Author Topic: Race from 250 to 500k!  (Read 212611 times)

tyort1

  • Handlebar Stache
  • *****
  • Posts: 1922
  • Age: 46
  • Location: Denver, Colorado
Re: Race from 250 to 500k!
« Reply #1250 on: August 09, 2018, 09:54:15 AM »
$395,000 as of today.  That's combined with my wife.  We'll see where things stand once the divorce is done and we have to split the assets.

I feel ya buddy.

Splitting the assets is bad, but being in an alimony state is even worse.  Future savings is lopped off with the stroke of a pen.  $3500 per month for the first couple of years, then $2600 per month for the next 3, then $1200 per month for a couple more years after that.  Which is gonna affect my savings rate pretty drastically.  Sucks.  Could be worse though.  CO law states I actually owe her $3500/month for 12 years.  The step downs are entirely a result of my spouse being reasonable about the $$.  CO is a great place to live, but not a great place to get divorced if you're a high earner and your spouse is not. 

onlykelsey

  • Handlebar Stache
  • *****
  • Posts: 1893
Re: Race from 250 to 500k!
« Reply #1251 on: August 09, 2018, 01:56:38 PM »
$395,000 as of today.  That's combined with my wife.  We'll see where things stand once the divorce is done and we have to split the assets.

I feel ya buddy.

Splitting the assets is bad, but being in an alimony state is even worse.  Future savings is lopped off with the stroke of a pen.  $3500 per month for the first couple of years, then $2600 per month for the next 3, then $1200 per month for a couple more years after that.  Which is gonna affect my savings rate pretty drastically.  Sucks.  Could be worse though.  CO law states I actually owe her $3500/month for 12 years.  The step downs are entirely a result of my spouse being reasonable about the $$.  CO is a great place to live, but not a great place to get divorced if you're a high earner and your spouse is not.

Oof.  I hope my prenup works.

UnleashHell

  • Magnum Stache
  • ******
  • Posts: 4967
  • Age: 51
  • Location: Florida
  • Chapter IV - A New ... er.. something
Re: Race from 250 to 500k!
« Reply #1252 on: August 09, 2018, 02:27:45 PM »
$395,000 as of today.  That's combined with my wife.  We'll see where things stand once the divorce is done and we have to split the assets.

I feel ya buddy.

Splitting the assets is bad, but being in an alimony state is even worse.  Future savings is lopped off with the stroke of a pen.  $3500 per month for the first couple of years, then $2600 per month for the next 3, then $1200 per month for a couple more years after that.  Which is gonna affect my savings rate pretty drastically.  Sucks.  Could be worse though.  CO law states I actually owe her $3500/month for 12 years.  The step downs are entirely a result of my spouse being reasonable about the $$.  CO is a great place to live, but not a great place to get divorced if you're a high earner and your spouse is not.

Oof.  I hope my prenup works.

yeah - when it comes to divorce the law does not recognise early retirement. it assumes you will continue to earn full wages right through to at least 65. It may view early retirement as an excuse to get out of paying alimony / child support.
ask me how I know - actually don't. Prenup/divorce settlement conference is the way to go. do not end up in front of a judge and let them decide.

onlykelsey

  • Handlebar Stache
  • *****
  • Posts: 1893
Re: Race from 250 to 500k!
« Reply #1253 on: August 09, 2018, 03:10:12 PM »
Oof.  I hope my prenup works.

yeah - when it comes to divorce the law does not recognise early retirement. it assumes you will continue to earn full wages right through to at least 65. It may view early retirement as an excuse to get out of paying alimony / child support.
ask me how I know - actually don't. Prenup/divorce settlement conference is the way to go. do not end up in front of a judge and let them decide.

Helpful, thanks.  Hoping that prenup holds on no alimony, and that I can voluntarily lump sum him something to move things along (and also because it will make it easier for him to be a present father). 

