Author Topic: Gauntlet: Long Term Net Worth Goals  (Read 259664 times)

DadJokes

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #500 on: July 25, 2019, 01:13:04 PM »
Original goal for the end of 2019: $88k
Current NW: $92k

So I guess it's time for changes...and some lofty long-term goals

YearGoal
2019$120k
2020$200k
2025$680k
2030$1.5m
2035$2.6m
« Last Edit: July 25, 2019, 04:04:37 PM by DadJokes »

haypug16

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #501 on: July 26, 2019, 07:22:06 AM »
Mid year update

Year                    Goal/Actual
December 2017 - $(24,424.13)/$(24,424.13) (starting point)
December 2018 - $10,000/$(1,524.93) - short by $11,524.93

December 2019 - $40,000/17,825.45
December 2020 - $82,000/
December 2021 - $130,000/
December 2022-  $185,000/
December 2023 - $240,000/
December 2024 - $295,000/
December 2025 - $350,000/
December 2026 - $410,000/
December 2027 - $475,000/
December 2028 - $540,000/ (stretch FIRE goal)
December 2029 - $605,000/
December 2030 - $675,000/ (FIRE goal)

I think I should get pretty close to my 2019 goal of $40k.

Mazzinator

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #502 on: July 31, 2019, 08:15:16 AM »
Currently at NEGATIVE $60k net worth. ($97k debt in SL)

0 net worth early 2014
+$20k net worth July 2014
+$60k by end of 2014

1/1/2015: $55k
1/1/2016: $105k
1/1/2017: $160k
1/1/2018: $220k
1/1/2019: $280k
1/1/2020: $350k (husband will retire from active duty military in 2020 or 2021)

1/1/2016: $89K

Didn't make it to this years goal. But i'm still keeping the numbers the same for the future. Just have to push harder to reach them!!!

Posting for my ~3 year update.
7/29/13 nw was -$60k
8/3/16 nw is $116k

Trying hard to reach my 1/1/17 goal of $160k!!!

Sooooo close...

1/2/17 NW = $156,358
Yay! I finally hit my goal, and then some!!! Yay!!
1/1/18 NW = $237k
1/16/19 NW = $263k

Posting for my 6 year update!!! I can’t believe it!!!
7/29/13 NW = -$60k (yes, that was NEGATIVE 60k)
7/31/19 NW = $340k

I almost made my very end goal of $350k ahead of schedule!!! I guess i need to update those goals and make some new ones seeing how i never made goals past 1/1/2020.

New goals!! (These may be stretch goals after summer 2021)
1/1/20 $375
1/1/21 $455 (husband will retire from active duty in the summer of ‘21, future salary unknown)
1/1/22 $545
1/1/23 $635
1/1/24 $730
1/1/25 $840
1/1/26 $1 mil

zinnie

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #503 on: October 04, 2019, 05:06:05 AM »
NW: $433,000
Goal: $1.1 million by August of 2020.

Stretch is to do it in 6 years, or 5. Mint keeps telling me I'm about a year ahead so we will see!

Looking back on this post from 3.5 years ago is crazy. I am way ahead, almost at the net worth goal now, and will hit that number liquid more than a year before my old net worth goal. I don't even understand the math, but I'll take it! Once you get on the right track, it really does snowball :)

Update after another 2.5 years: I hit my NW goal super early, somehow, even though I took a year+ off work. (Being off also made me realize I REALLY don't like having to think about/follow a budget. That part felt very limiting instead of freeing. So we increased our number. I also realized I have to put more thought into what I am early retiring to as I get a lot out of work and work relationships that was hard to replicate elsewhere. But that is for another thread.)

Current: $1.45M
New goal: ~$2M (Aug 2021)

nancyfrank232

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #504 on: October 04, 2019, 07:59:40 AM »
NW: $433,000
Goal: $1.1 million by August of 2020.

Stretch is to do it in 6 years, or 5. Mint keeps telling me I'm about a year ahead so we will see!

