Author Topic: Goal Achieved +100k increase in net worth  (Read 3502 times)

Eric9064

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Goal Achieved +100k increase in net worth
« on: November 10, 2016, 08:19:37 AM »
Today my wife and I accomplished one of our financial goals for the year of increasing our net worth by 100k! Started the year at -210k and are now at -110k. Obviously still a long way to go, but we are headed in the right direction.

I don't post very often, but I wanted to share as setting this goal, let alone achieving it, would never have happened if not for all that I have learned from this site and the MMM community. Truly grateful that I found MMM and this forum.



 

therethere

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Re: Goal Achieved +100k increase in net worth
« Reply #1 on: November 10, 2016, 08:23:02 AM »
Awesome!!! Going up 100k in one year while in the negatives is so hard!

Malum Prohibitum

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Re: Goal Achieved +100k increase in net worth
« Reply #2 on: November 10, 2016, 08:38:27 AM »
Today my wife and I accomplished one of our financial goals for the year of increasing our net worth by 100k! Started the year at -210k and are now at -110k. Obviously still a long way to go, but we are headed in the right direction.

I don't post very often, but I wanted to share as setting this goal, let alone achieving it, would never have happened if not for all that I have learned from this site and the MMM community. Truly grateful that I found MMM and this forum.
  Cool!  How did you do it?

Eric9064

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Re: Goal Achieved +100k increase in net worth
« Reply #3 on: November 10, 2016, 09:43:20 AM »
Maxed out my 401(k) + Employer match = ~23k
Maxed out IRA for me and my wife = 11k
Paid off car = ~14k
Paid of family loan = 4k
Paid of all SL above 6% = ~10k

The rest was largely the result of savings and normal monthly payments of debts.  Hoping to increase this amount next year as my wife will be able to contribute to her 401(k).

2Birds1Stone

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Re: Goal Achieved +100k increase in net worth
« Reply #4 on: November 10, 2016, 09:46:32 AM »
Congratulations!! That is a tremendous accomplishment, a few more years of progress like that and you will be FI before you know it =)

marty998

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Re: Goal Achieved +100k increase in net worth
« Reply #5 on: November 10, 2016, 01:31:10 PM »
Maxed out my 401(k) + Employer match = ~23k
Maxed out IRA for me and my wife = 11k
Paid off car = ~14k
Paid of family loan = 4k
Paid of all SL above 6% = ~10k

The rest was largely the result of savings and normal monthly payments of debts.  Hoping to increase this amount next year as my wife will be able to contribute to her 401(k).

How is your net worth -110k if you have paid off your car, family loans, and almost all of your student loans?

Are you counting your mortgage as a liability but not your house as an asset?

Eric9064

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Re: Goal Achieved +100k increase in net worth
« Reply #6 on: November 10, 2016, 02:23:56 PM »
We paid off all student loans above 6%. Still have ~190k at lower interest rates.

Vindicated

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Re: Goal Achieved +100k increase in net worth
« Reply #7 on: November 10, 2016, 03:25:43 PM »
Keep it up!  I'm also in the negative, but we'll both make it.  Just stay focused!

acroy

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Re: Goal Achieved +100k increase in net worth
« Reply #8 on: November 10, 2016, 03:43:36 PM »
Badass!
100k/yr is awesome. Great job!

tonysemail

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Re: Goal Achieved +100k increase in net worth
« Reply #9 on: November 10, 2016, 05:23:25 PM »
nicely done!  that's amazing progress in under a year.

arebelspy

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Re: Goal Achieved +100k increase in net worth
« Reply #10 on: November 20, 2016, 01:40:24 AM »
100k in a year is awesome, triply so because you're in the negative, so have interest working against you.  Once you cross zero and go to positive, your net worth will skyrocket!  Well done!  :D
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.

Metric Mouse

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Re: Goal Achieved +100k increase in net worth
« Reply #11 on: November 20, 2016, 03:45:41 AM »
Today my wife and I accomplished one of our financial goals for the year of increasing our net worth by 100k! Started the year at -210k and are now at -110k. Obviously still a long way to go, but we are headed in the right direction.

I don't post very often, but I wanted to share as setting this goal, let alone achieving it, would never have happened if not for all that I have learned from this site and the MMM community. Truly grateful that I found MMM and this forum.
 

Holy cow! Love that debt going down. Good work.

marty998

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Re: Goal Achieved +100k increase in net worth
« Reply #12 on: November 20, 2016, 04:21:33 AM »
We paid off all student loans above 6%. Still have ~190k at lower interest rates.

Got it, well done. $190k to go - ouch! Hope you're making the most of the degrees :D

Malum Prohibitum

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Re: Goal Achieved +100k increase in net worth
« Reply #13 on: November 20, 2016, 04:30:04 AM »
We paid off all student loans above 6%. Still have ~190k at lower interest rates.
  Ouch!  What sort of degrees?  Was it worth it from your perspective?

Dicey

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Re: Goal Achieved +100k increase in net worth
« Reply #14 on: November 20, 2016, 10:07:16 AM »
We paid off all student loans above 6%. Still have ~190k at lower interest rates.
  Ouch!  What sort of degrees?  Was it worth it from your perspective?
Ditto.