UnleashHell

  • Magnum Stache
  • ******
  • Posts: 4967
  • Age: 51
  • Location: Florida
  • Chapter IV - A New ... er.. something
Re: Race from 250 to 500k!
« Reply #1254 on: August 10, 2018, 05:57:13 AM »
Oof.  I hope my prenup works.

yeah - when it comes to divorce the law does not recognise early retirement. it assumes you will continue to earn full wages right through to at least 65. It may view early retirement as an excuse to get out of paying alimony / child support.
ask me how I know - actually don't. Prenup/divorce settlement conference is the way to go. do not end up in front of a judge and let them decide.

Helpful, thanks.  Hoping that prenup holds on no alimony, and that I can voluntarily lump sum him something to move things along (and also because it will make it easier for him to be a present father).

lump sum is always a good carrot to dangle. I did a small lump sum, paid for house and small but defined alimony. Basically she can use that and cover all of her household expense for the next 15 years.
I got to keep the 401k's which should increase in value much faster and cover the alimony. actually in the 9 onths since the settlement the increase already has covered the alimony.

Also my ex was very risk adverse so a paid for house was exactly the sort of thing she was happy with.  How risk adverse they are can play a factor in what you offer (and always start low).


We both came out of the settlement feeling hard done by so it was probably fair!

gmdv

  • 5 O'Clock Shadow
  • *
  • Posts: 65
  • Hermit Wannabe
Re: Race from 250 to 500k!
« Reply #1255 on: August 13, 2018, 07:27:38 PM »
August 2017 - $295k
September 2017 - $310k
October 2017 - $314k
November 2017 - $319k
December 2017 - $328k
January 2018 - $336k
February 2018 - $331k
March 2018 - $341k
April 2018 - $345k
May 2018 - $353k
June 2018 - $376k
July 2018 - $379k

August 2018 - $379k

Same as last month,  which means I lost $2.25k this month.   Still feeling pretty good considered that I gained $84k this last year and the only saving I did was maxing my 401k and paying around 8k into home equity through regular mortgage payments.

JLee

  • Magnum Stache
  • ******
  • Posts: 4816
Re: Race from 250 to 500k!
« Reply #1256 on: August 15, 2018, 01:19:51 PM »
2017
Code: [Select]
Date             Assets           Debts          Net Worth
October 2017 $370,483.90 -$120,007.15 $250,476.80
December 2017 $382,100.79 -$121,838.12 $260,262.67

2018
Code: [Select]
Date             Assets           Debts          Net Worth
January 2018 $390,088.91 -$119,841.70 $270,247.21
February 2018 $393,016.96 -$118,184.89 $274,832.08
March 2018 $388,528.30 -$117,901.07 $270,627.23
April 2018 $396,987.40 -$118,619.04 $278,368.36
May 2018 $399,896.79 -$125,537.47 $274,359.32
June 2018 $393,835.05 -$119,226.10 $274,608.95
July 2018 $405,587.66 -$124.894.90 $280,692.80
Aug 15th 2018 $289,351.24 $0.00 $289,351.24

Special mid-month update -- I sold my house!!

I also have an escrow balance of $706.30, which I think I will get back -- and I should have approximately $495 coming back from my homeowners' insurance policy.  I'm also ignoring cars -- I have three with a combined value of approximately $40k, one of which is pending sale for $9k. So, hopefully I'll have a $10k bump again soon!  Today is a good day :)
« Last Edit: August 15, 2018, 01:28:52 PM by JLee »

neo von retorch

  • Magnum Stache
  • ******
  • Posts: 3066
  • Location: SE PA
    • Fi@retorch - personal finance tracking
Re: Race from 250 to 500k!
« Reply #1257 on: August 15, 2018, 01:27:06 PM »
@JLee As an optimist, I'd like to think that your latest "debt" figure should be a Positive Zero ;)

Congrats on the house sale and no debt!

onlykelsey

  • Handlebar Stache
  • *****
  • Posts: 1893
Re: Race from 250 to 500k!
« Reply #1258 on: August 15, 2018, 01:28:16 PM »
$395,000 as of today.  That's combined with my wife.  We'll see where things stand once the divorce is done and we have to split the assets.

I feel ya buddy.