Looking back on this post from 3.5 years ago is crazy. I am way ahead, almost at the net worth goal now, and will hit that number liquid more than a year before my old net worth goal. I don't even understand the math, but I'll take it! Once you get on the right track, it really does snowball :)

Update after another 2.5 years: I hit my NW goal super early, somehow, even though I took a year+ off work. (Being off also made me realize I REALLY don't like having to think about/follow a budget. That part felt very limiting instead of freeing. So we increased our number. I also realized I have to put more thought into what I am early retiring to as I get a lot out of work and work relationships that was hard to replicate elsewhere. But that is for another thread.)

Current: $1.45M
New goal: ~$2M (Aug 2021)

Congrats!

Many of us underestimate the power of compounding. It really does snowball

https://medium.com/the-10x-entrepreneur/warren-buffett-has-made-99-7-of-his-money-after-the-age-of-52-71e2ce04c347

zinnie

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #505 on: October 06, 2019, 02:25:00 PM »
Interesting article nancyfrank! That graph is crazy. And thank you 😊.

Bateaux

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #506 on: October 07, 2019, 08:28:11 AM »
Considering a 5% overall return, paper investments are projected as follows for FIRE.  Assuming  $6,000 per month additional investment.   Also have 300k to 400k fully owned real estate not included in calculations.

FIRE 2018

2016  $1,300,000
2017  $1,440,000
2018  $1,588,000
*****Fire*********age 50


FIRE 2020

2016  $1,300,000
2017  $1,440,000
2018  $1,588,000
2019  $1,743,000
2020  $1,906,000
*****FIRE*********age 52

FIRE 2023

2016  $1,300,000
2017  $1,440,000
2018  $1,588,000
2019  $1,743,000
2020  $1,906,000
2021  $2,077,000
2022  $ 2,256,000
2023  $2,445,000
*****FIRE*********age 55 (minimum retirement age from employer)

I used a very conservative rate of return in my projected growth.  Obviously we did better than 5%. 
That being said, we've passed in 2019 my expected 2021 value. This is the last month that I can retire at 50.  The temptation is great.  I'm thinking 52 isn't a failure.   With over 2.1M now, unless a recession hits we'll hopefully see another 250K by then.

Beware the power of OMY syndrome.  Currently at 2,150,000 investment assets.  Another 400k or so in real estate.  The current and final goal is 2.5M in investment assets.  So far this year we've come close to but never crossed 2.2M.  I think we will cross 2.2M in coming months, however I expect to dip below 2.0M in the coming recession.  So I'm stuck in OMY for a while.

ItsALongStory

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #507 on: October 07, 2019, 09:58:36 AM »
I'm confused, bateaux. You are certainly pulling the plug at $2.5m and will stick with it even if during a recession your assets drop or will you go back to work and re-hit $2.5m in order to pull the plug again

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Bateaux

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #508 on: October 07, 2019, 11:04:10 AM »
I'm confused, bateaux. You are certainly pulling the plug at $2.5m and will stick with it even if during a recession your assets drop or will you go back to work and re-hit $2.5m in order to pull the plug again

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Sorry for the confusion.  My thoughts are that before I reach my 2.5 million goal, we will have a recession that will drop my accounts below 2.0 million.  I will not quit work if below 2.0 million.  Now, if I reach age 55 in 2023 and I'm above 2.0 million I'll consider quiting, in 2023 I can lock in company health insurance.  The extra 500k in assets is to pay for health expenses.  A democratic win in 2020 and potentially cheaper healthcare could allow me to quit earlier as well.  You could say that I'm currently working for healthcare.  Looking back at those old 2016 calculations.  Dang I've made a lot of money since then.  Over 800K in 3.5 years.  Compounding is scary.
« Last Edit: October 07, 2019, 11:10:57 AM by Bateaux »

marty998

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #509 on: October 21, 2019, 03:01:28 PM »
Ok I'll play

Dec'14   $534k
Dec'15   $650k
Dec'16   $775k
Dec'17   $950k
Dec'18   $1100k

Will probably not be enough for FI given more than half will be trapped in housing. Maybe 3 years after that at $1,700k I could make it work.


I was at $712k at the end of December 2015.

July 2016 now at $792k... with a little luck and flat markets there is a distinct possibility I could finish this year around $850k. Nice, but still neither liquid nor majorly cash generating...

Gotta start rethinking strategy beyond simply acquiring more assets.

October 2019 - $1.3m.

If the housing market hadn't gone down here I'd be up around $1.5m at the moment which is definitely crazy to think about.

