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Somewhat significant milestone
Old 11-17-2013, 02:43 PM   #1
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Somewhat significant milestone

I just turned 31, wife is 26. We both work and have no kids just two spoiled dogs.

For the first time, total networth surpassed $500k. Feels pretty good reaching that milestone early on.

The numbers:

Home Equity: 115k

Taxable Accts: 112k

Retirement Accts: 230k

Personal Property: 48k

The home equity estimate is very conservative and the personal property is mostly from three paid off cars and assumes only 75% of the appraised value (edmunds) just to be conservative.

Hopefully we can maintain the current accumulation rate, you never know what could happen but the longer we can keep the current savings rate going the sooner we'll be FI. I think by 45 for me and 40 for my wife is very possible.
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Old 11-17-2013, 02:49 PM   #2
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Congrats! Keep it going...
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Old 11-17-2013, 02:52 PM   #3
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I'm not sure what income you'll be wanting to live on in retirement but if I had achieved the same NW at the age of 31 as you have, I would have been beside myself with glee.

Well done!
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Old 11-17-2013, 03:08 PM   #4
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Originally Posted by Major Tom View Post
I'm not sure what income you'll be wanting to live on in retirement but if I had achieved the same NW at the age of 31 as you have, I would have been beside myself with glee.

Well done!
If the mortgage is paid off than our annual expenses shouldn't be bad, I could see 75k gross being sufficient to allow some travel and a few other hobbies we have. Based on that accumulating around 2 million should be sufficient and I think that is reachable in 14 years.

We feel very fortunate, you never know when things could change so we are socking away lots while we can.
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Old 11-17-2013, 03:13 PM   #5
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Originally Posted by engprodigy View Post
We feel very fortunate, you never know when things could change so we are socking away lots while we can.
I couldn't agree with this attitude more. You're on exactly the right track. One day you're going to be extremely glad that you saved and invested when you were in a position to be able to do so.
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