Author Topic: Race to 50K  (Read 18854 times)

Serendip

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Re: Race to 50K
« Reply #100 on: March 27, 2018, 09:58:26 AM »
Great JOB @Rosy!! That's fantastic that you reached your goal :)

I am still 'stuck' at 28,000 due to my need to pay taxes (made more than expected last year). Still don't know exactly what I owe, but am not squirreling away any more cash until I have that sorted--then back to it.

Rosy

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Re: Race to 50K
« Reply #101 on: March 27, 2018, 11:49:39 AM »
Thanks @Serendip - you're still way ahead of me:). I hope the taxes will not impact your goal too much or for too long.
Finally hitting $16K this month will pretty much ensure that I hit $20K by June 2018 and that is a huge milestone for me.

haypug16

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Re: Race to 50K
« Reply #102 on: March 27, 2018, 12:22:10 PM »
Great job Rosy!

March is looking OK for me. My number is going to pretty flat due to the market correction and slow recover/savings on my end. I did finally pay of the last of my credit card debt this past week! So that means I can increase my contribution in April from 3% to 6%. After that I hope to increase by 1% a month (at least) until I get to the max.

Rosy

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Re: Race to 50K
« Reply #103 on: March 29, 2018, 06:43:55 AM »
^^^ Congrats on paying off the last of your credit card debt @haypug16.
Flat or not it is still progress for your stash.
Fingers crossed for April - 3% is a fine increase, let's hope the markets cooperate.

The good news is we are all still hanging in there and plugging along ... toward sweet victory!
« Last Edit: March 29, 2018, 06:54:42 AM by Rosy »

MommyCake

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Re: Race to 50K
« Reply #104 on: March 30, 2018, 07:59:46 AM »
Congrats Haypug!!!! No more credit card debt is Fantastic news!!!!!

I haven't made any contributions to my retirement account since my last update, since I haven't been working.  But I go back tomorrow, so soon enough I'll be increasing again.  I only made $100 in market returns since 3/6.  My balance is right around 39,700.  Honestly I'm just happy that I didn't lose anything. 

Serendip

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Re: Race to 50K
« Reply #105 on: March 30, 2018, 06:46:33 PM »
Dec 18/17    $ 18,146
Jan 03/18     $ 20,624
Feb 06/18     $ 25,073
Mar 03/18     $ 28,477
Mar 30/18     $ 29,008 

*I've stashed away $3000 so far for extra tax costs and will keep doing so until I see my book-keeper, hopefully soon so I know what the damage is :)

DieHard_772

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Re: Race to 50K
« Reply #106 on: March 31, 2018, 12:59:11 AM »
Our net worth shot up to 22,000 briefly for the first time. :)

haypug16

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Re: Race to 50K
« Reply #107 on: April 04, 2018, 10:26:00 AM »
March Update
10/9/2017  - $26,382.82
10/31/2017 - $27,019.09
11/30/2017 - $28,401.58
12/31/2017 - $29,448.59
1/31/2018 - $31,351.25
2/28/2018 - $30,681.69
3/31/2018 - $30,392.51- $(289.18) decrease

Increased my contribution to 6% from 3% for April. Should hopefully start to see this number go up. I need to save close to $20K by the end of the year to hit my goal.

westtoeast

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Re: Race to 50K
« Reply #108 on: April 06, 2018, 04:40:11 AM »
I'm starting April with 27,400 invested & 2,000 in EF! Will be over 31,000 assuming no market gains or losses.

Rosy

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Re: Race to 50K
« Reply #109 on: April 09, 2018, 10:35:24 AM »
We are all getting there - one month at a time!

Update to March EOM - $16, 026.77 (every dollar counts, right?:)
$33,974 to go until $50K
Target date: Dec 2019.

Projected:
April 2018
$16,026 Bal - April 1, 2018
+ 1,541 savings - April 18, 2018, plus interest.

Fingers crossed that I will hit $20K+ by the end of June 2018.

DieHard_772

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Re: Race to 50K
« Reply #110 on: April 10, 2018, 11:30:01 AM »

@DieHard - Yay - welcome to the club - looking forward to seeing your goals and your plans on how to make it all happen:)!

