Author Topic: Gauntlet: Long Term Net Worth Goals  (Read 84822 times)

Vilgan

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #350 on: January 02, 2017, 11:03:44 AM »
Fun thread idea, will have to remember to come back to update in the future.

Jan 1 2013: -10k net worth, 15k non-mortgage debt (school loans, old medical debt)
June 1 2013: 7k net worth, finally reduced non-mortgage debt to 0
January 1 2014: 20k net worth
Aug 28, 2014: 60k net worth

Goals:

Jan 1, 2015: 75k net worth
Jan 1, 2016: 150k net worth
Jan 1, 2017: 235k net worth
Jan 1, 2018: 325k net worth
Jan 1, 2019: 425k net worth
Jan 1, 2020: 550k net worth
Jan 1, 2021: 680k net worth, should be mortgage free
Jan 1: 2022: 830k net worth
Jan 1: 2023: 1MM net worth and FI around age 42 (not sure if I'll retire, but will likely try to reduce hours significantly)

This is individual net worth, the wife and I keep finances separate.

Jan 1 2015 was right on target at around 78k.

Jan 1 2016 net worth is 220k, nearly a year ahead of schedule! This is primarily due to increased income as the markets haven't really done much this year. Goal for next year is to hit the 2018 goal of 325k by Jan 1 2017.

Jan 1 2017 net worth is 425k. 2 years ahead of schedule, altho more of it is real estate appreciation than we were anticipating so not 2 years ahead on liquid assets.

Goal for Jan 1 2018 is 550k. Here's to a good 2017!

neo von retorch

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #351 on: January 02, 2017, 04:01:19 PM »
Ouch - missing my goal by a decent amount. Year-end more like $315k. Plan to do much better in 2017. Lot of big purchases and spending behind me. Also based Real Estate here on Zillow values (maybe?) but now I just use appraised value at time of purchase. (I do not update based on Zillow!) So that shaves 10k off. Updating chart above. Still missed my goal, but should see good acceleration in a couple years.

Updated goals:
YearInvestmentsReal EstateDebtsNet Worth
2016187k555k-428k314k
2018294k555k-382k466k
2020498k555k-339k714k
20251111k555k-231k1435k

Ending the year a little above $319k in net worth.
Investments at $192k, debts a few hundred shy of $428k.

HappierAtHome

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #352 on: January 02, 2017, 05:50:40 PM »
2017: $1M.
2027: $2.5M.

On track for the 2017 goal by the end of the year :-)

We went backwards at the start of last year (sold a poor RE decision, realising the loss) so I'm surprised we're still on track. I guess if the inner city Perth apartment market hadn't dropped we'd have met the goal early.

webguy

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #353 on: January 02, 2017, 08:16:20 PM »
I want to join in and set myself some public goals so that I'm held accountable.  My goals are:

Current NW:  $420k
Jan 1 2016:  $650k
Jan 1 2017:  $950k
Jan 1 2018:  $1.1M

I need to update my goals!

Current NW:  $1.1M
Jan 1 2017:  $1.25M
Jan 1 2018:  $1.6M
Jan 1 2019:  $2M

Jan 1 2017:  $1.26M

Phew, just made it! I have no idea how 2017 is going to go income-wise, so I'm sticking with my $1.6M goal for now and I'll revisit in 6 months...

afuera

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #354 on: January 03, 2017, 11:51:42 AM »
It took us 2 years to go from -20K to 105K and for that first year we had not even learned The Way of The Mustache.
We currently down to 1 income so hopefully big lofty net worth goals will help us kick it up a notch
EOY             NW Goal        NW Actual
2015              $100K             110K
2016              $175K             186K
2017              $275K
2018              $400K
2019              $550K
2020              $725K
2021              $875K
2022              $1.0M
DH was unemployed for 10 months but we still met the goal.  Excited to see what type of progress we make this year now that we are back to DINK status.
« Last Edit: January 03, 2017, 12:30:17 PM by trappedinmyoffice »
"The price of anything is the amount of life you exchange for it" - Henry David Thoreau

6/2017: INV-3.4x, NW-5.0x
Projected FIRE date: 2025
Journal.

andy85

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #355 on: January 03, 2017, 12:11:01 PM »
goal/stretch goal
2015 - 40k/45k
2016 - 60k/75k
2017 - 75k/90k
2018 - 95k/110k
2019 - 115k/130k

2015 Actual - $40,500
2016 Actual - $61,253

OurTown

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #356 on: January 03, 2017, 01:33:06 PM »
Jan. 1, 2017:  433
Jan. 1, 2018:  504
Jan. 1, 2019:  579
Jan. 1, 2020:  657
Jan. 1, 2021:  739
Jan. 1, 2022:  825
Jan. 1, 2023:  916
Jan. 1, 2024:  1,011
Jan. 1, 2025:  1,111
Jan. 1, 2026:  1,216

This assumes I make a 5% ROI and that I save a paltry 50K per year.  Any badass adjustments would significantly accelerate this process.