Splitting the assets is bad, but being in an alimony state is even worse.  Future savings is lopped off with the stroke of a pen.  $3500 per month for the first couple of years, then $2600 per month for the next 3, then $1200 per month for a couple more years after that.  Which is gonna affect my savings rate pretty drastically.  Sucks.  Could be worse though.  CO law states I actually owe her $3500/month for 12 years.  The step downs are entirely a result of my spouse being reasonable about the $$.  CO is a great place to live, but not a great place to get divorced if you're a high earner and your spouse is not.

Oof.  I hope my prenup works.

yeah - when it comes to divorce the law does not recognise early retirement. it assumes you will continue to earn full wages right through to at least 65. It may view early retirement as an excuse to get out of paying alimony / child support.
ask me how I know - actually don't. Prenup/divorce settlement conference is the way to go. do not end up in front of a judge and let them decide.

Someone else recommended I read through your old journal, so maybe I will ask you.  I'm 31 and have a 1 year old so things are different for me, but I suspect there may be some similarities. ETA: Actually I turned 32 and forgot.  I'm 32, ha.
« Last Edit: August 15, 2018, 01:30:33 PM by onlykelsey »

JLee

  • Magnum Stache
  • ******
  • Posts: 4816
Re: Race from 250 to 500k!
« Reply #1259 on: August 15, 2018, 01:28:37 PM »
@JLee As an optimist, I'd like to think that your latest "debt" figure should be a Positive Zero ;)

Congrats on the house sale and no debt!

LOL, I actually had it as a positive zero and then it was offset from all the other numbers in the column and it bothered me! I bet I can fix it with a space, though. I'm going to try that!

UnleashHell

  • Magnum Stache
  • ******
  • Posts: 4967
  • Age: 51
  • Location: Florida
  • Chapter IV - A New ... er.. something
Re: Race from 250 to 500k!
« Reply #1260 on: August 15, 2018, 02:10:37 PM »
$395,000 as of today.  That's combined with my wife.  We'll see where things stand once the divorce is done and we have to split the assets.

I feel ya buddy.

Splitting the assets is bad, but being in an alimony state is even worse.  Future savings is lopped off with the stroke of a pen.  $3500 per month for the first couple of years, then $2600 per month for the next 3, then $1200 per month for a couple more years after that.  Which is gonna affect my savings rate pretty drastically.  Sucks.  Could be worse though.  CO law states I actually owe her $3500/month for 12 years.  The step downs are entirely a result of my spouse being reasonable about the $$.  CO is a great place to live, but not a great place to get divorced if you're a high earner and your spouse is not.

Oof.  I hope my prenup works.

yeah - when it comes to divorce the law does not recognise early retirement. it assumes you will continue to earn full wages right through to at least 65. It may view early retirement as an excuse to get out of paying alimony / child support.
ask me how I know - actually don't. Prenup/divorce settlement conference is the way to go. do not end up in front of a judge and let them decide.

Someone else recommended I read through your old journal, so maybe I will ask you.  I'm 31 and have a 1 year old so things are different for me, but I suspect there may be some similarities. ETA: Actually I turned 32 and forgot.  I'm 32, ha.

@onlykelsey  drop me a pm - not quite sure what help i can be but happy to offer my input. plus its no really connected to this thread (apart from me dropping back under 500k...)

SpareChange

  • Bristles
  • ***
  • Posts: 348
Re: Race from 250 to 500k!
« Reply #1261 on: August 16, 2018, 10:41:18 AM »
2017
Code: [Select]
Date             Assets           Debts          Net Worth
October 2017 $370,483.90 -$120,007.15 $250,476.80
December 2017 $382,100.79 -$121,838.12 $260,262.67

2018
Code: [Select]
Date             Assets           Debts          Net Worth
January 2018 $390,088.91 -$119,841.70 $270,247.21
February 2018 $393,016.96 -$118,184.89 $274,832.08
March 2018 $388,528.30 -$117,901.07 $270,627.23
April 2018 $396,987.40 -$118,619.04 $278,368.36
May 2018 $399,896.79 -$125,537.47 $274,359.32
June 2018 $393,835.05 -$119,226.10 $274,608.95
July 2018 $405,587.66 -$124.894.90 $280,692.80
Aug 15th 2018 $289,351.24 $0.00 $289,351.24

Special mid-month update -- I sold my house!!

