The Money Mustache Community
General Discussion => Share Your Badassity => Topic started by: thedayisbrave on January 21, 2015, 03:37:47 PM
-
I've set up my life so that net rental income = +/- expenses. This means I'm earmarking 100% of my earned income this year for saving + investing. It's about time, considering everything has been pretty stagnant due to being a student the past 5-6 years and only working part-time jobs.
Can I do it? I've padded my expenses up a bit to err on the side of caution and even then I think I could still make it... so we'll see.
I'll be sure to check back in on December 31st, 2015 :)
What do you think? Insanely unrealistic or just plain BA?
Most of you might say "You're FI, quit now!" But.. not quite. I'll be house hacking my way to freedom, sure, but that means sharing a 1000 sq. foot apartment with 2 other people near a college campus. Which will work while I'm young and unattached... hence my taking advantage now. So all this saving/investing is going towards Future Self & Future Family.
-
Yeah, the wife and I have been saving 100% of our W2 income for a few years now.
Forget living off one person's income and saving the other's; live off neither of them and save both! It's a nice feeling.
Good luck!
-
I like this, and we are hoping to be at this points soon...
-
Do it!
-
YES! Good luck to you!
I'll definitely be following this thread, but maybe you could also post a journal in the Journals sub where we can follow your progress?
-
I'll definitely be following this thread, but maybe you could also post a journal in the Journals sub where we can follow your progress?
Thanks everyone! I may eventually do a spin-off journal but I'm horrible about writing if I actually *have* to do it, haha... so I can't promise anything ;)
-
Well there's no reason not to give it a shot. Good luck; that's pretty badass!
Edit: Apparently it's "badass" and not "bad-ass". Hmm.
-
Very cool. Not a 100% savings rate. But still cool.
-
Go for it! The last couple years of work we put all of my paycheck directly into the brokerage account. It's fun to watch the account bloom
-
Ok, guys.. I did start a journal. Feel free to take a gander :)
-
meoates1, are you still in warner robins, Georgia? I am in warner robins as well and am looking for like-minded people in the area for support. Are there are mustachian groups locally?
-
What do you think? Insanely unrealistic or just plain BA?
When "failing" means you only saved 94% of your W2, I think you are still winning.
-
I'm curious the logistics of a situation like this.
When you make rental income, is that treated as regular income? Is there an advantage to spending your rental income and saving your paycheck vs. spending your paycheck and saving the rental income? Perhaps keeping the rental income in a business account or something?
-
I'm curious the logistics of a situation like this.
When you make rental income, is that treated as regular income? Is there an advantage to spending your rental income and saving your paycheck vs. spending your paycheck and saving the rental income? Perhaps keeping the rental income in a business account or something?
No, it's just a fun mental buckets trick. It's pretty much meaningless.
-
Wow, good luck to you, OP!
-
I'm curious the logistics of a situation like this.
When you make rental income, is that treated as regular income? Is there an advantage to spending your rental income and saving your paycheck vs. spending your paycheck and saving the rental income? Perhaps keeping the rental income in a business account or something?
No, it's just a fun mental buckets trick. It's pretty much meaningless.
Haha, this. It's no different than living off W2 income and re-investing all dividend/rental income. Except I'm living on 1/3 of the entire pool (rental income), re-investing dividend income, and banking the W2 income. Probably won't come out to be too terribly exciting this year given it's my first/start-up year but I want to get into the habit. If/when I start pulling in six figures (which is my goal, at least once!) and I get to completely bank that... that's when I'll truly be kicking ass!
-
That's a pretty awesome goal! I cannot wait until the wife and I get to the point where we can do this. Good luck thedayisbrave. Looking forward to hearing your updates.
-
This is quite impressive. I think this is certainly doable and I may give it a go. In ordered to do it I would have to rent all the rooms in my house which should cover the mortgage and utilities. I have two rentals with a $1K positive cash flow. So that can go to covering my other fixed expenses. However, in order to reach 100% I would have to stop eating out and going to movies. Perhaps a 80% savings rate may be a bit more reasonable. It's hard to give up the comforts. I've grow soft in my old age. My victories have made me weak. The days of wine and roses may have to come to an end. =)
-
This is quite impressive. I think this is certainly doable and I may give it a go. In ordered to do it I would have to rent all the rooms in my house which should cover the mortgage and utilities. I have two rentals with a $1K positive cash flow. So that can go to covering my other fixed expenses. However, in order to reach 100% I would have to stop eating out and going to movies. Perhaps a 80% savings rate may be a bit more reasonable. It's hard to give up the comforts. I've grow soft in my old age. My victories have made me weak. The days of wine and roses may have to come to an end. =)
Go for it! I would love for you to join me on this journey :)