2 goals reached!

[Celany]

Hurray for me! I reached two of my big financial goals this month, and I'd like to share:

1) I hit 50k by my birthday (at the beginning of this month, just turned 28).

This was important because my calculations showed that it was a good way for me to tell if I was on track to hit 100k by 30.

2) I got a 10k 'raise' at work.

Basically, I've been complaining for quite a while that I'm underpaid. When I started working at my MegaCorp (which has many, many good points to it), I was an assistant covering a full associate position, until someone was hired to fill the place. However, all the people that I worked with gave me such rave reviewed that I was bumped up to full associate, to fill the position myself, after handling it for a few months. This bump involved a nice salary increase, but not an increase that was, let's say, reflective of my bump in responsibilties. I was happy though, because this bump up in position put me quite a bit ahead on the career track.

After a year, I started complaining (politely & reasonably, with a lot of facts to back me up) to HR about how I wasn't being paid what I was worth. Even though I was getting nice increases @ each raise time (6-8%), I still wasn't making what I should. Basically, I was told that they were 'working on it'.

After our last raise period (which came a year after I first complained), I only got a 4% raise, which is considered 'good', but was a bit of a joke to me, compared to my responsibilities. I spoke to HR AGAIN & was told that they're sympathetic, but there's only so much money to go around, and they're still 'working on it'. It was also strongly hinted that I should be grateful for what I've already got, which is BS. THEY should be greatful for what THEY'VE got, an excellent employee, practically for a song (And I told them that, it a polite manner).

Around this time, I got a few phone calls from some people I'd worked with in the past, telling me about some oppurtunities. I went & interviewed for them, got an offer at 10k higher than I was making now, took it back to my company, and they matched it! So, between my earlier raise this year, & this raise, I had a 16% increase in my salary this year.

I am so very thrilled. This whole thing was very stressful. I really love a lot about the MegaCorp that I work for - it has a lot of really good points to it, and I didn't want to leave it yet unless I absolutely had to.

So I feel like I've just had my cake, & can eat it to.

In celebration, I actually *have* ordered a cake: Sassy Praline Sparkler: Susan Morgan: Vanilla Cheesecake - The Artful Home

I've never had a cake like that before, & it's going to be my one indulgence, a kind of pat-on-the-back, for going to bat for myself, and winning.

[crazy connie]

Good celebration! The most important one is how much of the raises will you be socking away? That is the true reward even if delayed. The compounding can be enormous.

[Sam]

Congratulations.

Quote:

Originally Posted by Celany 1) I hit 50k by my birthday (at the beginning of this month, just turned 28). This was important because my calculations showed that it was a good way for me to tell if I was on track to hit 100k by 30.

That's a very agressive plan, best of luck.

[Celany]

Quote:

Originally Posted by crazy connie Good celebration! The most important one is how much of the raises will you be socking away? That is the true reward even if delayed. The compounding can be enormous.

I'm not entirely sure, until I see my paychecks, how much will be socked away. What I can tell you is that the vast majority of it will be.

Right now, I give 1K to myself each month. That is to pay for everything that isn't a fixed bill (so rent, phone, DSL, etc aren't included) or a medical bill. I "roll over" what I haven't spent by the end of each month, which is important, because that's also my gift money (like christmas gift shopping) and vacation money. It tends to be a bit tight;I aim to spend no more than $800/mo & roll the rest over into aforementioned vacations & xmas gifts (and big purchases, like new furniture, or new computer/etc).

I'm planning on raising that to 1200/mo & spending up to $900/mo & rolling $300 over. The rest of my raises will go into my savings.

So I guess that having more cake & eating it too again.

[Bigritchie]

Live the way you did before the raise, sock away the extra 16% ...retire earlier.

[Celany]

Quote:

Originally Posted by Bigritchie Live the way you did before the raise, sock away the extra 16% ...retire earlier.

I'm going to sock away most of it...I finally calculated, I'll be getting $600 more a month & $400 will go toward saving, & $200 will go towards me.

the reason I'm not socking it away is because I know I'm a good saver, but money is still tight right now, especially saving for vacations, I never seem to have quite enough.

also, I worked hard for this raise...I deserve some kind of gratifaction for it NOW, because, let's face it, I might not make it to retirement...there are a million ways to die young (or not-so-young, but before FIRE).

[bow-tie]

Congrats Celany. Sounds like you have a plan for your $$ that meet all of your requirements, which is great.

[starter82]

What's the $50K refer to? Could you elaborate on that? Is it total savings or retirement funds only? Thanks! I also set a goal for myself, 25 by 25 (25K by age 25). Considering I didn't really start until 23, not bad!

[bssc]

Good work. You will be retired before most of your peers (and my peers).

[BigBob]

Quote:

Originally Posted by Sam Congratulations. That's a very agressive plan, best of luck.

Congratulations.
Sam and others, I just wanted to point out that if the OP is at 50K at age 20, and hoping for 100K at age 30, in 10 years, to have your money double, you only need to reap 7.2%. And that is without contributing anything. Just as long as you don't touch the money for a house, honeymoon, boat, etc...
I think you will look at your balance at age 30 and be surprised, especially if you are currently banking some $$ along the way.
Keep up the good work!

[Sam]

Quote:

Originally Posted by BigBob Sam and others, I just wanted to point out that if the OP is at 50K at age 20, and hoping for 100K at age 30, in 10 years, to have your money double, you only need to reap 7.2%. And that is without contributing anything.

BigBob, that's where you are wrong. The OP is not 20, she's at least 28 according to her first post here on the forum.

That's why I said "aggressive". But I know it's doable.

[BigBob]

Gotcha... now why did I think that the COOL emoticon was a 0 as in 20 and should have been 28?
Yeah, simplest way to get from 50K to 100K in 2 years is to deposit another 50K...but not the easiest.