It's getting hard to know how to forecast now - everything is so dependent on markets as opposed to the bulk of gains coming from savings.

End of 2022 I should hit $2m at a rough guess.

Ozlady

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #510 on: October 28, 2019, 06:59:54 PM »
Good work Marty...

1.3 million in your early 30s? is no small feat....

Say you have been working for 10 years , that's nearly 130 k per year of working life saved...

What  rough % did  you attribute that to pure savings viz-a-viz investment gains you reckon? 

(Asking for my own son's education..)

Putting aside the 25K in superannuation to reach your net worth in 10 years means he has to plow in minimum 75K upwards per year (around 6K per month) from his salary..OMG! 

 

Bateaux

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #511 on: October 29, 2019, 12:05:16 AM »
Considering a 5% overall return, paper investments are projected as follows for FIRE.  Assuming  $6,000 per month additional investment.   Also have 300k to 400k fully owned real estate not included in calculations.

FIRE 2018

2016  $1,300,000
2017  $1,440,000
2018  $1,588,000
*****Fire*********age 50


FIRE 2020

2016  $1,300,000
2017  $1,440,000
2018  $1,588,000
2019  $1,743,000
2020  $1,906,000
*****FIRE*********age 52

FIRE 2023

2016  $1,300,000
2017  $1,440,000
2018  $1,588,000
2019  $1,743,000
2020  $1,906,000
2021  $2,077,000
2022  $ 2,256,000
2023  $2,445,000
*****FIRE*********age 55 (minimum retirement age from employer)

I used a very conservative rate of return in my projected growth.  Obviously we did better than 5%. 
That being said, we've passed in 2019 my expected 2021 value. This is the last month that I can retire at 50.  The temptation is great.  I'm thinking 52 isn't a failure.   With over 2.1M now, unless a recession hits we'll hopefully see another 250K by then.

Beware the power of OMY syndrome.  Currently at 2,150,000 investment assets.  Another 400k or so in real estate.  The current and final goal is 2.5M in investment assets.  So far this year we've come close to but never crossed 2.2M.  I think we will cross 2.2M in coming months, however I expect to dip below 2.0M in the coming recession.  So I'm stuck in OMY for a while.

Took less than a month with new highs, to cross the 2.2 Million investment mark.  Mature portfolio growth is incredible.

nancyfrank232

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Gauntlet: Long Term Net Worth Goals
« Reply #512 on: October 29, 2019, 03:51:16 AM »
My long term NW stretch goal is $20m considering that my portfolio will hit $10m passively

I don’t wish it, but I’ll hit the goal sooner if we have another Tech Wreck/Credit Crisis bust
« Last Edit: October 29, 2019, 06:12:41 AM by nancyfrank232 »

Hirondelle

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #513 on: November 27, 2019, 01:31:51 AM »
Current net worth: EUR 12,500

Just started my first 'real job' with a 4 year contract and fixed salary raises.
I'm aiming at saving EUR 1000/month.

Nov 2018: 25k29k
Nov 2019: 38k
Nov 2020: 52k
Nov 2021 (end of contract): 66k

Fun to do an update on this one! When I checked end of last month I was at 29k, so a good 4k over the initial goal and on track to reach my initial 'stretch goal' of 30k by the end of the year. Also expecting a small windfall in the next month. Projection using my current savings rate/pay raise scheme:
Nov 2018: 29k
Nov 2019: 55k
Nov 2020: 75k
Nov 2021 (end of contract): 98k

This shows how saving only €200/month more really does make a huge difference. Ultimate goal would be to reach that 100k :)

Passed my Nov 2019 goal by almost 4k!

New projections:
Nov 2018: 29k
Nov 2019: 55k59k
Nov 2020: 85k
Nov 2021 (end of contract): 112k

ItsALongStory

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #514 on: November 27, 2019, 08:22:39 AM »
Passed my Nov 2019 goal by almost 4k!

New projections:
Nov 2018: 29k
Nov 2019: 55k59k
Nov 2020: 85k
Nov 2021 (end of contract): 112k

Congrats, nice to see the compounding effect on your multi-year goals. Bumped the 2021 target up quite a bit from the original plans!

Hirondelle

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #515 on: December 03, 2019, 12:23:08 PM »
Passed my Nov 2019 goal by almost 4k!

