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Re: $100k Milestone!
Old 12-25-2005, 06:30 AM   #81
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Re: $100k Milestone!

Oh, and congrats BMJ you are way ahead of most, probably all 30somethings I've met.

Merry Christmas!
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Re: $100k Milestone!
Old 12-25-2005, 06:49 AM   #82
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Re: $100k Milestone!

Quote:
Originally Posted by BUM
Oh, and congrats BMJ you are way ahead of most, probably all 30somethings I've met.

Merry Christmas!
I may have told this one before. Now remember, I never did much serious structured saving in my whole life.

Bought our first house in 1970. 3BR ranch, for $23,500. I was 26
years old at the time. To get the 10% down payment, I had to
check under the seat cushions in our car, and even sell my wife's
piano. Bought the next house in 1973. Paid $47,000 for that one.
Brand new 4BR tri-level. Owned a whole lot of real estate between
1970 and 1998 (when I quit for good). Truly, I seriously doubt if I could have retired otherwise. Tying up money in real estate
(even raw land) paid off big time. Guess that's why I am so infatuated
with it to this day.

JG
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Re: $100k Milestone!
Old 12-25-2005, 09:42 AM   #83
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Re: $100k Milestone!

Quote:
Bought our first house in 1970. 3BR ranch, for $23,500. I was 26
years old at the time. To get the 10% down payment, I had to
check under the seat cushions in our car, and even sell my wife's
piano. Bought the next house in 1973. Paid $47,000 for that one.
Brand new 4BR tri-level. Owned a whole lot of real estate between
1970 and 1998 (when I quit for good). Truly, I seriously doubt if I could have retired otherwise. Tying up money in real estate
(even raw land) paid off big time. Guess that's why I am so infatuated
with it to this day.
My path exactly. No doubt my net worth would be half of what it is without the multiple real estate we've bought. Definately wouldn't be semi-retired by now without it.
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Re: $100k Milestone!
Old 12-27-2005, 12:28 AM   #84
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Re: $100k Milestone!

my net worth is negative! i iam 22 and own a home, and that's why

i have a mere 4k in retirement accts, mabe 6-7 k in 'cash', and about 30k in home equity.


that's it for me!


congrats!
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Re: $100k Milestone!
Old 12-27-2005, 11:47 AM   #85
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Re: $100k Milestone!

I don't see how your networth is negative. If you have 30K in equity, that goes in into your calculation with a + sign. Unless you have massive student debts that's many times larger than your equity, you're in the black.
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Re: $100k Milestone!
Old 12-27-2005, 01:22 PM   #86
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Re: $100k Milestone!

Quote:
Originally Posted by BunsOfVeal
I don't see how your networth is negative. If you have 30K in equity, that goes in into your calculation with a + sign. Unless you have massive student debts that's many times larger than your equity, you're in the black.
I do. If his mortgage is greater than $41K, he has negative net worth based on his post.
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Re: $100k Milestone!
Old 12-27-2005, 01:32 PM   #87
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Re: $100k Milestone!

When it comes to assets and liabilities though, you list the market value of the home in the asset column, not the equity you have in it. The mortgage goes in the liabilities column. If you have equity in your home, then you're in the black, at least where your house is concerned.
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Re: $100k Milestone!
Old 12-27-2005, 02:23 PM   #88
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Re: $100k Milestone!

BMJ, Another congrats from me.* You are doing very well.* *

Both hubby and myself* have always worked in retail with very little pay to match.* The hours were long and hard. I was not able to get decent employment until 1991 (he never did) and played catch up until around 1996.* Only then was I able to start saving.* We are much older then most (64) and are ready to retire.* We don't want to have a lot just enough to survive on comfortably.* In these few years we have about 50K in 401K not much in todays standards.* We have actually made some money in the market with a small investment of 3K back in 1981 and that is now valued at 150K which provides around 8k a year in dividends.* We will retire as soon as I reach 100K in my 401K.* We will draw from ss around 2200.00 a month after taxes along with a small draw on the 401K.* *I think we will do just fine.*
One of the better things that we have is a 2400 sq ft rambler on 3 acres, waterfront that was just appraised for 550K.* We paid 31K for it new and we only owe 60K. That will be a big help to us.

Hubby is ill and is only able to work two days a week which is just enough to give him some spending money.*

So again keep up the good work you are doing GREAT
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Re: $100k Milestone!
Old 12-27-2005, 04:33 PM   #89
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Re: $100k Milestone!

