Author Topic: Race to 50K  (Read 5208 times)

haypug16

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Re: Race to 50K
« Reply #50 on: November 30, 2017, 07:49:15 AM »
November Update

                          10/9/2017       10/31/17         11/30/17
401K                  $23,828.55     $24,456.73     $25,798.78
Capital One IRA      2,232.00         2,250.61         2,298.01
Fidelity IRA               322.27            311.75           304.79
Total Retirement $26,382.82      $27,019.09     $28,401.58 (Increase from Oct of $1,382.49)

Left to save by December 2018 is $21,598.42. That's $1,661.42 per month over 13 months. I did end up increasing my 401k to 12% this month and will increase to 14% around January. Reaching $50K by the end of next year is feeling more and more possible.

DieHard_772

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Re: Race to 50K
« Reply #51 on: November 30, 2017, 02:11:09 PM »
November Update

                          10/9/2017       10/31/17         11/30/17
401K                  $23,828.55     $24,456.73     $25,798.78
Capital One IRA      2,232.00         2,250.61         2,298.01
Fidelity IRA               322.27            311.75           304.79
Total Retirement $26,382.82      $27,019.09     $28,401.58 (Increase from Oct of $1,382.49)

Left to save by December 2018 is $21,598.42. That's $1,661.42 per month over 13 months. I did end up increasing my 401k to 12% this month and will increase to 14% around January. Reaching $50K by the end of next year is feeling more and more possible.

@Haypug, may I ask, why the Capital One IRA?  I don't know much about their retirement products, although I do have a bank account with them. How much are the fees?

I've heard good things about Fidelity, those fees are low, yes?



haypug16

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Re: Race to 50K
« Reply #52 on: November 30, 2017, 03:00:31 PM »
November Update

                          10/9/2017       10/31/17         11/30/17
401K                  $23,828.55     $24,456.73     $25,798.78
Capital One IRA      2,232.00         2,250.61         2,298.01
Fidelity IRA               322.27            311.75           304.79
Total Retirement $26,382.82      $27,019.09     $28,401.58 (Increase from Oct of $1,382.49)

Left to save by December 2018 is $21,598.42. That's $1,661.42 per month over 13 months. I did end up increasing my 401k to 12% this month and will increase to 14% around January. Reaching $50K by the end of next year is feeling more and more possible.

@Haypug, may I ask, why the Capital One IRA?  I don't know much about their retirement products, although I do have a bank account with them. How much are the fees?

I've heard good things about Fidelity, those fees are low, yes?

I honestly would have to look. I have the Capital One because I used to have Sharebuilder (a million years ago) and they were acquired by Capital One. Fidelity is where I want to start putting more of my money eventually I just have been focusing on debt payment and not retirement savings lately so the balance is very low on that one.

MommyCake

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Re: Race to 50K
« Reply #53 on: December 01, 2017, 05:12:50 AM »
Hi Everybody!

Checking in to update... 
TSP balance is up to 34,300.  Mint thinks I will hit 50k in Sept 2019.  Yay progress!
I canceled my contract on the house I was going to buy, so I think in 2018 I can bump up my retirement contributions significantly.  Baby # 2 is due to arrive in January, and this may affect both income and expenses, so don't want to shake things up too much just yet. 

About the IRA's..... Should I bother with these yet?  I haven't been able to max out TSP yet, so I haven't been contributing to my IRA that I opened years ago.  Theres only a few thousand in there.  I don't know that much about IRA's honestly, but I know MMM recommends maxing 401k first.  Any thoughts?


haypug16

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Re: Race to 50K
« Reply #54 on: December 01, 2017, 07:16:44 AM »
Hi Everybody!

Checking in to update... 
TSP balance is up to 34,300.  Mint thinks I will hit 50k in Sept 2019.  Yay progress!
I canceled my contract on the house I was going to buy, so I think in 2018 I can bump up my retirement contributions significantly.  Baby # 2 is due to arrive in January, and this may affect both income and expenses, so don't want to shake things up too much just yet. 

About the IRA's..... Should I bother with these yet?  I haven't been able to max out TSP yet, so I haven't been contributing to my IRA that I opened years ago.  Theres only a few thousand in there.  I don't know that much about IRA's honestly, but I know MMM recommends maxing 401k first.  Any thoughts?