Jan. 1, 2017 actual = 468

monarda

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #357 on: January 03, 2017, 09:49:56 PM »
Only just saw this thread...

I've included all accounts ($120K), plus equity in real estate investments ($410K), and primary residence ($90K)

Some goals considering only conservative growth, rental income, principal payments to mortgages, small amount of additional savings.  I will likely save more to add to these numbers, but my job outlook is hazy for 2015, so not counting on being able to save much (but maybe I won't worry about it)

2014  $620K
2016  $750K
2018  $900K

1M by 2020 (age 60), preferably sooner.

Adjusting these values based on Zillow numbers (instead of my own guesstimates) and reducing expectations further due to lack of current employment (other than rental income)

current cash (140K)  rental equity ($410K)  primary residence equity ($103K)

2015 $653K
2016 $700K
2018 $800K

still could go for $1M by 2020, but it's more of a stretch now

Switching to January updates, and factoring in new job

end of 2015  $697K
end of 2016  $760K
          2017  $850K
          2018  $900K  (goal to be working  part time)
          2020  $1M  much more doable

   
      End of 2016      $829K  (cash about $200K)    Zillow values went way up, so this could be overestimating by 20-40K
let's boost 2017      $875K-$900K
                2018      $1M
« Last Edit: January 04, 2017, 09:08:22 PM by monarda »

smacpa

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #358 on: January 04, 2017, 05:40:29 AM »
 New around here, but I love seeing all the progress.

My goal is to add 40k to my net worth in 2017!

2016 - 230k
2017 - 270k

Pooperman

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #359 on: January 04, 2017, 06:46:50 AM »
Jan 1 2015 (25 years old): 25k
Jan 1 2016 (26 years old): 65k
Jan 1 2017 (27 years old): 100k
Jan 1 2020 (30 years old): 300k
Jan 1 2025 (35 years old): 1M
Jan 1 2030 (40 years old): 2M

Jan 1 2015: $25k
Jan 1 2016: $57k
Jan 1 2017: $85k
Jan 1 2018: $115k
Jan 1 2020: $190k
Jan 1 2025: $450k
Jan 1 2030: $800k
Jan 1 2035: $1300k

Jan 1 2015: $25k
Jan 1 2016: $57k
Jan 1 2017: $70k
Jan 1 2018: $110k
Jan 1 2020: $205k
Jan 1 2025: $430k
Jan 1 2030: $685k
Jan 1 2035: $985k

arebelspy

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #360 on: January 04, 2017, 06:58:33 AM »
Jan 1 2015 (25 years old): 25k
Jan 1 2016 (26 years old): 65k
Jan 1 2017 (27 years old): 100k
Jan 1 2020 (30 years old): 300k
Jan 1 2025 (35 years old): 1M
Jan 1 2030 (40 years old): 2M

Jan 1 2015: $25k
Jan 1 2016: $57k
Jan 1 2017: $85k
Jan 1 2018: $115k
Jan 1 2020: $190k
Jan 1 2025: $450k
Jan 1 2030: $800k
Jan 1 2035: $1300k

Jan 1 2015: $25k
Jan 1 2016: $57k
Jan 1 2017: $70k
Jan 1 2018: $110k
Jan 1 2020: $205k
Jan 1 2025: $430k
Jan 1 2030: $685k
Jan 1 2035: $985k

Bummer =/

Most people's net worth here is trending up rapidly, and goals and projections have to be bumped up, due to both:
1) Underestimating how badass they can be (and then either earning more than they thought, or spending less, or both), and
2) The giant bull market we've been in for 7.5 years.

Yours is the only one I can think of that has decreased consistently (several years in a row).  From 2MM 2030 projection down to 685k?  Doh!

Bad investments, less savings than you thought, way too overoptimistic projections, life hitting you hard (giant medical issue or something), or other?

Hope that turns around and those numbers start trending up!  :)
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with a kid.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (occasionally) blog at AdventuringAlong.com.
You can also read my forum "Journal."

