I think I enjoy life a little more than most frugal MT posters. But I work to enjoy life. As long as I continue to save for my retirement, I'll get there.

I am lacking on my outside of 401k investments. I recently switched jobs, so right now my 401k match is low (increases over time). I have a Roth for myself, but need to open one for my wife. Also would like to open 529 for my son. My taxable investment account hasn't had any new contributions for a while.

I'm hoping to restablish my strategy once the new income settled out and savings get back to where I would like. Would love to have a Net Worth of >$500k at 30 ($250k now at 28).

Only obstacle would be another child. That's still up in the air. I'm content with one, wife is questionable. We'll see how that goes.

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Posted by Hawkeye95

Member since Dec 2013

20293 posts

Posted on 9/4/14 at 12:11 pm to LSUtigerME

quote:
I'm hoping to restablish my strategy once the new income settled out and savings get back to where I would like. Would love to have a Net Worth of >$500k at 30 ($250k now at 28).

500k by 30 would be incredible, and set you on the path to the future. Its pretty unrealistic goal, 250k is incredible.

I got great advice 20 years ago from my step father, never give yourself a raise. Every raise you get, save it and live on what you earned before. Its worked very well for me.

This year was the first time I gave myself a raise since 2008, I gave myself an extra $200/month in March. So far, I haven't used it.

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Posted by Ace Midnight

Between sanity and madness

Member since Dec 2006

89613 posts

Posted on 9/5/14 at 12:36 pm to LSUtigerME

quote:
I'm hoping to restablish my strategy once the new income settled out and savings get back to where I would like. Would love to have a Net Worth of >$500k at 30 ($250k now at 28).

I would take solace in the fact that - you are a 1%, peer wise.

If you do not save another penny, don't touch what you've already pust aside ($250k) when you're 58, that will be $600k - at 63, it will be $750k, and at 70 years, the money you've already saved will be well over $1 million (these assume an average of 6% rate of return) - which can generate a six-figure income until the end of your life expectancy, or roughly $40k annual income, in perpetuity and leave the principal to your heirs.

Not lifestyles of the rich and famous, but wealthy in the sense of this represents financial security that 99% of your peers do not have.

So, keep saving and raising the bar for your self. You may not have to work until you die, like some of us have as plan b -