New projections:
Nov 2018: 29k
Nov 2019: 55k59k
Nov 2020: 85k
Nov 2021 (end of contract): 112k

Congrats, nice to see the compounding effect on your multi-year goals. Bumped the 2021 target up quite a bit from the original plans!

Actually my calculations do assume a bit of compouding/market returns (4% I think) but both the market and my savings skills have been outperforming and that definitely adds up over even a short time frame :)

EscapedApe

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #516 on: December 06, 2019, 03:31:20 PM »
I think I could live off $40,000 per year, considering my hobbies and love of travel. So my goal is an even $1M.

Of course, that's likely a gross over-estimation.

DadJokes

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #517 on: December 30, 2019, 12:57:12 PM »
Original goal for the end of 2019: $88k
Current NW: $92k

So I guess it's time for changes...and some lofty long-term goals

YearGoal
2019$120k
2020$200k
2025$680k
2030$1.5m
2035$2.6m

We exceeded our goal by $17k, thanks to a great year in the market and $12k in a pension that we vested in and had previously not included. We've added a little to our prior goals to account for those items. I'm also dropping 2035, since I expect to hit FI between 2030-2035.

YearGoalActual
2019$120k$137,265
2020$210k
2025$720k
2030$1.6m

ItsALongStory

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #518 on: December 30, 2019, 02:39:55 PM »
@DadJokes and that was a revised goal. You're 50k ahead of where you thought you would be based on initial projections! Let that snowball grow!

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philli14

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #519 on: December 30, 2019, 07:35:13 PM »
Goals are for end of year net worths:

2019 100k - ACTUAL: 127.3k
2020 150k
2021 200k
2022 275k
2023 350k @ 30yo
2024 450k
2025 550k
2026 650k
2027 750k - Anticipated FI date for 30k/year spend
2028 850k - @ 35yo
2029 1000k - Anticipated FI date for 40k/year spend, when I will likely FI
« Last Edit: December 31, 2019, 05:00:35 PM by philli14 »

nawhite

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #520 on: December 31, 2019, 04:54:18 PM »

...

Jan 2014 Actual: ~$0k NW
Jan 2015 Actual: $105k* NW, $68k non-mortgage debt
Jan 2016 Actual: $213k* NW, $58k debt
Jan 2017 Actual: $265k* NW, $47k debt
Jan 2018: Goal: $330k NW, $35k debt
Jan 2019: Goal: $400k NW, $22k debt
Jan 2020: Goal: $500k NW, $8k debt
Jan 2021: Goal: $600k NW, $0k debt
...
Had to trim down the previous posts as it was going back every year to 2013. Feel free to click on the quote link above to see that. I also finally made up a spreadsheet to see this stuff visually. I'm going to update the goals and actuals based on that from now on, but long story short, I was aiming for 330 this year and hit 388k. Kinda stoked. This coming year, my wife got a job that pays well which should increase our savings rate even more. We're also going to finally sell the house this year as the boom in Denver has subsided and appreciation can't beat the primary residence tax exemption that thankfully didn't get changed in the new tax bill.

Jan 2014 Actual: ~$0k NW
Jan 2015 Actual: $90k NW, $69k non-mortgage debt
Jan 2016 Actual: $208k NW, $58k debt
Jan 2017 Actual: $292k NW, $47k debt
Jan 2018: Actual: $388k NW, $40k debt
Jan 2019: Goal: $500k NW, $30k debt
Jan 2020: Goal: $625k NW, $20k debt
Jan 2021: Goal: $750k NW, $10k debt
Jan 2022: Goal: $900k NW, $0k debt
Jan 2023: Goal: $1.1M NW, FIRE

We got the house sold but it cost more than expected to do that ($20k in asbestos mitigation) combined with this terrible December means I'm nowhere close this year but still above the goals I set in 2016. I knew this big run of every year doing way better than the goal was going to end eventually but progress is still definitely being made. Fortunately we were able to take the house money and just finish paying off all of the student loans way ahead of schedule. I usually am in the "keep investing over paying down low interest debt" camp, but it was variable interest rate debt and interest rates were going up and it was just a lot of mental energy to deal with every month so I just made it go away and feel better for it.

