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re: What are your realistic 5 year financial goals?
Posted on 3/11/15 at 1:27 pm to LSUengineer12
Posted on 3/11/15 at 1:27 pm to LSUengineer12
23 YO
-When I am 27 have at least $100k in 401k/IRA
-Paid off vehicles for fiance/me (fiance done so far)
-Have emergency fund for 30k
-Have >20% equity in the house fiance will force me to buy that is > than what we need
- >100k income (pretty much guaranteed assuming I get certifications + min average+ annual reviews)
Right now I'm on track for all 5 of those pretty comfortably.
-When I am 27 have at least $100k in 401k/IRA
-Paid off vehicles for fiance/me (fiance done so far)
-Have emergency fund for 30k
-Have >20% equity in the house fiance will force me to buy that is > than what we need
- >100k income (pretty much guaranteed assuming I get certifications + min average+ annual reviews)
Right now I'm on track for all 5 of those pretty comfortably.
2
Posted on 3/11/15 at 1:33 pm to Vaquero
ygm
Posted on 3/11/15 at 1:34 pm to Delacroix
Posted on 3/11/15 at 1:35 pm to Teddy Ruxpin
quote:
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.
Use it as motivation to worker harder (but not longer) and further your career. Your kids become your life and your decisions will be based on whats best for them. They really do change your whole outlook on things and that can be taken advantage of.
This post was edited on 3/11/15 at 1:36 pm
Posted on 3/11/15 at 1:42 pm to NoleTideNole
quote:
Either of you care to share your spreadsheets, w/out numbers, with a newbie so I have a template?
ETA: Nvm. Saw yours was already posted!
This post was edited on 3/11/15 at 1:44 pm
Posted on 3/11/15 at 1:45 pm to Ace Midnight
lol. I'm no spring chicken either.
This post was edited on 3/11/15 at 1:46 pm
Posted on 3/11/15 at 1:56 pm to sonoma8
quote:
sonoma8
Whats your email?
Posted on 3/11/15 at 2:00 pm to Ace Midnight
I wonder what Russian's goals are... 
Posted on 3/11/15 at 2:09 pm to Teddy Ruxpin
quote:
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.
to be fair, the kid was only about $2k of that $25k, the others homeowner emergencies, car repairs, and a medical bill for myself
now the kid and childcare cost killed us trying to get back to where we were, since almost all of our savings before is now going to pay for the nanny
Posted on 3/11/15 at 2:11 pm to GenesChin
quote:
-When I am 27 have at least $100k in 401k/IRA
man...2008/2009 killed my 401k
I started in 2006, had like $30k in it, then by the end of 2009 it was almost wiped out, basically had to start over in 2010
I'm 30 and don't have $100k in it yet
obviously I have time to recover, unlike a lot of older people on the verge of retirement, but those 2 years killed my initial start
Posted on 3/11/15 at 2:15 pm to Fat Bastard
Only read the first few posts, so far we have a 26 year old who will have 110k saved up and no debt, and a 28 year old almost making 6 figures. Money talk, where only the .00001% post
Posted on 3/11/15 at 2:17 pm to GenesChin
quote:
23 YO
quote:
When I am 27 have at least $100k in 401k/IRA
quote:
Have emergency fund for 30k
Mother freakin billionaire pimp here. Are you a pro athlete? Guessing you are because if you can save 130k from 23-27 while still living you must be making bank alreadyThis post was edited on 3/11/15 at 2:19 pm
Posted on 3/11/15 at 2:19 pm to lsupride87
quote:
Mother freakin billionaire pimp here
to be fair, I was on track to have that by my late 20s, but then life happened
so nothing wrong with having those as goals, just be aware that setbacks are going to happen, that is just life
Posted on 3/11/15 at 2:23 pm to Salmon
I have absolutely no clue how so many people on this board are on pace of saving 150k by 28. Are yall starting jobs at 70k+? Have to be I guess.........
Posted on 3/11/15 at 2:23 pm to lsupride87
quote:
lsupride87
26 now, but 31 by the time I want to meet those goals. $110k net savings at that point doesn't seem like a 0.00001%er. And not debt free. I'll still be holding that mortgage down boss.
This post was edited on 3/11/15 at 2:25 pm
Posted on 3/11/15 at 2:25 pm to LSUengineer12
quote:This is somehwhat realistic, but I would still imagine it would put you at an extremely high %. But having 130k saved by 28 is just unreal.
26 now, but 31 by the time I want to meet those goals. $110k net work at that point doesn't seem like a 0.00001%er
Posted on 3/11/15 at 2:26 pm to lsupride87
Yeah that's ridiculous. lol. And as I mentioned before, that $50k emergency fund will only be half mine...frick!
This post was edited on 3/11/15 at 2:28 pm
Posted on 3/11/15 at 2:26 pm to lsupride87
quote:
I have absolutely no clue how so many people on this board are on pace of saving 150k by 28. Are yall starting jobs at 70k+? Have to be I guess.........
all that $150k isn't from you if you are talking about 401k...
when I was single I was putting in 18% with a 6% match in my 401k
I can't do that now, but when I was single, I didn't have that many expenses. But of course all that got wiped out in 2008/2009
as for having $30k in an emergency fund, that should be that hard for a single person or a married couple with no kids to do in 5 years if they are smart
Posted on 3/11/15 at 2:27 pm to LSUengineer12
As an Engineer you shouldn't have any problem getting to 110k by 31. Depending on who or what industry you work for you could hit 2x-4x that amount by 31 if you work at it.
ETA: Speaking in terms of net worth not just "savings"
ETA: Speaking in terms of net worth not just "savings"
This post was edited on 3/11/15 at 2:29 pm
Posted on 3/11/15 at 2:29 pm to StinkBait72
yeah I'd like to think I'd be making a good bit more at 31, as a 4th year P.E., than a measly little E.I.
This post was edited on 3/11/15 at 2:30 pm
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