Lanie,

It sounds like you'll be fine. Your needs appear to be modest, and as many on this board will tell you, the best things in life are often free (or cheap). You don't need to travel the world if your library has a large collection of travel videos. True, you won't experience such places first hand, but neither will you incur the expense and hassles of traveling. I'd bet that after watching travel videos you could carry on an even better conversation about various places than people who had actually visited them!
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Re: $100k Milestone!
Old 12-29-2005, 02:06 PM   #90
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Re: $100k Milestone!

Lazarus,

I had to smile at how incredibly similar your net worth table is to mine, including that long spell of flat net worth from YE 1999 to YE 2002 where I kept saving and saving, but my NW was going nowhere (and I had some personal issues as well at the time). It's important for all us young dreamers to keep in mind that there will be setbacks and reversals, but to not lose faith.
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Re: $100k Milestone!
Old 12-29-2005, 03:22 PM   #91
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Re: $100k Milestone!

I broke 25k in my 403b this quarter. Yay for me!

I'm 31 and I have 21k in debt that I will pay off in the next 18 months, if I stick to my very detailed plan. Then I'll add that extra $1200 a month to my savings/retirement. I only make 37k/yr.
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Re: $100k Milestone!
Old 12-30-2005, 02:06 PM   #92
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Re: $100k Milestone!

Quote:
Originally Posted by bongo2
Lazarus,

I had to smile at how incredibly similar your net worth table is to mine, including that long spell of flat net worth from YE 1999 to YE 2002 where I kept saving and saving, but my NW was going nowhere (and I had some personal issues as well at the time). It's important for all us young dreamers to keep in mind that there will be setbacks and reversals, but to not lose faith.
Exactly the reason I posted it so others could see that over time it will go up if you just stick with it. This year won't be too great. Probably be somewhat less than the 2005 estimate I posted. I could have saved more along the way but you have to enjoy life some while you live it.

If only I had started younger! I try to tell young people to get started as soon as possible. Most won't listen.
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Re: $100k Milestone!
Old 12-30-2005, 02:07 PM   #93
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Re: $100k Milestone!

Quote:
Originally Posted by yelnad
I broke 25k in my 403b this quarter. Yay for me!

I'm 31 and I have 21k in debt that I will pay off in the next 18 months, if I stick to my very detailed plan. Then I'll add that extra $1200 a month to my savings/retirement. I only make 37k/yr.
Good job! You have more at 31 than I did.
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Re: $100k Milestone!
Old 12-30-2005, 11:09 PM   #94
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Re: $100k Milestone!

At 31, I was so broke I couldn't even pay attention...
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Re: $100k Milestone!
Old 01-02-2006, 08:09 PM   #95
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Re: $100k Milestone!

.
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Re: $100k Milestone!
Old 01-02-2006, 09:16 PM   #96
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Re: $100k Milestone!

Quote:
Originally Posted by soupcxan
Well, I finished the year at $134k. Not too shabby, but I'm still disappointed that I didn't break $135k.
If you use the Chinese New Year as your target date (Jan. 29/06), you can still hit $135K
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Re: $100k Milestone!
Old 01-02-2006, 09:42 PM   #97
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Re: $100k Milestone!

Quote:
If you use the Chinese New Year as your target date (Jan. 29/06), you can still hit $135K
If he has that much at age 23, I guess the "boomers" arent keeping him down too badly.
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Re: $100k Milestone!
Old 01-03-2006, 07:32 AM   #98
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Re: $100k Milestone!

I popped my $250K barrier briefly a few days ago, but ended up a bit short once the year drew to a close, at roughly $248,500. However, that's just my "primary investments" figure (401ks, IRA, mutual funds, stocks). Add in my checking account, savings bonds, and Emigrant-Direct account and the grand total is more like $337,000.

So, does anybody have their 2006 year-end goals set yet? For me, I'd like to see my "primary investments" top $300,000, while my "grand total" I'd like to see pop the $400,000 mark.
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Re: $100k Milestone!
Old 01-03-2006, 08:39 AM   #99
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Re: $100k Milestone!

Quote:
Originally Posted by Andre1969

So, does anybody have their 2006 year-end goals set yet?*
Still breathing.

JG
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Re: $100k Milestone!
Old 01-03-2006, 08:49 AM   #100
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Re: $100k Milestone!

Goals for 2006 - at age 62/63 - learn to lighten up and not be such a cheap bastard :

Repeat to myself - you're not going to take it with you ten times a day.

The first twelve years of ER were kind of fun though and spending is still emotionally painful.

But a mans gotta do what a mans gotta do.

Perhaps a snappy new kayak or something.

Heh heh heh heh heh.
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