Author Topic: Achieved my second goal of Mustachianism  (Read 4557 times)

suburbandad

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Achieved my second goal of Mustachianism
« on: March 13, 2015, 06:14:34 PM »
I've only recently come to the Mustachian light, probably about 2 years ago, but I've been making strides and I'd like to think I'm finally growing some stubble here. This is just a good ol' boast-post.

First goal was achieved about 4 months ago- finished paying off student loan debt, and made pre-payments and a refinance to knock out PMI on our house. Still making additional principal payments for a ~15 year timeline (which is my estimated career length). Student loans were 6.7%, the effective interest rate on the PMI was ~15%, and got a lower rate for the mtg, now at 3.75%, so I'm counting that as getting rid of hair-on-fire-debt

Second goal was maxing out my allowable tax-sheltered space - and I'm pleased to report that after a raise at work I'm finally on track for 2015 to hit 18k in the 401k (with 5% employer match), 5500 into HSA (1k employer match), 5500 tIRA for the Mrs and 5500 Roth IRA for me. I had mentioned this goal to some close co-workers a year ago during a district meeting with fellow retail pharmacy managers - I thought it was safe company, knowing that the lowest-paid person in that room is making at least 120k - but you would've thought I'd grown a second head by their reactions. Yeesh. Won't make the mistake of discussing finances in even a semi-public forum again.

Third goal on the horizon is increasing 529 contributions (1 kiddo, another one due in April- deductible for state), increasing taxable account contributions/contributing more to ESPP (currently at 2% of salary - has 15% discount with 6-month look-back), and accelerating payoff on a 1.9% car loan on our used car. I'm also very jealous of the ultra-Mustachians who max out their tax-advantaged space within the first few months of the year, might shoot for that down the road.

Fourth goal, way down the road after about 10 years of hustle, is to majorly downshift the career. I can still get fulltime benefits at 30 hours a week, which will seem like a permanent vacation after the 50ish hours I'm putting in these days. Spend as much time with the kids as they'll bear during the formative teenage years. Then another major downshift ~5 years later to working just a shift or two per week, which will ideally just be for peace of mind money at that point.

The dream is fully paid off mortgage, fully funded retirement, and a decent college fund for the kiddos by 44.

Rpesek6904

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Re: Achieved my second goal of Mustachianism
« Reply #1 on: March 13, 2015, 06:28:46 PM »
Awesome. For the record, I'm in favor of "good ol' boast-posts." I hope I get to write one someday!

MsSindy

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Re: Achieved my second goal of Mustachianism
« Reply #2 on: March 13, 2015, 06:42:38 PM »
Sounds like you have great goals and are intent on reaching them - congratulations on your hard work so far - you're doing awesome!

deborah

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Re: Achieved my second goal of Mustachianism
« Reply #3 on: March 13, 2015, 07:53:20 PM »
Congratulations on your achievements so far! I'd love to hear what your co-workers' comments were!

arebelspy

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Re: Achieved my second goal of Mustachianism
« Reply #4 on: March 13, 2015, 09:15:14 PM »
Well done Dad!  Love the long term plan.  Congrats on what you've done so far.  :)
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

2ndTimer

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Re: Achieved my second goal of Mustachianism
« Reply #5 on: March 14, 2015, 10:57:13 AM »
Bravo.  High fives and fanny slaps all around!

Retire-Canada

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Re: Achieved my second goal of Mustachianism
« Reply #6 on: March 15, 2015, 08:59:51 AM »
Nice. You are getting it done! :)

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Calvawt

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Re: Achieved my second goal of Mustachianism
« Reply #7 on: March 15, 2015, 09:19:55 PM »
I work with a lot of high earners and most of them that make over $100k do not max out our 403b account.  Congrats on doing much better than that!

misschedda

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Re: Achieved my second goal of Mustachianism
« Reply #8 on: March 25, 2015, 01:28:34 PM »
Well done Dad!  Love the long term plan.  Congrats on what you've done so far.  :)

Wait I thought OP was really your dad until I reread and saw that he's contributing to 529s for his kids.

arebelspy

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Re: Achieved my second goal of Mustachianism
« Reply #9 on: March 25, 2015, 01:55:11 PM »
Well done Dad!  Love the long term plan.  Congrats on what you've done so far.  :)

Wait I thought OP was really your dad until I reread and saw that he's contributing to 529s for his kids.

Hah, nope, just based on his username.  ;)
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

Bob W

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Re: Achieved my second goal of Mustachianism
« Reply #10 on: March 25, 2015, 01:59:04 PM »
Keep up the good work!   What is your approximate income and savings percentage, if we may ask?