$500,000

[daystar]

I don't post on here too often, but I just wanted to celebrate with a bunch of anonymous like-minded people that I reached a new milestone. I have half a million in cash/investments. My last big milestone was $250,000 in late 2006 at age 27.

Have any of you hit milestone targets lately? Do you feel weird talking to other people about it, because you're worried that they will be jealous or want your $$$$?

 

[W2R]

Congratulations, daystar! I think that is GREAT, and at such a young age, too.

 

[Gumby]

Well done -- especially in such a challenging investing environment.

 

[Alan]

Congratulations, that is great news. You have doubled your savings/investments in just 5 years to a very impressive bundle, and you are still very young.

Keep on saving and investing, you are doing brilliant

 

[daystar]

Just so I don't mislead anyone, I should mention that I got $66,000 in cash from my parents over the last 5 years. My parents gave my brother $100,000 for a down payment on a new house in 2007, but I didn't have any plans of buying a house for at least a few years, so my parents have been giving me the $100,000 in small increments.

The rest of the money came from living below my means and maxing out my 401K and Roth IRA every year.

 

[Alan]

Just so I don't mislead anyone, I should mention that I got $66,000 in cash from my parents over the last 5 years. My parents gave my brother $100,000 for a down payment on a new house in 2007, but I didn't have any plans of buying a house for at least a few years, so my parents have been giving me the $100,000 in small increments.

The rest of the money came from living below my means and maxing out my 401K and Roth IRA every year.

Okay, but you've increased your investments from 250K to $434k, plus another $66k from your parents. That is still very impressive

 

[MichaelB]

Good job, and thanks for sharing with us.

 

[FIREd]

Congratulations!

With the market volatility, I've hit the same milestone about 4 times this year!

 

[scrabbler1]

Congrats, Daystar, on reaching that milestone at a young age and pretty soon after reaching the $250k mark. And through a severe down market in the middle of it.

It took me only 5 years to get from $250k to $500k but I was 35 when I was at $250k in 1998.

And like FD, I have hit the same milestone ($1M) several times in the last 18 months due to market volatility.

Next stop, $1M, Daystar?

 

[daystar]

I'm hoping to this 1 million around age 40, which would be 8 years from now.

 

[Hnicols]

Stick to it.... I kept a Handwritten yellow pad that plotted where I planned to be each year until I got to a mill. Looked at it the start of each year (to see how I was doing) and whenever some friend bought a new porsche or some other toy they didn't need. ( today they are still big hats and no cattle and i am 6 days from retiring) Helped me on the discipline and there was something about looking at a paper I started at 29 that was more satisfying then all those spreadsheets and income statements

 

[Helen]

Good for you for getting an early start and for your continued progress!

At what age are you thinking of retiring and what do you plan to do in retirement?

 

[daystar]

I use a spreadsheet that I update once per month. I prefer not to look at my money more than about once a month because I could drive myself crazy with all the ups and downs of the stock market. I really don't think I'm depriving myself at all. I just live a simple life and I'm not out there to impress anyone.

 

[Hnicols]

Sounds silly but I try to look more when the market is good then when bad.... I know what behaviors I am trying to reinforce. And agree it isn't about depriving yourself but is about knowing what you value.. I'll take a pickup over a Porsche every time (don't know how I would get hay to my horses in a Porsche anyway)

 

[braumeister]

Do you feel weird talking to other people about it, because you're worried that they will be jealous or want your $$$$?

Yes, I would feel weird in normal conversation, but an anonymous community like this is ideal for sharing that sort of good news. Folks here not only understand, but can share your pride and enthusiasm.

There's no question that marking milestones like that is both extremely satisfying and also highly motivating (to get to the next milestone), so keep doing it, by all means.

 

[obgyn65]

Congratulations, daystar. To answer your questions, I also hit a new milestone target recently. I do not feel weird talking about it since I can remain anonymous on this website. I would not share this information otherwise.

Have any of you hit milestone targets lately? Do you feel weird talking to other people about it, because you're worried that they will be jealous or want your $$$$?

 

[Bestwifeever]

How kind and thoughtful of your parents to treat you and your brother fairly. That's priceless.

Congratulations on your continuing efforts! I think you can share your milestone with your folks--they probably already know you are fiscally responsible, but as a parent I would be super happy to hear my child was doing well. And with us, of course--so keep those posts coming. We look forward to the $600K report.

 

[powerplay]

Congratulations on your latest milestone. You are doing great.

 

[Calgary_Girl]

Congrats!

 

[jojo bamboo]

"I can only be nice to one person today! Today is not your day...tomorrow doesn't look good either." I Like That

 

[traineeinvestor]

Congratulations. A great achievement so early in life.

I hit my FIRE number earlier this year.....hopefully I will hit it again soon.

 

[pimpmyretirement]

500k at 32 is pretty sweet. Assuming a 3.33% SWR, you could retire right now on $16,500 a year. People are living on well that.

I've bounced through 200k a handful of times this year. I am 30. I hope to and think I am on track to hit 500k at 35. That's actually my big round number for the minimum amount of money necessary for FI.

 

[RetirementColdHardTruth]

500k at 32 is pretty sweet. Assuming a 3.33% SWR, you could retire right now on $16,500 a year. People are living on well that.

I've bounced through 200k a handful of times this year. I am 30. I hope to and think I am on track to hit 500k at 35. That's actually my big round number for the minimum amount of money necessary for FI.

16.5k a year will not cover health care premiums if your under medicare age.

 

[MBAVisionary]

Keep up the awesome work! Even with your parents help, that is still an amazing feat at such a young age. A lot of people will be jealous of you, when they look at their own lives and compare based solely on numbers. Your story is proof that smart decisions over time can reap major rewards.

 

[jayc]

Just so I don't mislead anyone, I should mention that I got $66,000 in cash from my parents over the last 5 years.

Great job. LBYM and savings did the bulk of the work. At least you didn't buy a 66K car that will be worth 46k next year. That is what my sibling did with gift money.