Congrats on the Balances up and on the upcoming arrival of Baby #2!

I have heard the same regarding maxing out 401k before contributing to an IRA. That is my goal. I'm new to all this but the tax benefits of contributing to a 401k are great also the money comes right out of the paycheck so there's no temptation to spend it. That's at least the reasoning I have for putting the 401K first. My IRA balances are all pre MMM so I was just kind of throwing my money around with no real idea of what I was doing. Now I at least have "some" idea of what's going on. My goal is to max out 401K by the end of 2018 and then start adding to the Fidelity IRA.

Rosy

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Re: Race to 50K
« Reply #55 on: December 13, 2017, 01:56:42 PM »
Woo, I reached the halfway point! EF & investments now equal $25,000. Could have been higher but November was a spendypants month for me. I did also move some more of my EF over to my Roth. I think this was the right call, but I should leave my EF alone now. On track for $40,000 by end of summer 2018. $50,000 in early 2019. Gotta stay focused!

Woohoo - halfway there is sweet victory:) CONGRATS to you westtoeast! I'm practically green with envy:)...

Update: Ending the year 2017 with $10,117.

OUTLOOK: 2018 - no debt except car loan (grrr) and I'm back in the game - which means I can contribute a solid $1K in January. Things are looking up again.
All other goals and financial surprises are sorted out and I think January may turn out to be a good month.


Rosy

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Re: Race to 50K
« Reply #56 on: December 22, 2017, 07:39:17 AM »
Woo, I reached the halfway point! EF & investments now equal $25,000. Could have been higher but November was a spendypants month for me. I did also move some more of my EF over to my Roth. I think this was the right call, but I should leave my EF alone now. On track for $40,000 by end of summer 2018. $50,000 in early 2019. Gotta stay focused!

Woohoo - halfway there is sweet victory:) CONGRATS to you westtoeast! I'm practically green with envy:)...

Update: Ending the year 2017 with $10,117.

OUTLOOK: 2018 - no debt except car loan (grrr) and I'm back in the game - which means I can contribute a solid $1K in January. Things are looking up again.
All other goals and financial surprises are sorted out and I think January may turn out to be a good month.


REVISED UPDATE FOR DECEMBER and it is oh so much better:) instead of $10,117 I'm ending the year 2017 with $11,642. I'm ecstatic and quite proud of myself that I pulled this off after so much financial upheaval - both planned and unplanned.

Hope y'all are doing well going into 2018 - slow and steady wins the race!

Current status and plans for 2018:
1. To re-state my original goal of saving $1,666 mo x 30 mo = $50K by Dec 2019. Did not happen that way - lots of wild swings throughout the year.
Current status: $11,642 as of Dec 2017

2. Seven months in, I am at $11,642 with 23 months and $38,358 to go to my ultimate goal of $50K.
If I continue to manage to save $1667.74 a month - on average - I will be right on track.

3. 2018 will be harder since I now have a $256.05 car payment that I didn't have when I started this challenge in June (car loan happened in late Aug). Plus, I added a second goal of saving $200 to bolster my travel fund - Jan to July.
So I need to become a badass MMMer at least until July and I definitely need to find a bit of side income to make it all happen.

Trouble is both plans are equally important to me - the travel fund is a sort of bucket list, let's do this while I still can and I plan to have a lot of fun doing it, so I do not want to skimp on my trip with my longtime girlfriends, if I can help it.

Perhaps I could find a zero percent credit card to help with the travel fund? - not too fond of that route, I prefer to have enough money for all of my travel expenses before I leave. I've just never been able to justify going on a trip when you don't have the money to do so - but this is also my mom's 90th birthday and will be my last trip just to see her (alongside spending time and money on a trip throughout Europe with my old friends while I am there).

Maybe I could figure out how to travel hack - all I need is the ticket for one person, the rest is cake, I've already saved $3,258.

However, I realize that I really do not want to give up my retirement fund goal either - so wish me luck and tenacity:) - I will find a way - god willing and the river don't rise:)

Happy Holidays everyone and the best of luck with your own goals!:) 2018 here we come - we can do this!
I really want to see $50K in my statement by Dec 2019!


