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03-14-2019, 02:19 PM
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#41
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Moderator
Join Date: Jul 2010
Posts: 7,925
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Good for you, YoungSaver! Thanks for the update!
__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
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ER'd Oct. 2010 at 53. Life is good.
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03-19-2019, 03:34 PM
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#42
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Thinks s/he gets paid by the post
Join Date: Dec 2017
Posts: 2,533
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All I can say is, plan for the unexpected (or at least have some contingency in place). I was single until 47, and that derailed my age 50 goal, to age 53, and that was without adding a kid to the mix!
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04-04-2019, 04:03 AM
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#43
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Dryer sheet aficionado
Join Date: May 2017
Location: Irvine
Posts: 25
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If you find a partner make sure he/she is financially compatible with you.
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04-04-2019, 07:03 AM
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#44
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Dryer sheet aficionado
Join Date: Mar 2018
Posts: 43
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Quote:
Originally Posted by YoungSaver
I actually rarely browse this forum anymore. I'm usually on reddit. I seem to be the minority demographic on this site, but I'm in the majority on reddit (young, male, IT workers).
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I'm the same age but more of a browser than poster.
My goal is slightly different as I'm planning for RE at 55 with $2.3M. I tend to be overly conservative, but I'm on track to be mortgage free (HCOL), son graduated from college and paid for (if he goes) at 55. My wife is 7 years younger so she can provide healthcare coverage during my gaps years plus we should be largely able to live off her single income. For those first several years money I would pull out of investments would serve to cashflow traveling and pocket money for my hobbies.
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08-06-2020, 08:56 AM
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#45
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Recycles dryer sheets
Join Date: Mar 2012
Posts: 202
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Needless to say, things have been thrown way off. I didn't post an update in March due to the market going crazy due to Covid. I went back and found my numbers for March 1st. I believe these numbers should work well for year-to-year comparisons. Also I wanted to update to see how it has been growing. Girlfriend still going well, saving for an engagement ring.
March 1 2020, approximate numbers:
$355k in 401(k)
$184k in Roth IRA & non-qualified
$20k in HSA & non-qualified
$(44k) mortgage
Approx Total savings minus mortgage is about $515k.
Summary:
March 2012, Total savings minus mortgage is about $110k
2013
2014
March 2015, Total savings minus mortgage is about $244k
March 2016, Total savings minus mortgage is about $226k
March 2017, Total savings minus mortgage is about $312k
March 2018, Total savings minus mortgage is about $426k
March 2019, Total savings minus mortgage is about $462k
March 2020, Total savings minus mortgage is about $515k
As I'm typing this in August, my numbers now are wildly different due to the Covid crisis (about 625k). I refinanced my mortgage and got about $40k cash back. This was planned in 2019 for house maintenance. My company laid off 95% of our staff, but I was lucky to keep my job, but have my salary lowered 20%. I've cut back spending everywhere. I work from home now. I sold my beater Honda. I've been day trading a bit to help raise some money. I've rebalanced one account a bit to try and get out from under an advisor. I closed an account at one bank, and opened at a new bank. The business I invested in has been doing well during the Corona crisis.
Basically my current financial numbers are completely different from what they were on March 1. It will be interesting to see my numbers in March of 2021.
Current retirement goal is 1.2-1.4 million. I will be 40 in March 2021. Hoping to retire by 45 at the latest.
__________________
From 2013, $170k -> $227k -> $244k -> $226k -> $312k -> $426k -> $462k -> $515k -> $791k -> $875k -> $808k
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08-12-2020, 05:55 PM
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#46
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Recycles dryer sheets
Join Date: Dec 2007
Posts: 376
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Quote:
Originally Posted by alexbalex
Maybe, but if I was the OP I wouldn't harbor any illusions that its an even split. A recent study showed that 75% of women admitted they would not marry an unemployed guy (and that's just the people who admitted it).
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The only thing OP needs to do is to search among the other 25% of women for someone with ~1.8mil in saving, and he can FIRE anytime. I should have thought about this years ago
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03-19-2021, 02:12 PM
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#47
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Recycles dryer sheets
Join Date: Mar 2012
Posts: 202
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2021 update. It's been a wild ride. My main goals have been to reduce spending as much as possible and being much more active in one of my investment accounts. I stopped day-trading and now trade just a few times a month. The last year has consisted of mostly staying at home. Fast food maybe twice a week and no restaurants, bars, etc. A few domestic trips to visit gravely ill family members.
$531k in 401(k)
$249k in Roth IRA & non-qualified
$88k in HSA & non-qualified
$(77k) mortgage
Approx Total savings minus mortgage is about $791k.
