Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Howdy I'm......
Old 08-04-2005, 10:44 AM   #1
Confused about dryer sheets
 
Join Date: Aug 2005
Posts: 2
Howdy I'm......

Howdy Just call me Rikki.... My goal is to Semi-retire by 50 which gives me 15 years, I'd like to work longer but on my own terms like 20 hours a week or so....

I am married, have 1 child and 1 on the way. Avg income is around 90k per year, I was fully self employed as an IT consultant for 6 years and just went to work for one of my clients full time with a little consulting on the side. We have 60k in land holdings 50k in hme equity, 20k bank savings, and 60k in IRAs and a couple thou in a brokerage account. Total debts are 80k including the mortgage and 1 car (no credit card or other debt).

My goals for the remainder of this year are...

Net worth $125k
Start 529 or coverdell for child 1
Max SEP and IRA
Pay off car

For 06

Net worth $200k
Max IRA and 401k (company matches 7%)
30k in savings
Start 529 or coverdell for Child 2
Buy first investment property

For 07

Pay off home! be debt free

Net worth $325k



I'll be hanging out here, any tips or additions to the above would be greatly appreciated.

Rikki
__________________

__________________
Rikkitikkitavi is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Howdy I'm......
Old 08-04-2005, 11:48 AM   #2
Thinks s/he gets paid by the post
Sheryl's Avatar
 
Join Date: Apr 2004
Posts: 1,459
Re: Howdy I'm......

Hi Ricki -
Welcome to the forum. Good to see another "young dreamer." Hope you enjoy the good advice and friendly atmosphere here!
__________________

__________________
Sheryl is offline   Reply With Quote
Re: Howdy I'm......
Old 08-04-2005, 02:30 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: Howdy I'm......

Rikki,

It looks like your net worth is already $160k or so. Not sure how you're doing the math though! 60k+50K+20k+60k=190k assets. Liabilities = car debt of ?? $30k

Net worth = 160k.

Maybe you are richer than you thought...
__________________
justin is offline   Reply With Quote
Re: Howdy I'm......
Old 08-04-2005, 03:57 PM   #4
Thinks s/he gets paid by the post
maddythebeagle's Avatar
 
Join Date: Jun 2005
Posts: 2,450
Re: Howdy I'm......

welcome. You are in the right place.
__________________
- Hurry! to the cliffs of insanity!
maddythebeagle is offline   Reply With Quote
Re: Howdy I'm......
Old 08-04-2005, 10:32 PM   #5
Thinks s/he gets paid by the post
SteveR's Avatar
 
Join Date: Jul 2005
Posts: 2,803
Re: Howdy I'm......

Justin,

Recheck your math. Rikki has:
60k+50K+20k+60k=190k assets. Liabilities = car debt and mortgage of $80 That gives him $110 in networth. He did mention some cash in brokerage accunts and maybe this is where the $15 is coming from.

Riki, keep up the good work. You will make it.
__________________
Work? I don't have time to work....I'm retired.
SteveR is offline   Reply With Quote
Re: Howdy I'm......
Old 08-05-2005, 03:29 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: Howdy I'm......

Quote:
Originally Posted by SteveR
Justin,

Recheck your math. Rikki has:
60k+50K+20k+60k=190k assets. Liabilities = car debt and mortgage of $80 That gives him $110 in networth. He did mention some cash in brokerage accunts and maybe this is where the $15 is coming from.

Riki, keep up the good work. You will make it.
The total debt of $80k includes car debt and mortgage debt. I assumed $50k for mortgage debt and $30k in car debt. Rikki stated his home equity is $50k. This means the value of the house less debt secured by the house is $50k. The $50k I've included in assets is the home equity (value minus debt). If you subtract out the $50k mortgage again, you are double counting the mortgage in the net worth calculation. Or Rikki isn't using a standard definition of home equity.
__________________

__________________
justin is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Howdy! Hardcase Hi, I am... 4 08-09-2005 07:45 AM
Howdy folks! Michael Moore Hi, I am... 3 05-21-2005 03:50 PM
Howdy Folks Simplygib Hi, I am... 2 10-14-2003 01:51 PM
Howdy, I'm WRBT WRBT Hi, I am... 0 12-12-2002 07:12 PM
Howdy folks ... dande Hi, I am... 0 10-08-2002 02:10 PM

 

 
All times are GMT -6. The time now is 01:04 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.