Pooperman

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #361 on: January 04, 2017, 07:49:10 AM »
Jan 1 2015 (25 years old): 25k
Jan 1 2016 (26 years old): 65k
Jan 1 2017 (27 years old): 100k
Jan 1 2020 (30 years old): 300k
Jan 1 2025 (35 years old): 1M
Jan 1 2030 (40 years old): 2M

Jan 1 2015: $25k
Jan 1 2016: $57k
Jan 1 2017: $85k
Jan 1 2018: $115k
Jan 1 2020: $190k
Jan 1 2025: $450k
Jan 1 2030: $800k
Jan 1 2035: $1300k

Jan 1 2015: $25k
Jan 1 2016: $57k
Jan 1 2017: $70k
Jan 1 2018: $110k
Jan 1 2020: $205k
Jan 1 2025: $430k
Jan 1 2030: $685k
Jan 1 2035: $985k

Bummer =/

Most people's net worth here is trending up rapidly, and goals and projections have to be bumped up, due to both:
1) Underestimating how badass they can be (and then either earning more than they thought, or spending less, or both), and
2) The giant bull market we've been in for 7.5 years.

Yours is the only one I can think of that has decreased consistently (several years in a row).  From 2MM 2030 projection down to 685k?  Doh!

Bad investments, less savings than you thought, way too overoptimistic projections, life hitting you hard (giant medical issue or something), or other?

Hope that turns around and those numbers start trending up!  :)

A combination of things, really. We bought a house this year, so a decent chunk of cash went poof to furnish, do some work, and closing of course. The initial forecasts were hand-wavy math where the later ones were more accurately forecast with a spreadsheet. Health expenses were also quite high this past year. The future guestimates are in today's dollars and it does not account for future salary increases. The estimate does not include future house appreciation either.

Realistically, 1.5 million by 2035 is doable in 2035 dollars and once you account for the things the estimate is missing. I hope to use both stocks/bonds and local real estate to generate the money needed to retire in 18 years, but the simulation only accounts for stocks/bonds/cash.

arebelspy

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #362 on: January 04, 2017, 08:00:17 AM »
Got it.  Good luck! :)
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with a kid.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (occasionally) blog at AdventuringAlong.com.
You can also read my forum "Journal."

FrozenBits

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #363 on: January 04, 2017, 12:07:33 PM »
I was hoping to add more this year but we still hit our goal.  Had some higher expenses this year including 5k in medical and probably 2-3k for a 3 week vacation in Greece, totally worth it!  This upcoming year may present several life changes including a possible career change for my wife.  With all this uncertainty out there, I'll be happy if we stay on track and meet our 2017 end of year goal. 



Date    Added Per Year       Total Estimated        Added Per Year      Total Actual
               Estimated                                                   Actual

Year             
2014       $60,000                $106,700                    $62,200              $106,700
2015       $60,000                $177,869                    $96,666              $203,468
2016       $65,000                $259,141                    $72,907              $276,375
2017       $65,000                $345,859
2018       $70,000                $443,721
2019       $70,000                $548,140
2020       $80,000                $670,226
2021       $80,000                $800,491
2022       $90,000                $950,154
2023       $90,000                $1,109,844
2024       $100,000              $1,290,904

dreams_and_discoveries

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #364 on: January 08, 2017, 04:29:08 AM »
I'm very impressed with all these targets, although I've been monitoring my NW for a few years, this is the first time I've actually set myself targets. He we go...

End 2015 actual £393,000

And targets for the future
2016   £498,000   
2017   £608,000   
2018   £723,000   
2019   £843,000   
2020   £968,000

I've got £550k for end of 2016, a good £50k above target (although lots of this is due to the devaluing of the pound)

2016 target is now increased to £670k.

skip207

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #365 on: January 08, 2017, 02:45:50 PM »
Realistic targets for me:
2020-500k
2025-750k
2030-1m FIRE!

Secretly Saving

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #366 on: January 08, 2017, 04:39:49 PM »
We're shooting for about a $200k increase in net worth for 2017. 
Huge, I know, but I think with some extra focus, it will be attainable.
   

catccc

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #367 on: January 10, 2017, 01:33:19 PM »
My February 2014 post:
we are at $474 at the end of 2013.

Hoping to reach $570K by the end of 2014

Not sure what to expect after that, but here's a guess:

2015: $680K
2016: $800K
2017: $925K
2018: $1,055K
2019: $1,190K
2020: $1,330K  I'll be 41

Update, not quite as far along as I'd like, but not for lack of trying.  We were awfully close to $570K at the end of 2014.  ($568K, to be exact.)  But 2015 ended at only $606K.  The goal for 2016 is now $680K, so we are about a full year behind.  I want to revamp the schedule to reflect this, but I also don't want to acknowledge that $1.33M in 2020 is quite a stretch...

