Author Topic: Race from 10 to 100k!!  (Read 226773 times)

isaacfcb1

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Race from 10 to 100k!!
« on: June 09, 2014, 10:50:28 PM »
Who else is currently under 10k and is willing to track with each other to 100k. Partners in the race of sorts :) all friendly of course but hey a little competition never hurt anybody!

https://docs.google.com/spreadsheets/d/1aBcGP8d7UD2oJif5IMSY9xmi8sIcRWKYRUswL1FE-ZM/edit?usp=sharing
« Last Edit: December 02, 2015, 09:44:28 PM by isaacfcb1 »
A blessing is not a blessing until you pass it on!

Tieke

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Re: Race from 10 too 100k!!
« Reply #1 on: June 10, 2014, 03:41:13 AM »
Hey, great idea!  I wouldn't mind taking a shot at that.
I'm well under the 10K mark currently.  If you count my Kiwisaver fund (NZ's equivalent to a 401K) as well as the last of my student debt, I'm worth about a whole $2000.  So I'm starting behind and I presume we're dealing in different currencies etc, but nothing like a race to get a bit fired up about making progress!

dusty

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Re: Race from 10 too 100k!!
« Reply #2 on: June 13, 2014, 06:56:59 PM »
Sounds good, a yardstick to measure by and keep myself motivated.

not counting my Super which is at 130k.

I currently have a $12,711 share portfolio, focusing on dividend yields.

I add to it each month and will provide updates to see who reaches 100k first :)

Best of luck to you. happy to share the road to FIRE

Thegoblinchief

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Re: Race from 10 too 100k!!
« Reply #3 on: June 13, 2014, 07:14:44 PM »
-15K at last check but I'll hop in :)
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isaacfcb1

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Re: Race from 10 too 100k!!
« Reply #4 on: June 14, 2014, 12:02:45 PM »
Awesome! Just check in every now and again when you so please and update us and tell us more about your specific situation! I'm 19 years old in the American military and current net worth is about $8,000 I try to save about 80% of every paycheck and throw it all into my Vanguard index fund!!!I know it's against some beliefs but I like risk taking to I have $1,000 in silver as well since its near an all time low. My goal to FIRE is age 30! What's your goals??? good luck to everyone and keep us posted!!! :)
« Last Edit: November 14, 2016, 11:52:40 AM by isaacfcb1 »
A blessing is not a blessing until you pass it on!

Suit

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Re: Race from 10 too 100k!!
« Reply #5 on: June 14, 2014, 01:16:53 PM »
I have a feeling I'm going to get killed in this race, but I'm in. Right now at -32,000 net worth (student loans) so I'm not expecting to hit 100k NW until probably 2 years or so from now.

Runge

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Re: Race from 10 too 100k!!
« Reply #6 on: June 14, 2014, 02:59:18 PM »
Alright. I'll bite. I'm currently at $12k only counting my investment accounts. I was up around 25k, but buying a house will really cut into that. Will we come back and update our original post, or just post a new one when we have an update?

isaacfcb1

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Re: Race from 10 too 100k!!
« Reply #7 on: June 14, 2014, 06:24:25 PM »
Just go ahead and post a new one whenever you achieve a small goal or just want to update!
A blessing is not a blessing until you pass it on!

Middlesbrough

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Re: Race from 10 too 100k!!
« Reply #8 on: June 15, 2014, 12:24:13 AM »
I shall join in. Last time I checked, I was at 5k. It will take me about 3-4 years at my current income/savings rate, though. That is a long competition...

« Last Edit: June 17, 2014, 10:36:47 PM by Middlesbrough »

dusty

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Re: Race from 10 too 100k!!
« Reply #9 on: June 15, 2014, 03:38:23 AM »
I'm 19 years old in the American military and current net worth is about $8,000 ha I try to save about 80% of every paycheck and throw it all into my Vanguard index fund!!!

Hey Isaac I have been in the Australian military since i was 19 (i am now 33) but it was only last year that I got on board with ERE. So I will now retire in 10 years time at 43.  If only I had started at your age I would be retired by now.

