Share: Age, Salary,profession, Total monthly expense, net worth, and stuff!

[FIREdreamer]

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FIREdreamer, for only having 5 years of work, you're definitely off to a great start!

It helped that both my wife and I came out of graduate school with a good degree and $0 in student debt (My parents paid for my undergrad, I paid for my grad school, my wife paid for both undergrad and grad herself). While in graduate school we even managed to save some money so when we graduated in early 2002, we already had a networth close to 57K before even getting a real job. After graduation we saved: 23K in 2002, 26K in 2003, 41K in 2004, 32K in 2005 (we both lost our jobs that year and had to relocate), 41K in 2006 and we are on schedule for our best saving year so far, 48K for 2007.

[W2R]

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Originally Posted by FIREdreamer It helped that both my wife and I came out of graduate school with a good degree and $0 in student debt (My parents paid for my undergrad, I paid for my grad school, my wife paid for both undergrad and grad herself). While in graduate school we even managed to save some money so when we graduated in early 2002, we already had a networth close to 57K before even getting a real job. After graduation we saved: 23K in 2002, 26K in 2003, 41K in 2004, 32K in 2005 (we both lost our jobs that year and had to relocate), 41K in 2006 and we are on schedule for our best saving year so far, 48K for 2007.

That adds up to $260K. I was confused until it occurred to me that the rest of the $420K that you mentioned probably came from good investments, and probably some appreciation of your house.

[FIREdreamer]

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That adds up to $260K. I was confused until it occurred to me that the rest of the $420K that you mentioned probably came from good investments, and probably some appreciation of your house.

That's correct. It also helped we started investing as the market reached new lows of 2002.

[crispus]

We are both 53 with a combined income of 130k. We have a net worth of 960k. Home equity portion is about 275k and everything else is in 401k's and roth IRA's except for 26k in emergency fund. Our monthly expenses are around 4500 this includes 500 per month for my son's college 1.5 years remaining. In June of 09 my DW will be eligible for full pension with a cash value of 400k. Since all our money is tied up in retirement accounts I don't know if we can retire at 55. We both plan to take SS at 62.

[W2R]

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Originally Posted by crispus We are both 53 with a combined income of 130k. We have a net worth of 960k. Home equity portion is about 275k and everything else is in 401k's and roth IRA's except for 26k in emergency fund. Our monthly expenses are around 4500 this includes 500 per month for my son's college 1.5 years remaining. In June of 09 my DW will be eligible for full pension with a cash value of 400k. Since all our money is tied up in retirement accounts I don't know if we can retire at 55. We both plan to take SS at 62.

Sounds pretty good to me.

At 55, your son will be out of college so your expenses will be $48,000/year.

Assuming you had decided to take the cash value of your wife's pension, you could then put it in laddered CD's or some other stable investment and take out 48,000/year adjusted for inflation. It should last from 55 to 62.

Meanwhile, if your retirement accounts that are presently 685,000 grew with no withdrawals for the nine years until you are 62, and if you then withdrew 4%/year from them, plus both your social security checks, I think you might be just fine.

Maybe Firecalc would help in your computations. Link at the bottom of the page.

[Salaryman]

Late to the party, but here's my reply to the poll.

Age: 41 (me), 38 (DW)
Income: 200K+
Total monthly expense: 5K
Net worth: 1mm+ excluding home (can't mark to market my kids, they're priceless )
Stuff: Home is a co-op with small mortgage, Toyota minivan with 44kmiles (paid cash originally) 2 Volvos with 130miles each with wheels still on them, 3 kids - 5,2 and newborn, few rental properties but mostly investments in brokerage accts 529 accts and various retirement accounts, no debt, no TV (we're modern day Luddites) no vacation homes, shiny new cars or any other toys, but we have lots and lots of books to read.

I'm an compliance analyst for an investment bank and DW is a RN at a major trauma center. We live in modestly, below our means to be frank.
Have saved early, often and as much as possible starting back 20 years ago. Our incomes jumped recently but the only change has been that now we live on my income while the rest go to the kitty.

