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Author Topic: Broke 70% savings rate!  (Read 3988 times)

Gone Fishing

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Broke 70% savings rate!
« on: January 30, 2015, 01:59:08 PM »
Just tallied up a trailing 12 month saving rate and got 71%!

That is 71% of post-tax income including principal reductions.
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boognish

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Re: Broke 70% savings rate!
« Reply #1 on: January 30, 2015, 02:01:59 PM »
Congrats! Very impressive

I assume a high income helped make this possible? It'd be tough for me to even approach that
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greenmimama

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Re: Broke 70% savings rate!
« Reply #2 on: January 30, 2015, 02:26:23 PM »
That is really impressive no matter what your income!!

Way to go.
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Ottawa

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Re: Broke 70% savings rate!
« Reply #3 on: January 30, 2015, 05:20:42 PM »
Awesome!  You are a BAMF!
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Guesl982374

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Re: Broke 70% savings rate!
« Reply #4 on: January 31, 2015, 01:26:21 PM »
No matter how you measure it that's outstanding! Keep up the good work.
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FuckRx

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Re: Broke 70% savings rate!
« Reply #5 on: January 31, 2015, 02:06:03 PM »
impressive, what was your savings rate the past couple of years leading up to this? congrats. I see your FIRE date on your sig, very excited for you
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G-dog

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Re: Broke 70% savings rate!
« Reply #6 on: January 31, 2015, 08:07:17 PM »
Maybe you should change your name to
So much closer!

Great work!

Do you think it will be hard to switch from saving when tryouts FIRE? I think that may be a hard adjustment for me (the low/no 'income'h...
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Icecreamarsenal

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Re: Broke 70% savings rate!
« Reply #7 on: February 01, 2015, 01:28:21 PM »
Badass!
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Gone Fishing

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Re: Broke 70% savings rate!
« Reply #8 on: February 02, 2015, 08:09:14 AM »
Thanks everyone. I've almost always saved at least 50% since I started working.  Started reading MMM about 18 months ago and was able to bump up to 60% with some fine tuning.  A nice raise last year and switching out ROTH investments for tax-deferred helped me get that last little boost. 

I think I will be okay spending gains, what will be tough is spending when the market is down!
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Jeremy

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Re: Broke 70% savings rate!
« Reply #9 on: February 03, 2015, 09:33:15 AM »
Congrats!  Well done



Quote from: G-dog on January 31, 2015, 08:07:17 PM
Maybe you should change your name to
So much closer!

Great work!

Do you think it will be hard to switch from saving when tryouts FIRE? I think that may be a hard adjustment for me (the low/no 'income'h...



Just my own experience, but switching from accumulation to draw down is a bit of a mind job.  I recommend retiring in an up market ;) 

We did a few things to ease the transition.  We started traveling in Mexico instead of Western Europe, for example.  We also set a lower spend goal for the first year so we could get used to the idea that no more paychecks were coming in.  A couple years later, and now it just feels normal
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MustachianMD

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Re: Broke 70% savings rate!
« Reply #10 on: February 03, 2015, 10:36:38 PM »
Congrats! Job well done regardless of income. I still have to calculate mine, I figure I am saving at least 50%.
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