 
« Last Edit: December 22, 2017, 09:12:00 AM by Rosy »

haypug16

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Re: Race to 50K
« Reply #57 on: December 29, 2017, 12:06:23 PM »
December Update

                          10/9/2017       10/31/17         11/30/17      12/31/17
401K                  $23,828.55     $24,456.73     $25,798.78   $26,792.07
Capital One IRA      2,232.00         2,250.61         2,298.01      2,351.73
Fidelity IRA               322.27            311.75           304.79         304.79
Total Retirement $26,382.82      $27,019.09     $28,401.58   $29,448.59

$20,551.41 left to save by the end of next year. It'll be close but hopefully the market will hold, though I have a good 10+ years before I FIRE so I could handle a crash. I'm just going to stick to my plan of increasing my 401K to 14% in January and again every 2-3 months until I max it out.

End of January goal is to hit $31K

DieHard_772

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Re: Race to 50K
« Reply #58 on: December 30, 2017, 07:27:12 PM »
A couple of days ago our networth hit $15,000 for the first time since I've tracked it. 
It's not EVERYTHING, and it will fluctuate again with expenses, yet still, feels good



Rosy

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Re: Race to 50K
« Reply #59 on: December 31, 2017, 05:22:44 PM »
2017 revised - Final December Balance $10,5K
The goal posts keep moving on this goal it seems - so frustrating - ultimate goal: $50K by Dec 2019 

2018 here we come!
New Plan:

$1533 mo -  from Jan to Jun = $ 9,198 plus  $200 bonus, plus $650 transfer/close acct.
Projected results - $20,548 total by June 2018
Re-evaluate in September 2018




MommyCake

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Re: Race to 50K
« Reply #60 on: January 02, 2018, 09:52:04 AM »
Happy New Year!

End of Dec 2017 update - $35,700 in the TSP account

Well I bit the bullet and upped my contributions to $1200 a month to the retirement account, mostly because I got a step increase and COL increase.  If I run out of paid time off and and have to take leave without pay to stay home with baby, I can always re-evaluate the budget.  But at least this way I'm starting off 2018 on the right foot.  My leave started this week at the doctors advise since he says baby can come any time now. 

I'm really glad everyone is doing well, and Rosy it seems like you're able to save a lot each month so I'm sure you will reach the goal, maybe even before Dec 2019.


Rosy

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Re: Race to 50K
« Reply #61 on: January 05, 2018, 02:48:45 PM »
Get some rest and sleep while you can MommyCake - babies have a way of draining your energy the first six months for sure.

Looks like everyone is doing rather well.

January 2018 - Planned $1539 and $ 250 - I'll report back with final numbers later this month after it shows up in my account.

haypug16

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Re: Race to 50K
« Reply #62 on: January 08, 2018, 10:51:22 AM »
I have made the decision to decrease my 401K contributions from 12 to 3% (the company match is 3%) This is so I can put the ~$500 into paying down debt. I have about $6K left in Credit Card debt and then $60K in Student loans that range from 3.4-5.5% so once the Credit Cards and the higher interest rate Student loans are paid down I'll go back to putting 12% or more into 401K. This means I will most likely not hit my goal of $50K by the end of this year but it should mean that I will be in a better position and able to save more later. Everything I've read says this is the right move to make but it's hard to not save for retirement (or at least not as much as I'd like)

Rosy

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Re: Race to 50K
« Reply #63 on: January 12, 2018, 09:35:36 AM »
Correction - Jan 1, 2018 final numbers were $10,117.

UPDATE - January 12, 2018 - lots of good changes to report.

1. CD matured Jan 9 - rolled it over into:
CD 1 - at $3,000 @ 3% for 12 months
CD 2 - at $7,174.84 @ 2.25% for 15 months - I can add additional funds anytime up to $50K

2. Changed DD to go to the same bank so I can manually do an instant transfer of funds from checking into CD 2. (Jan-June = $1541x6mo= $9,246)
3. The plan is that I will stop adding funds in July-Aug-Sep while I am on vacation. Start up savings again in Oct-Nov $1541x2=$3082. December may be zero savings again.
Trying to be as realistic as I can. The ultimate goal for 2018 is to reach a min of $23K - stretch goal $25K.

