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05-12-2018, 03:24 PM
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#1
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Dryer sheet aficionado
Join Date: Feb 2018
Location: Galt
Posts: 26
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Making Progress!!
My personal taxed account just hit $100k!! I started it in July with $50k from my tax return and down grading my truck. I’m shooting for an 8 year path to retirement or at least semi/optional retirement. My 401k also just hit $200k, so this is the first time at the $300k mark! Started January 1 of last year with this new mindset and $132k as my only savings which was in my 401k. Well over doubling my net worth in under a year and a half feels amazing!!
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05-12-2018, 03:53 PM
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#2
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Recycles dryer sheets
Join Date: Sep 2012
Location: in the sticks
Posts: 473
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Don’t lose interest after the low hanging fruit is captured. Slow incremental progress by LBYM takes longer but adds up just the same over time. Congratulations!
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05-13-2018, 07:00 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Mar 2014
Location: Dallas
Posts: 1,155
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 Quote:
Originally Posted by Newventurer
Don’t lose interest after the low hanging fruit is captured. Slow incremental progress by LBYM takes longer but adds up just the same over time. Congratulations!
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+1. Track income and expenses with some system. Seeing the dollars fly does the trick for me.
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05-13-2018, 07:28 AM
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#4
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Recycles dryer sheets
Join Date: Oct 2017
Location: Waterloo
Posts: 68
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Hey, congratulations!
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05-13-2018, 11:11 AM
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#5
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Thinks s/he gets paid by the post
Join Date: May 2014
Posts: 1,390
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Just keep it up. To me the hard part is getting enough in investments to start the snowball rolling. After that it gets easier because compounding starts to work. I think you are already starting the snowball for sure. 500K will really have you compounding those amounts big time.
In any case , you are well on your way. Just keep it moving in the right direction. You seem to be moving fast.
__________________
Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things. Charlie Munger
The first rule of compounding: Never interupt it unnecessarily. Charlie Munger
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05-13-2018, 11:23 AM
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#6
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Full time employment: Posting here.
Join Date: May 2011
Posts: 873
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Congrats! Just remember to "live" some on the way to your magic number, as none of us are guaranteed a tomorrow.
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05-17-2018, 06:43 PM
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#7
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Dryer sheet wannabe
Join Date: Mar 2018
Posts: 23
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Congratulations! That's such a great feeling!
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05-17-2018, 07:18 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Dec 2017
Posts: 2,549
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Yes, accumulation is mesmerizing, and addictive. It makes me not want to spend money anymore (along with my wife [humor]). But I'd reiterate what KimCDougC said...balance in everything! You never know what life will bring your way. Enjoy some of the next 8 years or so. I had a friend who was planning to retire on Maui at 50, then BAM! He was broadsided while driving in SF, and ended up with two steel rods stabilizing his spine. He's doing ok now, some 20 years later, but is a bit stiff, and the accident has limited what he can do in retirement.
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