Update for October - looks like there will be just a little bit of incoming funds for saving - wayyy better than zero:)

Thanks Rosy.  The Race to 10K thread was really helpful and encouraging, and I'm sure this will be too.
As for me, here are our current numbers (I am including money that will be spent in the next few months for simplicity... and maybe to pad the numbers a bit, but hey!  Also, to be fair,
this only includes money in my bank account, not my wife's, and there are other things that are technically assets like some silver coins and of course things we own.  Maybe in the future
I will add some of those to help with the numbers a bit on our race to $20K networth, we'll see) 

OUR ASSETS:  $15654
Money for spending:  $1952
Savings:  $2125
Our Investments (my IRAs, my wife's Sep-IRA, and our HSA):  $11,576

OUR LIABILITIES: -7305
Credit card:  -$2925
Student loan: -$4380

TOTAL NETWORTH:
$8349

Considering that, by my calculation, our networth was nearly -$15k two years, I would say we are making great progress!
Onward to the next milestone:  $20k!

It's been awhile since I updated, so I will compare where we were six months ago to now:



COMPARISON (OCTOBER 2017 TO APRIL 2018)
OUR ASSETS:  THEN:  $15654   NOW:   $26,000  (+$10,000)
Money for spending:  THEN: $1952  NOW: $4500   (+$2500)
Savings:    THEN:  $2125  NOW:  $6500   (+$4375)
Our Investments (my IRAs, my wife's Sep-IRA, and our HSA):  THEN: $11,576  NOW:  $15,100   (+$3500)

OUR LIABILITIES:  THEN:  -7305  NOW:  -5733  (+$1575)
Credit card:  THEN:  -$2925  NOW:  -$1750  (+$1175)
Student loan: THEN: -$4380  NOW: -$3980  (+$400)

TOTAL NETWORTH:
THEN:  $8349  NOW:  $20,000 (+$11,500)

I definitely simplified and averaged out things a little bit here, so numbers are not exact.  Also, there's about $2700 about to come out for taxes, so that will impact the networth.  But this is a decent snapshot, and much progress is being made! 

Rosy

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Re: Race to 50K
« Reply #111 on: April 11, 2018, 09:45:10 AM »
Wow - @DieHard_772 that is indeed some serious progress. I like that you not only saved a good chunk and also paid down your debt further, but you now have more money available to spend as well. Triple win!

haypug16

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Re: Race to 50K
« Reply #112 on: April 11, 2018, 01:06:17 PM »
Very nice DieHard!

DieHard_772

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Re: Race to 50K
« Reply #113 on: April 11, 2018, 04:14:45 PM »
Wow - @DieHard_772 that is indeed some serious progress. I like that you not only saved a good chunk and also paid down your debt further, but you now have more money available to spend as well. Triple win!

Thanks Rosy.  the "Spending money" really is the account that tracks monthly expenses, so it fluctuates all the time.  The fact that it was lower back in October might have been coincidental.  but the overall progress in all areas (savings, investments, and debt) is really cool!

Looking back on it, it really wasn't that hard because we are so focused on increasing our stash:  we increased our HSA contributions, my wife and I both continue to contribute to IRAs, I'm widdling down the credit card balance (to be completely paid off by September).  I also got more aggressive about putting aside money "for a rainy day" (what I like to call a "Contingency Fund,"  some people call it an "Emergency Fund").  This has been really comforting to have. 

I'm looking forward to continuing the progress..

DieHard_772

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Re: Race to 50K
« Reply #114 on: April 11, 2018, 04:15:51 PM »

Rosy

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Re: Race to 50K
« Reply #115 on: April 13, 2018, 11:32:35 AM »
Projected:
April 2018
$16,026 Bal - April 1, 2018
+ 1,541 savings - April 18, 2018, plus interest.

Fingers crossed that I will hit $20K+ by the end of June 2018.

Well hell, I decided on a different tactic for reaching that coveted $20K, because it is driving me crazy. So instead of waiting for June, I'm swapping this goal out with my travel fund goal and sent $2400 to my CD this morning.
That means that I will reach my interim goal of $20K by Apr 18.

$16,026 Bal - Apr 1
   2,400 savings - Apr 16
   1,541 savings - Apr 18 + interest $30? = Total $20K~

The plan is to focus on other goals from May to Sep, mostly travel. I think it will be simpler and easier to focus on one goal at a time.
Ultimately, I want to end 2018 at the halfway mark or better - so I am shooting for $25K min, but will work on finding another $3K in savings to make it $28K total.
For now I am just relieved I hit $20K - I'm ready to turn my happy thoughts toward my one and only bucket list trip. "Only" $30K more to go:)

Do you all get as impatient about reaching your goals as I do? I just want it all and I want it now:)


DieHard_772

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Re: Race to 50K
« Reply #116 on: April 13, 2018, 12:46:53 PM »
Do you all get as impatient about reaching your goals as I do? I just want it all and I want it now:)

Nope, I've never been impatient... haha... as if, it used to be the bane of my existence!  haha... 

