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Message
re: I reached a financial goal today
Posted on 12/2/24 at 10:27 pm to white perch
Posted on 12/2/24 at 10:27 pm to white perch
quote:
HMBL and UGAZ are going to the moon!!!).
LTNC
This post was edited on 12/2/24 at 10:28 pm
0
Posted on 12/3/24 at 8:26 am to white perch
That's awesome
Posted on 12/3/24 at 8:56 am to white perch
When did you decide to make retirement a focus out of curiosity?
I started my company at 19 years old (39 now) and enrolled in the 401k as soon as I could. My dad will likely never have the opportunity to retire and that's what I assumed my life would be like but it's pretty cool to see the 401k grow over the years. I've ramped up investments over the last 5 years.
I really wish high schools would have a course or two on personal budgeting, retirement planning and the consequences of debt. I've landed in all of those traps and had to figure it out on my own. At this point in life, it's common sense, but 20 year old me just wanted motorcycles and didn't really understand the financial side of things I couldn't afford.
I started my company at 19 years old (39 now) and enrolled in the 401k as soon as I could. My dad will likely never have the opportunity to retire and that's what I assumed my life would be like but it's pretty cool to see the 401k grow over the years. I've ramped up investments over the last 5 years.
I really wish high schools would have a course or two on personal budgeting, retirement planning and the consequences of debt. I've landed in all of those traps and had to figure it out on my own. At this point in life, it's common sense, but 20 year old me just wanted motorcycles and didn't really understand the financial side of things I couldn't afford.
Posted on 12/3/24 at 8:59 am to WhiskeyThrottle
quote:it used to be called home economics
I really wish high schools would have a course or two on personal budgeting, retirement planning and the consequences of debt.
Posted on 12/3/24 at 9:05 am to white perch
quote:
I’m not really sure if this is worth celebrating, but I’m doing my best to reach OT baller status.
Hell yeah it is, nice work!
Posted on 12/3/24 at 9:18 am to white perch
Love it man.
I just hit $100k between stocks, IRA, and savings in the last month. Zero debt other than my house which is 25% paid off. 2 paid off vehicles. Have 5% equity that is vested in the business I helped start.
I had $800 to my name and $12,000 from an old job 401k in October of 2018 with 2 kids under 3 and a wife who stayed home with them. Times were tough. Spent more than we made a lot of months.
Some of my hurdles to overcome were self-inflicted (I started a company that failed an lost $15k), but man when you don't have a handout from anyone, your 20s can suck. Mine did. Appreciate the memories and the grind, but I don't want to go back.
I just hit $100k between stocks, IRA, and savings in the last month. Zero debt other than my house which is 25% paid off. 2 paid off vehicles. Have 5% equity that is vested in the business I helped start.
I had $800 to my name and $12,000 from an old job 401k in October of 2018 with 2 kids under 3 and a wife who stayed home with them. Times were tough. Spent more than we made a lot of months.
Some of my hurdles to overcome were self-inflicted (I started a company that failed an lost $15k), but man when you don't have a handout from anyone, your 20s can suck. Mine did. Appreciate the memories and the grind, but I don't want to go back.
This post was edited on 12/3/24 at 3:46 pm
Posted on 12/3/24 at 9:18 am to WhiskeyThrottle
quote:
When did you decide to make retirement a focus out of curiosity?
As soon as I got out of residency back in ‘12. At first I was just putting in like $200 per month. I slowly increased my contributions over the years. In ‘15 or ‘16 I paid off my med school loans and applied that to my SEP IRA. Now I’m putting in $3000 per month. I don’t do much with it otherwise. Just watch it slowly grow.
Posted on 12/3/24 at 10:24 am to cgrand
quote:quote:
I really wish high schools would have a course or two on personal budgeting, retirement planning and the consequences of debt.
it used to be called home economics
They just taught us how to cook and sew in home economics at my HS. But that could be because no one would take personal finance serious from the teacher that taught that class.
Posted on 12/3/24 at 10:33 am to Weekend Warrior79
Exactly. The kids who are interested in money are the one who get a job, start a lawn mowing company or babysitting, learn on their own, and start saving.
