Author Topic: Anyone interested in a race from ~7xx,000 to 1 million?  (Read 715 times)

i_have_so_much_to_learn

  • 5 O'Clock Shadow
  • *
  • Posts: 54
  • Location: SF
Anyone interested in a race from ~7xx,000 to 1 million?
« on: February 06, 2019, 05:49:57 PM »
We can count any investable asset (to make it simple, we don't have to subtract tax liabilities) or cash, 401k, etc.

i_have_so_much_to_learn

  • 5 O'Clock Shadow
  • *
  • Posts: 54
  • Location: SF
Re: Anyone interested in a race from ~7xx,000 to 1 million?
« Reply #1 on: February 06, 2019, 06:00:51 PM »
Sorry if i missed the thread on this :). If i did, lmk and i'll delete this post.

I'm at:
post-tax Investments:~514k
401k: ~183k
hsa investments: ~5.5k
Cash (including non-invested HSA): ~43k

Total: ~746k

pretax income: ~200k (150k in biweekly checks, ~50k in equity split into 4 annual vestings)
rent: $4200
utilities: $300
other expenses: ~2k per month

Current strategy:
- frontloaded my pre-tax 401k, doing $175 twice a month for after-tax -> roth rollover
~3k per month in cash
~$400 per month added to my index accounts
- pretty risky (only because 90% of my investments are in 7 bluechip stocks) (90.3%), along with a small percentage (9.7%) being indexed via wealthfront.
- 401k is in vanguard retirement 2055 account.
- I haven't yet sold my annual equity vests

With these savings, I should be theoretically able to get there in ~3-4 years, but planning for steady investment growth that investments pay off (even with small 3-5% increases) instead of going bust ;).

Hope is that I can save ~70k per year plus 3-5% per year in stock growth, which would be ~35k a year from current valuations (though the market is quite volatile right now).

katscratch

  • Handlebar Stache
  • *****
  • Posts: 1319
  • Location: Minnesota
Re: Anyone interested in a race from ~7xx,000 to 1 million?
« Reply #2 on: February 06, 2019, 06:01:29 PM »
If someone wants to venmo me $423,000 I'm in ;)

i_have_so_much_to_learn

  • 5 O'Clock Shadow
  • *
  • Posts: 54
  • Location: SF
Re: Anyone interested in a race from ~7xx,000 to 1 million?
« Reply #3 on: February 06, 2019, 07:14:13 PM »
hah. I tried but venmo blocked me. Sorry ;)

YoungGranny

  • Pencil Stache
  • ****
  • Posts: 663
  • Age: 28
Re: Anyone interested in a race from ~7xx,000 to 1 million?
« Reply #4 on: March 06, 2019, 08:04:10 AM »
I'll join in! I'm at $708k at the beginning of March. $615k in 401k's and taxable accounts + $78k in equity in our house and rental property + $7k in HSAs and a $11k emergency fund.

We're currently maxing out 2 401ks (38k)
maxing out 2 HSAs ($7k)
aiming to save $100k per year in a taxable account for an increase of $145k per year.

So we should get to $1m in a little under 2 years with employer contributions to 401k's and any market gains. Leggo!

i_have_so_much_to_learn

  • 5 O'Clock Shadow
  • *
  • Posts: 54
  • Location: SF
Re: Anyone interested in a race from ~7xx,000 to 1 million?
« Reply #5 on: March 06, 2019, 08:56:49 AM »
I'll join in! I'm at $708k at the beginning of March. $615k in 401k's and taxable accounts + $78k in equity in our house and rental property + $7k in HSAs and a $11k emergency fund.

We're currently maxing out 2 401ks (38k)
maxing out 2 HSAs ($7k)
aiming to save $100k per year in a taxable account for an increase of $145k per year.

So we should get to $1m in a little under 2 years with employer contributions to 401k's and any market gains. Leggo!

Woot woot!

fattest_foot

  • Pencil Stache
  • ****
  • Posts: 680
Re: Anyone interested in a race from ~7xx,000 to 1 million?
« Reply #6 on: March 06, 2019, 09:35:38 AM »
Seems like we'd want a $500k-750k, and $750k-1M.

I guess the reason we don't is that the time period to go from $250k-500k is probably similar to $500k-1M, due to compounding. So those two races in $250k increments would be short.