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Post age, where you're at financially, and where you hope to be
Old 09-30-2007, 11:58 AM   #1
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Post age, where you're at financially, and where you hope to be

I'm trying to guage where most of you on this board are financially in life.

I, myself, am in my early 30's.

What is your liquid net worth and what are your milestones?

How long did it take you to save up your first 100k, 200k, 300k, etc.
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Old 09-30-2007, 12:19 PM   #2
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I'm trying to guage where most of you on this board are financially in life.

I, myself, am in my early 30's.
Turned 63 yesterday

What is your liquid net worth and what are your milestones?
LNW - Changes daily. $10K+ daily changes are common.
Milestones - 1. Become FI; 2. retire & enjoy life

How long did it take you to save up your first 100k, 200k, 300k, etc.
Too far back to remember.
Welcome to the forum, princley.
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Old 09-30-2007, 03:22 PM   #3
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age: Me: 29. Wife, 28.

Financial goal: retire by 45 if I work full-time until then. 55 if I go part-time next year instead.

Life goal: unknown. At this point, will probably buy an Airstream and travel the US.

NW milestones:Get enough, unless everything falls apart ;-)
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Old 09-30-2007, 05:05 PM   #4
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What is your liquid net worth and what are your milestones?
I have couple bottles of wine....a little rum....Hope to drink it in few months...really not worth a lot...certainly less than 5-10 bucks a bottle..

Seriously, I dont like these threads....you got what you got....somebody has more and somebody has less, I bet...But can your mom beat up my mom, I dont think so...
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Old 09-30-2007, 05:13 PM   #5
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There's a long thread with this info that's not too old. Check it out at http://www.early-retirement.org/foru...uff-27120.html
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Old 09-30-2007, 06:36 PM   #6
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.But can your mom beat up my mom, I dont think so...
I'll take that bet. My mom is only 4 ft 10, so she has to be extra tough to make up for it.
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Old 09-30-2007, 10:03 PM   #7
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im 24.

my lnw is minimal... under 100k i guess... but i have managed to acquire several rental properties that are mortgage free now...so that's where im parking some $$ right now...and im almost done paying for my primary residence

On milestone was paying down the loan i took out to buy a rental, and realizing i now own this property free and clear! another was my first 10k (i was 19). then 20k(i was 21). then the rest seems the same.... and im working on 100k -guesstimate this will be a while...maybe 2012-i'll be 29...geez that sounds old
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Old 09-30-2007, 10:10 PM   #8
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But can your mom beat up my mom, I dont think so...
My mom had a serious weight issue up until we hooked her up with a personal trainer a year and a half ago. She's now under 15% body fat and starting out as a personal trainer at the local 'Y'. She spends about 30 hours a week at the gym and I'd say that I live in fear of crossing her...
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Old 10-01-2007, 10:07 AM   #9
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How about giving your amounts in percentages of your target goal? Maybe that would be more helpful for everyone.
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Old 10-01-2007, 12:08 PM   #10
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My Mom is 91 and could slap you silly with her cane !
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Old 10-01-2007, 04:25 PM   #11
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I am one of those with less...

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Old 10-01-2007, 09:16 PM   #12
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I keep $5.00 in a cookie jar that I put in there back in 1962. For some reason, compounding does not work for me. There's still $5 in my cookie jar? How am I going to retire?
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Old 10-01-2007, 09:27 PM   #13
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I am retired for many years. I was in phat city until my recent divorce. I believe I am still fine, but my expenses increased and my money decreased as you can well imagine.

I like to have way more money than I need. I don't have expensive hobbies, but I do not like penny pinching. I think that the only way I could but back meaningfully would be if I absolutely had to, and I sincerely hope that I won't.

Ha
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Old 10-02-2007, 03:38 AM   #14
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I'm 36 and my net worth is about 700K. I'm married, with a newborn and plan for another. I'm in sales and my income is about $300K per year. My employer is generous and has a Roth 401(k), but I only contribute $7,500 a year. They kick in $37,500, so I am at the max allowed by law.

I hope to retire by 50, maybe 45 if I'm lucky. I have $400K saved so far, but it's all in retirement accounts, and I have very little in non-retirement. With the needs of a newborn and one more hopefully, I worry that I won't be able to save enough after-tax. I'll be 50, with a big fat retirement account that I can't get at for another 10 years.

Most websites worry about "will you have enough", and I guess I'm lucky because that seems certain. But, have I saved too much in retirement accounts and not enough after-tax? I already save the minimum for the 401(k) match, but maybe I should save elsewhere, like a Vanguard Index Fund?

I own a home, but have just $175K in equity. I also have the chance to make even more in my field, as I am underpaid believe it or not. Most in my field make at least $700K a year, so I could make a move if needed. I like my employer though for other reasons besides pay.

What would you do?
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Old 10-02-2007, 07:40 AM   #15
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What's your current annual spending budget?

What do you think it will be at retirement?
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Old 10-02-2007, 07:53 AM   #16
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I'll be 50, with a big fat retirement account that I can't get at for another 10 years.
.....
What would you do?
Start searching for the term 72(t). There are two sections of IRS tax code (72t and 72q, I think) that allow you to withdraw from a retirement account before you are 59 1/2. You need to take a substantially equal periodic payment for 5 years or until you turn 59 1/2, whichever is longer. A tax professional and Google can tell you much more.

Aside from that, I'd personally start talking with my wife of what's important. You might both agree that downsizing is a viable option, or you'd rather forego some trips or purchases now.

At the very least, you should both understand your yearly expenses and cash flow. Ultimately, only the two of you can decide what is essential to enjoy life both now and in retirement.

If you haven't already, be sure to play with the spreadsheet here: Millennium Edition Generation-X Retirement Calculator.
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Old 10-02-2007, 12:17 PM   #17
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...I'm in sales and my income is about $300K per year... Most in my field make at least $700K a year, so I could make a move if needed. I like my employer though for other reasons besides pay.

What would you do?

Holy buckets. What's a cat gotta sell, dare I ask, to make that kind of coin?
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Old 10-02-2007, 12:27 PM   #18
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...But can your mom beat up my mom, I dont think so...

When 2 moms in my childhood neighborhood fought, their kids would fight over who would play with me! They couldn't play with each other and my mom never fought with anyone. I was never more popular, and I loved the hair pulling, especially the mom who had long red hair. So how long is your mom's hair?
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Old 10-04-2007, 09:27 PM   #19
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She spends about 30 hours a week at the gym and I'd say that I live in fear of crossing her...

Dare I say it....but that could give one the subtle impression of...(whisper) w*rk!

Sure, she might live to be 107 - but that's spending almost 1/3 of her life at the gym!
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Old 10-04-2007, 10:11 PM   #20
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Dare I say it....but that could give one the subtle impression of...(whisper) w*rk!

Sure, she might live to be 107 - but that's spending almost 1/3 of her life at the gym!
Maybe she likes the gym? :confused:
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