Between church, kids and our work there isn't too much more that we can do except trying to catch up on sleep....not that I'm complaining. Wouldn't have it any other way. Maybe when things slow down in 10 years, we'll find that we have reached our financial goals already.

[xtradoe]

After reading this Thread I need to consider making some real changes! I feel grossly inadequate!

AGE: 43
Salary: 55K territory sales manager.
401k: 190K
savings: 30K

still renting, monthly expenses are about 2500 rent and food, I have no car expense/payments I have a co.truck

I am debt free (one positive!)
I also have 1/4 ownership in a 100K condo for my mom and I also have a couple collector cars valued at 30-40K (for both)

Any headhunters out there that can place a real good territory manager!

[FinanceDude]

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Originally Posted by xtradoe After reading this Thread I need to consider making some real changes! I feel grossly inadequate! AGE: 43 Salary: 55K territory sales manager. 401k: 190K savings: 30K still renting, monthly expenses are about 2500 rent and food, I have no car expense/payments I have a co.truck I am debt free (one positive!) I also have 1/4 ownership in a 100K condo for my mom and I also have a couple collector cars valued at 30-40K (for both)

Save 20-25% of your income, and you'll be amazed where you are in 5-7 years..........

[megacorp-firee]

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Originally Posted by brewer12345 I note that noone included the size of their genitalia. C'mon, folks, we need that critical data.

hmmm circumference and length, weight, or ? Please be specific if you are asking for critical data.

[xtradoe]

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Originally Posted by FinanceDude Save 20-25% of your income, and you'll be amazed where you are in 5-7 years..........

I'm maxing out my 401! (live on the west coast) pretty much saving as much as I can!

[CyclingInvestor]

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Originally Posted by megacorp-firee hmmm circumference and length, weight, or ? Please be specific if you are asking for critical data.

.

[Caoineag]

Age: 26 (DH 24)

Income 33k +bonus (DH is 36k with bonuses, not sure how much yet)

Expenses: about 40% of income and dropping.

Net Worth: Should finally be positive come Dec 2008.

Stuff: Oh lots, we are renters and have no car but my electronic toys and aquariums would make most people's heads spin.

[StJohnsWood]

Age: 43
Income: 95K w/bonus
Profession: Corporate America
Expenses: $3,200 / month
Networth: 1.2mil or 1.3mil with home equity
Stuff: Married 2 kids 7yrs and 5yrs. 52k in one 529 and 46k in the other 529. Zero debt except mortgage and the proud owner of a 1997 Honda Civic with 125k on it. Going for 200,000 baby!! Driving it proudly. All the way to early retirement.

[ikubak]

Age: 45
Combined Income: 140K
Profession: CPA
Expenses: $3,000/mo.
Networth: $780K
Stuff: 1 wife, 1 kid, 1 cat, 2 cars, 1 house. Everything paid for except the wife, kid and cat.

[Rich_in_Tampa]

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Originally Posted by saluki9 Age: 30 Occupation: Portfolio Manager Base Salary: .0389% of Assets under management Bonus: We have good coffee in our office, my commute is 10 minutes, my wife is hotter than I deserve (oh and we get cash too) Monthly Expenses: About $6,000 after tax Net Worth: $XXX,121.65 ($XX1,125.01 if I include my Golden Retriever) Stuff: A fun company car, a nice little toy car for sunny days like yesterday, a decent camera setup (Canon 30D), and a fridge full of good beer. Genital size: Average (but my wife tells me not to worry) Boobie size: Probably too big, I need to stop drinking all that beer.

... and a sense of humor I never knew you had .

[Walt34]

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Originally Posted by BunsOfVeal OK, I'll bite. What does your wife's hotness have to do with cash?

Fringe benefits?

[Walt34]

Age: 58
Income: $60,000K/year but 100% COLA
Retired police officer/detective
NW ~$500,000 includes paid-for house, car and pickup truck
Savings/investments - $183,000
Zero debt

Not too shabby for a street cop & bookkeeper who had NW of $9K in 1984.
Wife plans to get another job after finishing BA degree.