What helped me was to start really appreciating the progress we are making.  When I realized that our networth has grown by $25k in the past two years (never happened before), this started to change my default attitude from impatience to appreciation :)

Rosy

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Re: Race to 50K
« Reply #117 on: April 13, 2018, 01:04:03 PM »
Do you all get as impatient about reaching your goals as I do? I just want it all and I want it now:)

Nope, I've never been impatient... haha... as if, it used to be the bane of my existence!  haha... 

What helped me was to start really appreciating the progress we are making.  When I realized that our networth has grown by $25k in the past two years (never happened before), this started to change my default attitude from impatience to appreciation :)

Now that is downright profound DieHard! ... and goes a long way toward reducing self-created stress over arbitrary financial goals.
Love that - ... from patience to appreciation!
I may stick that on my bathroom mirror:)

DieHard_772

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Re: Race to 50K
« Reply #118 on: April 13, 2018, 07:26:30 PM »
Do you all get as impatient about reaching your goals as I do? I just want it all and I want it now:)

Nope, I've never been impatient... haha... as if, it used to be the bane of my existence!  haha... 

What helped me was to start really appreciating the progress we are making.  When I realized that our networth has grown by $25k in the past two years (never happened before), this started to change my default attitude from impatience to appreciation :)



Now that is downright profound DieHard! ... and goes a long way toward reducing self-created stress over arbitrary financial goals.
Love that - ... from patience to appreciation!
I may stick that on my bathroom mirror:)

Glad it helped @Rosy.
So what has your progress been over say the past 1, 2, or 5 years?  :)

Serendip

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Re: Race to 50K
« Reply #119 on: April 16, 2018, 05:55:46 PM »
Dec 18/17    $ 18,146
Jan 03/18     $ 20,624
Feb 06/18     $ 25,073
Mar 03/18     $ 28,477
Mar 30/18     $ 29,008
Apr 16/18     $ 30,000

Was right that I owed more for taxes...thankfully, I had stashed almost exactly the right amount (an extra $3400). The perils of self-employment!
Still heading in the right direction and low-spending means I even saved a bit extra.

DieHard_772

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Re: Race to 50K
« Reply #120 on: April 17, 2018, 08:38:14 PM »
Dec 18/17    $ 18,146
Jan 03/18     $ 20,624
Feb 06/18     $ 25,073
Mar 03/18     $ 28,477
Mar 30/18     $ 29,008
Apr 16/18     $ 30,000

Was right that I owed more for taxes...thankfully, I had stashed almost exactly the right amount (an extra $3400). The perils of self-employment!
Still heading in the right direction and low-spending means I even saved a bit extra.

Congrats, that is awesome... that you had the extra money for taxes, and that your stash grew by $12k since December.

QuillScroll

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Re: Race to 50K
« Reply #121 on: April 19, 2018, 11:43:11 AM »
I think I'll join you all..

The threads I saw earlier were all like racing from 100k to 200k or something like 1M to 2M and I felt so disheartened. I'm glad I found this thread.

I'm just starting on my mustachian journey even though I'm 35 yrs old. Better late than never!!

So here are my investment numbers -
Vanguard - 14000
Betterment - 4400
Savings - 10000

I'm putting about 1500$ monthly towards investment. Not bumping up the savings as I feel $10000 is sufficient.

haypug16

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Re: Race to 50K
« Reply #122 on: April 20, 2018, 09:48:24 AM »
Welcome QuillScroll!

@Rosy I get impatient as well but the monthly and sometimes semi-monthly updates help with that.

It's looking like April will be a much better month than March for me. So I'm impatient to post an update but I'll hold off until the end of the month :)

Rosy

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Re: Race to 50K
« Reply #123 on: April 20, 2018, 12:17:50 PM »
I think I'll join you all..

The threads I saw earlier were all like racing from 100k to 200k or something like 1M to 2M and I felt so disheartened. I'm glad I found this thread.

I'm just starting on my mustachian journey even though I'm 35 yrs old. Better late than never!!

So here are my investment numbers -
Vanguard - 14000
Betterment - 4400
Savings - 10000

I'm putting about 1500$ monthly towards investment. Not bumping up the savings as I feel $10000 is sufficient.


Welcome to the club @QuillScroll ! We are happy that you found us - good luck with your goals going forward!
I know, it can be slightly discouraging to look into the other threads. 
The good news is that you are obviously on your way. That $10K savings is looking good, better yet, you moved past EF territory into investment territory.

So now there is nothing to stop you from reaching FI ...:) eventually.

What timeframe have you set for yourself?

Rosy

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Re: Race to 50K
« Reply #124 on: April 20, 2018, 12:26:38 PM »
Welcome QuillScroll!

@Rosy I get impatient as well but the monthly and sometimes semi-monthly updates help with that.