I did what most other thoughtless kids do in the military found myself at a young age with a salary so went and bought the car, easy finance lead to more stupid borrowing until I was ready for a face punch. paid all that abck now and am investing regularly thankfully.

Anyway, I hope this encourages you to keep at it mate- see you in retirement :P

Stachesquatch

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Re: Race from 10 too 100k!!
« Reply #10 on: June 15, 2014, 12:12:18 PM »
This is a fun forum to check in to, I am not 'in the game' because already somewhere past the goal.

Is there a way to handicap this? Some folks have a substantial head start or deficit, most races start from a starting line.

At any rate, it is a race that everyone wins because even if someone else hits their mark (good for them!) before you, you will still have made progress that you can build on.  Love it and keep up the efforts!

Suit

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Re: Race from 10 too 100k!!
« Reply #11 on: June 15, 2014, 12:33:01 PM »
It seems like it could be handicapped by having the race be to see who could add 100K to their stash first but that sounds like a different gauntlet…(and even that one would have to be handicapped because people with large investments already would have a leg up).

fidgiegirl

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Re: Race from 10 too 100k!!
« Reply #12 on: June 15, 2014, 12:52:36 PM »
Talking net worth?

isaacfcb1

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Re: Race from 10 too 100k!!
« Reply #13 on: June 15, 2014, 05:50:16 PM »
I'm 19 years old in the American military and current net worth is about $8,000 ha I try to save about 80% of every paycheck and throw it all into my Vanguard index fund!!!

Hey Isaac I have been in the Australian military since i was 19 (i am now 33) but it was only last year that I got on board with ERE. So I will now retire in 10 years time at 43.  If only I had started at your age I would be retired by now.

I did what most other thoughtless kids do in the military found myself at a young age with a salary so went and bought the car, easy finance lead to more stupid borrowing until I was ready for a face punch. paid all that back now and am investing regularly thankfully.

And yes net worth!

Anyway, I hope this encourages you to keep at it mate- see you in retirement :P

It definitely does add a level of encouragement Dusty! I appreciate that, and yes no where else do i see such horrible spending habits and divulging into unnecessary costs then those of my brothers in arms! foolish but can't blame most of them they've never been shown any other way of life! i plan on being in for 4 more years then getting out and transitioning to the civilian sector, haha maybe we can retire at the same time! Anyways good luck on your path and thanks for the motivation!

As far as a handicap for the race if anyone has any input on how we can do that it would be greatly appreciated! I created this race geared more from those starting from the near bottom, in order to add motivation and a tracker since it's widely known that the first 100k is generally the hardest since the power of compounding hasn't had that much time to snowball :)
A blessing is not a blessing until you pass it on!

SpareChange

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Re: Race from 10 too 100k!!
« Reply #14 on: June 24, 2014, 11:31:00 AM »
I'm in! I think my net financial worth is around $12-13k. Good motivation. I'll try to update at the end of every month!

Mazzinator

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Re: Race from 10 too 100k!!
« Reply #15 on: June 25, 2014, 01:03:36 AM »
I'm in!! End of may was around $4k net worth. Hoping for $100k in 18-24 months.

Savings $75k
Student loans -$71k

Net worth $4k

I already have a journal, if you really want to see just how crazy i am ;) otherwise...good luck!!!
"This is the life I chose or rather the life that chose me." - Jay-Z

Frugal Father

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Re: Race from 10 too 100k!!
« Reply #16 on: June 25, 2014, 11:57:37 AM »
My wife and I are at about $14K. I have a feeling we'll get crushed in this race, but it'll be great encouragement for us to see how fast everyone gets there.

Stachesquatch

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Re: Race from 10 too 100k!!
« Reply #17 on: June 25, 2014, 03:11:47 PM »
Frugal Father go for it!

This is one of my favorite threads on here, the kind of discourse I found on this site that opened my eyes to the rewards of changing ones financial relationship for the better.

