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Re: How much do you put away?
Old 12-07-2006, 10:10 AM   #41
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Re: How much do you put away?

To respond to ADJ, remember that was $30k NET. We live on about that, would be less if student loans are paid off, but we won't b/c i-rate is too low.

We don't have kids, and I think that is a big factor, but we do own our home and have a mortgage. (The disclaimer is the $30k will be once we sell our house and only have the cabin - which is in process - but we only paid $6k less for it than we paid for the house so it is comparable). We live in Philly, which I would say has one of the most reasonable COL of any decent sized city, and we make careful choices on how we spend our money. We don't deprive ourselves of anything we really want, but we don't bother paying for things we don't really want.

We aren't saving that much for retirement right now b/c I just finished paying off expensive SL (I consider the thousands I've saved in interest as a sort of savings, but I can't pay my mortgage on it!), but DH maxes his 401(k) and I max my Roth. Also with his new gov't job he gets a pension, which will definitely help us FIRE.
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Re: How much do you put away?
Old 12-07-2006, 11:14 AM   #42
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Re: How much do you put away?

Quote:
Originally Posted by dmpi
...We are strong believer in environmental causes. We have plans for the extra money. The plans are a bit fuzzy right now, but they involve buying up land to protect small animal habitat...We want to do our little part to help. I'm sure some of you guys think this is silly.
Kudos to you. As long as your goals don't interfere with anyone else's happiness, then don't lose a minute of sleep wondering if anyone thinks it's silly.
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Re: How much do you put away?
Old 12-07-2006, 12:00 PM   #43
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Re: How much do you put away?

As the years go by we have seen the animal habitat slowly being destroyed by construction. We want to do our little part to help.
I'm sure some of you guys think this is silly.


Heck, as someone who's come close to getting run over or causing accidents while plucking turtles out of the road, and would try to catch a spider and let it outside before killing it, I definitely don't think it's silly!
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Re: How much do you put away?
Old 12-07-2006, 12:11 PM   #44
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Re: How much do you put away?

Quote:
Originally Posted by Andre1969
Heck, as someone who's come close to getting run over or causing accidents while plucking turtles out of the road...
I remember one summer I was crusing around town in my car and saw a huge turtle dawding along the side of the street. I went home, grabbed a cardboard box, went back, almost got bit, got it into the box, and then drove 20 minutes to the local lake, and dropped him/her off.......
And come to think of it, I probably robbed the little fella from its home and took it somewhere far off and unfamiliar. Dammit... and here all this time I thought I was generating some good karma!?!?!
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Re: How much do you put away?
Old 12-07-2006, 12:17 PM   #45
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Re: How much do you put away?

Quote:
Originally Posted by bow-tie
I remember one summer I was crusing around town in my car and saw a huge turtle dawding along the side of the street. I went home, grabbed a cardboard box, went back, almost got bit, got it into the box, and then drove 20 minutes to the local lake, and dropped him/her off.......
And come to think of it, I probably robbed the little fella from its home and took it somewhere far off and unfamiliar. Dammit... and here all this time I thought I was generating some good karma!?!?!
So far my wife has rescued three turtles from certain death in the road. One of them only had 3 legs - we assume the 4th leg was removed by a gator that wanted some lunch. We probably did not get them back to their homes either, but at least they weren't road kill.
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Re: How much do you put away?
Old 12-07-2006, 01:36 PM   #46
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Re: How much do you put away?

Quote:
Originally Posted by justin
When you find someone to pay me for traveling the globe, drinking beer on the beach while perfecting my tan, killing space aliens in the latest first person shooter video game, reading books while hanging out lakeside in my backyard, or wrasslin with my kids, please give me a call.
Thats called FIRE. It is what this board is about. Just keep savin and you'll get there.
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Re: How much do you put away?
Old 12-07-2006, 01:37 PM   #47
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Re: How much do you put away?

Quote:
Originally Posted by donheff
Thats called FIRE. It is what this board is about. Just keep savin and you'll get there.
Exactly. It is a goal that I spend my money on (in the form of investments).
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Re: How much do you put away?
Old 12-07-2006, 02:29 PM   #48
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Re: How much do you put away?

Quote:
Originally Posted by dmpi
We are strong believer in environmental causes. We have plans for the extra money. The plans are a bit fuzzy right now, but they involve buying up land to protect small animal habitat.
I'm sure some of you guys think this is silly.
You are not silly - you are great!
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Re: How much do you put away?
Old 12-07-2006, 04:59 PM   #49
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Re: How much do you put away?

Quote:
Originally Posted by Scout
Gross salary?
Yearly savings?
Yearly living expenses?
Projected/hoped for age at ER/FI?
What dollar amount are you shooting for?
I know this will be different for everyone, but it's still helpful to see the numbers.
Thanks
Gross salary - $197K between DH and myself
Yearly savings - 15% of our gross incomes go into our retirement plans and we also manage to save an additional $3,500/month in taxable accounts. We could probably save more than this but we both love to eat out and travel. Plus, we have a baby at home and are maxing out her RESP (Registered Educational Savings Plan).

