Author Topic: Daily Financial Deposit Challenge  (Read 910 times)

radram

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Daily Financial Deposit Challenge
« on: March 20, 2017, 06:42:48 AM »
I read this article and thought some here might want to turn it into a challenge.

http://www.msn.com/en-us/money/personalfinance/31-year-old-millionaire-the-single-most-important-hack-ive-used-to-build-wealth/ar-BByo4VE?li=BBnb7Kz

In summary, the idea is to turn your financial goals into daily ones. To that end, the subject of the article reached $1 million by depositing a minimum into his investment account EVERY DAY.

Since I am FIRE already, it would not make real sense for me to join, but the younger me might just have had a fun time with this.

Anyone interested?

Drole

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Re: Daily Financial Deposit Challenge
« Reply #1 on: March 20, 2017, 09:21:56 AM »
We're also FIRE'd but I still think this could be good for my hobbies/side hustles that I enjoy doing. I like goals. I like lists. 

solon

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Re: Daily Financial Deposit Challenge
« Reply #2 on: March 20, 2017, 12:29:48 PM »
I just did the math. I'd have to save $181 a day.

This is the most depressing thing that happened to me today.

radram

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Re: Daily Financial Deposit Challenge
« Reply #3 on: March 20, 2017, 12:33:58 PM »
I just did the math. I'd have to save $181 a day.

This is the most depressing thing that happened to me today.

How old will you be when you FIRE? You are already 2006 years old today :)

solon

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Re: Daily Financial Deposit Challenge
« Reply #4 on: March 20, 2017, 12:39:42 PM »
I just did the math. I'd have to save $181 a day.

This is the most depressing thing that happened to me today.

How old will you be when you FIRE? You are already 2006 years old today :)

I'm going to live until 5000, so I need a big stache. It takes a while to develop these chiseled looks.

rageth

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Re: Daily Financial Deposit Challenge
« Reply #5 on: March 21, 2017, 07:49:05 PM »
I'm in! I already am set up to invest $29.56 "daily" with bi-weekly payroll deductions. But I get roughly $900 monthly in side hustle income. My goal is to invest half of all side hustle income in Roth with the remaining side hustle income split evenly between savings and student loan debt repayment.

radram

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Re: Daily Financial Deposit Challenge
« Reply #6 on: March 21, 2017, 07:59:08 PM »
I'm in! I already am set up to invest $29.56 "daily" with bi-weekly payroll deductions. But I get roughly $900 monthly in side hustle income. My goal is to invest half of all side hustle income in Roth with the remaining side hustle income split evenly between savings and student loan debt repayment.

Good for you. Hopefully you will get some other takers to keep it interesting.

OurTown

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Re: Daily Financial Deposit Challenge
« Reply #7 on: March 30, 2017, 09:40:32 AM »
I like this concept a lot.  It would be great coupled with some spending that you give up.  E.g., if you have a $5 Starbucks habit, you stop doing that and transfer that $5 from your operating account into an investment account.  If you eat out for your work lunches, you stop doing that and transfer that $10 or $15 into your investment account.   

radram

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Re: Daily Financial Deposit Challenge
« Reply #8 on: March 30, 2017, 10:45:10 AM »
I like this concept a lot.  It would be great coupled with some spending that you give up.  E.g., if you have a $5 Starbucks habit, you stop doing that and transfer that $5 from your operating account into an investment account.  If you eat out for your work lunches, you stop doing that and transfer that $10 or $15 into your investment account.

I like this idea as well. Kind of like reverse credit card purchases, where you can see the results daily.

Fish Sweet

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Re: Daily Financial Deposit Challenge
« Reply #9 on: March 30, 2017, 11:04:45 AM »
I like this concept a lot.  It would be great coupled with some spending that you give up.  E.g., if you have a $5 Starbucks habit, you stop doing that and transfer that $5 from your operating account into an investment account.  If you eat out for your work lunches, you stop doing that and transfer that $10 or $15 into your investment account.

Ooh, that's a good idea.  I wouldn't be able to do a "daily transfers to savings" because I already pretty much divvy my paycheck half and half to savings and checkings, and splitting that savings amount into many small portions seems unnecessary and unhelpful.  But if every time I had an urge to buy something useless, I saved the money instead, that's a lot more motivating!

OurTown

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Re: Daily Financial Deposit Challenge
« Reply #10 on: March 30, 2017, 11:36:56 AM »
It would be great for the people reducing or eliminating their alcohol spend too.