It's looking like April will be a much better month than March for me. So I'm impatient to post an update but I'll hold off until the end of the month :)

Yay, @ haypug - we all need a little boost once in a while! It is gratifying to see we are all getting somewhere.
Agreed, the updates are good motivation and as long as I have a deadline it will keep calling my name and I'll incessantly play around with numbers and possibilities - not that I have that much at my disposal, but I'm getting there, slow and steady - $50K here I come.

QuillScroll

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Re: Race to 50K
« Reply #125 on: April 24, 2018, 08:32:02 AM »
Thanks Rosy and haypug16

@Rosy, I have not set any timeline. Frankly, I'm very very new to investing. I just feel so dumb that I had not invested for so long. So I'm trying to take all this in and just reading through others progress and journey.

My goal is to make atleast 1500$ towards investment monthly.

As much as I rue the opportunities missed all these years, I cannot crib much because I'm in a better position than many others thanks to my Job. I don;t have any debt other than primary home mortgage and two car loans. There are times I beat myself up for all the extravagant spending I had done in the past when I could have stashed them away as savings or investment but I also feel gratitude that I don't have ant bad debts (read CC ).

I'm glad I woke up now. As they say, better late than never!!

Rosy

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Re: Race to 50K
« Reply #126 on: April 25, 2018, 11:35:34 AM »
@QuillScroll we're here now and we'll make it count:)

DieHard_772

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Re: Race to 50K
« Reply #127 on: April 25, 2018, 11:58:22 AM »
Thanks Rosy and haypug16

@Rosy, I have not set any timeline. Frankly, I'm very very new to investing. I just feel so dumb that I had not invested for so long. So I'm trying to take all this in and just reading through others progress and journey.

My goal is to make atleast 1500$ towards investment monthly.

As much as I rue the opportunities missed all these years, I cannot crib much because I'm in a better position than many others thanks to my Job. I don;t have any debt other than primary home mortgage and two car loans. There are times I beat myself up for all the extravagant spending I had done in the past when I could have stashed them away as savings or investment but I also feel gratitude that I don't have ant bad debts (read CC ).

I'm glad I woke up now. As they say, better late than never!!

@QuillScroll
Don't I know the feeling!  The key is to make the best of it.
Our wife and I have steadily increased our networth by an average of over $1000 per month over the last 3 years... this is more progress than we have ever made.   Do I hope to improve upon this?  Absolutely.  Yet I'm learning to appreciate the progress,  rather than feeling bad that it wasn't sooner blah blah blah. 

Here's a really cool statement that I have been using personally:
"I know beyond a shadow of a doubt that I will have MORE money because of my saving efforts than I would have otherwise!"

As I tell my piano students, it's about progress, not perfection!


QuillScroll

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Re: Race to 50K
« Reply #128 on: April 30, 2018, 08:20:47 AM »
Numbers at the end of this month -

04/18 - $37900

I bumped up my vanguard investments from whatever I had left over in my checkings account, that's why you see a considerable jump in the numbers.

I also made a $500 additional payment towards mortgage principal. But I did not include that in this calculation. It may not be a  regular monthly thing. I'll only do it if anything is left over at the end of month.

QuillScroll

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Re: Race to 50K
« Reply #129 on: April 30, 2018, 08:23:26 AM »
So looks like I should hit the target of $50000 in 8-9 months (around new year 2019!! YAY!!) if I continue to contribute $1500 per month. But that's the challenge, I should keep my focus and not return to being spendypants.

Counting on you all to hold me accountable.

DieHard_772

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Re: Race to 50K
« Reply #130 on: April 30, 2018, 08:32:09 AM »
So looks like I should hit the target of $50000 in 8-9 months (around new year 2019!! YAY!!) if I continue to contribute $1500 per month. But that's the challenge, I should keep my focus and not return to being spendypants.

Counting on you all to hold me accountable.

There's also the unpredictability of the market to consider... You don't know where it will be in 9 months... Yet your efforts will pay off either way

Serendip

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Re: Race to 50K
« Reply #131 on: April 30, 2018, 11:20:51 AM »
Good job everyone!

Dec 18/17    $ 18,146
Jan 03/18     $ 20,624
Feb 06/18     $ 25,073
Mar 03/18     $ 28,477
Mar 30/18     $ 29,008
Apr 16/18     $ 30,000
Apr 30/18     $31,290

***slowly but surely, heading in the right direction :)

Rosy

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Re: Race to 50K
« Reply #132 on: May 01, 2018, 08:07:54 AM »
^^^ now those are some sweet numbers, Serendip!:)

Update - final numbers for April:
$ 17,026.93 - CD 1 @ 2.25%
$   3,027.13 - CD 2 @ 3%




___________________________
TOTAL: $ 20,054.06

I'll be taking a break from this goal this month, while I work on my travel fund and related expenses - probably until Sep or Oct.
Meanwhile, I'll be posting only the interest earned ~ $31 ~ ea mo.
I don't know if I can stand seeing this goal put on ice:) wish I had a fairy godmother or a lottery win or something to come to the rescue in the interim.