Re-edited the actuals to match the spreadsheet I have that adds in "Savings and Checking" now that that emergency fund is not inconsequential and I think I'll be setting my goals back to the 2016 goals.

Jan 2014 Actual: $13k NW, $99k non-mortgage debt
Jan 2015 Actual: $101k NW, $69k debt
Jan 2016 Actual: $218k NW, $58k debt
Jan 2017 Actual: $311k NW, $47k debt
Jan 2018: Actual: $408k NW, $40k debt
Jan 2019: Actual: $425k NW, $0k debt!!!
Jan 2020: Goal: $500k NW
Jan 2021: Goal: $600k NW
Jan 2022: Goal: $725k NW
Jan 2023: Goal: $850k NW
Jan 2024: Goal: $1M NW

I don't get this stuff anymore. Just checked my numbers and I'm at $625k today. Up $200k in one year?!?! And my wife wasn't even working this year?!?! How is this possible? My best guesses are that 1) the market was way below the moving average at the end of last year. 2) We dollar cost averaged the proceeds from the house throughout that whole downturn so we ended up set up very well for the following increase starting in January. Overall though it is just absolutely mind boggling that we did so well this year.

This year, I'm probably going to end up leaving the high paying job. Not going to full on FIRE, but move on to doing whatever I want to do that might earn money instead. My whitewater kayak instruction company might actually have legs and I am thinking of doing a 1000 mile rafting trip from Breckenridge to the bottom of the Grand Canyon. So add that all up and I'm going with the goal of a bit more this year and then just not pulling any money from it so it goes up at the stock market's CAGR:

Jan 2014: Actual: $13k NW, $99k non-mortgage debt
Jan 2015: Actual: $101k NW, $69k debt
Jan 2016: Actual: $218k NW, $58k debt
Jan 2017: Actual: $311k NW, $47k debt
Jan 2018: Actual: $408k NW, $40k debt
Jan 2019: Actual: $425k NW, $0k debt!!!
Jan 2020: Actual: $625k NW
Jan 2021: Goal: $700k NW
Jan 2022: Goal: $747k NW
Jan 2023: Goal: $798k NW
Jan 2024: Goal: $852 NW

(Edit: in the graph below, Brown is savings in the bank account, Grey is investments in 401k, IRAs or Vanguard and Blue is net worth. The other lines were for student loans and mortgage and equity and stuff and don't really matter anymore.)
« Last Edit: December 31, 2019, 05:03:56 PM by nawhite »

Goldy

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #521 on: January 01, 2020, 04:06:33 PM »


I'll play

Current NW $1.4

2008  $50,000
2013  $632,000
2014  $859,000
2015  $924,000
2016  $1,229,000

Goals                               Actual
2017  $1,500,000             $1,617,661
2018  $1,750,000  FI        $1,642,652
2019  $2,000,000             $2,302,398
2020  $2,300,000  FIRE?
2021  $2,600,000
2022  $2,900,000

Had a great year and posted a gain of $660k which put us a whole year ahead of our goal for 2020.  Both of us landed promotions this year and we were able to max out our 401k's to the full 56k on each.  Expenses were kept down to 75k or 60k without the house payments so we are still securely FI.  Def want to work one more year for some golden handcuffs but not sure what happens after that.

Bateaux

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #522 on: January 01, 2020, 06:05:18 PM »
Considering a 5% overall return, paper investments are projected as follows for FIRE.  Assuming  $6,000 per month additional investment.   Also have 300k to 400k fully owned real estate not included in calculations.

FIRE 2018

2016  $1,300,000
2017  $1,440,000
2018  $1,588,000
*****Fire*********age 50


FIRE 2020

2016  $1,300,000
2017  $1,440,000
2018  $1,588,000
2019  $1,743,000
2020  $1,906,000
*****FIRE*********age 52

FIRE 2023

2016  $1,300,000
2017  $1,440,000
2018  $1,588,000
2019  $1,743,000
2020  $1,906,000
2021  $2,077,000
2022  $ 2,256,000
2023  $2,445,000
*****FIRE*********age 55 (minimum retirement age from employer)

I used a very conservative rate of return in my projected growth.  Obviously we did better than 5%. 
That being said, we've passed in 2019 my expected 2021 value. This is the last month that I can retire at 50.  The temptation is great.  I'm thinking 52 isn't a failure.   With over 2.1M now, unless a recession hits we'll hopefully see another 250K by then.