2016 Ending NW $711K
Goals:
2017: $815
2018: $945
2019: $1,075 (I turn 40 this year!)
2020: $1,210 (I'll be 41)
2021: $1,350 (I'll be 42)


CupcakeGuru

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #368 on: January 20, 2017, 07:20:52 AM »

I love the idea of having somewhere to look back in a couple of years.

Here's mine and Mr. Cupcakes NW goal at year end. It does not include the house.
2015: 523k
2016: 600k
2017: 683k
2018: 773k
2019: 870k
2020: 974k
2021: 1,086k
2022: 1,205k

Jan 2 2017
Ended 2016 at 640k! 40 grand ahead of projections!
Thank you mustaches!

NICE!

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #369 on: January 22, 2017, 10:51:12 PM »
Jan 1, 2015: $235k
Jan 1, 2016: $300k
Jan 1, 2017: $375k
Jan 1, 2018: $475k
Jan 1, 2019: $600k (I view this as a low FI #, one I could achieve if I really wanted to stop working.)

That's what I posted a couple of years ago. I'm a bit off course, as I am projecting $70k in savings this year. Assuming no market returns, that puts us at $420k. Assuming a really strong year, we probably fall short of $475k. I'm going to tone it down to $450k and also bump the following years a bit. The $100k then $125k jump between 17-18 and 18-19 were too aggressive. $600k is my low FI number, so it looks like we're shooting for 2020-2021.

Jan 1, 2017: $350k
Jan 1, 2018: $450k (would require additional savings or $30k in market returns)
Jan 1, 2019: $500k (income will drop)
Jan 1, 2020: $550k
Jan 1, 2021: $600k

We currently give more than 10%. I'm wondering whether we should scale it back to 10% until we reach the low FI #. The argument for this is that we should shore up our financial security and then focus on helping others. The argument against is that we are still able-bodied, have high salaries, and people still need help today. I'm currently mulling over these thoughts.

TheFirstMan

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #370 on: March 18, 2017, 05:18:22 AM »
Currently, investments and cash is 249K.

Home value is about 280K, with 140K owed.

So net worth of 249K + 280K - 140K = 389K

01/01/16...389K
01/01/17...440K
01/01/18...533K
01/01/19...614K
01/01/20...725K
01/01/21...804K (of which about 360K is home equity and the house is paid off)

This is working from assumptions about inflation and our spending and income that are pretty pessimistic, as well as that we put an addition on the house. So if the market is reasonable, our spending is less, our income is up, inflation is low, and/or we don't do an addition, these could be upped but a significant percent.

Needing to update a bit here...we are halfway through an addition, and our income situation changed.

Today

Cash and liquid accounts: 80K. Of this, home addition and other capital projects are 37K+8K+10K = 55K, leaving 25K actually.

Investments: 293K

Home value is actually now at least 275K (and likely a fair bit more after the improvements, as much as 350K), with 200K owed. Will likely pull out equity up to 80% and deploy more productively.

So net worth of 24K + 293K + 75K = 393K

With new savings goal of 5K/month (conservative) and a real rate of return of 3% (also conservative), keeping the home equity at just 75K I estimate...

Future:

01/01/18...440K
01/01/19...511K
01/01/20...584K
01/01/21...660K
01/01/22...736K
01/01/23...817K
01/01/24...900K
« Last Edit: March 18, 2017, 05:20:27 AM by TheFirstMan »

afuera

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #371 on: March 20, 2017, 08:39:27 AM »
It took us 2 years to go from -20K to 105K and for that first year we had not even learned The Way of The Mustache.
We currently down to 1 income so hopefully big lofty net worth goals will help us kick it up a notch
EOY             NW plan        NW Actual
2015              $100K             110K
2016              $175K
2017              $275K
2018              $400K
2019              $550K
2020              $725K
2021              $875K
2022              $1.0M
EOY             NW plan        NW Actual
2015              $100K             110K
2016              $175K             188K
2017              $300K
2018              $450K
2019              $625K
2020              $825K
2021              $1.025M
2022              $1.225M (FI)

Whoops, I never came back and update this at EOY.
Hubs was unemployed for 10 months in 2016 but we were still able to meet our NW goal (which shows they weren't lofty enough)!
Updated our targets going forward.  These are definitely stretch goals since our current plan is FIRE in 2025.
"The price of anything is the amount of life you exchange for it" - Henry David Thoreau

6/2017: INV-3.4x, NW-5.0x
Projected FIRE date: 2025
Journal.

recklesslysober

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #372 on: March 20, 2017, 06:20:30 PM »
Following for inspiration. :)

My numbers (end of year):

2015: -$133K
2016: -$111K

2017: -$69K
2018: -$29K
2019: $11K
2020: $51K
2021: $91K

frugalfanny

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #373 on: March 20, 2017, 06:52:31 PM »
January 2015: $11k
January 2016: $27k
January 2017: $45k
January 2018: $62k
January 2023: $177k
January 2028: $280k

A reminder to try harder...

