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re: What are your realistic 5 year financial goals?
Posted on 3/11/15 at 11:29 am to Fat Bastard
Posted on 3/11/15 at 11:29 am to Fat Bastard
quote:
Fat Bastard
Posted on 3/11/15 at 11:30 am to LSUengineer12
quote:
Was this started for you as a kid?
Definitely. It was all my college fund I didn't spend. Best decision I made financially for myself was going on a full ride to Bama instead of a 50% ride to Tulane. I am very lucky and most of the numbers stated above are not my own doing.
ETA: Croacka may want to look at this.
This post was edited on 3/11/15 at 11:31 am
Posted on 3/11/15 at 11:30 am to Fat Bastard
yeah its nice to have a plan, but don't knock yourself if it doesn't happen due to unforeseen circumstances
2 years ago me and the wife were cruising financially, had a nice $25k emergency fund, then a few emergencies happen, have a kid, and within 2 months that $25k was wiped out
now 2 years later we are almost caught back up, but that put a lot of our financial plans on hold, like maxing out roth IRA, daughters college fund, etc
2 years ago me and the wife were cruising financially, had a nice $25k emergency fund, then a few emergencies happen, have a kid, and within 2 months that $25k was wiped out
now 2 years later we are almost caught back up, but that put a lot of our financial plans on hold, like maxing out roth IRA, daughters college fund, etc
This post was edited on 3/11/15 at 11:34 am
Posted on 3/11/15 at 11:35 am to LSUengineer12
I'm 29. In 5 years I want to:
Have 150k in 401k, 50k in Roth, 25k in HSA and 25k in dumb savings.
Have the remaining 50k in student loans paid off.
Be making at least 115k/yr.
Purchase 3rd home. (Purchasing my 2nd this year.)
Have enough to keep the 2nd and use that as rental income... may still keep the first, I'm working on the numbers right now, but if I want to keep the 2nd eventually it makes more sense to keep this current home as a rental too. I've heard it's worth the effort after you have 3-4 rentals. I have about 55k in equity though, so selling now with go a long way to knocking off the student loans.
Have 150k in 401k, 50k in Roth, 25k in HSA and 25k in dumb savings.
Have the remaining 50k in student loans paid off.
Be making at least 115k/yr.
Purchase 3rd home. (Purchasing my 2nd this year.)
Have enough to keep the 2nd and use that as rental income... may still keep the first, I'm working on the numbers right now, but if I want to keep the 2nd eventually it makes more sense to keep this current home as a rental too. I've heard it's worth the effort after you have 3-4 rentals. I have about 55k in equity though, so selling now with go a long way to knocking off the student loans.
Posted on 3/11/15 at 11:36 am to LSUengineer12
500k in retirement accts. Retirement pproperty found and purchased.
Posted on 3/11/15 at 11:46 am to LSUengineer12
quote:
Well I'm set to be married in a year. Two incomes, so expenses are cut in half
Goals for the next 5 years
- Finish paying off boat - should be done in about 4-5 months
- buy new car for the wife - cash
- Make sizeable dent in the mortgage. I'd like to have it paid off in 10 years. Will be done at least before son starts college.
This post was edited on 3/11/15 at 11:50 am
Posted on 3/11/15 at 11:50 am to Delacroix
quote:
dustinm27
quote:
LSUengineer'12
Either of you care to share your spreadsheets, w/out numbers, with a newbie so I have a template?
TIA.
And I'm impressed and jealous of each of you and your ability to reach the financial places each of you have. I am just now starting to do this, hate to admit that I was a major financial idiot up until about a year ago so I'm now kicking myself looking back.
This forum has helped me out more than each of you can ever suspect as for motivation and inspiration and I thank each of you for sharing information as you have.
Posted on 3/11/15 at 11:51 am to NoleTideNole
quote:
Either of you care to share your spreadsheets, w/out numbers, with a newbie so I have a template?
2nd this
Posted on 3/11/15 at 12:04 pm to LSUengineer12
Simple, continue to grow my net worth. Since i started tracking in 2011 my CAGR is 22%. Can't expect to maintain that much growth, but anything over 14% or so will be ok.
Posted on 3/11/15 at 12:18 pm to Fat Bastard
quote:
How old are u
Old.
Posted on 3/11/15 at 12:19 pm to jmtigers
Currently 28, so by 33-35-ish:
$500k net worth
$200k+ 401K, and maxing contribution plus additional
New home ("forever" home). At least $100k equity in this as well.
$75k in investments. Hopefully more, but we'll see how these others contribute.
Contribute to Roth as long as eligible. Then consider backdooring into it.
$10k in son's college savings (investments).
Try to find side business/income. Either rental/real estate, car sales, drafting, start a business, etc. Something. I think I have more to offer than where I'm at now.