If they sat down a bunch of 16 year olds and said today we are going to work on tax preparation, the difference between a W2 and a 1099, and investment options, everyone would fall asleep.
If they sat down a bunch of 16 year olds and said today we are going to work on tax preparation, the difference between a W2 and a 1099, and investment options, everyone would fall asleep.
Posted on 12/3/24 at 11:30 am to white perch
Congrats. I had the same goal this year. Hit it over the summer at age 41 and was super pumped.
Trying to get back down to just having my house note as debt. But once that happens, I'm buying property in the woods for a camp.
Trying to get back down to just having my house note as debt. But once that happens, I'm buying property in the woods for a camp.
Posted on 12/3/24 at 11:53 am to white perch
quote:
I just turned 44
quote:
retirement
Nobody tell him
Posted on 12/3/24 at 12:08 pm to WhiskeyThrottle
quote:
I really wish high schools would have a course or two on personal budgeting, retirement planning and the consequences of debt.
The kids in high school now are cooked. They’ll never own a house or retire. This isn’t a matter of bootstraps, our economy is changing by design to where most people have nothing except the few at the top that have everything
People that are like 25 now probably won’t ever own a house and it’s way worse the younger you are
Posted on 12/3/24 at 12:24 pm to el Gaucho
I just reached it and I'm 52. Great accomplishment.
Posted on 12/3/24 at 12:42 pm to WhiskeyThrottle
quote:
I really wish high schools would have a course or two on personal budgeting, retirement planning and the consequences of debt.
I agree. When I was in college, my mom made me read a financial article about investing and compounding returns. It was the example of person A starts investing X years ahead of person B. Where person A could stop adding $ and though person B invests more/longer overall, person A still comes out ahead given the same performance.
I still remember reading that because it really struck home with me (thanks mom). I made investing a priority since my first job which has worked out well for me 20 years later.
Posted on 12/3/24 at 12:55 pm to white perch
I have made it to the point, my yearly returns are 30% more than my salary. Next milestone returns equal mine and wife's salary combined. We are roughly 50% there. I am retiring at that point and my wife can deal with it
Posted on 12/3/24 at 1:13 pm to gpburdell
quote:
I agree. When I was in college, my mom made me read a financial article about investing and compounding returns. It was the example of person A starts investing X years ahead of person B. Where person A could stop adding $ and though person B invests more/longer overall, person A still comes out ahead given the same performance.
Compounding is such an important concept and why they say the first $100,000 is the hardest. After that it kind of just takes off over time. I wish that was instilled in me growing up, and I am trying to do that with my kids. Do your best to get $100,000 saved quickly, then live life.
$100,000 with 10% annual growth for 10 years becomes $259,374
$100,000 with 10% annual growth for 20 years becomes $672,750
$100,000 with 10% annual growth for 30 years becomes $1,744,940
$100,000 with 10% annual growth for 40 years becomes $4,525,930
$100,000 with 10% annual growth for 50 years becomes $11,739,090
$100,000 with 10% annual growth for 60 years becomes $30,448,160
If a 20 year old person had a $100,000 (not normal
) and left it alone by itself in a fund that tracks S&P 500 until they were 80, it would be worth $30,000,000+. In fact $100,000 invested in S&P 500 in 1964, would be worth $38,000,000 today.This post was edited on 12/3/24 at 1:18 pm
Posted on 12/3/24 at 1:47 pm to white perch
quote:
I’ve got half a million dollars in my vanguard SEP IRA account. I just turned 44. I know I’m a good bit behind most of yall
You're not in bad shape. Much better than many, many Americans. You're setting yourself up for a nice retirement
This post was edited on 12/3/24 at 1:48 pm
Posted on 12/3/24 at 2:52 pm to white perch
I’m right there with you baw. 46 yo and right around 500k. I just got a nice raise and for the first time will be maxing out my 401k and HSA. And I also have been getting my white belt arse kicked in jiu jitsu.
Posted on 12/3/24 at 9:17 pm to gpburdell
quote:
When I was in college, my mom made me read a financial article about investing and compounding returns. It was the example of person A starts investing X years ahead of person B. Where person A could stop adding $ and though person B invests more/longer overall, person A still comes out ahead given the same performance.
Would like to see that to show my boys
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