Author Topic: Race to 50K  (Read 10098 times)

Serendip

  • Bristles
  • ***
  • Posts: 288
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

  • Handlebar Stache
  • *****
  • Posts: 1554
  • Location: Florida
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

  • Bristles
  • ***
  • Posts: 413
  • Age: 39
  • Location: Boston, MA
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

  • Handlebar Stache
  • *****
  • Posts: 1554
  • Location: Florida
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

  • Stubble
  • **
  • Posts: 133
  • Location: NJ
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

  • Bristles
  • ***
  • Posts: 288
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

  • Bristles
  • ***
  • Posts: 339
  • Location: California
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

  • Bristles
  • ***
  • Posts: 413
  • Age: 39
  • Location: Boston, MA
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

  • Bristles
  • ***
  • Posts: 333
  • Location: East Coast City
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

  • Handlebar Stache
  • *****
  • Posts: 1554
  • Location: Florida
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

  • Bristles
  • ***
  • Posts: 339
  • Location: California
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

  • Handlebar Stache
  • *****
  • Posts: 1554
  • Location: Florida
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

  • Bristles
  • ***
  • Posts: 413
  • Age: 39
  • Location: Boston, MA
Re: Race to 50K
« Reply #112 on: April 11, 2018, 01:06:17 PM »
Very nice DieHard!

DieHard_772

  • Bristles
  • ***
  • Posts: 339
  • Location: California
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

  • Bristles
  • ***
  • Posts: 339
  • Location: California
Re: Race to 50K
« Reply #114 on: April 11, 2018, 04:15:51 PM »



Rosy

  • Handlebar Stache
  • *****
  • Posts: 1554
  • Location: Florida
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

  • Bristles
  • ***
  • Posts: 339
  • Location: California
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

  • Handlebar Stache
  • *****
  • Posts: 1554
  • Location: Florida
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

  • Bristles
  • ***
  • Posts: 339
  • Location: California
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

  • Bristles
  • ***
  • Posts: 288
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

  • Bristles
  • ***
  • Posts: 339
  • Location: California
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

  • 5 O'Clock Shadow
  • *
  • Posts: 10
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

  • Bristles
  • ***
  • Posts: 413
  • Age: 39
  • Location: Boston, MA
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

  • Handlebar Stache
  • *****
  • Posts: 1554
  • Location: Florida
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

  • Handlebar Stache
  • *****
  • Posts: 1554
  • Location: Florida
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

  • 5 O'Clock Shadow
  • *
  • Posts: 10
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!!