my estimates/goals for 2016:
Annual Combined Income: $190,000
Annual Expenses: $73,300
Annual Savings: $60,000
Annual Savings Rate: 45%
Net Worth: $575,000
$41,500 401k (including Company Matches)
$0 Brokerage - (Big Change - Focusing on minimizing tax burden first. Excess money will filter to this account)
$6,400 House Principal Payoff
$9,500 Reinvested Dividends
$5,500 Roth
$3,600 IRA
$1,900 Roth
$6,850 HSA__________________________
$75,250 TOTAL
Here's to 2016! Thanks for following along.
Standard Staples
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We've reached mid-2016, so here's an update, reflected against my stated goals:
========================================================
Annual Combined Income: $190,000
$41,500 401k (including Company Matches)
$75,250 TOTAL
2016 is going very well. Our little girl was born in February, and our son loves her to death. It has been an incredibly smooth transition, with him being helpful opposed to jealous and becoming more independent with bedtime and potty training. We are really enjoying life right now and have two very nice (paid for in advance) vacations coming up in the Fall. We've been plugging away with saving while prepping for my wife to stay home sometime next year, and I'm satisfied with our progress. The market has been on a bit of a tear, and we are up a little over $100,000 so far. I wanted to reach $600,000 NW by the end of the year, and we have already made it. I'm still feeling conservative, given the potential market turbulence with the upcoming election season, so I'm adjusting my 2016 NW goal to $635,000.
Thanks again for any reading/comments!
========================================================
Annual Combined Income: $190,000
- Tracking at $205,000 (Annual Bonus, Mileage/Meal Reimbursements, Two COL raises contributed to the increase)
- Tracking at $70,000
- Tracking at $80,000
- Tracking at 53%
- Currently at $615,000
$41,500 401k (including Company Matches)
- Tracking at $44,600
- $1,350. No plans to add more.
- Tracking at $7,400. No plans to add any additional principal in the future. Shifting mindset a bit.
- Tracking at $12,700
- Done Early
- Done Early $900 (After tax season, our income led us to lean much more on the Roth. I even did a re-characterization of some 2015 contributions.)
- Done Early $4,600
- On Track
$75,250 TOTAL
- Tracking at $83,800
2016 is going very well. Our little girl was born in February, and our son loves her to death. It has been an incredibly smooth transition, with him being helpful opposed to jealous and becoming more independent with bedtime and potty training. We are really enjoying life right now and have two very nice (paid for in advance) vacations coming up in the Fall. We've been plugging away with saving while prepping for my wife to stay home sometime next year, and I'm satisfied with our progress. The market has been on a bit of a tear, and we are up a little over $100,000 so far. I wanted to reach $600,000 NW by the end of the year, and we have already made it. I'm still feeling conservative, given the potential market turbulence with the upcoming election season, so I'm adjusting my 2016 NW goal to $635,000.
Thanks again for any reading/comments!
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You guys seem to be doing great. If Ladbrokes offered a bet on your success, I would take it in a second! A combination of enjoying the present and being thoughtful about your financial future.
When my wife stopped working (sometime after kid #2), I was a bit concerned about the impact on our financial goals, and also having all the financial eggs in one basket (my career). I was making very good money, but still -- you never know.
But it all worked out fine. Her staying at home allowed me to focus on career. In retrospect, I wish I had been a bit less focused on career, but it will never be perfect. And we are at a point now -- in early 50s -- with one kid in college and one in high school -- when I could retire. My guess is by the time your kids are in college, you will be in that position too.
When my wife stopped working (sometime after kid #2), I was a bit concerned about the impact on our financial goals, and also having all the financial eggs in one basket (my career). I was making very good money, but still -- you never know.
But it all worked out fine. Her staying at home allowed me to focus on career. In retrospect, I wish I had been a bit less focused on career, but it will never be perfect. And we are at a point now -- in early 50s -- with one kid in college and one in high school -- when I could retire. My guess is by the time your kids are in college, you will be in that position too.