THE current PLAN - subject to change:
Oct-Nov-Dec will be normal savings months.
My plan says those three months will add a min of $4,620, plus interest.

Realistically that will put me at ~ $25,000 min - the halfway mark by EOY 2018. I'd love to see $27K since my ultimate goal is $50K by Dec 2019. So the more I save this year, the easier it will be to meet my goal at the end of next year.

$29,945.94 to go!



« Last Edit: May 10, 2018, 03:18:32 PM by Rosy »

MommyCake

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Re: Race to 50K
« Reply #133 on: May 02, 2018, 06:20:53 AM »
Welcome QuillScroll!  Looks like you and I will be hitting our goals around the same time :)

This month I was feeling a bit down about my progress over the past year, so I looked through all my posts to see my progression.  I likedhow Serendip's posts look showing the monthly increases.  Turns out, I am making progress every month even though sometimes it feels dreadfully slow. I feel much better seeing it in black and white. Heres my TSP account progress so far, with the update of finally hitting 40k in April!

6/9/17     29,000
7/7/17     29,500
7/19/17   30,000
8/2/17     30,500
9/5/17     31,000
9/29/17   32,000
10/30/17 33,100
12/1/17   34,300
1/2/18     35,700
2/1/18     38,500
3/6/18     39,600
3/30/18   39,700
5/2/18     40,800

Now that I'm back to work collecting paychecks and know the new daycare expenses, I was able to bump up my TSP contributions again. So the next update should show some decent progress hopefully!

Good luck everyone!

haypug16

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Re: Race to 50K
« Reply #134 on: May 02, 2018, 02:26:58 PM »
April Update
10/9/2017  - $26,382.82
10/31/2017 - $27,019.09
11/30/2017 - $28,401.58
12/31/2017 - $29,448.59
1/31/2018 - $31,351.25
2/28/2018 - $30,681.69
3/31/2018 - $30,392.51
4/30/2018 - $31,328.20 +935.69 Increase

$18,671.80 left to reach my year end goal of $50K. This will be tough but I have increased my 401K contribution again for this month. Up to 8% from 6%. Will increase again next month if all goes well. My monthly increase needs to be more like $2k and over but nearly $1k this month is not bad. I'll take it.

westtoeast

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Re: Race to 50K
« Reply #135 on: May 11, 2018, 09:49:55 AM »
Woo, I crossed the $30,000 mark due to the markets the past few days! I won't hold my breath for it to stay that way, but it is a rather fulfilling number to see showing up on my Mint account.

Hoping for $35,000 by the end of August.

DieHard_772

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Re: Race to 50K
« Reply #136 on: May 13, 2018, 02:33:21 PM »
April Update
10/9/2017  - $26,382.82
10/31/2017 - $27,019.09
11/30/2017 - $28,401.58
12/31/2017 - $29,448.59
1/31/2018 - $31,351.25
2/28/2018 - $30,681.69
3/31/2018 - $30,392.51
4/30/2018 - $31,328.20 +935.69 Increase

$18,671.80 left to reach my year end goal of $50K. This will be tough but I have increased my 401K contribution again for this month. Up to 8% from 6%. Will increase again next month if all goes well. My monthly increase needs to be more like $2k and over but nearly $1k this month is not bad. I'll take it.

Awesome @haypug16 , keep it up

DieHard_772

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Re: Race to 50K
« Reply #137 on: May 13, 2018, 02:34:13 PM »
Woo, I crossed the $30,000 mark due to the markets the past few days! I won't hold my breath for it to stay that way, but it is a rather fulfilling number to see showing up on my Mint account.

Hoping for $35,000 by the end of August.

That is awesome, congrats @westtoeast

Serendip

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Re: Race to 50K
« Reply #138 on: May 14, 2018, 08:40:32 AM »

This month I was feeling a bit down about my progress over the past year, so I looked through all my posts to see my progression.  I likedhow Serendip's posts look showing the monthly increases.  Turns out, I am making progress every month even though sometimes it feels dreadfully slow. I feel much better seeing it in black and white.

I often feel like progress has stalled and the list helps show me the reality @MommyCake ! It's true, we are moving in the right direction, some months more quickly than others but that's okay too.
 I am about to have two weeks off of work, so may not save as much this upcoming month but that's incentive to see if I can pick up a few shifts when I return feeling refreshed.

