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Old 03-09-2016, 10:35 PM   #21
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Originally Posted by ShortInSeattle View Post

It's great that you're starting so young. DH and I began saving at age 20/22 and we're financially independent as we're rolling up to age 40. Starting young is one of the best things you can do! Welcome.

Wow, very impressive! So, any plans to FIRE??

Living the dream...
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Old 03-10-2016, 08:46 PM   #22
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Hi gregxz! Fellow NY'er here. I'm a bit older than you (40) and applaud your efforts, especially living in this town and raising a child. Not easy living here period nevermind kids! We don't have children and that is helping us to be on our way to be FIRE.

I agree with pp about wants vs needs. I buy the cheapest clothes, no brands, never get manicures, $20 haircut, no Starbucks coffee etc. I don't need any of those things. We do enjoy eating out often and that's our luxury, but I also make tons of food in the crock pot which ultimately comes out to a few bucks a meal and lasts us quite a few meals. I enjoy looking at our bank accounts grow and dream of leaving NYC in about 5 years time.

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Old 03-20-2016, 08:50 PM   #23
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Excellent glad your here

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Old 03-21-2016, 02:46 PM   #24
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DW wasn't sure that I was really making much money because we always seemed to be tight for $$. What she didn't see was max 401K, max HSA, max IRA for both of us and she saw the $1500 per month to savings! When I was showing her how I could retire last year, she saw the 401K and IRA contributions and asked why we couldn't spend about $10k more per year on vacations. I explained that that would have meant $10k per year less in the retirement funds and a $10k HIGHER annual spending rate. for a 35-40 retirement, that $10k additional spending would mean an additional $300K-$400k of savings, but annually saving $10k less! Keep the spending under control and the savings will take care of themselves over time.
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Old 03-21-2016, 08:43 PM   #25
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Originally Posted by ugeauxgirl View Post
Exactly so. I hear SO many 50 year olds say they wish someone had told them this stuff when they were in their 20's.

More people end up in financial difficulties due to their spending habits than how much money they make. I know couples who make $250K per year and can't make ends meet and couples who make what you do and are headed for early retirement. Be careful of creating expensive habits!

Bad habits are easy to start but hard to live with; good habits are hard to start but easy to live with. Brilliant that you're starting at such an early age. Your older self will thank you for each and every constructive action you take towards your future today.

Delayed gratification has been linked to success in every area of life. I was just discussing this with a friend yesterday the concept of older people (in their 40's/50's/60's) who are what I referred to as "washed up". I was talking about how they had spent their lifetime of potential/possibility by living in the now when they were younger, thereby reducing their quality of life as they got older. What they had actually done was "spend" their future in their younger years. You, OTOH, have a bright future ahead of you.

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