You can only 'win' this race no matter where you place... Just being in it is a win- It is great having others go along with you. I'm early in the race on to the next level (add another zero) and in hindsight would have gotten to the $100,000 mark YEARS earlier if I had peers at the time who were also trying to increase their savings.  I don't think I would have had the perspective to try to go after a million if it wasn't for discovering this site.

This is one of the few places that I can fully support crowd mentality, where that crowd is striving for financial freedom.

viverl

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Re: Race from 10 too 100k!!
« Reply #18 on: June 26, 2014, 05:22:00 AM »
This might help my motivation :-)

I am currently at ~ 10.000 € on daily benefit (?) account
plus 5.000 € belonging to my sister and me together just stored in my other account.

I have around 8.000-10.000 € student debt I am only allowed to pay back in 3 years.

I just opened my first depot account and I am waiting for the final documents to arrive so that I can start with indices etc.

Bart1ma3u5

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Re: Race from 10 too 100k!!
« Reply #19 on: June 30, 2014, 09:19:47 AM »
Finally joined the site to commit to joining this race! Started my first job about a year ago and currently have about $14,000 between TSP, Roth IRA, Emergency fund. Minus the $19,000 I'm a car clown fresh out of college Car loan... (face meet fist)

Frugal Father

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Re: Race from 10 too 100k!!
« Reply #20 on: June 30, 2014, 09:40:28 AM »
Finally joined the site to commit to joining this race! Started my first job about a year ago and currently have about $14,000 between TSP, Roth IRA, Emergency fund. Minus the $19,000 I'm a car clown fresh out of college Car loan... (face meet fist)
At least you already know it's an emergency. ;)

Runge

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Re: Race from 10 too 100k!!
« Reply #21 on: June 30, 2014, 08:48:04 PM »
Well, with it being the end of the quarter and all, I think it's a good time to post my numbers. Yes, I realize I've already posted...but this'll be the first hard number. :D

2014 Q2: $12,601.45

Here's to hoping this number increases quickly, although I'm currently just contributing a measly $550/mo. We're likely getting raises soon (score!), so I plan on upping my simple ira contribution to $500/mo which will get me to roughly $825/mo.

Looking forward to everyone else's progress! Keep 'em coming and let those Washingtons get to work for you!

Middlesbrough

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Re: Race from 10 too 100k!!
« Reply #22 on: June 30, 2014, 09:11:46 PM »
Official End of June Number:

$12,809.82

First off, huge jump in the number from just a couple weeks ago. I landed the jackpot of free money by way of employer match on 401(k) contributions for 2013!

Hope to see some more updates from everyone! 

SpareChange

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Re: Race from 10 too 100k!!
« Reply #23 on: June 30, 2014, 11:27:15 PM »
First official number...for end of June:

$11,962.93

Looong ways to go!

Lord Cashmoney

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Re: Race from 10 too 100k!!
« Reply #24 on: July 01, 2014, 12:20:35 AM »
*Sounds of trumpets!*
Lord Cashmoney joins this friendly race!

Official End of June Number:
$-23,237.77

Since I'm just jumping in here, I should give a little current standings on the current Cashmoney holdings...

(Liabilities)
Student Loan Debts: $-34,623.03
Credit Cards: $-11,335.51

(Assets)
Cash: $7,791.68
Investments: $11,929.09

Let's see how quickly that debt melts away and assets start piling up! :)

Tieke

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Re: Race from 10 too 100k!!
« Reply #25 on: July 01, 2014, 03:28:21 AM »
Yay, I love how this already feels like progress - maybe we can all do a combined count-up in the end and see how many millions we've made collectively!

My initial figure was off, but my updated figure for the end of June is $4046.  The breakdown for this is:

Debt:
$-11095 (student loan)

Assets:
$15141 kiwisaver
$0 cash reserves

My cash situation is dire so my hair is definitely on fire right now... But on the bright side, this blog has finally badgered me into buying a bike, so I feel richer every time I pedal out of my driveway!