Between our retirement and taxable accounts, we currently have about $650K saved.


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Re: How much do you put away?
Old 12-07-2006, 07:43 PM   #50
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Re: How much do you put away?

Quote:
Originally Posted by shiny
You are not silly - you are great!
Thanks everyone for the words of encouragement.
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Re: How much do you put away?
Old 12-07-2006, 09:19 PM   #51
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Re: How much do you put away?

We put away 42% of our gross this year.

If we move into the city in 2007, we probably won't save anything in the taxable accounts but will still max out our 401ks and Roth's.
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Re: How much do you put away?
Old 12-07-2006, 10:35 PM   #52
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Re: How much do you put away?

Quote:
Originally Posted by Scout
Gross salary?
Yearly savings?
Yearly living expenses?
Projected/hoped for age at ER/FI?
What dollar amount are you shooting for?
I know this will be different for everyone, but it's still helpful to see the numbers.
Thanks
Gross Salary: $60K
Corporate Income: $120K
Yearly Savings: Corporate Income minus Corporate Expenses ~$100K
Yearly Living Expenses: $60K
Projected/hoped for age at FI: got there 1 year ago at age 48
Projected/hoped for age at ER: 55
Dollar amount shooting for: $3.5m
Current Net Worth: $2.4m

(All figures Canadian)

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Re: How much do you put away?
Old 12-12-2006, 11:24 PM   #53
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Re: How much do you put away?

Thanks to everyone who has responded. I know this was a nosy question, but it helps to put your own financial situation into perspective when you see others. Some of you power savers have given me strong incentive.
Sorry i missed the other areas on the forum where this has been discussed previously...i'm still a relative newbie...i'll get better.
kudos to all of the environmentalists/animal rights folks who responded...dogs deserve better!
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Re: How much do you put away?
Old 12-14-2006, 12:25 PM   #54
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Re: How much do you put away?

Ok, I'm a bit late, but I liked this topic.

Gross salary - ~$70K between DW and myself
Yearly savings - 20% of our gross incomes go into our retirement plans and taxable accounts.
Plan FI: At age 45.
Savings: 25K

We also have one two year old running around. Please note I'm in Canada, so my FIRE calculations are very different than most people in the US. See the blog link if you want to read more.
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Re: How much do you put away?
Old 04-01-2007, 08:20 PM   #55
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Re: How much do you put away?


Gross Income: $49,494.40
25% to 401K: $12,373.51
Roth IRA: $4000
Additional Savings: $4k-6k which is sent to Mutual Funds

Net worth at this time: $150K
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Re: How much do you put away?
Old 04-01-2007, 08:26 PM   #56
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Re: How much do you put away?

Citrine:

With saving habits like that, you are well on your way to FIRE. Congratulations.

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Re: How much do you put away?
Old 04-01-2007, 08:36 PM   #57
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Re: How much do you put away?


Thanks Gumby!

Now if I could just get the diamond fetish out of my system
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Re: How much do you put away?
Old 04-01-2007, 08:40 PM   #58
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Re: How much do you put away?

Me 28, husband 27. Current take-home is ~$60k (I am in grad school, and only bring in a measly stipend).

We put $600/month into his 403(b), and another $600/month into savings.
~$50k in our combined retirement accounts
~$10k in savings
~$25k in savings bonds

What's killing us right now are undergraduate student loans. Those should be paid off soon, and that's another $500 to sock away every month.

Our take-home should roughly double when I finish grad school, and since we're very happy with our lifestyle right now, we can hopefully just live on one salary.

I have no target dollar amount; it'd be almost meaningless to try and predict, because I'm not yet working, and we hope to have kids, etc. I'd like for us to retire when we're 55.
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Re: How much do you put away?
Old 04-01-2007, 09:03 PM   #59
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Re: How much do you put away?

S:

It appears that you have more than 6 months expesnes in cash or equivalents, which should be an adequate safety net. At this point, have you considered increasing the 403(b) contribution, or, even better, starting a Roth IRA? You would get the immmediate tax benefit with the 403(b) contribution (and possibly, although unlikely, an employer match), but many feel that over the long haul the Roth IRA is a better deal. Of course, it depends on the investment choices you have in the 403(b) -- an annuity product, which is all too common in such plans, would be horrible. For a Roth IRA, you might consider going with a no-loan index fund with Vanguard or Fidelity. Something that tracks to total stock market or S&P 500 might be a good start. Do some searches on this board and you will find innumerable discussions of the merits of 401k/403b versus a Roth IRA, which may help to focus your thinking. In any event, you have reached the point where it is time to expand your horizons. Your student days will soon be a thing of the past, you will be saving and investing steadily and looking forward to an early retirement. Best wishes to you both.
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Re: How much do you put away?
Old 04-01-2007, 10:00 PM   #60
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Re: How much do you put away?

A few thousand shy of half our gross--works out to about 2/3 of our take-home. Right now it's all going for the down payment on the house, after that it'll be shunted to 401k, IRA, etc. :-)
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