HFWR
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Kudos from me, too. My 401k just passed $300k...
ONly a mil or two to go...
ONly a mil or two to go...
$100k Milestone!
- Thread starter BigMoneyJim
- Start date
Congrats BMJ! You definitely have more than we did at your age. I would love it if my son would just start a little. Unfortunately, it is still pay check to pay check for him. It is nice to know that there are young people saving for their future!
Dreamer
Dreamer
OP
OP
BigMoneyJim
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Thanks, everyone! And congrats to others hitting milestones, whether it's $1m or a $50 mark. Some replies:
Wildcat: I am sharing...my wisdom.
re: compounding: Getting from $60k to here was surprisingly fast compared to how long it took to get from $35k to $60k. I guess I haven't thought much about how fast it will grow now beyond the double-your-money-in-5-years guideline, but I am still saving and have been increasing my saving lately. It should be fun to watch it grow. (If it does...there are plenty of bears around these days. But I've got a decade or two, so I can weather the bears.)
xprinter, sorry about your physically conservative wife.
re: milestone marks and money we count/don't count: The $10k marks have been what I really enjoy so far, but up until recently I only counted my IRA/401(k) combined balance. Historically I've mentally separated my pretax and after-tax savings because I was handling the pretax stuff well and the after-tax stuff poorly. It is my recent jump in after-tax savings that has me looking at everything as a whole picture now. I haven't previously and don't intend to keep adding possessions as assets, but for the $100k mark I am. Funny, in doing so it throws into better focus the difference between $3k in electronics, $3k in airfare and any given $3k invested. I can give a one-time excuse for the $3k in electronics in one year, but it still feels like I spent too much and am getting little return. The $3k in airfare was worth every penny, but what I really need to do is move to Texas and eliminate that cost. $3k (an arbitrary amount for comparison) saved and invested counts 3% towards my current balance! (More if I count its earnings this year.)
JPatrick, most of my money is in stock/bond funds, but about $7k is in a savings account at 0.75% and needs to be moved to somewhere more generous. Thanks for reminding me.
TargaDave, good point on 2-3 year milestones. Becoming debt free was a big goal, and so was retiring early. But after becoming debt free (a 5-year effort) and having retirement conservatively 20 years away my thoughts were "uh, now what?" I have better answers to that question now.
doah001: The dryer sheet thing is a long-time running gag symbolizing frugality.
SG, thanks! That's a lot of smileys!
By the way, I had a lot of pretax savings prior to being debt free, in case anyone wondered how I got from in-debt to $100k in a year. I've been able to cash out in the black for much of the time I was in debt, but of course it would have cost a ridiculous amount in taxes and penalties. I started saving 15% to my 401(k) at age 21 and didn't cut back until age 30. Currently I'm saving 7% to my 401(k) and about 11% after-tax. (I'm building up cash for an anticipated job situation change right now.)
Wildcat: I am sharing...my wisdom.
re: compounding: Getting from $60k to here was surprisingly fast compared to how long it took to get from $35k to $60k. I guess I haven't thought much about how fast it will grow now beyond the double-your-money-in-5-years guideline, but I am still saving and have been increasing my saving lately. It should be fun to watch it grow. (If it does...there are plenty of bears around these days. But I've got a decade or two, so I can weather the bears.)
xprinter, sorry about your physically conservative wife.
re: milestone marks and money we count/don't count: The $10k marks have been what I really enjoy so far, but up until recently I only counted my IRA/401(k) combined balance. Historically I've mentally separated my pretax and after-tax savings because I was handling the pretax stuff well and the after-tax stuff poorly. It is my recent jump in after-tax savings that has me looking at everything as a whole picture now. I haven't previously and don't intend to keep adding possessions as assets, but for the $100k mark I am. Funny, in doing so it throws into better focus the difference between $3k in electronics, $3k in airfare and any given $3k invested. I can give a one-time excuse for the $3k in electronics in one year, but it still feels like I spent too much and am getting little return. The $3k in airfare was worth every penny, but what I really need to do is move to Texas and eliminate that cost. $3k (an arbitrary amount for comparison) saved and invested counts 3% towards my current balance! (More if I count its earnings this year.)
JPatrick, most of my money is in stock/bond funds, but about $7k is in a savings account at 0.75% and needs to be moved to somewhere more generous. Thanks for reminding me.
TargaDave, good point on 2-3 year milestones. Becoming debt free was a big goal, and so was retiring early. But after becoming debt free (a 5-year effort) and having retirement conservatively 20 years away my thoughts were "uh, now what?" I have better answers to that question now.
doah001: The dryer sheet thing is a long-time running gag symbolizing frugality.
SG, thanks! That's a lot of smileys!