 Great work everyone :)

Dec 18/17    $ 18,146
Jan 03/18     $ 20,624
Feb 06/18     $ 25,073
Mar 30/18     $ 29,008
Apr 16/18     $ 30,000
May 14/18    $ 33,005

« Last Edit: May 14, 2018, 09:14:47 AM by Serendip »

DieHard_772

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Re: Race to 50K
« Reply #139 on: May 14, 2018, 10:33:49 AM »
Welcome QuillScroll!  Looks like you and I will be hitting our goals around the same time :)

This month I was feeling a bit down about my progress over the past year, so I looked through all my posts to see my progression.  I likedhow Serendip's posts look showing the monthly increases.  Turns out, I am making progress every month even though sometimes it feels dreadfully slow. I feel much better seeing it in black and white. Heres my TSP account progress so far, with the update of finally hitting 40k in April!

6/9/17     29,000
7/7/17     29,500
7/19/17   30,000
8/2/17     30,500
9/5/17     31,000
9/29/17   32,000
10/30/17 33,100
12/1/17   34,300
1/2/18     35,700
2/1/18     38,500
3/6/18     39,600
3/30/18   39,700
5/2/18     40,800

Now that I'm back to work collecting paychecks and know the new daycare expenses, I was able to bump up my TSP contributions again. So the next update should show some decent progress hopefully!

Good luck everyone!

You are doing incredible @MommyCake don't think otherwise.  I wish my retirement account had grown by almost $12k in the past 11 months!

Rosy

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Re: Race to 50K
« Reply #140 on: May 21, 2018, 10:15:57 AM »
@DieHard_772 - I think you are right, I need to go back and pull my monthly numbers and list them so that I can see and appreciate my progress better. I'll do that for the June progress report.
You also asked about progress over a one, three and five year period, that will be an interesting exercise:).
Here you go:

FIVE years ago: $8,5K debt - no savings, slush fund $500.
THREE years ago: $6,7K debt - no savings, EF $500, slush fund $500 = the year I found MMM.
*************************************************************************************************
ONE year ago - 2017:
ZERO debt - $22K savings - $3K EF and $1K slush fund.
*********************************************
1. Purchased a new/used car $10K - paid cash
2. Purchased a new/used car $12K - paid $2K down, took out car loan
3. Vacation - $3K cash
4. Eye surgery - $14K - paid cash

Ended the year 2017 with $10K savings - zero debt except for car loan - $2K travel fund - $3K EF/slush fund.
**********************************************************************************************

2018 - current as of May
$3K - family obligations - cash
$1K - ticket - cash - (my upcoming bucket list trip)
$600. - computer/printer - cash
   
As of today: $20K savings - zero debt except that damn car loan - $3,8K travel fund - $3K EF/slush fund.
********************************************************************************************
Thanks to MMM and all you lovely people in this forum:) - could not have done it without your constant motivation.

1. As far as NW for the two of us:
***************************
Currently $500K plus a paid for house and no debt from Mr. R. either, except for a zero percent interest rate car loan down to below $5K.
Mr. R. plans to work until 62 to increase the stash and because he likes his job. He plans to draw SS when he turns 66.

2. I'm already retired with a $37K income (after medical insurance).
*******************************************************
This $50K is my last MMM inspired stash - cash cushion/EF goal.
The plan is to reach $25K plus by Dec 2018 and $50K by NLT Dec 2019.

We are FI, enjoying a paid for house in a vacation/beach paradise area - just doing what we can to improve the stash until Mr. R. is ready to pull the trigger.

Rosy

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Re: Race to 50K
« Reply #141 on: May 21, 2018, 11:17:16 AM »
We are all making progress! Good going, everyone!

OK then - I pulled my data by month, finally! It is really weird to see I started out with 4K and how I got stuck at $10K when the finances went all to hell in August 2017. Took me until Dec 2017 to recover and then I doubled it all in four months.
May-Jun-July-Aug will not see any savings either, but Sep might - then it's full throttle again in Oct-Nov-Dec.
I'd really like to see $25K plus by Dec 2018 - the halfway point would be a great Christmas gift:)

PROGRESS REPORT BY MONTH

   *** 2017 ***

$  4,588.92  June
$  8,221.92  July
$ 10,000.00  Aug
$ 10,042.00  Sep
$ 10,064.00  Oct
$ 10,092.00  Nov
$ 10,117.00  Dec

  *** 2018 ***

$ 10,715.84 Jan
$ 13,873.10 Feb
$ 16,026.77 Mar
$ 20,054.06 Apr

$ 29,945.94 to go

eav

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Re: Race to 50K
« Reply #142 on: May 21, 2018, 11:32:21 AM »
Joining  the race!