Bestwifeever
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That's amazing. Thanks for the update. You definitely have the right mindset and btw congratulations on the new baby girl! Little big brother sounds so sweet.
I'm easily confused but are the numbers in the second section included in the net worth total? Not sure if that section is a sub-breakdown or a separate amount.
I'm easily confused but are the numbers in the second section included in the net worth total? Not sure if that section is a sub-breakdown or a separate amount.
Standard Staples
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Thank you very much for your kind words! The kids are doing really well, and we know we are very fortunate to have two happy, healthy children.
Regarding the second section, I'd say the answer is, sort of. Any contributions YTD are included (as well as any growth/drops off those contributions), but all of the contributions haven't been made, yet.
For example, we are tracking at $44,600 for the 401k accounts, but as of now, we have only contributed $26,100. Ideally, the additional $18,500 coming up in the second half of the year will help to grow our NW by at least that much, but the market will certainly have some say in that.
Standard Staples
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Thanks for providing your background. I really appreciate you reflecting on when you were in a very similar spot. I know we are in good financial shape, but it does naturally concern me. The concern isn't enough to not do it, but I'd be lying if I said it wasn't a little bit difficult to accept the idea of walking away from a strong salary and good benefits, while also then relying on one source of income.
However, I know my wife will be significantly happier, which will make me happier, and the kids will absolutely benefit. My son starts pre-K next August, which introduces fall break, Christmas break, spring break, summer break, etc. He also has started sports, which are only weekends now, but they will only become more time intensive. Ultimately, the knowledge that one or both parents will always be available to attend and support an activity my son or daughter is engaged justifies the decision. We talk about money a lot, but I try to remind myself to appreciate the little moments as often as I can. I think we have struck a good balance between career and home life, but it's a constant juggling act. I think her staying home takes a ball or two out of the air.
Amethyst
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Thanks for the update. You are going like a rock star. For high achievers like yourselves, what might be the plan when ER time arrives?
Standard Staples
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Well, in a perfect world, I'd really like to call it quits while my kids are still home and stay here for awhile. I think it'd be really cool to have 100% of my time and attention available to the family for the last few years that we all live under the same roof. Obviously, that goal will take a combination of hard work, aggressive saving and luck, but we'll see. Depending on how things go, maybe I could just dial back to something that involves little to no out of state travel.
Once they are both off to or graduated from college, we are set to move to Central Florida. Just about everything we love to do is readily available in that area, including multiple cruise ports, multiple theme parks, plenty of golf courses, etc. I also enjoy woodworking, so I'd love to ramp that up a bit with more time on my hands. I think my wife would like to pick up some part time/seasonal work at a theme park. We met working down there during college, and while I would never go back to that type of work, it has a special place for her, so it's an option.
Truthfully, we would consider going now, as my job is not location-dependent. However, we love our current area as a young family, with a reasonable COL, top rated schools, great friends and neighbors, etc.
Standard Staples
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Well, we hit an interesting milestone about a month ago: we passed $1,000,000 in total assets. Obviously $1M in NW is the much bigger milestone, but I guess I thought this would still be a significant moment. I told my wife about it on a walk with our kids, and she just kind of nodded and said "that's cool," and went back to our normal conversation about an upcoming vacation. Truthfully, this is almost exactly how I felt about it, as well. I feel kind of bad, because I'm fully aware that the vast majority of the country will never reach this milestone. I feel like we should have been more excited.
If my boss called and gave me a $5,000 bonus today, I'd be 100 times more excited than I was to hit $1M in assets. I wonder, psychologically, why it wasn't as big of a deal as I might have expected.
There's actually an active thread in the Young Dreamers forum on this exact topic, just with $1M NW rather than $1M assets, so I guess I'm not the only one.
If my boss called and gave me a $5,000 bonus today, I'd be 100 times more excited than I was to hit $1M in assets. I wonder, psychologically, why it wasn't as big of a deal as I might have expected.
There's actually an active thread in the Young Dreamers forum on this exact topic, just with $1M NW rather than $1M assets, so I guess I'm not the only one.
