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Old 03-14-2016, 01:40 PM   #61
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Your savings seems light. Im guessing your expenses are really high?

To put in into 33, wife 31...combined we bring in $140k...On jan 1, 2016 we had a combined net worth of $618,000. We do not own any properties...thats just 401's, roths, savings and taxable investments.

Not bragging...just showing that you do not need to make a lot of money to accumulate money. We're living proof.

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Old 03-14-2016, 02:14 PM   #62
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Originally Posted by dand76 View Post
You may want to take a look Fidelity's index funds to lower your expense ratio.
You might also look at Vanguard Target Retirement 2050 Fund(VFIFX) with expense ration of .16% (versus .75% for Fido). The 10 year graph of this fund looks very similar (but even better than) to Fidelity's.

FIRE reality = Aug 25, 2016
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Old 03-14-2016, 09:45 PM   #63
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Just max out the 401k & 2 Roth IRA's.
Cut your living expenses & you have it made.
"I couldn't wait for success, so I went ahead without it." Ret. 2013 @ 51.
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Old 03-14-2016, 11:18 PM   #64
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At 32 I had a negative net worth. At 42 I retired with a comfortable 7 figure portfolio. To make that happen, I needed to take some risks (start a business), seriously improve my career skills, and save aggressively.

So, you could get on track, but you need to make some changes to what you are currently doing.

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Old 03-15-2016, 01:14 AM   #65
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I think you're way ahead of the game just paying attention to it and educating yourself. You're bound to make improvements along the way now that you're aware of where your money is going.

To that end, I think the biggest help for us has been using a budgeting tool to actually make a budget each month because it gives us a plan to follow.
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Old 11-19-2016, 01:16 PM   #66
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It's been some time since my last post, but I wanted to say thanks to everyone for your thoughts and opinions. Many of your posts were really helpful and encouraging.

Since this post:
  • I have rolled over my Fidelity IRA to Betterment, reducing my expense ratio from .75% to sub .25%.
  • My wife had an opportunity to join the #1 Real Estate team in LA as a Marketing Director. She is now making consistent income as well as a % of the transactions she works on. She went from break-even to positive earnings. She has a way to go in recovering from a few years of heavy expenses, but she's on her way to big savings and high earning potential within a few short years. Most importantly, she loves her job and it makes her happy.
  • My job started offering 401K matching so I signed up and currently divert 8%. I plan to jump to 10% next year and then gradually increase it until I max. Some will disagree with this, but I need time to adjust.
  • I have a $10-15K bonus coming in Feb. I plan to max our IRA contribution for the year and place the rest in Betterment.
  • I was granted a nice sum of RSU's from my employer. If I can stay at my employer and vest them over four years, they could be worth $35-70K (depending on the stock price), all of which will go towards saving.

All said, I'm currently saving at just under $2,000 a month.

The last few years, the wife and I have taken some risks with cofounding businesses, jumping into real estate sales, etc. While none have provided the wealth we're after and we lost 4 years of savings opportunity, we learned a ton and pushed ourselves to do things we never thought possible. This has contributed greatly towards our current and future earning potential. We wouldn't trade those experiences for all of the money in the world.

Wishing you all a Happy Thanksgiving.
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Old 11-19-2016, 07:15 PM   #67
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Congratulations - you seem to be on the right track. When I was your age I was underwater financially, but I followed the "pay yourself first" strategy, saving as much as I could off the top. I then deliberately lived below my means, not buying the expensive house everyone told me I could afford, etc. It worked - going by that table posted earlier, I'm in the "top 5%" of net worth for my age and I will be retiring early in a few weeks.

You can do it - you've made a great start, just keep it up.
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Old 11-19-2016, 07:49 PM   #68
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When we were DH 39 and myself 37, two kids. We moved to Seattle with $137,000 in our retirement accounts. 19 years later, DH retired with over 1,000,000 in our retirement accounts. Paid cash for DD to go to college. Son didn't want to go. We were able to retire at 57/50. Life is good. Just keep plugging away and you will be able to be FIRED. Don't let anyone tell you otherwise. You are on the right track.
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Old 11-20-2016, 09:28 AM   #69
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Great job of making the changes. Around your age, I had my "oh s***" epiphany after buying a new house and a second new car, and staring at how much debt we were in, and after we made the decision for my DW to stay home to take care of our children.

My net worth was positive but certainly not enough to retire early. I made two decisions that forever changed my trajectory:
1) Keep tabs of your income, expenses, every month, and net worth every quarter. You will naturally change behavior from this transparency.
2) Whenever you get a raise, keep your expenses flat.

I find that if you do these two things, everything else will take care of itself.

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