I'm already past January 2018's goal so I guess I need to make some updates.

January 2015: $11k
January 2016: $27k
January 2017: $45k 58k
January 2018: $62k 80k
January 2023: $177k 200k
January 2028: $280k 313k



Oil Patch Adams

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #374 on: March 20, 2017, 08:24:34 PM »

August 2016: $756k

Short term goal August 2017: $900k

New kid on the way so I don't know how this will change things.
New kid is here ,and real estate taxes are expensive this year, but the market is killing it.
December 2016: $859k

Goals
August 2017: $1M
If I can stay employed
August 2018: $1.25M
March 2017: $1M
5 months earlier than expected
December 2017: $1.2M

cantgrowone

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #375 on: March 27, 2017, 02:07:17 PM »
Hi there. I'm late to the game here but YNAB helped me pull my old records. Future projections are not based on any math.

All records are from January and includes house value.

2015: $145k   
2016: $207k   Added: $62k
2017: $291k   Added: $84k
2018: $400k
2019: $550k
2020: $700k
2025: $1,200k
I didn't proof read.

afuera

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #376 on: March 27, 2017, 03:01:44 PM »
Hi there. I'm late to the game here but YNAB helped me pull my old records. Future projections are not based on any math.

All records are from January and includes house value.

2015: $145k   
2016: $207k   Added: $62k
2017: $291k   Added: $84k
2018: $400k
2019: $550k
2020: $700k
2025: $1,200k

Welcome!  You have a little bit of a head start on me but we are on pretty similar timelines (depending on how conservative or optimistic I am with assumptions).  Good luck!
"The price of anything is the amount of life you exchange for it" - Henry David Thoreau

6/2017: INV-3.4x, NW-5.0x
Projected FIRE date: 2025
Journal.

zinnie

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #377 on: March 28, 2017, 08:42:55 PM »
NW: $433,000
Goal: $1.1 million by August of 2020.

Stretch is to do it in 6 years, or 5. Mint keeps telling me I'm about a year ahead so we will see!

Looking back on this post from 3.5 years ago is crazy. I am way ahead, almost at the net worth goal now, and will hit that number liquid more than a year before my old net worth goal. I don't even understand the math, but I'll take it! Once you get on the right track, it really does snowball :)

dogboyslim

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #378 on: April 05, 2017, 04:16:27 PM »
I have a current plan, lets see how it works.  Here's a bit of history and my future projections assuming I keep working.  This includes my Property which is ~$450k as estimated by Mint/Zillow, so take with a grain of salt.  I know my target numbers are higher than most.  Annual Expense target will be 75-80k off a 3% WR, and I want a cushion for a 20% market downturn.  $3.3M (80k/.03/.8) or so as my min FIRE number of invested assets, or 3.75 ish total.  Our increases look like they will stay around 200k a year assuming 6% returns and college outflows as targeted.  If market does better than my conservative returns, I may shove off earlier.

3/2014: $1.3
3/2015: $1.5
3/2016: $1.67
3/2017: $1.95 (Currently 42)
Forecast:
3/2018: $2.0
3/2019: $2.2
3/2020: $2.38
3/2021: $2.58
3/2022: $2.8
3/2023: $3.0
3/2024: $3.2
3/2025: $3.5 (Early FIRE Date @ 50)
3/2026: $3.7
3/2027: $3.9
3/2028: $4.2
3/2029: $4.5
3/2030: $4.7 (Late FIRE Date @55)
« Last Edit: April 06, 2017, 08:27:39 AM by dogboyslim »

webguy

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #379 on: April 20, 2017, 12:47:53 PM »
I have a current plan, lets see how it works.  Here's a bit of history and my future projections assuming I keep working.  This includes my Property which is ~$450k as estimated by Mint/Zillow, so take with a grain of salt.  I know my target numbers are higher than most.  Annual Expense target will be 75-80k off a 3% WR, and I want a cushion for a 20% market downturn.  $3.3M (80k/.03/.8) or so as my min FIRE number of invested assets, or 3.75 ish total.  Our increases look like they will stay around 200k a year assuming 6% returns and college outflows as targeted.  If market does better than my conservative returns, I may shove off earlier.