Beware the power of OMY syndrome.  Currently at 2,150,000 investment assets.  Another 400k or so in real estate.  The current and final goal is 2.5M in investment assets.  So far this year we've come close to but never crossed 2.2M.  I think we will cross 2.2M in coming months, however I expect to dip below 2.0M in the coming recession.  So I'm stuck in OMY for a while.

Took less than a month with new highs, to cross the 2.2 Million investment mark.  Mature portfolio growth is incredible.

2020 update.  We've reached 2.32M liquid.  Passing the 2022 goal set in 2016.

afuera

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #523 on: January 02, 2020, 08:43:38 AM »
EOY             NW plan        NW Actual
2015              $100K            $110K
2016              $175K            $188K
2017              $300K            $278K
2018              $450K            $358K
2019              $625K            $587K
2020              $825K
2021              $1.025M
2022              $1.225M (FI)

Still playing catchup from the flood the decimated our finances in 2017 but gaining ground.  Only ~$40K behind the goal I set in 2015.

chaskavitch

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #524 on: January 02, 2020, 09:17:00 AM »
I have a giant spreadsheet of theoretical future salary increases and retirement account goals already, but I update the values to reflect actual account values at the end of the year, so I don't have a record of what I thought we would have anymore. 

These projected values are a little above what I've calculated with contribution increases and market returns, but I may as well be optimistic :)  I am being incredibly conservative about the increases in NW above and beyond retirement accounts, so it gets a little hand-wavey there anyhow.

Assumptions:
3% salary increase/yr, no bonuses, no promotions
6% market increase/yr
3% yearly contribution increase to 401k, until contribution max is hit

Current NW (including recent tax appraisal house value and mortgage): $272,573
Current retirement account totals: $114,000

End of year NW/retirement goals:
2017: $300,000/$145,000 - Dec 2017: $307,562 / $143,612
2018: $355,000/$195,000 projected BOY 2018 - $360,000/$200,000 Dec 2018: $400,497/$174,888
2019: $420,000/$250,000 projected BOY 2019 - $475,000/$225,000 Dec 2019: $540,560/$276,161
2020: $500,000/$325,000 Projected BOY 2020: $625,000/$347,309.67
2021: $575,000/$385,000
2022: $650,000/$475,000


DH wants to retire by 2027 when he turns 40, and according to my projections we'll have almost $1 million in retirement accounts alone by then.  He thinks we'll need $2-$3 million, so with these goals we'll have to step it up a lot to get there. 

We'd also like to buy a house with more property and further out of town, and either rent this one out or sell it, so we're (very slowly) saving toward a down payment for that.

First year done!  Overall NW is over my projections by $7500, retirement account balances are under by $1500, which I'm happy with, for sure.

Well, my 6% market increase estimate worked out well. Ha.  Our overall net worth is up because we've had about $18,000 in extra income this year that I didn't account for in January.  DH is doing a side-job thing with an old coworker for a nice hourly contractor fee.  It's not reflected in our retirement balances because 25% is going straight to Ally for tax savings, and most of the rest of it has gone toward savings toward that new house down payment.  We won't be moving for a few years, because a 20% down payment on a house with land is ... a lot... so this will probably continue in 2019/2020.  We're also have another kid in March, so we're adding a $1300/mo daycare fee starting in June :(

Market increases have been awesome.  We also sold our house for >$150,000 profit and bought a more expensive house with an acre of land outside of town.  Still within a decent commute time, but lots more space and excellent views of the mountains.  I think that accounts for a large part of our overall NW increase.

We're getting solar installed this year, so that'll be a chunk of money going out.  It was SUPPOSED to happen in Dec 2019, but the company ran into some permitting issues, so now we don't get the tax credit until 2021, boo.  They're offering some sort of reparation for the lost 4% credit from 2019 to 2020, at least.

wannabe-stache

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #525 on: January 03, 2020, 06:56:38 PM »
Didn't really start tracking until 2017.

maybe writing it down and publicizing it will help reinforce good behavior.

this excludes our home which we owe free and clear. 2018's redeeming note is that we paid off the rest of our mortgage with a rather large payment.

this assumes 3% returns and a stable and pretty high income that allows us to save a lot of $. both of those could be wrong.

