Author Topic: 25K->100k nw 1.5 years  (Read 803 times)

Lan Mandragoran

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25K->100k nw 1.5 years
« on: August 03, 2018, 06:50:43 AM »
MMM Success story so far. Here's another piece of evidence for this lifestyle.


Got into MMM in February 2017. Hit 100k 17 months later. It's pretty insane, compared to 27 years = 25k (15k of which was given to us).

It's just so.... easy/automatic feeling now, not sure why most middle class people dont do this. I dont make insane money(70k~), and my wife doesn't work much at all(10k) and we have 2 kids. Even if we have a bad market or something.... meh, it's just some extra months.

Edit: This all sounds so braggy/arrogant ( I guess we are in share your badassity forum), but thats not how I mean it. Just think its pretty cool =].
« Last Edit: August 03, 2018, 08:21:47 AM by Lan Mandragoran »

BriarRose111

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Re: 25K->100k nw 1.5 years
« Reply #1 on: August 03, 2018, 08:25:18 AM »
Nice work!  What do you think have been the biggest changes you made, to bring this about?

teltic

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Re: 25K->100k nw 1.5 years
« Reply #2 on: August 03, 2018, 02:51:49 PM »
Awesome to hear!  Always cool to see stories like this (especially without some luxurious salary).  Automation has been the key for me as well. I'm in a similar situation ($60k, maxed the HSA, 401k, Roth IRA), and its just cool to see it just happen.  No market timing, no fancy trading strategies.  Just minimizing expenses and growing the stache.

Good work man!

What was your biggest game changer?

Calvawt

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Re: 25K->100k nw 1.5 years
« Reply #3 on: August 06, 2018, 04:23:29 PM »
I don't think it sounds like a brag at all, more like confirmation that intentional spending can make a big difference.  Congrats on making such a big change in a relatively short time.

I know my savings rate was juiced by reading this site as well.

Lan Mandragoran

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Re: 25K->100k nw 1.5 years
« Reply #4 on: August 07, 2018, 08:15:57 AM »
Nice work!  What do you think have been the biggest changes you made, to bring this about?

Mmmm automating stuff helps a ton. Probably more important overall has been the realization that I don't have to work till im 65 or something though. I kind of thought on some level that I needed to like save 10 million, and it was essentially out of reach as someone who will likely not make much more than 100k ever.

That realization that all you need is a million give or take a few hundred, made me stop buying random crap, stop having 1000 grocery/restaurant budgets for our family. When every time you save 10k your 1% closer, and its a x you can cross off your list to get to your goal.... its a lot more relevant than when you think it doesn't matter, so might as well spend it.


Also, we've worked really really bloody hard, added about 18k to my salary, bought a house next to my work, rented out both half's of our duplex instead of just one half(also fixed up the house to increase rent), I bike to work, I nerded out on mad fientist so we get all of those optimizations... etc etc.  We're as optimized as we can manage without living in my mom's basement... which we seriously considered lol :P. 

RWD

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Re: 25K->100k nw 1.5 years
« Reply #5 on: August 07, 2018, 08:28:12 AM »
Edit: This all sounds so braggy/arrogant ( I guess we are in share your badassity forum), but thats not how I mean it. Just think its pretty cool =].

Not braggy at all. That's excellent progress but well within the norm for this forum. We did $25k-100k in roughly 14 months and I know there are a plenty of people here that are even faster. When I was tracking everyone's progress in the $250k-500k race thread the average net worth increase was over $10k/month! Keep it up and soon you'll find your net worth snowballing to FI!

Liberty Stache

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Re: 25K->100k nw 1.5 years
« Reply #6 on: August 08, 2018, 08:59:30 AM »
It's just so.... easy/automatic feeling now...

Just wait until your your assets really start working for you and see how easy/automatic it REALLY becomes. Personally, I believe once someone reaches $100K-$500K in investments, you truly begin to see compounding at work. Example: $250K in investments with a 5-10% return = $12.5K-$25K which is NOT a trivial amount of money anymore (vs. $50K --> $2.5K-$5K). At that point, even if you stop saving your assets will continue to grow faster than what most households in the US can save year over year.

As someone 5+ years your senior (and was in a similar place at 27), it may not feel like it and look like it ($100K / $1MM = 10%) but you are ~50% of the way there at this point as you've changed your behavior pattern (mental outlook, increased income, decreased expenses, & invested) and gotten over the most difficult part of the journey. Keep improving on both sides of the equation every year (increase income and lower expenses) like you've been doing and things WILL snowball at a ridiculously fast rate.

thesis

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Re: 25K->100k nw 1.5 years
« Reply #7 on: August 08, 2018, 10:46:18 AM »
You're in much safer company here than on social media, I'm sure. As I've mentioned to others, if people can celebrate their new cars, new gadgets, relationships, and vacations, there should be no issue with celebrating one's financial successes :)

Congrats! That's awesome. That's my next big goal. I make about the same amount of money so this gives me confidence I can get there quickly, too. Impressive you've done this with a family! :)

Lan Mandragoran

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Re: 25K->100k nw 1.5 years
« Reply #8 on: August 10, 2018, 07:34:07 AM »
It's just so.... easy/automatic feeling now...

Just wait until your your assets really start working for you and see how easy/automatic it REALLY becomes. Personally, I believe once someone reaches $100K-$500K in investments, you truly begin to see compounding at work. Example: $250K in investments with a 5-10% return = $12.5K-$25K which is NOT a trivial amount of money anymore (vs. $50K --> $2.5K-$5K). At that point, even if you stop saving your assets will continue to grow faster than what most households in the US can save year over year.

As someone 5+ years your senior (and was in a similar place at 27), it may not feel like it and look like it ($100K / $1MM = 10%) but you are ~50% of the way there at this point as you've changed your behavior pattern (mental outlook, increased income, decreased expenses, & invested) and gotten over the most difficult part of the journey. Keep improving on both sides of the equation every year (increase income and lower expenses) like you've been doing and things WILL snowball at a ridiculously fast rate.

Thanks for the encouragement. That does sound super fun ^^.