3/2014: $1.3
3/2015: $1.5
3/2016: $1.67
3/2017: $1.95 (Currently 42)
Forecast:
3/2018: $2.0
3/2019: $2.2
3/2020: $2.38
3/2021: $2.58
3/2022: $2.8
3/2023: $3.0
3/2024: $3.2
3/2025: $3.5 (Early FIRE Date @ 50)
3/2026: $3.7
3/2027: $3.9
3/2028: $4.2
3/2029: $4.5
3/2030: $4.7 (Late FIRE Date @55)

Please don't take this the wrong way, but you're 42 with almost $2M and you're choosing to spend the next 13 years of your life working full time? That's 13 years you're not gonna get back!

boarder42

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #380 on: April 20, 2017, 02:30:26 PM »
I'm in just going to do invested NW

8/11/16 - 378k - current
8/11/17 - 512k
8/11/18 - 663k
8/11/19 - 829k
8/11/20 - 1MM

thanks to some good gains and some early wealth transfer i'll hit 512k by the end of April - 3.5 months ahead of schedule.  will update projections then.
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Secretly Saving

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #381 on: April 21, 2017, 02:41:25 PM »
We're shooting for about a $200k increase in net worth for 2017. 
Huge, I know, but I think with some extra focus, it will be attainable.
   

Well, it's April and incredibly, we hit this goal.  I have no idea what to set as the next one.  I'd like to see at least another 50k over the rest of the year. 

Bateaux

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #382 on: April 21, 2017, 09:19:40 PM »
Looks like we'll have lots of company on the Race to 2M and Race to 3M threads soon!  Well done everyone.
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.”
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Class of 2019

FrozenBits

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #383 on: April 22, 2017, 09:51:17 PM »
Been on a roll this year so I thought I'd update my numbers.  Decided to edit my tracking a little bit as well.



Date      Added YTD        Total Estimated          Added YTD     Total Actual   Percentage of YTD
              Estimated               Actual                                                                  Goal Reached               

Year End                            
2014                                   106,700                                         106,700   
2015         71,169               177,869                   96,768           203,468             135.97%
2016         81,272               259,141                   72,907           276,375               89.71%
2017         86,718               345,859                   41,625           318,000               48.00%
2018         97,862               443,721         
2019         104,419             548,140         
2020         122,086             670,226         
2021         130,265             800,491         
2022         149,663             950,154         
2023         159,690             1,109,844         
2024         181,060             1,290,904         


We are nearly half way through our 2017 goal already.  Hoping to keep up the momentum for the rest of the year.

« Last Edit: April 24, 2017, 11:10:17 AM by FrozenBits »

facepalm

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #384 on: April 29, 2017, 10:35:13 AM »
Been reading through all the posts on this thread. some great stories here.

A year and a half ago I was sitting on less than 24K, which included a paid off car. Could not stick to a budget. Have had a nagging worry about my retirement and having enough money for as long as I can remember. Never managed money well.

Mom passed away last year and something clicked. Started looking into investing, but kept my inheritance check in savings while I did my research. Discovered Bogleheads, jlcollinsnh, and MMM. Bogleheads kept me from making the mistake of putting my money into a managed account. Thank god. Since then I have done the MMM makeover, cut my spending, and put all my money to work into Vanguard funds.

Currently, I am maxing out my 403(b), My 457(b), and my Roth to the tune of 54.5K. Also have a state pension which can be taken as a lump sum should I separate from employment. I only recently (this week) found out about the lump sum. My savings rate is 80%, including the pension contribution and the employer match.

Jan-16   23,769
Jun-16   45,604
Dec-16   119,694
Apr-17   255,873

Goals:

Dec-17 300,000
Jun-19 400,000
Dec-21 500,000

At the point I reach 500K I'll decide whether or not to keep going. The plan I came up with two months ago was to leave employment with a 4,000 per month pension plus 750,000 in investments which I would never have to touch. To get the 4,000 per month I have to work to 2024. I can take less per month and retire earlier.

Also planning on relocating to a more tax-friendly state (I'm in CA) so I have to buy/finance a house. Currently renting/sharing.

Thoughts?
« Last Edit: April 29, 2017, 10:39:58 AM by facepalm »

Abe

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #385 on: April 30, 2017, 07:42:01 PM »

At the point I reach 500K I'll decide whether or not to keep going. The plan I came up with two months ago was to leave employment with a 4,000 per month pension plus 750,000 in investments which I would never have to touch. To get the 4,000 per month I have to work to 2024. I can take less per month and retire earlier.

Also planning on relocating to a more tax-friendly state (I'm in CA) so I have to buy/finance a house. Currently renting/sharing.

Thoughts?

