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Checking In Again....
Old 07-02-2013, 02:20 PM   #1
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Checking In Again....

Since my discovery of this forum several years back, I generally spend most of my time lurking and learning.

However about once or twice a year I like to check in and update my personal progress. It is always nice to get feedback from the group, and it validates my commitment to the cause.

So, as a refresher:

About three years ago, we swore off car payments and credit card balances forever.
About two years ago, our only child graduated college.
About a year ago, we paid off our mortgage.

This has allowed us to live life virtually debt free. More importantly, it has allowed me to save about 50% of my paycheck.

To cut to the chase, this week we surpassed $50,000 in fully liquid "cash" in the bank. This may not seem like a big number to most of you, but for a guy who used to live paycheck to paycheck, its a huge milestone. I actually went to the bank, and made a $25.00 deposit, just so I could ask the teller to print out the balance, $50,010.21. My wife and I also have IRA & 401K so we have had a nice run up in the markets happening as well.

I'm not sure where this ends, or what happens from here. I just know that today an extra, FIDDY GRAND feels pretty darn good!

Cheers,

TheGarMan
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Old 07-02-2013, 03:00 PM   #2
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That is great....


But I would not want that much money in any kind of account at a bank...

Just me....
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Old 07-02-2013, 04:01 PM   #3
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Originally Posted by Texas Proud View Post
That is great....


But I would not want that much money in any kind of account at a bank...

Just me....
I fully understand. (And you are correct, as I feel the same way)

But keep in mind, we already have pretty decent exposure to the stock market, having run our IRA / 401K, UP UP UP the last two years or so. Further, I guess I could tie it up in a CD, for what 1.5%?

Instead I choose to watch the pile grow.. It motivates me
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Old 07-02-2013, 04:53 PM   #4
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Just awesome, GM. Really really wonderful financial progress.
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Old 07-02-2013, 04:54 PM   #5
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Congrats! That's a huge turn around in just a few years!!! I'm really impressed!
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Old 07-02-2013, 05:14 PM   #6
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Originally Posted by thegarman View Post
I fully understand. (And you are correct, as I feel the same way)

But keep in mind, we already have pretty decent exposure to the stock market, having run our IRA / 401K, UP UP UP the last two years or so. Further, I guess I could tie it up in a CD, for what 1.5%?

Instead I choose to watch the pile grow.. It motivates me

I put mine in Vanguard ST bond fund.... sure, it can lose money, but the duration is short and it does not move much quickly....

But if it is helping you be motivated, then that benefit is worth it...
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Old 07-02-2013, 08:30 PM   #7
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Congrats on your progress. You have momentum on your side.
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Old 07-05-2013, 07:05 AM   #8
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Congrats on changes and success. I put my bank cash in a 5 year Ally CD that yielded 2%, it is still liquid, withdraw incurs 3 month interest penalty. You can start with $40k and watch that pile grow as well. In my case this is the emergency fund, if it grows over the target amount it goes to the market investment account.
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Old 07-05-2013, 07:25 AM   #9
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Well done!
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Bravo, GarMan!
Old 07-05-2013, 09:39 AM   #10
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Bravo, GarMan!

You remind us of the many individual choices we made throughout our careers, to defy the collective opinion of those who say, "If you live from paycheck to paycheck, you'll never get to live the life you want."

They were wrong! With the choices you have made, look at your monthly savings rate. It should be published as a headline in your local paper: "Average Joe Saves 50% of Monthly Pay. How To Do It!"

Can you imagine how many American workers could improve their futures, simply by following some of the steps you have taken?

Like you, I've learned a lot by reading this forum. If anything, the shared experiences, of those posting here, have enhanced my courage and confidence in continuing with LBYM, learning better investment skills, and sharing that knowledge with friends and colleagues who would also like to ER.

Thanks for your post. And congratulations!

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Old 07-05-2013, 10:45 AM   #11
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Watch that stash grow - you go garman!

And as you mention, you also have IRA and 401K balances, so you are obviously heading in very much the right direction.

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Old 07-05-2013, 12:22 PM   #12
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Quote:
Originally Posted by thegarman View Post

...This has allowed us to live life virtually debt free. More importantly, it has allowed me to save about 50% of my paycheck.

To cut to the chase, this week we surpassed $50,000 in fully liquid "cash" in the bank... I actually went to the bank, and made a $25.00 deposit, just so I could ask the teller to print out the balance, $50,010.21. My wife and I also have IRA & 401K so we have had a nice run up in the markets happening as well.

I'm not sure where this ends, or what happens from here. I just know that today an extra, FIDDY GRAND feels pretty darn good!

Cheers,

TheGarMan
Virtually debt-free, saving about 50% of your paycheck, and kicking in that $25.00 to get to Fiddy Grand: Way to go!!! I bet it does feel pretty darn good.
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Old 07-05-2013, 12:38 PM   #13
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Good for you!
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Old 07-05-2013, 01:46 PM   #14
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Debt free, you are on the right track and ahead of probably 75% of the masses, congrats.
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Old 07-10-2013, 08:42 PM   #15
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YIPPEE YAHOO!! Congrats! No debt!! Seriously - it was said before.........you are WAY AHEAD of MOST Americans!!!! KEEP SAVING!
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