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re: What are your realistic 5 year financial goals?
Posted on 3/11/15 at 2:30 pm to Salmon
Posted on 3/11/15 at 2:30 pm to Salmon
quote:Look, I guess I should not call people liars without meeting them. But those number would put you in the utmost percentile. Also, I am a CPA and benefit plans are one of the main thing I used to audit in public. I can guarantee i never came across any of the money talk posters apparently
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
This post was edited on 3/11/15 at 2:31 pm
1
Posted on 3/11/15 at 2:31 pm to lsupride87
quote:
Look, I guess I should not call people liars without meeting them. But those number would put you in the utmost percentile.
I'm sure it would
but like I said, I don't have those numbers now, just that I was on track, but then shite happened
I don't see anything wrong with setting your goals to be in the upper percentile though
just don't be too harsh on yourself when if you don't hit those goals. my old roommate used to say that he would consider himself a failure if he wasn't making $100k by 30. he now (at 30) works at a cellphone kiosk in the mall...
This post was edited on 3/11/15 at 2:34 pm
Posted on 3/11/15 at 2:34 pm to Salmon
quote:
just don't be too harsh on yourself when if you don't hit those goals. my old roommate used to say that he would consider himself a failure if he wasn't making $100k by 30. he now (at 30) works at a cellphone kiosk in the mall
Posted on 3/11/15 at 2:36 pm to Salmon
quote:
my old roommate used to say that he would consider himself a failure if he wasn't making $100k by 30. he now (at 30) works at a cellphone kiosk in the mall...
Sounds like my college buddy from rich parents who thinks he will just magically make a ton of money like them. 23 years old and just quit a cook job after less than a week without telling anyone at the restaurant.
Posted on 3/11/15 at 2:41 pm to yellowhammer2098
I'm 26 and its amazing what people will tell you they make.
Especially young people.
It's like millinials don't realize how truly rare making even a base of 250k/year really is.
Especially young people.
It's like millinials don't realize how truly rare making even a base of 250k/year really is.
This post was edited on 3/11/15 at 2:42 pm
Posted on 3/11/15 at 2:42 pm to LSUengineer12
quote:
What's your living situation? Do you or will you have a house?
I do not have a house, and there are no starter homes around here (Nashville) that I would want to live in for $150k. Basically I am planning to rent until I am married or have casually built up enough savings to put 20% down on something nice.
Posted on 3/11/15 at 2:46 pm to STLhog
quote:
how truly rare making even a base of 250k/year really is.
I couldn't even fathom making that much.
Posted on 3/11/15 at 2:47 pm to LSUengineer12
What discipline and what field do you work in?
Just curious
Just curious
Posted on 3/11/15 at 2:47 pm to LSUtoOmaha
quote:
LSUtoOmaha
Sounds like a solid plan. Got some friends of mine moving to Nashville later this year. I look forward to going visit them
Posted on 3/11/15 at 2:50 pm to LSUengineer12
quote:
I couldn't even fathom making that much.
Yea. You're literally in the 1% making that, even at 50.
Posted on 3/11/15 at 2:50 pm to Croacka
I'm a peasant CE lol. Structural.
Posted on 3/11/15 at 2:50 pm to Salmon
quote:
100k by 30.
Athanos or something like that said the same thing on here a couple years ago
Posted on 3/11/15 at 2:51 pm to Croacka
quote:
What discipline and what field do you work in?
Just curious
Good question here ^
I'm a commodity risk manager for a CPG.
Posted on 3/11/15 at 2:53 pm to LSUengineer12
35 years old today.
By 40, I want to have $500k liquid (retirement, personal savings, etc.) I need a ~12% return to do that.
I have no debt outside my 3.25% mortgage.
I'd like to increase my salary 25% in five years. That might be a little tougher without a promotion, which is hard to come by where I am. There are literally about six positions that I could be promoted into in that time period, all are currently held by people that don't seem to want to leave.
By 40, I want to have $500k liquid (retirement, personal savings, etc.) I need a ~12% return to do that.
I have no debt outside my 3.25% mortgage.
I'd like to increase my salary 25% in five years. That might be a little tougher without a promotion, which is hard to come by where I am. There are literally about six positions that I could be promoted into in that time period, all are currently held by people that don't seem to want to leave.
This post was edited on 3/11/15 at 2:55 pm
Posted on 3/11/15 at 2:59 pm to LSUengineer12
Same here
You work in consulting?
You work in consulting?
Posted on 3/11/15 at 3:02 pm to anc
quote:
I'd like to increase my salary 25% in five years. That might be a little tougher without a promotion, which is hard to come by where I am. There are literally about six positions that I could be promoted into in that time period, all are currently held by people that don't seem to want to leave.
How old are they? My industry is super 50+ heavy.
Posted on 3/11/15 at 3:03 pm to LSUengineer12
quote:
I'd like to have my first rental property paid off and possibly be involved in my 2nd or 3rd investment.
I see this all the time when people discuss their investment goals, and I have to admit, I find it somewhat perplexing.
I'm not trying to diminish your goals, and surely there is money to be made in rental properties, but I'm not sure many people appreciate the actual work involved in being a landlord.
Anyway, good luck. Those are rather lofty goals but they are attainable.
Posted on 3/11/15 at 3:05 pm to LSUengineer12
It's a fun city. You should move with your friends.
Posted on 3/11/15 at 3:06 pm to LSUengineer12
26 yo teacher.
I'll be completely debt free in 16 months
build an emergency fund of $11,000 then buy a small house (~150k) 24 months from now.
In five years I'll have a minimum 15k in Roth contributions and 15k in TRSL.
Damn, the outlook is grim my friends.
I'll be completely debt free in 16 months
build an emergency fund of $11,000 then buy a small house (~150k) 24 months from now.
In five years I'll have a minimum 15k in Roth contributions and 15k in TRSL.
Damn, the outlook is grim my friends.
Posted on 3/11/15 at 3:06 pm to Salmon
quote:
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
Did you take any money out at the bottom? Stop contributing? If not, I would think you'd be more than recovered by now. From 2006 to now, there's been over 50% gain in the S&P, and if you continued to contribute from 2009 on there's been over 100% gain since then.
Just curious, if you care to elaborate. I started in later than I should have so I didn't have to make those tough calls.
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