The Money Mustache Community
General Discussion => Share Your Badassity => Topic started by: The Dutchman on December 12, 2014, 09:18:33 AM
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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.
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Congratulations on making such a huge turnaround in a relatively short period of time.
What are your plans going forward to keep the momentum?
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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.
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Wow! When we make the poster advertising MMM will you pose for the picture?
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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.
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Totally awesome!!!
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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!
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Congratulations! It's amazing what a shift in attitude can accomplish!
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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.
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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.