Author Topic: 180 Shift in 3 Years  (Read 4034 times)

The Dutchman

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180 Shift in 3 Years
« on: December 12, 2014, 09:18:33 AM »
Edit: my last edit did not save for some reason so the math did not work.  Hopefully it is right now.

I need to brag but also let people know it is possible to make a big shift.  In three years I have done the following:

1 - Paid down 10k of credit card debt
2 - Paid down 3k of personal loans
3 - Paid down 20k of student loans
4 - Increased by net worth by 22k (impressive if you think of how much I have been paying down)
5 - Took a new job and a subsequent transfer (within the company) which have netted me a 51% increase in salary. 

I have changed from a mindset of maintaining debt to destroying it to create wealth.  In short I have swung my net worth by 55k in three years and jettisoned my career and wages by 51%.  I know this is only 18k per year; but for a single income with only a bachelors I think is not bad.  Hopefully my growth will continue.  Though I can't keep the 51% salary rate up I should be able to keep up the net worth and grow that from year to year. 

It is possible to make big changes in a short amount of time. 
« Last Edit: December 18, 2014, 05:38:55 AM by The Dutchman »

eudaimonia

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Re: 180 Shift in 3 Years
« Reply #1 on: December 12, 2014, 09:21:35 AM »
Congratulations on making such a huge turnaround in a relatively short period of time.

What are your plans going forward to keep the momentum?

The_Dude

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Re: 180 Shift in 3 Years
« Reply #2 on: December 12, 2014, 09:50:34 AM »
Congrats!

Though I think you have a typo in there somewhere.  I'm guessing #4 is that you increased assets by $22K which when combined with the debt pay down equals the $55k increase in net worth in your summary paragraph.

2ndTimer

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Re: 180 Shift in 3 Years
« Reply #3 on: December 12, 2014, 10:57:38 AM »
Wow!  When we make the poster advertising MMM will you pose for the picture?

johnny847

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Re: 180 Shift in 3 Years
« Reply #4 on: December 14, 2014, 11:40:36 AM »
Congratulations!


Haha yea I picked up on this too. Got confused for a sec
Congrats!

Though I think you have a typo in there somewhere.  I'm guessing #4 is that you increased assets by $22K which when combined with the debt pay down equals the $55k increase in net worth in your summary paragraph.

tracylayton

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Re: 180 Shift in 3 Years
« Reply #5 on: December 14, 2014, 12:38:12 PM »
Totally awesome!!!

Bob W

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Re: 180 Shift in 3 Years
« Reply #6 on: December 15, 2014, 09:32:41 AM »
Awesome!   Keep hacking away at the expense side of the equation and upping your pay and investment rate and in no time you'll be saving 70% of your income and well on your way to FIRE.  I can see you retired in 6 years!

falcondisruptor

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Re: 180 Shift in 3 Years
« Reply #7 on: December 15, 2014, 02:06:20 PM »
Congratulations!  It's amazing what a shift in attitude can accomplish!

The Dutchman

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Re: 180 Shift in 3 Years
« Reply #8 on: December 18, 2014, 05:37:49 AM »
What are your plans going forward to keep the momentum?

All of the changes I have put in place are items that I have done slowly and methodically.  I have made sure to do this incrementally so as not to overwhelm my wife.  Also, it is much easier to confirm and quantify the effect of a change if done one or two at a time.  If you make many sweeping changes you never know which one had the greatest effect and which one may have had an opposite effect.

So I think I will have no problems sustaining; however, any additional changes will be smaller and incremental.

Though I think you have a typo in there somewhere.  I'm guessing #4 is that you increased assets by $22K which when combined with the debt pay down equals the $55k increase in net worth in your summary paragraph.


Correct.  Sorry for the confusion. 

Awesome!   Keep hacking away at the expense side of the equation and upping your pay and investment rate and in no time you'll be saving 70% of your income and well on your way to FIRE.  I can see you retired in 6 years!

Yup,  I am at 34% right now.  I am hoping to get to 50% in the next 5 years.