2,500 E-fund (down from 3,593 from medical expense this month)
3,908 Taxable brokerage
3,884 Roth IRA
12,336 401K
10,475 Savings (discover online)

Total : 33,103

Rosy

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Re: Race to 50K
« Reply #143 on: May 21, 2018, 07:39:35 PM »
Joining  the race!

2,500 E-fund (down from 3,593 from medical expense this month)
3,908 Taxable brokerage
3,884 Roth IRA
12,336 401K
10,475 Savings (discover online)

Total : 33,103

@ vae Welcome to the club - I mean challenge:)
Looks like you've already got a great start - sorry about the medical expenses, but at least you had the E Fund in place already.

What is your savings MO - do you save X $ in all areas or an overall percentage?, or are you working on one item on your list at a time?
Specific goals or time deadlines?

MommyCake

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Re: Race to 50K
« Reply #144 on: May 22, 2018, 06:05:41 AM »
Rosy, your numbers for 2018 are looking amazing!  Almost 10k already :)

I have a question about FI, and if I'm being nosy just say so!  Are you FI because your retirement income is more than expenses?  The reason I ask is because i go back and forth on whether I could be considered FI.  I have minimal savings and small net worth, but my "passive" income is more than my expenses minus daycare.  But that income could decrease, my expenses could increase, etc. etc.  At what point exactly is someone considered FI?  Sorry I know this is a bit off-topic.

eav

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Re: Race to 50K
« Reply #145 on: May 22, 2018, 11:04:58 AM »
Joining  the race!

2,500 E-fund (down from 3,593 from medical expense this month)
3,908 Taxable brokerage
3,884 Roth IRA
12,336 401K
10,475 Savings (discover online)

Total : 33,103

@ vae Welcome to the club - I mean challenge:)
Looks like you've already got a great start - sorry about the medical expenses, but at least you had the E Fund in place already.

What is your savings MO - do you save X $ in all areas or an overall percentage?, or are you working on one item on your list at a time?
Specific goals or time deadlines?

Those are great questions! My savings strategy currently is pretty disorganized and will need to be updated to a “Pay yourself first” strategy once my expenses are higher to make sure savings comes out first thing. I budget based on pay period, so once my second paycheck of the month comes in, whatever is left over from the first is added to the small emergency fund to keep 3,500 then to Discover savings and sometimes to the Roth. The same thing is done once the first paycheck of the month hits my account.

I’m currently projected to hit 50,000 February 2019 based on dollars to be saved and invested in my 401k – but hopefully the market helps out as well! Again, expenses will be higher since I will be moving, but I hope to stick to this timeline!

Rosy

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Re: Race to 50K
« Reply #146 on: May 22, 2018, 03:32:00 PM »
Rosy, your numbers for 2018 are looking amazing!  Almost 10k already :)

I have a question about FI, and if I'm being nosy just say so!  Are you FI because your retirement income is more than expenses?  The reason I ask is because i go back and forth on whether I could be considered FI.  I have minimal savings and small net worth, but my "passive" income is more than my expenses minus daycare.  But that income could decrease, my expenses could increase, etc. etc.  At what point exactly is someone considered FI?  Sorry I know this is a bit off-topic.
Ha, 2018 was sheer savings grit so far, so yes I'm proud I made it to almost ten. Dang, now that you put it that way:) I feel compelled to come up with another $117 just to move past that 10K number.

@MommyCake - about the FI
FI can be a rather squirly number since everyone's sense of security, skill set and resources are different. It's not that easy to trust the numbers IRL:)
I think you are right to be wary of barebones FI, knowing there is still a certain amount of risk in relying on your current income stream to say I am FI without reservation.

At its simplest FI is nothing but an income replacement for the amount of money you need to be comfortable each month. If you did fine with X and had only X in savings/EF - why do you think that would change significantly? and if it did, what options do you have? 
Fear of miscalculation is normal - so put it to the test say for six months to a year and then you know:)

I suppose you could apply the 25 times your annual income formula as the barebones starting point for permanent FI (without ongoing income streams), same as for fire/fu money. Maybe I'm confused too, but if your passive income stream(s) cover your expenses and you have (enough) savings and can continue to work on your NW to increase your stash along the way - then - other than shoring up your savings to one year of living expenses (I like to be cautious) I'd say congrats - you are FI:)

There were some big FI discussion threads last year on the Welcome thread, a fair number said they wanted at least 500K to 750K to consider themselves barebones FI - towards retirement.

