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Old 02-02-2014, 10:06 AM   #361
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We are mid 40's.

I don't have a milestone to report right now but it does always feel good to rehash past accomplishments as a confidence builder. Being new to this board, I thought I would give myself a little pep talk with taking a look at how far we have come.

I never made more than $24,000/year until I turned 30 in 1998 and landed a nice job. I went about 10 years with an income of between $90-$125/year average. The wife was probably in the $25-$40k range in most of those years and bumped to about $60k in the mid 2000's.

When I started my new job, we had about $10k in CC debt, probably $35k in student loan debt and $8-10,000 in car loan debt. Plus small children. It was horribly stressful in our 20's because of this.

Once I started making a nice income, I made it my job to get us out of debt. Within 2 or 3 years, I had paid off all our CC debt and the student loans. Paid off the car loan and bought a new suburban. which I paid completely off by the 2nd or 3rd year we owned it.

I distinctly remember each time we paid off a CC and then each student loan. Those times when I wrote the check and dropped it in the mail box were as good of a feeling as I have ever had. I was obsessed with being out of debt and started making sure my 401k was maxed each year and also had a few small investments here and there.

We made a couple moves for my work and after 2 profitable home sales with the moves, ended up back "home" where I grew up. We built a house. Probably way more house than I should have but with the kids heading to JR high at the time, we built it so that our kids and their friends would want to be at our house. They were. Everyone always knew where their kids were and it was great. It was a big financial commitment but it was worth it from that standpoint.

Work wise, the final move wasn't a good one as I disliked my new job and after a few years decided to start my own business from zero. That was about 7 years ago.

It has gone pretty well overall. I don't make quite what I did before but the perks of self employment are great and my wife has a great employer and is making around $70k. So we weathered the storm and got the kids off to college.

I didn't put much of any money away during this time but my wife has bumped up her 401k contributions each year and is finally on board with planning for retirement. which I am excited about.

For years, I was just making all of the financial moves and paying things off sitting in my office after her and the kids went to bed. I'd give her an update on our financial situation but she just didn't have much interest in it. but she did appreciate what I was doing. She just isn't much of a planner and was bored by it. I think it worked out great though as I did some things that if she were consulted, we wouldn't maybe have done. The result is, we only have debt on our house and a small cabin. No other.

She now is starting to see that we need to get back on track with savings if she wants to do all the travel etc that we have always talked about. Don't get me wrong, we've traveled quite a bit. Our kids have been on several cruises, and tropical vacations as well as to Hawaii and all over the country. But her and I want to really ramp up the travel as we approach our 50's and beyond. therefore, she is starting to want to get involved in saving.

I hadn't done a personal financial statement in a probably 4 or 5 years. With the business and with the kids in HS I just lost interest and desire to stay on top of everything. It did impact savings due to no focus.

So I did one recently. These last 7 years have really slowed down where I wanted to be but hopefully, we can get back on track.

We have about $325k in retirement accounts. With real estate and assets I have our net worth at just over $800,000.

All things considered, I don't think that is too bad for basically the past 15-16 years, 7 of which I was starting a new business.

Now that the kids are off to college and we can focus on building the nest egg while getting a big vacation each year, it has us re-energized.
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Old 02-02-2014, 02:11 PM   #362
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Originally Posted by iibgdi View Post
We are mid 40's.

I don't have a milestone to report right now ...
... Now that the kids are off to college and we can focus on building the nest egg while getting a big vacation each year, it has us re-energized.
Welcome to the Forum iibgdi,
For me, getting re-energized would need concrete goals with milestones to report. Time to do a plan for the future. When do you want to retire? How much money will you need? How much would you like to spend on travel and other fun before then? Then the big question of how to get there from here? Lots of people on this forum have done just that! Once you have a plan, it becomes a lot more real than a nest egg for use some time in the future. Good Luck.
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Old 02-03-2014, 07:58 AM   #363
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Welcome to the Forum iibgdi,
For me, getting re-energized would need concrete goals with milestones to report. Time to do a plan for the future. When do you want to retire? How much money will you need? How much would you like to spend on travel and other fun before then? Then the big question of how to get there from here? Lots of people on this forum have done just that! Once you have a plan, it becomes a lot more real than a nest egg for use some time in the future. Good Luck.
Thanks Hermit. Edited....I found the firecalc and am playing with that. interesting
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Old 02-04-2014, 02:24 PM   #364
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Started to thinking about ER