TJ79

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Re: Race from 10 too 100k!!
« Reply #26 on: July 01, 2014, 09:58:22 AM »
I'll join in on this:

Assets: 114,788
Liabilities: -108,277

Total: 6,511
« Last Edit: July 01, 2014, 10:03:22 AM by TJ79 »

Frugal Father

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Re: Race from 10 too 100k!!
« Reply #27 on: July 01, 2014, 10:52:49 AM »
Official End of June Number:

$12,809.82

First off, huge jump in the number from just a couple weeks ago. I landed the jackpot of free money by way of employer match on 401(k) contributions for 2013!

Hope to see some more updates from everyone!
Same here! My employer match is only a paltry 1.5%, but I'll definitely take the free money. :P

Middlesbrough

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Re: Race from 10 too 100k!!
« Reply #28 on: July 01, 2014, 05:30:58 PM »
Official End of June Number:

$12,809.82

First off, huge jump in the number from just a couple weeks ago. I landed the jackpot of free money by way of employer match on 401(k) contributions for 2013!

Hope to see some more updates from everyone!
Same here! My employer match is only a paltry 1.5%, but I'll definitely take the free money. :P
They force me to be mustachian because to get it all I have to contribute 15% of my pay to get all of the employer match.

Suit

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Re: Race from 10 too 100k!!
« Reply #29 on: July 01, 2014, 06:55:06 PM »
End of the month update: net worth is at -30k

Frugal Father

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Re: Race from 10 too 100k!!
« Reply #30 on: July 02, 2014, 12:15:48 PM »
For our June 30 update, we reached about $16.8k of net worth.

Official End of June Number:

$12,809.82

First off, huge jump in the number from just a couple weeks ago. I landed the jackpot of free money by way of employer match on 401(k) contributions for 2013!

Hope to see some more updates from everyone!
Same here! My employer match is only a paltry 1.5%, but I'll definitely take the free money. :P
They force me to be mustachian because to get it all I have to contribute 15% of my pay to get all of the employer match.
Mine only requires 6% to get it, but I'm thinking of upping the contribution some this year with my raise. Either that, or it'll go towards an IRA.

mjb90

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Re: Race from 10 too 100k!!
« Reply #31 on: July 07, 2014, 03:23:44 PM »
Finally created an account to jump in on this.

Here's some progress from the last year

End of June 2013:
Student Loans    -$12,800
Savings                $2,350
Net Worth           -$10,450

End of June 2014:
Student Loans     -$1,700
Savings                 $7,900
Retirement Accts   $17,900
Net Worth             $24,100

My goal is to cross 100k in 2 more years

Runge

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Re: Race from 10 too 100k!!
« Reply #32 on: July 07, 2014, 03:29:42 PM »
Finally created an account to jump in on this.

Here's some progress from the last year

End of June 2013:
Student Loans    -$12,800
Savings                $2,350
Net Worth           -$10,450

End of June 2014:
Student Loans     -$1,700
Savings                 $7,900
Retirement Accts   $17,900
Net Worth             $24,100

My goal is to cross 100k in 2 more years

Nice! That's some serious progress!

frogger

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Re: Race from 10 too 100k!!
« Reply #33 on: July 07, 2014, 03:58:58 PM »
Woohoo, this thread is more my speed! My current net worth is -$8250, so I'll celebrate every order of magnitude from here to 100K.

I'm going to predict -$1000 around November 2014. And let's go with -$100, $0, and $100 in December, $1000 in February, and $10,000 in May 2015.

seanc0x0

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Re: Race from 10 too 100k!!
« Reply #34 on: July 08, 2014, 03:11:02 PM »
What the heck, I'll join in. It'll be a while, but I'm fine with that.  Excluding the pension at work (which I can't access 'til I'm at least 55, well after I hope to retire), I'm at $3417.20 as of close of markets today. Here's to the start of pushing the snowball!

SpareChange

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Re: Race from 10 too 100k!!
« Reply #35 on: July 09, 2014, 12:14:08 AM »
Finally created an account to jump in on this.

Here's some progress from the last year

End of June 2013:
Student Loans    -$12,800
Savings                $2,350
Net Worth           -$10,450

End of June 2014:
Student Loans     -$1,700
Savings                 $7,900
Retirement Accts   $17,900
Net Worth             $24,100

My goal is to cross 100k in 2 more years

Great job!! Awesome feeling watching those student loans tick down, isn't it? Congrats.