Potentially be in a place for wife to quit working/retire. If she can work a few more years after this, will be eligible for partial pension.
Recently convinced wife and regained control of spending. Minus trips, have cut spending in half. She also started side business making money.
$500k net worth
$200k+ 401K, and maxing contribution plus additional
New home ("forever" home). At least $100k equity in this as well.
$75k in investments. Hopefully more, but we'll see how these others contribute.
Contribute to Roth as long as eligible. Then consider backdooring into it.
$10k in son's college savings (investments).
Try to find side business/income. Either rental/real estate, car sales, drafting, start a business, etc. Something. I think I have more to offer than where I'm at now.
Potentially be in a place for wife to quit working/retire. If she can work a few more years after this, will be eligible for partial pension.
Recently convinced wife and regained control of spending. Minus trips, have cut spending in half. She also started side business making money.
Posted on 3/11/15 at 12:30 pm to LSUengineer12
If I can have a net worth of around 300k at 30, then that seems like a good goal.
Life changes things though - MBA debt takes 100k out of that number, marriage would take a dent for the ring, and kids drastically would change the scenario.
I honestly do not need a 5 year plan. I save at huge rates and can wrap my head around the current 12 months much easier than try to predict life on a time horizon that is arbitrary and will see major life changes happening.
Saving around 30% of gross income is where I would like to stay.
Home ownership is not on my plate right now and I like the flexibility of renting.
Life changes things though - MBA debt takes 100k out of that number, marriage would take a dent for the ring, and kids drastically would change the scenario.
I honestly do not need a 5 year plan. I save at huge rates and can wrap my head around the current 12 months much easier than try to predict life on a time horizon that is arbitrary and will see major life changes happening.
Saving around 30% of gross income is where I would like to stay.
Home ownership is not on my plate right now and I like the flexibility of renting.
This post was edited on 3/11/15 at 12:42 pm
Posted on 3/11/15 at 12:35 pm to NoleTideNole
sure. post your email and I'll send it your way
Posted on 3/11/15 at 12:41 pm to Salmon
quote:
yeah its nice to have a plan, but don't knock yourself if it doesn't happen due to unforeseen circumstances
2 years ago me and the wife were cruising financially, had a nice $25k emergency fund, then a few emergencies happen, have a kid, and within 2 months that $25k was wiped out
now 2 years later we are almost caught back up, but that put a lot of our financial plans on hold, like maxing out roth IRA, daughters college fund, etc
Bookmarked for the future Misses. Kids can be financially catastrophic if you aren't ready, especially with day care costs. I don't know how any body does it.
Posted on 3/11/15 at 12:45 pm to LSUengineer12
I'm 37. At 42 would like to have:
-At least $700k in retirement accounts. At 280k now and have recently ramped up contributions due to increased income.
-No interest bearing debt except house. Really this just means paying off student loans. Have 10k left on private school loans and 50k left on federal school loans (might just continue to pay minimum on these because rate is locked in at 2%).
-Be on track for 2 kids' college funds (3 year old and soon to be born child now and haven't started). Not sure what this looks like but I'm assuming at least a couple hundred dollars per month per child (more for the older child since will be playing catch up).
We recently bought a house that feels too expensive and I hate how much I pay on the mortgage (and it's a 30 year mortgage). I'm hoping my income grows into it to where it doesn't feel like such a stretch. It already feels a little better this year than last. It should be our "forever" house.
-At least $700k in retirement accounts. At 280k now and have recently ramped up contributions due to increased income.
-No interest bearing debt except house. Really this just means paying off student loans. Have 10k left on private school loans and 50k left on federal school loans (might just continue to pay minimum on these because rate is locked in at 2%).
-Be on track for 2 kids' college funds (3 year old and soon to be born child now and haven't started). Not sure what this looks like but I'm assuming at least a couple hundred dollars per month per child (more for the older child since will be playing catch up).
We recently bought a house that feels too expensive and I hate how much I pay on the mortgage (and it's a 30 year mortgage). I'm hoping my income grows into it to where it doesn't feel like such a stretch. It already feels a little better this year than last. It should be our "forever" house.
This post was edited on 3/11/15 at 12:46 pm
Posted on 3/11/15 at 1:08 pm to Delacroix
<--- @ the gmail dot com.
Gracias.
Gracias.
Posted on 3/11/15 at 1:10 pm to NoleTideNole
My 5 year goal is to make, not save, as much money as possible.
Posted on 3/11/15 at 1:24 pm to LSUengineer12
Just turned 40. I'd like to have net worth of 1M before I'm 50.
Posted on 3/11/15 at 1:25 pm to Delacroix
You mind sending that my way as well?... I'm very unsavvy when it comes to excel, especially for a 25 year old
If you don't mind my email is vaquerotiger3@gmail.com
If you don't mind my email is vaquerotiger3@gmail.com
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