Summary:
March 2012, Total savings minus mortgage is about $110k
March 2013, Total savings minus mortgage is about $170k
March 2014, Total savings minus mortgage is about $227k
March 2015, Total savings minus mortgage is about $244k
March 2016, Total savings minus mortgage is about $226k
March 2017, Total savings minus mortgage is about $312k
March 2018, Total savings minus mortgage is about $426k
March 2019, Total savings minus mortgage is about $462k
March 2020, Total savings minus mortgage is about $515k
March 2021, Total savings minus mortgage is about $791k
A 53.5% increase from last March
The growth has just been amazing. I am now semi-actively planning for retirement. We are starting to purchase items in the anticipation that we will use them for a very long time. We are getting rid of things we really don't need and have plans for a few upgrades around the house. I can see the light at the end of the tunnel!
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03-19-2021, 02:17 PM
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#48
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,353
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Keep up the good work, you are getting there. The big question is will the nice bull run stock returns of the past 10 years go on for how long? That's the only part that could derail your age 45 retirement target. However the worse case is you have to add a little more years and wait for recovery, while at the mean time increasing savings and buying when investments are on sale.
__________________
The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
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03-19-2021, 03:45 PM
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#49
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Recycles dryer sheets
Join Date: Feb 2015
Location: Chicago
Posts: 259
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Nice progress there. Snowball effect will kick in and continue. Good luck!
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03-24-2021, 09:00 PM
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#50
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Recycles dryer sheets
Join Date: May 2019
Posts: 367
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Well done YoungSaver! Keep up the good work and you will have lots of options and flexibility with your life plans.
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03-25-2021, 11:41 AM
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#51
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2015
Posts: 5,800
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Enjoyed reading your story.
Great job so far, working towards your goals and making adjustments along the way!
Keep up LBYM, but have fun while you go.
__________________
Give a Man a fish, he will eat for a day.
Teach a Man to fish, he will eat for a lifetime.
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04-08-2022, 01:53 PM
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#52
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Recycles dryer sheets
Join Date: Mar 2012
Posts: 202
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2022 update. Everything going smoothly. Job is going well. Hit my retirement number a few times during 2021, but am now a couple hundred thousand below that number. Inflation is the new worry. My cost of living has increased over 10%. I am revising my retirement number up a bit now, but I will likely move on to Barista/Coast FIRE in a year or two.
I haven't done very many of the house upgrades yet, but hoping to get moving on that this year.
Getting married later this year, it's quite a bit more expensive than originally planned, but that's okay.
2021 was my highest income ever. Big raise at work. A lot of capital gains.
$539k in 401(k)
$263k in Roth IRA & non-qualified
$145k in HSA & non-qualified
$(72k) mortgage
Approx Total savings minus mortgage is about $875k.
Quote:
Originally Posted by YoungSaver
2021 update.
Approx Total savings minus mortgage is about $791k.
I am now semi-actively planning for retirement. We are starting to purchase items in the anticipation that we will use them for a very long time. We are getting rid of things we really don't need and have plans for a few upgrades around the house. I can see the light at the end of the tunnel!
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__________________
From 2013, $170k -> $227k -> $244k -> $226k -> $312k -> $426k -> $462k -> $515k -> $791k -> $875k -> $808k
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04-08-2022, 05:10 PM
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#53
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Thinks s/he gets paid by the post
Join Date: Oct 2013
Posts: 1,180
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Great job with your discipline of saving. More savings = more freedom. From here on out, you'll really see your savings continue to increase at an increasing rate due to the wonders of compounding. It's especially fun when your annual investment income surpasses than your annual W-2 income.
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03-08-2023, 10:50 AM
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#54
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Recycles dryer sheets
Join Date: Mar 2012
Posts: 202
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2022 was interesting. Wedding actually ended up costing less than expected. Inflation is pretty bad. My cost of living increased about $5000 for the year. House values rise, which causes property tax to rise as well as house insurance. Investments were down. I had a few individual stocks that gained over 70%, so that helped a tiny bit. I've revised my retirement number up to 1.4 million now.
Still buying stuff in anticipation for retiring. Haven't done many house upgrades due to pricing and tradespeople being booked up.
$500k in 401(k)
$237k in Roth IRA & non-qualified
$139k in HSA & non-qualified
$(68k) mortgage
Approx Total savings minus mortgage is about $808k.
__________________
From 2013, $170k -> $227k -> $244k -> $226k -> $312k -> $426k -> $462k -> $515k -> $791k -> $875k -> $808k
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