Imustacheyouaquestion

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Re: Race from 10 too 100k!!
« Reply #36 on: July 09, 2014, 12:57:21 PM »
I'm currently at a net worth of 27k, started at the 10k mark in December of 2013. So I guess I'll assess myself with a 6 month handicap when I get to the finish line!!

I really like this challenge because it's about celebrating success stories while they're still in the making. Here we go!

Frugal Father

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Re: Race from 10 too 100k!!
« Reply #37 on: July 09, 2014, 04:19:44 PM »
Woohoo, this thread is more my speed! My current net worth is -$8250, so I'll celebrate every order of magnitude from here to 100K.

I'm going to predict -$1000 around November 2014. And let's go with -$100, $0, and $100 in December, $1000 in February, and $10,000 in May 2015.
So I guess you won't be reporting back between 10k and 100k then? ;)

ohyonghao

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Re: Race from 10 too 100k!!
« Reply #38 on: July 10, 2014, 04:17:15 PM »
I'm a little high right now compared to others posting here but still fall within the $10k to $100k.

Current NW is $48,621.62.  This is broken down thus:
House:  $26,976.33 (updated monthly, not sure how to do added equity)
Stocks: $16,277.04 (updated monthly)
Cash:    $  5,368.25 (includes current months spending money)

So far I have added ~$12k this year and hope to add another $12k by years end, getting me up to $60k.  At this rate I'm looking at about 2 more years to break $100k, milestone I very much look forward to.

frogger

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Re: Race from 10 too 100k!!
« Reply #39 on: July 10, 2014, 08:32:27 PM »
Woohoo, this thread is more my speed! My current net worth is -$8250, so I'll celebrate every order of magnitude from here to 100K.

I'm going to predict -$1000 around November 2014. And let's go with -$100, $0, and $100 in December, $1000 in February, and $10,000 in May 2015.
So I guess you won't be reporting back between 10k and 100k then? ;)
Haha, I suppose. I figure I'll do a big celebration at 10K, and then keep updating monthly or so. But it will take years to get to 100K, so lots of reporting back in the mean time. :P

Mazzinator

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Re: Race from 10 too 100k!!
« Reply #40 on: July 11, 2014, 02:07:02 AM »
Savings $75k
Student loans -$71k

Net worth $4k

Savings $79k
Student loans -$69k

Net worth $10k

« Last Edit: July 11, 2014, 02:10:47 AM by Mazzinator »
"This is the life I chose or rather the life that chose me." - Jay-Z

ohyonghao

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Re: Race from 10 too 100k!!
« Reply #41 on: July 11, 2014, 02:33:42 PM »
Savings $75k
Student loans -$71k

Net worth $4k

Savings $79k
Student loans -$69k

Net worth $10k
Way to go Mazzinator, increasing networth by $6,000 in just over two weeks!  I'm happy with my slow, slow pace of $2,000 a month.  Keep it up and you'll catch up to me in no time at all.

Mazzinator

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Re: Race from 10 too 100k!!
« Reply #42 on: July 12, 2014, 01:47:42 AM »
Savings $75k
Student loans -$71k

Net worth $4k

Savings $79k
Student loans -$69k

Net worth $10k
Way to go Mazzinator, increasing networth by $6,000 in just over two weeks!  I'm happy with my slow, slow pace of $2,000 a month.  Keep it up and you'll catch up to me in no time at all.

Thanks!! It's for the entire month. I only calculate this once a month (for sanity) so it's for a whole month, not just two weeks!! Shit, i was i could increase $6k every two weeks ;)

But thanks!!! I need all the positive vibes i can get!!

And $2k a month is nothing to sneeze at!! Great work!
"This is the life I chose or rather the life that chose me." - Jay-Z

Frugal Father

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Re: Race from 10 too 100k!!
« Reply #43 on: July 14, 2014, 12:46:44 PM »
Savings $75k
Student loans -$71k

Net worth $4k

Savings $79k
Student loans -$69k

Net worth $10k
Way to go Mazzinator, increasing networth by $6,000 in just over two weeks!  I'm happy with my slow, slow pace of $2,000 a month.  Keep it up and you'll catch up to me in no time at all.

