The Money Mustache Community

General Discussion => Share Your Badassity => Topic started by: Eric9064 on November 10, 2016, 08:19:37 AM

Title: Goal Achieved +100k increase in net worth
Post by: Eric9064 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.



 
Title: Re: Goal Achieved +100k increase in net worth
Post by: therethere on November 10, 2016, 08:23:02 AM
Awesome!!! Going up 100k in one year while in the negatives is so hard!
Title: Re: Goal Achieved +100k increase in net worth
Post by: Malum Prohibitum 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?
Title: Re: Goal Achieved +100k increase in net worth
Post by: Eric9064 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).
Title: Re: Goal Achieved +100k increase in net worth
Post by: 2Birds1Stone 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 =)
Title: Re: Goal Achieved +100k increase in net worth
Post by: marty998 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?
Title: Re: Goal Achieved +100k increase in net worth
Post by: Eric9064 on November 10, 2016, 02:23:56 PM
We paid off all student loans above 6%. Still have ~190k at lower interest rates.
Title: Re: Goal Achieved +100k increase in net worth
Post by: Vindicated 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!
Title: Re: Goal Achieved +100k increase in net worth
Post by: acroy on November 10, 2016, 03:43:36 PM
Badass!
100k/yr is awesome. Great job!
Title: Re: Goal Achieved +100k increase in net worth
Post by: tonysemail on November 10, 2016, 05:23:25 PM
nicely done!  that's amazing progress in under a year.
Title: Re: Goal Achieved +100k increase in net worth
Post by: arebelspy 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
Title: Re: Goal Achieved +100k increase in net worth
Post by: Metric Mouse 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.
Title: Re: Goal Achieved +100k increase in net worth
Post by: marty998 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
Title: Re: Goal Achieved +100k increase in net worth
Post by: Malum Prohibitum 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?
Title: Re: Goal Achieved +100k increase in net worth
Post by: Dicey 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.