By the way, I had a lot of pretax savings prior to being debt free, in case anyone wondered how I got from in-debt to $100k in a year. I've been able to cash out in the black for much of the time I was in debt, but of course it would have cost a ridiculous amount in taxes and penalties. I started saving 15% to my 401(k) at age 21 and didn't cut back until age 30. Currently I'm saving 7% to my 401(k) and about 11% after-tax. (I'm building up cash for an anticipated job situation change right now.)
Just wanted to add to this great "year end" milestone thread. I just hit $250K at age 29! I was nicely suprised to see that total pop out after updating the spreadsheet for the month. Hope there's no cause for it to dip below that "magic" number!
That's in what another has called the "grand total" account. Includes pension, cash/investments, equity in the home, car, and other depreciating doodads. Realistically that amount isn't really available, but it is a nice number to use for tracking progress.
Keep it up everyone. One day I up to catch up to the idols like Calgary_girl.
That's in what another has called the "grand total" account. Includes pension, cash/investments, equity in the home, car, and other depreciating doodads. Realistically that amount isn't really available, but it is a nice number to use for tracking progress.
Keep it up everyone. One day I up to catch up to the idols like Calgary_girl.
maddythebeagle
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I try to keep my doodads out my calculations, thank you
mathjak107
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i remember how thrilled i was at the 100k point back in the 80's...it was an amazing feeling....
this year we broke 1.5 million but it wasnt the same feeling as the ole 100k....
this year we broke 1.5 million but it wasnt the same feeling as the ole 100k....
Mr._johngalt
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mathjak107 said:
I don't recall any real milestones, although I tracked my net worth
compulsively for years. Don't do it so much now (it doesn't change
anyway). Don't forsee any milestones in the future either.
Success for me would just be holding steady.
JG
Mr._johngalt
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maddythebeagle said:I try to keep my doodads out my calculations, thank you
Yep. I try to keep my doodad where it belongs also.
Re. net worth calc, I throw in everything that can be converted to cash
(which is to say almost everything). The grand
total still ain't much.
JG
OP, Thanks for giving young dreamers hope! I graduated from college in Dec 04 (I'm 23) and have been working in the real world for a year. I am at the $17k mark. Just $983000 to go... Well, then again a million in year 2045 will be $3,011,445. So it's more like $2994445 to go...Yikkks!
retire@40
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soupcxan said:
I would wait until January 1 to make that prediction, just to make sure.
brewer12345
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soupcxan said:
A word of advice: when you have done all you can do, stop fretting at it. Nothing is more frustrating that seeing your NW flatline for a while even though you are doing everything you should be. As a form of discipline/avoidance of becoming too OCD, I only update my simple "how long 'til FIRE" spreadsheet once a year (in August).
Calgary_Girl
Full time employment: Posting here.
soupcxan said:
Don't forget to enjoy life at the same time. It's easy to get caught in the "tracking the net worth trap".
Calgary Girl very true.
The first third of life is spent chasing grades.
The second third of life is spent chasing money.
The last third of life is spent chasing doctors.
I enjoyed this thread. Sometimes it seems like getting there will never happen. The milestones along the way keep me going. Congrats everyone.
The first third of life is spent chasing grades.
The second third of life is spent chasing money.
The last third of life is spent chasing doctors.
I enjoyed this thread. Sometimes it seems like getting there will never happen. The milestones along the way keep me going. Congrats everyone.
cube_rat
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Aronnax said:
Wow, every now and then, someone posts something that really blows me away. This is so true...
Jay_Gatsby
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Aronnax said:
Where does chasing skirts come in?
Mr._johngalt
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Jay_Gatsby said:Where does chasing skirts come in?
My first thought as well.
JG
SteveR
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Jay_Gatsby said:Where does chasing skirts come in?
I would guess from about age 15 to death for most men.
Outtahere
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SteveR said:
Yes and that's why they chase money for so many years and end up chasing doctors in the end.
SteveR
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Outtahere said:
If you want to chase skirts you better be chasing money at the same time. Once you catch the skirt there better be some $$ in the account.
A life of chasing skirts will wear you down so chasing Drs. would not be a suprise.....especially if they are female Drs.
Jay_Gatsby
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Laurence said:
Great plan. Unfortunately, many of the women doctors I know were married/engaged before they ever went to medical school (and those that weren't, ended up getting engaged during medical school or their residencies).
Andre1969
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Ugh, this is annoying! I'm really close to hitting a new milestone with my investments, the quarter million $ mark. I added up everything this morning and came in SOOOO close...$249,995! I swear it feels like a higher power is toying with me!
Oh well, happy holidays to all...may all of you reach your milestones for 2005 and beyond!
Oh well, happy holidays to all...may all of you reach your milestones for 2005 and beyond!