3. New totals for January:
$ 3,000 CD1
$ 7,174.84 CD2
$ 1,541.- Jan Savings - scheduled to transfer into CD2 on Jan 17, 2018
---------------------------
$ 11,715.84 plus interest at the EOM

I'm relieved to have the CD's in place and I am looking forward to seeing around $ 19,4 or so by Jun 2018. What makes this a real challenge for me at present is that I need to be bada$$ enough to also save an additional 200 mo for my travel fund and since I added $256.05 car pmt to my budget - it is indeed tight.


Rosy

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Re: Race to 50K
« Reply #64 on: January 12, 2018, 09:45:32 AM »
I have made the decision to decrease my 401K contributions from 12 to 3% (the company match is 3%) This is so I can put the ~$500 into paying down debt. I have about $6K left in Credit Card debt and then $60K in Student loans that range from 3.4-5.5% so once the Credit Cards and the higher interest rate Student loans are paid down I'll go back to putting 12% or more into 401K. This means I will most likely not hit my goal of $50K by the end of this year but it should mean that I will be in a better position and able to save more later. Everything I've read says this is the right move to make but it's hard to not save for retirement (or at least not as much as I'd like)

Tough decision @haypug16  I can see why you'd want to hit the cc's hard enough to eliminate that debt so you have more cash on hand and avoid interest. I'm not certain about the Student Loans - if the math supports it then I agree that the higher interest student loans should go next. The student loans at 3.4% can be dealt with once you have reached your 50K goals.

haypug16

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Re: Race to 50K
« Reply #65 on: January 12, 2018, 02:23:05 PM »
The student loans at 3.4% can be dealt with once you have reached your 50K goals.

Yup that's the plan. I'm tackling the CCs and the SL with interest of 5.5 and 5.375% which is the bulk of the loans ($41K) once that is taken care of I will resume my climb to maxing out my 401K and just paying the min on the SL that's left (~$20K)

I haven't done all the calculations yet but I think this pushes my $50K goal back a lot but we'll see how it goes.

DieHard_772

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Re: Race to 50K
« Reply #66 on: January 15, 2018, 08:46:48 AM »
Correction - Jan 1, 2018 final numbers were $10,117.

UPDATE - January 12, 2018 - lots of good changes to report.

1. CD matured Jan 9 - rolled it over into:
CD 1 - at $3,000 @ 3% for 12 months
CD 2 - at $7,174.84 @ 2.25% for 15 months - I can add additional funds anytime up to $50K

2. Changed DD to go to the same bank so I can manually do an instant transfer of funds from checking into CD 2. (Jan-June = $1541x6mo= $9,246)
3. The plan is that I will stop adding funds in July-Aug-Sep while I am on vacation. Start up savings again in Oct-Nov $1541x2=$3082. December may be zero savings again.
Trying to be as realistic as I can. The ultimate goal for 2018 is to reach a min of $23K - stretch goal $25K.

3. New totals for January:
$ 3,000 CD1
$ 7,174.84 CD2
$ 1,541.- Jan Savings - scheduled to transfer into CD2 on Jan 17, 2018
---------------------------
$ 11,715.84 plus interest at the EOM

I'm relieved to have the CD's in place and I am looking forward to seeing around $ 19,4 or so by Jun 2018. What makes this a real challenge for me at present is that I need to be bada$$ enough to also save an additional 200 mo for my travel fund and since I added $256.05 car pmt to my budget - it is indeed tight.

Wow, where did you go to get 3% cd for only 12 months?



Serendip

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Re: Race to 50K
« Reply #67 on: January 16, 2018, 09:10:26 AM »
This seems like a great goal for me to jump in on.

Years back, I have been utterly frugal (paid off $31,000 in student loans quickly by working double and spending half) but then have spent the past few years putting any extra cash I have made towards big trips and art workshops.

In December I recommitted to saving and will update at the end of January with numbers from the last two months (it's helping that my partner and I committed to a 'no-shopping' year for 2018~
Good work everyone!


westtoeast

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Re: Race to 50K
« Reply #68 on: January 16, 2018, 01:03:13 PM »
Hi all. I’m still at a little over $25,000 because I ended up transferring $3000 to my student loans. I had an urge to just get that number down. I’m still on track for goals though! Keep it up everyone!!


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