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re: MT: Keeping The Course
Posted on 9/4/14 at 10:19 am to RickAstley
Posted on 9/4/14 at 10:19 am to RickAstley
quote:
All in all I want to say thanks to the board for your help and I feel that I would not be where I am today without feedback and the countless threads posted across here.
Totally agree! One of the best boards for Money talk I have found. Love the different opinions on pretty much everything that gets posted. Hard to find a thread where everyone agrees.
quote:
For the MT, how are you doing on keeping the course?
The wife and I hit $100,000 earlier this year and are around $113,000 now in our Savings and Retirement accounts. It was a big milestone for us to hit, considering we have only been married for 6 years and that is pretty much when we started our path to financial freedom. She cares, but pretty much relies on me when it comes to saving and investing. I received a raise this year but I have kept my salary the same, as I have in years past. She also increased her contributions 1%. When I started my career some 8 years ago, I was putting $50/month into my 401k. That number is at $880/month today. If I had any piece of advice for the young ones on this board (31 myself, so I guess I am still young) is never quit putting money away as I did when first started. The market was tanking, the money I was putting in was quickly evaporating and it freaked me out, so I temporarily halted my contributions.
The rest is history. quote:
Has there been much success in your life to this point?
Man, a question I have thought about a lot and I am conflicted on. I look around and feel like where we are is great. Combined salary of just shy of $100k, and have a little over that saved up. While I feel we are doing great judging by other around me, I wonder if we will ever be able to get to a million, retire comfortably, etc. I see numbers being thrown around here and other places that make me doubt just how good I think we are doing.
quote:
What hardships have come up which made you stray from the investing path you defined?
Picked up a car note this year, but it hasn't really stopped our saving and investing. Just slowed it, if you will. Also, gave in and got my wife a privacy fence and we put a pergola on our back deck, which knocked our Savings down around $4,000. But hey, what is the point of having money if you don't spend it. And it made the wife happy which is always good!
BTW, great idea for a thread!
4
Posted on 9/4/14 at 12:08 pm to OnTheBrink
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.
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.
Posted on 9/4/14 at 1:11 pm to OnTheBrink
quote:You will. You'll have much more than that assuming no health setbacks or other such life changing events.
I wonder if we will ever be able to get to a million,
Posted on 9/4/14 at 1:13 pm to OnTheBrink
I'm in a similar position...we have around $125,400 in checking, savings, college savings, home equity, and retirement accounts. I'm 32 and she's 27. Not great but I feel like we're doing ok. I wish I would have start a little earlier as well.
This post was edited on 9/4/14 at 1:31 pm
Posted on 9/4/14 at 2:32 pm to OnTheBrink
quote:
The market was tanking, the money I was putting in was quickly evaporating and it freaked me out, so I temporarily halted my contributions.
I've been fortunate to start while the market is climbing up. If it was steadily going down, I don't think I would have invested anything and just loaded down my savings. Neither are wrong (with regards to paying yourself), but at least now I have perspective on how to invest money into a Roth IRA, 401k and taxable accounts and an emergency fund to hang onto if the markets did dip.
quote:
That number is at $880/month today. If I had any piece of advice for the young ones on this board (31 myself, so I guess I am still young) is never quit putting money away as I did when first started.
Congrats on the benchmark and keep it up! Does this include kids in the picture, or are kids perhaps on the horizon?
Good post btw
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