You've got a good plan. If you take a lower monthly pension amount now and let your $750k grow, it'll quickly reach the point where a 4% (or less) withdrawal will make up the difference to get to $4k/month. However, if you move to a cheaper area you may not need the $4k budget.

dogboyslim

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #386 on: May 01, 2017, 08:16:08 AM »
Please don't take this the wrong way, but you're 42 with almost $2M and you're choosing to spend the next 13 years of your life working full time? That's 13 years you're not gonna get back!

I don't take it the wrong way.  Working isn't that bad, and if I follow that path I'll still be retired at 55 with equal income to my high paying job.  I also want to do things like traveling with my wife, and that will be easier with kids out of the house, so even if I retired earlier, I'm not sure I'd get to take advantage of retirement until the kids get a bit older.  I often consider if I should quit now or scale back my hours, but my career is one where part-time is not really a thing, and once out it would be very difficult to get back in.

boarder42

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #387 on: May 01, 2017, 11:01:22 AM »
Update. Hit 3.5 months early. Hopefully it always works that way and in 2.5 years we hit 1MM

8/11/16 - 378k - current
8/11/17 - 512k
5/1/2017 - 514k
5/1/18 - 665k
5/1/19 - 831k
5/1/20 - 1MM
PM me about how to save 6% on your annual grocery Bill!

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Pennycounter

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #388 on: May 01, 2017, 01:33:09 PM »
I love spreadsheets and tracking.  Our NW is exclusive of our primary residence value since we aren't planning to sell.

2016 -- $518K (actual)
2017 -- $572K (actual end of April)
2017 -- $650K
2018 -- $730K
2019 -- $810K
2020 -- $900K
2025 -- $1.2 MM
2030 -- $1.5 MM (Full FI, me 52, DH 59, DD #1 graduates HS)

This is all a bit of a WAG, haha. I'm also planning to leave my job this June so we will be a one income household, so projections after June of 2017 include only my husband's 401 (k), + matching, and market gains. This will definitely be impacted if the market doesn't keep up with the super sweet recent returns. 

Carrie

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #389 on: May 20, 2017, 09:33:02 AM »
Current NW 6/14 = $551k
YE 2014 goal = $600k
YE 2015 goal = $700k
YE 2016 goal = $810k
YE 2017 goal = $950k
Have no idea if this is realistic -- currently saving $27k to retirement/yr and paying down the mortgage by about $10-$15k per year, adding $3600 to college accounts per year (about to increase this as we add another child), so the remainder will have to be from market gains.

We're just a touch behind, probably because I pulled these numbers out of my ass.
Current NW is right around the end of 2016 goal, so maybe 6 months behind.  I am guessing that by the end of this year we'll be more like $850k than $950k.
We paid off the mortgage in January and will probably get $33k into retirement & $4500 into college savings this year. We're also going to work hard to max the HSA this year.  Right now what we had been paying towards the mortgage will go towards home maintenance/improvements & a vacation.  Maybe in a year or two that money can go towards after tax savings. 

facepalm

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #390 on: May 20, 2017, 10:37:55 AM »

At the point I reach 500K I'll decide whether or not to keep going. The plan I came up with two months ago was to leave employment with a 4,000 per month pension plus 750,000 in investments which I would never have to touch. To get the 4,000 per month I have to work to 2024. I can take less per month and retire earlier.

Also planning on relocating to a more tax-friendly state (I'm in CA) so I have to buy/finance a house. Currently renting/sharing.

Thoughts?

You've got a good plan. If you take a lower monthly pension amount now and let your $750k grow, it'll quickly reach the point where a 4% (or less) withdrawal will make up the difference to get to $4k/month. However, if you move to a cheaper area you may not need the $4k budget.

I ran the numbers again and discovered that if I work to 2024 I actually will see 4500 per month. I can definitely retire earlier, since I doubt I'll need that much per month and can always take SSI early if I really need the income. I now estimate the longest I need to stay on the job is 5 years, or 'till 2022 (age 62). At that point I'll have around $550K invested (which does not include pension funds), which I'll just let sit and grow.

I now have to find the sweet spot for pension withdrawals; the point in the timeline that gives me the most time and most money per month. I haven't attempted to put a value on my time yet; Once I do I may end up wanting to retire even earlier.

I'm now considering a side hustle--have a few ideas--that if even moderately successful will allow me to leave paid employment even earlier. When I started working toward FIRE i assumed I'd have to stick it out till age 70; but the longer I work at this the younger I will be when I actually do FIRE. 70-->68-->65-->62-->???

jane x

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #391 on: May 20, 2017, 12:58:24 PM »
Are you guys including your home equity in your net worth figures?

How about pensions?

facepalm

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #392 on: May 20, 2017, 01:25:26 PM »
Are you guys including your home equity in your net worth figures?

