ShortInSeattle
Full time employment: Posting here.
- Joined
- Jan 5, 2012
- Messages
- 518
You're doing quite well!
$179k in 401(k)
$64k in Roth IRA
$64k in non-qualified
$(65k) mortgage
$(17k) in second mortgage
Total savings minus mortgage is about $226k.
Why do you subtract your mortgage from your savings? That makes little sense, unless the home the mortgages are on is worthless. Your net worth conservatively, would be your total savings without accounting for any equity in your home.
We've discussed plenty of times how NW including home equity is a somewhat erroneous number if you're looking to calculate how much you can spend off of it. That said, I think in your mid-30s, or 40s, or really any time before you're definitely settled in your "forever" home, neglecting the value of that asset is a mistake that could lead you to work too long.If he doesn't want to sell the house, then counting the mortgage as a negative balance but not counting the value as a positive balance reflects the "liquid" worth of his money minus debt. ...
I wouldn't include my home equity (for a house I plan to live in and keep) as part of my investment balance for determining withdrawal rates. I would, however, include any payments required for owning the home in my calculations for expenses. This just seems to be a different way to do that imo.
1 year later check-in. 36 years old a couple days ago.
$235k in 401(k)
$77k in Roth IRA
$73k in non-qualified
$(60k) mortgage
$(13k) in second mortgage
Total savings minus mortgage is about $312k.
Hi everyone. I've browsed this forum for several months and decided to join after hitting a personal milestone. I finally made it to $100k in my 401(k).
$400k is my current magic number, however $500k is probably more realistic. $500k * 4% = $20k annual. 40 years old is the "I'm dreaming" age, however retirement at 50 is very realistic. I eventually see myself living overseas 4-5 months out of the year and coming back to the US to work part time for 7-8 months. So ideally I need to accumulate $400k in 20 years. That's possible, but I enjoy my freedom and am not motivated to work extra hard to make it happen by age 40. The extra hard route involves a night job and a roommate.
That's me. I look forward to being a member of this website.
My quote below was from 2012. Life was different back then.
"40 years old is the "I'm dreaming" age".
Realistically, 40 could be my BaristaFI level. $500k will most likely not be enough. Health care is crazy expensive. After my GF and I both had to deal with the max-deductible in our high-deductible plans, it's really been an eye opener how much one little mistake can cost. I should be at $500k by 40 years old, so at that point I could just coast for a decade or two.
50 years old and retired seems realistic.
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).
1 year later check-in. 37 years old. Girlfriend is still going good. Setting aside cash for engagement ring and future wedding expenses. Girlfriend had a medical issue last year, so we have really been trying to lower expenses. Minimal trips/vacations, no concerts, staying home more. Business I invested in opened last year. The business is doing good. My car is again not doing good and requires some major surgery. "Drive it until the wheels fall off"....yeah, I've done that like 3 times now. I'm really getting tired of all the major work the car requires every year or two. I'm debating selling the car as-is or getting it fixed and driving it for another year.
Thanks Trump for the massive increases in my accounts.
$298k in 401(k)
$93k in Roth IRA
$83k in non-qualified
$15k in cash
$(55k) mortgage
$(8k) in second mortgage
Total savings minus mortgage is about $426k.
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).
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).