DrRoy
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
It's about expectations. You could see for some time that you were approaching $1M in assets. The $5K would be a total surprise.
Standard Staples
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The end of another year has come, and it's time for an update! I'm really happy with how we did, and most of my comments feel like deja vu (in a good way). Overall income was up by about 10%, thanks to a scheduled raise, lower but still decent bonus, reliable renters and growing dividends. It's no secret that the market surged at the end of the year, and my two properties continued to gain equity. In terms of net worth, we did manage to both enter and exit the $500K club in the same year, and we are seated firmly in the $600K club. I'm hopeful that through growth and contributions, we can approach the $750K mark by the end of 2017, but I'm hesitant to project any higher. I wouldn't be surprised to see a bit of a market dip, and my wife and I will have a moderate drop in income this year, which I'll explain in the 2017 goals below.
Here's how the end of 2016 looked, when compared with the end of 2015:
================================================== =============
$187,000 Annual Combined Income - $205,000
$63,500 Roth - $80,000
$65,000 Taxable Brokerage - $77,000
$39,100 Rollover IRA - $46,000
$104,700 401k (Combined) - $169,500
$22,400 IRA/Roth IRA (College Savings) - $31,200
$18,000 Cash/HSA - $21,000
Primary Residence: $209,500 Debt ($180,00 Equity) - $201,600 Debt ($218,400 Equity)
Rental Property: $138,400 Debt (-$3,400 Equity) - $135,600 Debt ($14,000 Equity)
NET WORTH END 2014: ~$354,100
NET WORTH END 2015: ~$489,300
NET WORTH END 2016: ~$657,100
2014 Annual Expenses: $57,600
2015 Annual Expenses: $57,300
2016 Annual Expenses: $71,715
2014 Annual Savings: $71,850
2015 Annual Savings: $90,120
2016 Annual Savings: $81,560
2014 Annual Savings Rate: ~55%
2015 Annual Savings Rate: ~61%
2016 Annual Savings Rate: ~53%
========================================================
2016 Goals & Results
Annual Combined Income: $190,000 - Beat by $15,000
Annual Expenses: $73,300 - Beat by $1,585
Annual Savings: $60,000 - Beat by $21,560
Annual Savings Rate: 45% - Beat by 8%
Net Worth: $575,000 - Beat by $82,100
$41,500 401k (including Company Matches) - DONE - $44,041.67
$0 Brokerage - (Big Change - Focusing on minimizing tax burden first. Excess money will filter to this account) - DONE - $1,350
$6,400 House Principal Payoff - DONE - $7,968.31
$9,500 Reinvested Dividends - DONE - $13,981.47
$5,500 Roth - DONE - $5,500
$3,600 IRA - DONE - $900 (Shifted to Roth)
$1,900 Roth - DONE - $4,600
$6,850 HSA - DONE - $6,850______________
$75,250 TOTAL - DONE - $85,091.13
I naturally feel incredible about these goals, not having missed a single one.
========================================================
2017 Notes & Goals
2017 is going to be interesting. After a few years of discussion and careful planning, my wife will be leaving her job in September. Once my son enters Pre-K in late August, he follows the county school schedule, so he'll have lots of breaks, holidays, etc. With my travel schedule, it just isn't feasible to expect my wife to hold down a FT job and work around all the breaks, doctors appointments, etc. I'm nervous about the loss of income, but Pre-K is state-funded, and my daughter will only go a couple times a month, so that expense will drop significantly, so that neutralizes it a bit. More importantly, it gives my wife the opportunity to care for the kids to the absolute best of her ability, and she's excited. It also gives me the opportunity to be even more flexible and agreeable in my career, and who knows what the future holds. We have a really strong financial base, and I feel good about it. That being said, I am expecting lower income and somewhat lower expenses in 2017:
Annual Combined Income: $180,000
Annual Expenses: $66,000
Annual Savings: $63,900
Annual Savings Rate: 49%
Net Worth: $750,000
$44,000 401k (including Company Matches)
$6,200 House Principal Payoff
$12,000 Reinvested Dividends
$11,000 Roth (Combined)
$6,800 HSA__________________________
$80,000 TOTAL
Here's to 2017! Thanks for following along.