How about pensions?

I don't include home equity (I rent). I do include my pension contribution but not my employer's portion. If I exit employment I can roll my contributions over into an IRA. The thing that sucks about California is that we cannot rollover our employers contributions; If we leave STRS they keep the money. Probably has something to do with that 71 billion unfunded liability. If I could roll both over I would retire in two years.

I do not include pension contributions in my long term goals/projections, as I'll probably end up taking the pension.

CowboyAndIndian

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #393 on: May 20, 2017, 07:16:43 PM »
Are you guys including your home equity in your net worth figures?

How about pensions?

We have had this conversation many times on this forum.

The net worth includes everything you own (including pensions) minus the debts. Yes, if the pension is guaranteed and you can estimate the amount you would be paid, there is a way to convert that income stream into a present value which you can add to your net worth.

The FIRE amount, may not include things like your house which does not provide any amount to your income stream.

If you are trying to see if you are ready to FIRE, you want your income generating assets (rentals, 401k, investments, pensions) to meet the 4% rule. Do not use your net worth for this


Carrie

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #394 on: May 21, 2017, 11:22:52 AM »
I use the current cash value of the pension, for example if we rolled it over, it is worth $25,000 (that's the number I use). If we wait for 20 years and start to draw it, I'm not totally sure of the pay out. I guess if I knew that number I'd do the formula as pp poster says.
I include home equity in networth, because it is a part of networth. I do not use home equity in fire calculation - I only use invested assets, as we will always need a place to live.

MoneyRx

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #395 on: May 21, 2017, 06:07:28 PM »
Had this written out for a little while, but wanted to make it more permanent and have a place to check on my progress.
Recent grad, finishing a lower paying residency half way through 2015 and will be expecting a 6 figure income starting in June/July. 10 year plan, very rough estimate and not assuming pay increases/pay decreases(possibly coming in my field!). Will update as needed.

Today: -17k
End of:
2015: 15k
2016: 70k
2017: 135k
2018: 215k
2019: 295k
2020: 385k
2021: 480k
2022: 585k
2023: 700k
2024: 825k
2025: 960k (FIRE)

Ended 2015 with about 47k, new goal for 2016 is 100k. =)

Ended 2016 with 95k and keeping the same FIRE date for now, came up with new projections that should be more accurate:
Today: 136k (as of 5/1/17)
End of:
2015: 47k (actual)
2016: 95k (actual)
2017: 163k
2018: 233k
2019: 330k
2020: 423k
2021: 522k
2022: 629k
2023: 743k
2024: 866k
2025: 998k (FIRE)

skip207

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #396 on: May 22, 2017, 05:55:13 AM »
What kind of NW growth PA do people use on their calculations? 

My FIRE target is £1MM and currently have this date set as 2025.  Current NW c.£415k.

Am I being a bit cautious with that date? 

I know what my contributions are as they are pretty much fixed other than house prices but the growth on the actual pot is the bit I think I am not really getting right.

Of course its always good to under estimate things so I don't mind too much but I have a feeling I am a good bit under, what do you guys think?

Zaga

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #397 on: May 22, 2017, 04:09:24 PM »
What kind of NW growth PA do people use on their calculations? 

My FIRE target is £1MM and currently have this date set as 2025.  Current NW c.£415k.

Am I being a bit cautious with that date? 

I know what my contributions are as they are pretty much fixed other than house prices but the growth on the actual pot is the bit I think I am not really getting right.

Of course its always good to under estimate things so I don't mind too much but I have a feeling I am a good bit under, what do you guys think?
I do 5 different projections.  The most pessimistic is 0% growth, contributions plus principle only.  The one I use as my expected is 5%, then I have a few higher up to 11% for shits and giggles.  I think having the 0% growth helps ground my expectations.

skip207

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #398 on: May 23, 2017, 03:35:11 PM »
Ok similar to me maybe then as I do 0% on savings and pensions and investments but 5% on property.
I guess once I clear 750k I can start planning things a bit more.  I want the gap between FI and RE as small as possible you see!
I would like at least a year to plan retirement as it will involve closing my business etc.

beege

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #399 on: June 19, 2017, 09:21:36 AM »
That was quick. Another year went by. I got my google calendar notification so I'm back. Stock market has been on a tear lately so I surpassed my (conservative) goal. Fire # is getting more concrete now. Targeting 1.2 million. I really suck at estimating I've decided. I've now over-estimated and underestimated two years running. The stache is getting a life of its own.

DateGoalActual
June 2014394K
June 2015550K547K
June 2016750K692K
June 2017842K929K
June 20181107K
Dec 20181200KFire
FIRE class of 2019