Found this board and I am very happy I did, just wish I had found it earlier... I am 39 DW is 37 and three kids 1, 4 and 6.
Got a late start to w**k (and kids) having too much fun in the earlier years. Started w**king seven years ago and have $775k in savings and home equity.
$230k roth and $300k tIRA. 401(k) $38k with new employer 6% $/$ match +3% retirement contribution.
DW retired two years ago and at that time we started making a budget... Very powerful!
House is financed at 3.5% interest (20% down) over 30 years.
Hoping to get FIREd at 55, really like my j*b, but it would be better not having to w**k.
Currently mostly equities, but investing dividends into bonds and will start to add more into bonds to reach 40% at FIRE
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Old 02-12-2014, 10:38 AM   #365
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I finally broke the $250K milestone with just my retirement accounts and savings (401K = $190K, Roth IRA =$37K, and savings =$24K)! I hit this mark several months ago when I was counting my home equity, but it feels good to hit this milestone with just the retirement/savings. My goal is to be financially independent by the time I reach 52.
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Old 02-12-2014, 10:56 AM   #366
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My goal is to be financially independent by the time I reach 52.
Me, too! Unfortunately I'm 59...
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Old 02-12-2014, 02:20 PM   #367
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Me, too! Unfortunately I'm 59...
Don't feel too bad HFWR, if I hadn't dumb lucked into my career that had a then irrelevant pension to me almost 30 years ago, I would be 80 and making the same comment.
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Share your FIRE Milestones
Old 02-12-2014, 02:59 PM   #368
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Share your FIRE Milestones

Met with my Fidelity advisor this week to move my wife's IRA from actively managed to passively managed by me account. Thanks to this forum I had the confidence and knowledge to fire back when all of the reasons to stay with an actively managed account started flying. Ironically the funds I picked and the AA was almost identical to the Fidelity rep!

On top of that when he ran the Montecarlo simulations he told us we were on target to RE even if markets do poorly!! That is a first for us!! Woooo hoooo!
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Old 02-12-2014, 03:33 PM   #369
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Met with my Fidelity advisor this week to move my wife's IRA from actively managed to passively managed by me account. Thanks to this forum I had the confidence and knowledge to fire back when all of the reasons to stay with an actively managed account started flying. Ironically the funds I picked and the AA was almost identical to the Fidelity rep!

On top of that when he ran the Montecarlo simulations he told us we were on target to RE even if markets do poorly!! That is a first for us!! Woooo hoooo!
Congratulations Pleeplus! That's definitely a big step on the path to FI.
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Old 02-14-2014, 10:33 AM   #370
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After a miserable January, brokerage account just back into positive territory for 2014.
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Old 02-14-2014, 10:45 AM   #371
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After a miserable January, brokerage account just back into positive territory for 2014.
Same here. Although in retrospect, January wasn't *too* horrible for me. I think I was only down about 2% for the month. One thing that made it seem worse though, was that January started off pretty hot, but then peaked and fizzled, and I was concentrating more on the drop from that peak, rather than the drop from 12/31/13.

As of last night, I think I'm up about 0.6% YTD. I can deal with that.
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Old 02-16-2014, 06:53 PM   #372
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Hopefully the saying "as goes January so goes the year" does not come true for the stock market this year. Ihave my AA setup to where I'm comfortable so I'm ready to just ride it out whichever way it goes.
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Old 02-19-2014, 09:53 PM   #373
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This week, we hit a bunch of milestones on the way to fire: (1) sold our house and closed escrow, (2) the house sale pushed our net investable assets over 2m, (3) I gave my notice and should be a full time slacker in 2 weeks.
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Old 02-20-2014, 03:34 AM   #374
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This week, we hit a bunch of milestones on the way to fire: (1) sold our house and closed escrow, (2) the house sale pushed our net investable assets over 2m, (3) I gave my notice and should be a full time slacker in 2 weeks.

Congrats, Photoguy!!
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Old 02-20-2014, 06:08 AM   #375
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Congrats Photoguy!
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Old 02-20-2014, 06:50 AM   #376
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This week, we hit a bunch of milestones on the way to fire: (1) sold our house and closed escrow, (2) the house sale pushed our net investable assets over 2m, (3) I gave my notice and should be a full time slacker in 2 weeks.
That's a lot of biggies in a short time. I guess this makes you jobless and homeless but very rich at the same time?
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Old 02-20-2014, 07:53 AM   #377
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This week, we hit a bunch of milestones on the way to fire: (1) sold our house and closed escrow, (2) the house sale pushed our net investable assets over 2m, (3) I gave my notice and should be a full time slacker in 2 weeks.
You beat your goal by well over a year! Nicely done.
Have Camera, Will Travel (hello from CA)
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Old 02-20-2014, 08:14 PM   #378
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Thanks for the comments. Selling our house was such a big relief as we had some foundation issues and it worried me to no end that it would cause problems with the sale. We had a number of repairs done but still I never knew how buyers might view the issue.

We won't be homeless for another month as we've done a rent back. So this gives us time to pack up and move (we'll be visiting the mother-in-law for a bit).
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Old 02-20-2014, 09:53 PM   #379
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2M net worth acheived a few weeks ago. Still working though.
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Old 02-28-2014, 06:14 PM   #380
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I'm in the process of having some problems with the house fixed. I don't only need to reach a financial target - I need loose ends like that tied up as well, before I will be able to count it. We had serious problems with water ingress, and were worried about ever being able to sell the house in the future, but luckily it is proving easier to fix than we feared.
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