I guess I need to go more long term now.
Net worth = $0 by January 2014. And its going to be amazing!If I count appreciation on my house (according to zillow which is fairly accurate in my area), I hit $0 net worth in early December. If I don't count the appreciation, I will hit $0 net worth last Friday but will probably drop down below $0 again before the next paycheck. From that point on though its UP UP UP!
Current NW: $30k
Current Student Debt: $90k (assets are about $120k)
Jan 2015: $75k NW, $75k debt
Jan 2016: $130k NW, $50k debt
Jan 2017: $200k NW, $20k debt
March 2017: $250k NW, $0k debt
It's that time of year again!
I happened to log in to Mint again and found that I hit 100k NW this week which puts me about 25k ahead of my goal for January. I'm using numbers in Mint as my milestones even though I now think Mint overvalues my house by about 5-7% and doesn't include my HSA's (stupid employer plan). I think the final goal in March is a little bit of a stretch even without a possible market downturn between now and then so I'm going to just up the other goals to match up to it better:
Jan 2015 Actual: $105k NW, $68k non-mortgage debt
Jan 2016 Goal: $150k NW, $40k debt
Jan 2017 Goal: $220k NW, $15k debt
March 2017 Goal: $250k NW, $0k debt
Granted this might all change because this year I got a job I can work remotely from anywhere and my wife and I are dreaming about fulltime RVing while working so the numbers might change a lot between now and then.
I love this thread. Today, best bet, I'm around $213k net worth with 58k of student loan debt.
It could easily be plus or minus 20k because I include home equity in net worth (because we'll sell this house soon) and this year my house went up an obscene amount. According to Zillow, it's now worth 50% more than it was when I bought it but part of that is because of new solar panels so I'm kinda estimating.
The reason the student loan debt isn't lower is because as mentioned last year, my wife and I decided to start RVing full time starting around May 2016. We went down to minimum payments on the student loans to save up to buy an RV for $6500 and by the time we're ready to leave we will probably have put another $4-5000 into it and other equipment. You can read about it on our blog at http://therecklesschoice.com. It is amazing how slowly student loans go down when you do minimum payments.
I'll leave the goals the same and see where they land next year after we've been in the RV for a while. Congrats to everyone on their progress!
I've been here a while apparently. Looking back through I have some posts here from July 2013. Things have changed a lot over the years but I've now surpassed my 30th birthday goal from way back when this thread started so I guess I better update things again.
First off, in case you're curious, the first year of the RV trip was a huge success https://therecklesschoice.com/2016/12/06/where-we-went-2016/
That said our net worth didn't go up as much as in past years mostly because we spent a lot on getting the RV ready and also my wife quit her job to finish her Masters and live in the RV.
Going forward, I think we're going to keep doing the RV thing for a few years which should keep expenses down some. We'll be selling the house (now rental) either this year or the next so we don't have to pay capital gains taxes on it. We're contemplating adopting but that doesn't work well when you live in an RV or when you're FIRE'd so I need to keep the job at least until then if we decide to. The student loan debt is still all 3% or lower so we'll be hanging on to that as long as possible while interest rates stay low.
So here are some new goals:
Jan 2014 Actual: ~$0k NW
Jan 2015 Actual: $105k* NW, $68k non-mortgage debt
Jan 2016 Actual: $213k* NW, $58k debt
Jan 2017 Actual: $265k* NW, $47k debt
Jan 2018: Goal: $330k NW, $35k debt
Jan 2019: Goal: $400k NW, $22k debt
Jan 2020: Goal: $500k NW, $8k debt
Jan 2021: Goal: $600k NW, $0k debt
* I include home equity, especially now that the home is a rental unit and not where I live, but it means I need to estimate my home value and zillow has been overestimating by more every year so I'm guessing a little bit here.
See you next year!