I also have an escrow balance of $706.30, which I think I will get back -- and I should have approximately $495 coming back from my homeowners' insurance policy.  I'm also ignoring cars -- I have three with a combined value of approximately $40k, one of which is pending sale for $9k. So, hopefully I'll have a $10k bump again soon!  Today is a good day :)

Nice milestone. Congrats!!

Apples

  • Pencil Stache
  • ****
  • Posts: 775
Re: Race from 250 to 500k!
« Reply #1262 on: August 17, 2018, 07:38:50 PM »
Hello!  I graduated into this thread a few months ago but neglected actually joining it.  So a recap of the last few months:

May 1 2018:  $250,453.08
June 1 2018:  $256,005.82
July 1 2018:  $259,624.40
August 1 2018:  $268,077.64  we both had an extra paycheck in June, which really upped what happened for the August 1 number

There was some discussion early in the thread of doing 250 to 500 as fast as you did 100 to 250.  For me, that would be 31 months, or November 2020.  NOT HAPPENING.  Nope, no way.  I'll be happy if it only takes 50 months, or June 2021.  We're looking to have kids in the next few years and our savings above the basic E-fund and 10% to retirement will be eaten by daycare.  Plus, our savings largely go into savings - a little over half of our net worth is in investments, the rest is cash savings/checking/cars and *saving for a farm*.  Farms aren't know for their steady 10% annual return.  So the net worth build will be slow.  It'll be interesting to see how this journey goes.  We aren't on the RE journey, so there's less motivation to hit a particular number and drive us forward.

RWD

  • Handlebar Stache
  • *****
  • Posts: 2176
  • Location: Mississippi
Re: Race from 250 to 500k!
« Reply #1263 on: August 17, 2018, 10:40:20 PM »
Hello!  I graduated into this thread a few months ago but neglected actually joining it.  So a recap of the last few months:

May 1 2018:  $250,453.08
June 1 2018:  $256,005.82
July 1 2018:  $259,624.40
August 1 2018:  $268,077.64  we both had an extra paycheck in June, which really upped what happened for the August 1 number

There was some discussion early in the thread of doing 250 to 500 as fast as you did 100 to 250.  For me, that would be 31 months, or November 2020.  NOT HAPPENING.  Nope, no way.  I'll be happy if it only takes 50 months, or June 2021.  We're looking to have kids in the next few years and our savings above the basic E-fund and 10% to retirement will be eaten by daycare.  Plus, our savings largely go into savings - a little over half of our net worth is in investments, the rest is cash savings/checking/cars and *saving for a farm*.  Farms aren't know for their steady 10% annual return.  So the net worth build will be slow.  It'll be interesting to see how this journey goes.  We aren't on the RE journey, so there's less motivation to hit a particular number and drive us forward.

With your ~50% equities path it should take roughly $7k/month of savings to reach the goal in 31 months. Assuming 6% return from the stock market and 1.75% return from the remaining portion of your stash. The 50 month time frame will require about $3,700/month, same assumptions.

Methods of Escape

  • 5 O'Clock Shadow
  • *
  • Posts: 4
Re: Race from 250 to 500k!
« Reply #1264 on: August 18, 2018, 04:32:20 PM »
I'll throw my had into this race.  As of today were at $371,145 (excluding house).

Made Ok progress this month given the volatility in the markets:
7/20/18 - $371,145
8/18/18 - $380,011

doneby35

  • Bristles
  • ***
  • Posts: 269
Re: Race from 250 to 500k!
« Reply #1265 on: August 18, 2018, 06:02:46 PM »
Alright, I'm in!

08/18/2018: $252,962

Hoping for 270k by end of december.

