The Money Mustache Community

General Discussion => Share Your Badassity => Topic started by: merlin7676 on June 24, 2016, 08:03:21 AM

Title: One year transformation
Post by: merlin7676 on June 24, 2016, 08:03:21 AM
I've always considered myself pretty frugal and a minimalist. I've never bought into getting the newest tech item or spending money on things I didn't really need.  Then I found MMM and really starting educating myself on what finances are all about.
Sad to say I just turned 40 so I'm pretty behind the curve compared to most of the people on here. I wish someone in school or family or friend had sat me down when I was younger and explained finances me to. But it's better late than never.

In one year (June 2015 to June 2016) I've:

sold my car and take the bus to work
Just paid off my last CC (today)
Increased my net worth by $23,002.61
Have no more debt other than mortgage
Got married, took on a roommate and consolidated/donated even more materialist stuff
Increased 401K savings from 2% to 6%

My goal for this next year is to:
Create an emergency fund equaling 3 months of living
Fund a vanguard taxable account
Continue to up my 401K contribution to 10%
Title: Re: One year transformation
Post by: SamIAm38 on June 24, 2016, 08:28:35 AM
Nice! Never too late to start, I worked for 7 years before I even realized that I have the option of not working till 55+

Amazing what some thought and effort about finances can do.
Title: Re: One year transformation
Post by: Lunasol on June 24, 2016, 03:16:02 PM
You managed to change so many things in one year, you might think you're late on this, but I'd like to see where you'll be in five years :D
Good luck!
Title: Re: One year transformation
Post by: Mr. Green on June 24, 2016, 03:59:27 PM
Congrats! It always starts somewhere. Sounds like you've made a solid set of changes that will create a solid foundation for future changes!
Title: Re: One year transformation
Post by: happy on June 24, 2016, 06:05:04 PM
Well done, that's a nice remodel in a year.
I didn't start until I was in my early 50s4.5years later I'm in much better financial shape. My definition of FIRE is not retire early but retire earlier.
No use looking back, just start, which you have done very successfully.
Title: Re: One year transformation
Post by: kendallf on June 24, 2016, 08:24:40 PM
Congrats! 

It's easy to see a lot of success stories from those younger than you and feel like you missed the boat.  Not so.  You have the rest of your life ahead, and you are making it better.  I'll be 50 this year, and while of course I can't go back in time and retire at 30, the changes we've made will let us live life on our own terms much sooner than otherwise.
Title: Re: One year transformation
Post by: Choices on June 24, 2016, 10:43:42 PM
Congrats! (on your financial progress and your marriage)
You don't mention your income, but are you eligible for a Roth IRA? If so, and if your employer doesn't match your 401k contributions, this might be something to consider.
Title: Re: One year transformation
Post by: marty998 on June 24, 2016, 11:07:42 PM

In one year (June 2015 to June 2016) I've:

sold my car and take the bus to work
Just paid off my last CC (today)
Increased my net worth by $23,002.61
Have no more debt other than mortgage
Got married, took on a roommate and consolidated/donated even more materialist stuff
Increased 401K savings from 2% to 6%


I love how nonchalantly you drop "getting married" in amongst the other things.

That sounds like a pretty big deal in its own right.