Author Topic: Hit $500,000 Net Worth!  (Read 2097 times)

ducky19

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Hit $500,000 Net Worth!
« on: October 29, 2019, 10:52:56 AM »
Looked at my net worth spreadsheet after payday this month and noticed we finally crossed over the $500,000 threshold! We've been flirting with it for some time, and I fully expect it to fluctuate, but it does feel good. 401k gains YTD are at about $45,000, it's really cool to watch the compounding really pick up steam. Next stop, $750k and beyond!

BECABECA

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Re: Hit $500,000 Net Worth!
« Reply #1 on: October 29, 2019, 11:59:55 AM »
Nice! Looking at your profile, you’ve come a long way since joining the forum 5.5 years ago: $119k net worth to $500k today! Congrats!

Looking back on it, what would you identify as the biggest factors that contributed to hitting this milestone today?

NV Teacher

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Re: Hit $500,000 Net Worth!
« Reply #2 on: October 29, 2019, 12:33:03 PM »
Well done.  Stay the course and it pays off in the end.

insufFIcientfunds

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Re: Hit $500,000 Net Worth!
« Reply #3 on: October 29, 2019, 12:38:22 PM »
That's amazing! Congrats.

That teetering point seems to last forever. You cross it, then cross back, then finally it settles. Hoping 750 comes sooner than later!

ducky19

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Re: Hit $500,000 Net Worth!
« Reply #4 on: October 29, 2019, 12:41:12 PM »
I would say the biggest factor was increasing my 401k contribution. I've maxed it out the past three years and also opened an HSA. It's been difficult at times leaving the HSA alone, but I currently have a balance of $21,000 in it and receipts of at least $16,000, meaning I could nearly drain it with ease in an emergency. The plan though is to leave it alone, let it grow, and use it to balance my tax burden when I retire in 5 to 9 years (still on the fence with that one). I recently switched my 401k contributions to the Roth option. I realized that even if I never put another penny into my regular 401k, between the company match and annual employer contribution, there's still over $11,000 going into my regular 401k account every year. The main focus going forward is to balance my tax burden using the Roth 401k, Roth IRA, and HSA. I'm currently at about a 10:1 ratio of tax deferred vs. tax exempt. I'd like to get that closer to 3:1 by the time I retire.

RWD

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Re: Hit $500,000 Net Worth!
« Reply #5 on: October 29, 2019, 01:48:54 PM »
Congrats!

Brother Esau

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Re: Hit $500,000 Net Worth!
« Reply #6 on: October 29, 2019, 05:46:21 PM »
Bravo Duckster! Good job with the HSA, I'm taking the same approach.
« Last Edit: October 29, 2019, 05:49:12 PM by Brother Esau »

MonkeyJenga

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Re: Hit $500,000 Net Worth!
« Reply #7 on: October 30, 2019, 12:55:16 PM »
Congrats! I should really figure out a better system for saving my HSA receipts...

Dave1442397

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Re: Hit $500,000 Net Worth!
« Reply #8 on: October 30, 2019, 05:09:36 PM »
Congrats! I should really figure out a better system for saving my HSA receipts...

Scan them, put them in an HSA folder with sub folders by year. And make sure you're backing it all up :)

 

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