Apples

  • Pencil Stache
  • ****
  • Posts: 775
Re: Race from 250 to 500k!
« Reply #1266 on: August 19, 2018, 06:38:02 AM »
Hello!  I graduated into this thread a few months ago but neglected actually joining it.  So a recap of the last few months:

May 1 2018:  $250,453.08
June 1 2018:  $256,005.82
July 1 2018:  $259,624.40
August 1 2018:  $268,077.64  we both had an extra paycheck in June, which really upped what happened for the August 1 number

There was some discussion early in the thread of doing 250 to 500 as fast as you did 100 to 250.  For me, that would be 31 months, or November 2020.  NOT HAPPENING.  Nope, no way.  I'll be happy if it only takes 50 months, or June 2021.  We're looking to have kids in the next few years and our savings above the basic E-fund and 10% to retirement will be eaten by daycare.  Plus, our savings largely go into savings - a little over half of our net worth is in investments, the rest is cash savings/checking/cars and *saving for a farm*.  Farms aren't know for their steady 10% annual return.  So the net worth build will be slow.  It'll be interesting to see how this journey goes.  We aren't on the RE journey, so there's less motivation to hit a particular number and drive us forward.

With your ~50% equities path it should take roughly $7k/month of savings to reach the goal in 31 months. Assuming 6% return from the stock market and 1.75% return from the remaining portion of your stash. The 50 month time frame will require about $3,700/month, same assumptions.

Thanks for the info!  2 things - we'll buy a farm with the cash within the next 31 - 50 months, and I'll only have that appreciate in our budget by 1% a year (farmland is tricky to value, so I'm keeping my assumptions low and safe).  Then we'll be paying a loan with a bunch of interest on it for the farm...so that'll slow us down.  Thing 2 - umm, we don't even bring home $7k a month after taxes hahahahahaha.  We don't save much before taxes, just my SIMPLE IRA for the employer match, my husband doesn't have a work retirement account.  Due to the farm, generally the plan is to be making way too much money someday, so we save into Roths now.  The $3,700 a month is closer to realism, but probably still more than we'll manage in that time.  This is interesting data to have though, thanks for sharing.

RWD

  • Handlebar Stache
  • *****
  • Posts: 2176
  • Location: Mississippi
Re: Race from 250 to 500k!
« Reply #1267 on: August 19, 2018, 11:09:17 AM »
Hello!  I graduated into this thread a few months ago but neglected actually joining it.  So a recap of the last few months:

May 1 2018:  $250,453.08
June 1 2018:  $256,005.82
July 1 2018:  $259,624.40
August 1 2018:  $268,077.64  we both had an extra paycheck in June, which really upped what happened for the August 1 number

There was some discussion early in the thread of doing 250 to 500 as fast as you did 100 to 250.  For me, that would be 31 months, or November 2020.  NOT HAPPENING.  Nope, no way.  I'll be happy if it only takes 50 months, or June 2021.  We're looking to have kids in the next few years and our savings above the basic E-fund and 10% to retirement will be eaten by daycare.  Plus, our savings largely go into savings - a little over half of our net worth is in investments, the rest is cash savings/checking/cars and *saving for a farm*.  Farms aren't know for their steady 10% annual return.  So the net worth build will be slow.  It'll be interesting to see how this journey goes.  We aren't on the RE journey, so there's less motivation to hit a particular number and drive us forward.

With your ~50% equities path it should take roughly $7k/month of savings to reach the goal in 31 months. Assuming 6% return from the stock market and 1.75% return from the remaining portion of your stash. The 50 month time frame will require about $3,700/month, same assumptions.

Thanks for the info!  2 things - we'll buy a farm with the cash within the next 31 - 50 months, and I'll only have that appreciate in our budget by 1% a year (farmland is tricky to value, so I'm keeping my assumptions low and safe).  Then we'll be paying a loan with a bunch of interest on it for the farm...so that'll slow us down.  Thing 2 - umm, we don't even bring home $7k a month after taxes hahahahahaha.  We don't save much before taxes, just my SIMPLE IRA for the employer match, my husband doesn't have a work retirement account.  Due to the farm, generally the plan is to be making way too much money someday, so we save into Roths now.  The $3,700 a month is closer to realism, but probably still more than we'll manage in that time.  This is interesting data to have though, thanks for sharing.

No problem. It's fun running numbers. There's a lot of variability in the assumptions. If you assume 100% equities and 10% annual return it would take 36 months at $4k/month.