Here's how the end of 2016 looked, when compared with the end of 2015:
================================================== =============
$187,000 Annual Combined Income - $205,000
$63,500 Roth - $80,000
$65,000 Taxable Brokerage - $77,000
$39,100 Rollover IRA - $46,000
$104,700 401k (Combined) - $169,500
$22,400 IRA/Roth IRA (College Savings) - $31,200
$18,000 Cash/HSA - $21,000
Primary Residence: $209,500 Debt ($180,00 Equity) - $201,600 Debt ($218,400 Equity)
Rental Property: $138,400 Debt (-$3,400 Equity) - $135,600 Debt ($14,000 Equity)
NET WORTH END 2014: ~$354,100
NET WORTH END 2015: ~$489,300
NET WORTH END 2016: ~$657,100
2014 Annual Expenses: $57,600
2015 Annual Expenses: $57,300
2016 Annual Expenses: $71,715
2014 Annual Savings: $71,850
2015 Annual Savings: $90,120
2016 Annual Savings: $81,560
2014 Annual Savings Rate: ~55%
2015 Annual Savings Rate: ~61%
2016 Annual Savings Rate: ~53%
========================================================
2016 Goals & Results
Annual Combined Income: $190,000 - Beat by $15,000
Annual Expenses: $73,300 - Beat by $1,585
Annual Savings: $60,000 - Beat by $21,560
Annual Savings Rate: 45% - Beat by 8%
Net Worth: $575,000 - Beat by $82,100
$41,500 401k (including Company Matches) - DONE - $44,041.67
$0 Brokerage - (Big Change - Focusing on minimizing tax burden first. Excess money will filter to this account) - DONE - $1,350
$6,400 House Principal Payoff - DONE - $7,968.31
$9,500 Reinvested Dividends - DONE - $13,981.47
$5,500 Roth - DONE - $5,500
$3,600 IRA - DONE - $900 (Shifted to Roth)
$1,900 Roth - DONE - $4,600
$6,850 HSA - DONE - $6,850______________
$75,250 TOTAL - DONE - $85,091.13
I naturally feel incredible about these goals, not having missed a single one.
========================================================
2017 Notes & Goals
2017 is going to be interesting. After a few years of discussion and careful planning, my wife will be leaving her job in September. Once my son enters Pre-K in late August, he follows the county school schedule, so he'll have lots of breaks, holidays, etc. With my travel schedule, it just isn't feasible to expect my wife to hold down a FT job and work around all the breaks, doctors appointments, etc. I'm nervous about the loss of income, but Pre-K is state-funded, and my daughter will only go a couple times a month, so that expense will drop significantly, so that neutralizes it a bit. More importantly, it gives my wife the opportunity to care for the kids to the absolute best of her ability, and she's excited. It also gives me the opportunity to be even more flexible and agreeable in my career, and who knows what the future holds. We have a really strong financial base, and I feel good about it. That being said, I am expecting lower income and somewhat lower expenses in 2017:
Annual Combined Income: $180,000
Annual Expenses: $66,000
Annual Savings: $63,900
Annual Savings Rate: 49%
Net Worth: $750,000
$44,000 401k (including Company Matches)
$6,200 House Principal Payoff
$12,000 Reinvested Dividends
$11,000 Roth (Combined)
$6,800 HSA__________________________
$80,000 TOTAL
Here's to 2017! Thanks for following along.
Exit 2024
Recycles dryer sheets
- Joined
- Jun 23, 2015
- Messages
- 414
Looks like it was solid 2016 for you !!! Congrats!