I consider myself FI, because I now have four sources of income for life, plus health insurance for life. I found MMM around the same time that I applied for SS. By then I had already decided that since I lived without that SS income all along, I'd make it count and use it to fix my financial life.
For me SS turned out to be a gamechanger.

SS gave me the opportunity for a last-ditch effort to become FI again for the second time in my life - I already was FI way back in my early forties with a paid for house and rentals and a much better income than I have today.
I lost it all and came back to the states with nothing but two suitcases, starting over at 48 - so you know I don't really believe in financial security, it is an illusion - too easily destroyed.

For me, my $37K income means FI. It is the total after all deductions like taxes and medical insurance premiums. If one day they cut SS or it disappears altogether it still wouldn't kill my budget since I don't plan to fully integrate it into my living expenses ever.
Once this $50K savings goal is reached I'll be relieved - as far as I am concerned it can stay on ice forever or be used if Mr. R. is laid off before he is ready to retire.

His income with bonus is around $40-42K so the $50K represents well over one year of his income. Mr. R. is FI as well at $500K it is barebones, but with his $10K cash savings and a paid off annuity that he can start drawing from at any time - it will work just fine.
The other investments and 401K would not need to be touched until we want to.

So not riches, but it is FI for us - if he got laid off tomorrow we have $40K between the two of us right now in sludge funds, EF and savings. He can collect unemployment and draw from his annuity and take his time looking for something suitable.
Having a paid off house and being debt free (even our two car loans will be gone in a year) is a huge plus. 

For now, this is our plan and I'm sticking to it. Always STC:)
It also helps that we are 20 min from the best white sand beaches in the country - any evening we choose can become a walk into the sunset, holding hands - sipping whatever ... just look for the big orange hat and sparkly flip-flops.
« Last Edit: May 23, 2018, 08:07:53 AM by Rosy »

Rosy

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Re: Race to 50K
« Reply #147 on: May 22, 2018, 04:00:48 PM »
Joining  the race!

2,500 E-fund (down from 3,593 from medical expense this month)
3,908 Taxable brokerage
3,884 Roth IRA
12,336 401K
10,475 Savings (discover online)

Total : 33,103

@ vae Welcome to the club - I mean challenge:)
Looks like you've already got a great start - sorry about the medical expenses, but at least you had the E Fund in place already.

What is your savings MO - do you save X $ in all areas or an overall percentage?, or are you working on one item on your list at a time?
Specific goals or time deadlines?

Those are great questions! My savings strategy currently is pretty disorganized and will need to be updated to a “Pay yourself first” strategy once my expenses are higher to make sure savings comes out first thing. I budget based on pay period, so once my second paycheck of the month comes in, whatever is left over from the first is added to the small emergency fund to keep 3,500 then to Discover savings and sometimes to the Roth. The same thing is done once the first paycheck of the month hits my account.

I’m currently projected to hit 50,000 February 2019 based on dollars to be saved and invested in my 401k – but hopefully the market helps out as well! Again, expenses will be higher since I will be moving, but I hope to stick to this timeline!

@vae Sounds like a plan:)
Have you seen the sticky about the order of investments yet? It may help you decide and also answer some questions about the reasoning behind it all and taxes involved etc.
You'll find it under the Investor Alley thread
- see the sticky threads up top - https://forum.mrmoneymustache.com/investor-alley/investment-order/

That and the JL Collins blog, book, stock series is an excellent starting point for reading up on - as you navigate the investment waters. I love that he keeps it simple.

Just thought I'd mention those two since you appear to be still a newbie. Glad to have you join us:)

MommyCake

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Re: Race to 50K
« Reply #148 on: May 24, 2018, 05:28:34 AM »
Thanks for the response Rosy.  I guess basically it is a very personalized thing.  I know I can stop working and make ends meet.  I think my problem is 50% fear, and 50% the fact that I don't have a ton of savings.  Maybe once I hit the 50k in the retirement account I'll do a case study. 

Rosy

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Re: Race to 50K
« Reply #149 on: May 24, 2018, 10:42:04 AM »
Thanks for the response Rosy.  I guess basically it is a very personalized thing.  I know I can stop working and make ends meet.  I think my problem is 50% fear, and 50% the fact that I don't have a ton of savings.  Maybe once I hit the 50k in the retirement account I'll do a case study.

@MommyCake - I know I am a bit of an outlier due to my age, but it doesn't really change the numbers we absolutely have to have to be FI - regardless if we were 35 or 65. You are right the numbers and the process will be different for each one of us, because it is ultimately based on the lifestyle we want.

Yes to the case study once you reach $50K - hearing different perspectives and input is immensely helpful.
Besides at your age you have time to make a correction.