Thanks!! It's for the entire month. I only calculate this once a month (for sanity) so it's for a whole month, not just two weeks!! Shit, i was i could increase $6k every two weeks ;)

But thanks!!! I need all the positive vibes i can get!!

And $2k a month is nothing to sneeze at!! Great work!
I was gonna say... $6k * 26 biweekly periods would have been $156k in a year. Still, though, that rate gets you $72k in a year. Very impressive. Was there anything specific that contributed this month, or is that your typical monthly saving?

Mazzinator

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Re: Race from 10 too 100k!!
« Reply #44 on: July 15, 2014, 02:53:46 PM »
Savings $75k
Student loans -$71k

Net worth $4k

Savings $79k
Student loans -$69k

Net worth $10k
Way to go Mazzinator, increasing networth by $6,000 in just over two weeks!  I'm happy with my slow, slow pace of $2,000 a month.  Keep it up and you'll catch up to me in no time at all.

Thanks!! It's for the entire month. I only calculate this once a month (for sanity) so it's for a whole month, not just two weeks!! Shit, i was i could increase $6k every two weeks ;)

But thanks!!! I need all the positive vibes i can get!!

And $2k a month is nothing to sneeze at!! Great work!
I was gonna say... $6k * 26 biweekly periods would have been $156k in a year. Still, though, that rate gets you $72k in a year. Very impressive. Was there anything specific that contributed this month, or is that your typical monthly saving?

Typical month is ~$5k, depends on our spending/visitors. Seriously, we live in Hawaii and have endless guests. I calculate NW after the first few days of the month. Here's my numbers. It seems like there was also a nice big market gain...or i did some bad math ;)

June
-$71,621 debt
$76,051 savings
$4,430 NW

$11,414 income
-$1,600 tsp (savings same as 401k, no match)
-$400 SL (auto SL payment)
-$2,700 SL ("extra" SL payment)

-$4,700 (total)
41% "savings rate"

July
-$68,803 debt
$79,349 savings
$10,546 NW


At this rate $100k NW should happens in ~18 months...however, we are mving back to VA next summer, we have a trip to Aussie next summer before we move and i plan on buying a used car next summer too. So lots of expenses planned.

Good luck everyone!!!
« Last Edit: July 15, 2014, 02:56:20 PM by Mazzinator »
"This is the life I chose or rather the life that chose me." - Jay-Z

carozy

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Re: Race from 10 too 100k!!
« Reply #45 on: July 15, 2014, 04:06:42 PM »
I'll join in.  I'll use my Personal Capital to find my net worth, and I'll be including my retirement account and any IRAs I start also.

Right now my net worth is $6590.

I don't know how long it'll take me to get to $100,000, but I'll do my best.  :)

peppermint

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Re: Race from 10 too 100k!!
« Reply #46 on: July 15, 2014, 05:28:15 PM »
I'll play. net worth at present $34688.
« Last Edit: July 15, 2014, 05:31:24 PM by peppermint »

HairyUpperLip

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Re: Race from 10 too 100k!!
« Reply #47 on: July 16, 2014, 10:35:30 AM »
I will join as well.

NW End Of June = $27,482.44

I think it will drop for End of July due to some expenses that came up. :(

Best of luck to everyone!

samburger

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Re: Race from 10 too 100k!!
« Reply #48 on: July 19, 2014, 03:54:46 PM »
Looks like there are a few others with a headstart, so I'll jump in with a net worth of $30,099.37.

It took us 10 months to get here from $0, but things are slowing down as we start paying my wife's tuition in full. I don't expect to hit $100k for another three years, but who knows?


tyler1215

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Re: Race from 10 too 100k!!
« Reply #49 on: July 20, 2014, 10:31:34 PM »
I'm in.

NW from Personal Capital: $3,026

Employer 401(k): $4,949

Total NW for July: $7,975