I am also tracking our progress quarterly in topic "Plan for Exit 2024" , we are slightly ahead but much older too, so time is on your side here. Pretty sure you will be able to FIRE by my age if you keep your focus on prize
I am also tracking our progress quarterly in topic "Plan for Exit 2024" , we are slightly ahead but much older too, so time is on your side here. Pretty sure you will be able to FIRE by my age if you keep your focus on prize
Standard Staples
Recycles dryer sheets
- Joined
- Sep 3, 2014
- Messages
- 104
Q1 is in the books, and we're doing pretty well. Here's we stand against our goals:
INCOME & SPENDING
Annual Combined Income: $180,000
Tracking at $185,000
Annual Expenses: $66,000
Tracking at $69,300
Annual Savings: $63,900
Tracking at $76,000
Annual Savings Rate: 49%
Tracking at 52%
Net Worth: $750,000
Currently $705,000
GOALS
$44,000 401k (including Company Matches)
ON TRACK
$6,200 House Principal Payoff
ON TRACK
$12,000 Reinvested Dividends
Tracking at $12,800
$11,000 Roth (Combined)
ON TRACK - May be fulfilled in Q2
$6,800 HSA
ON TRACK
____________________________________________________
$80,000 TOTAL
ON TRACK
If we can reign in the spending just a little bit, we're on target to hit all of our 2017 goals. To increase those odds, my wife is considering working just a little bit longer. My son doesn't start Kindergarten at the elementary school until next August, and she is really enjoying her work while the kids are really enjoying daycare, so she is tentatively circling next May or August. Obviously, this is still flexible, but it would send all of our original goals through the roof.
On a more personal note, and one that doesn't necessarily tie directly to money and retirement, my parents visited this weekend. Saturday was a beautiful and sunny day, so we all spent a few hours in the backyard playing with various toys and outdoor games. When we were cleaning up, my Dad mentioned that this was the life he always hoped I'd have... great wife, great kids, safe and comfortable lifestyle. It caught me a little off guard, but it made me stop and consider that we really have made a lot of the right moves and are (I hope) doing what's best for everyone. Finding that money/family/happiness balance is tough, so it's nice to have an outside observer applauding your results.
I look forward to more updates through the year. Thanks for following!
INCOME & SPENDING
Annual Combined Income: $180,000
Tracking at $185,000
Annual Expenses: $66,000
Tracking at $69,300
Annual Savings: $63,900
Tracking at $76,000
Annual Savings Rate: 49%
Tracking at 52%
Net Worth: $750,000
Currently $705,000
GOALS
$44,000 401k (including Company Matches)
ON TRACK
$6,200 House Principal Payoff
ON TRACK
$12,000 Reinvested Dividends
Tracking at $12,800
$11,000 Roth (Combined)
ON TRACK - May be fulfilled in Q2
$6,800 HSA
ON TRACK
____________________________________________________
$80,000 TOTAL
ON TRACK
If we can reign in the spending just a little bit, we're on target to hit all of our 2017 goals. To increase those odds, my wife is considering working just a little bit longer. My son doesn't start Kindergarten at the elementary school until next August, and she is really enjoying her work while the kids are really enjoying daycare, so she is tentatively circling next May or August. Obviously, this is still flexible, but it would send all of our original goals through the roof.
On a more personal note, and one that doesn't necessarily tie directly to money and retirement, my parents visited this weekend. Saturday was a beautiful and sunny day, so we all spent a few hours in the backyard playing with various toys and outdoor games. When we were cleaning up, my Dad mentioned that this was the life he always hoped I'd have... great wife, great kids, safe and comfortable lifestyle. It caught me a little off guard, but it made me stop and consider that we really have made a lot of the right moves and are (I hope) doing what's best for everyone. Finding that money/family/happiness balance is tough, so it's nice to have an outside observer applauding your results.
I look forward to more updates through the year. Thanks for following!
Exit 2024
Recycles dryer sheets
- Joined
- Jun 23, 2015
- Messages
- 414
Thanks for update , Staples ! Looks like very strong Q1 for you, especially in net worth growth. Do I read it correctly that you are currently at $705k, up about $48k just in Q1 ? If yes, your goal of $750k by end of 2017 seems very low, playing safe here? Or is it suppose to include impact of going to one income?