   Net worth Ex-Housing
Jan-17   $1,370,994
Dec-17   $2,171,412
Dec-18   $2,409,607
Dec-20   $3,260,591
Dec-23   $4,886,560

Markets were up, income was up.  Strong stuff.  Adding another to the family in June 2020 so keep plugging away as it can't last...

            Net Worth
       Ex-Home Equity

Jan-17   $1,370,994
Dec-17   $2,171,412
Dec-18   $2,409,607
Dec-19   $3,358,564
Dec-20   $3,832,672
Dec-23   $5,416,207


ItsALongStory

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #526 on: January 04, 2020, 09:47:26 AM »
Quote
7/15/19
New plan is to build up my investments to $400k by mid 2022. I will then quit and we will live for 3 years off my wife's retirement and slow travel through Europe. Plan is to rent out our house during that time and keep it as a fall back plan. Our plan a is to sell, reinvest equity and start drawing 4% of that taxable account the next year or 2 years after. In the meantime my $400-500k will get a chance to grow to $1m or so when I start drawing 2% as needed. My wife gets cola in het retirement and has her own healthcare premium covered as well.

1098 more days :-)

Edit for clarity: I am no longer considering my portion of home equity as part of my retirement stash so I have roughly $200k currently.

As of today I am at roughly $265k invested, planning on adding about $50k more by end of June. I am hoping that the market can help out a little as well and put me around $325k by then. The plan has once again changed whereby a move to Europe will happen this summer, I will continue working for a further 2 years in all likelihood and then pull the plug. We plan on selling our home here in the US and pocket ~250k in equity which will go into VTSAX. Also planning on adding most of my relocation budget to that stashe.

Most of my much reduced (expecting 50-60% reduction) salary in Portugal will be put towards my retirement. That should still enable me to keep my 2 year timeline.

Toad

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #527 on: January 04, 2020, 12:10:47 PM »
I'll join in so I can laugh at myself later.  I track my finances independent of my wife's - only because I refuse to consider myself FI until I have accumulated enough to support us both indefinitely.  This is a leaner FIRE than I would prefer and it would require us moving, but that is easy since we are in an apartment.

Really I set my target when I started into this a couple years back and spent a lot of time looking at it.  Rather than chasing a moving goalpost, I am leaving that target as is with the intent to reevaluate life circumstances when I get to that point.

Target is $750k accumulated and grown from my assets.  My wife's assets are more difficult to predict since she is currently doing a postdoc.  I just project her out at that same income level indefinitely which is pretty conservative but would put us around a combined $1 MM when I hit $750k.

Targets for my accumulation are:
January 2020: 290k (current)
January 2021: 375k
January 2022: 475k
January 2023: 600k
January 2024: 750k

I think hitting my 750k target in 4-5 years is probable.  I will reassess when I get there.

Mazzinator

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #528 on: January 06, 2020, 08:07:52 AM »
Currently at NEGATIVE $60k net worth. ($97k debt in SL)

0 net worth early 2014
+$20k net worth July 2014
+$60k by end of 2014

1/1/2015: $55k
1/1/2016: $105k
1/1/2017: $160k
1/1/2018: $220k
1/1/2019: $280k
1/1/2020: $350k (husband will retire from active duty military in 2020 or 2021)

1/1/2016: $89K

Didn't make it to this years goal. But i'm still keeping the numbers the same for the future. Just have to push harder to reach them!!!

Posting for my ~3 year update.
7/29/13 nw was -$60k
8/3/16 nw is $116k

Trying hard to reach my 1/1/17 goal of $160k!!!

Sooooo close...

1/2/17 NW = $156,358
Yay! I finally hit my goal, and then some!!! Yay!!
1/1/18 NW = $237k
1/16/19 NW = $263k

Posting for my 6 year update!!! I can’t believe it!!!
7/29/13 NW = -$60k (yes, that was NEGATIVE 60k)
7/31/19 NW = $340k

I almost made my very end goal of $350k ahead of schedule!!! I guess i need to update those goals and make some new ones seeing how i never made goals past 1/1/2020.

New goals!! (These may be stretch goals after summer 2021)
1/1/20 $375
1/1/21 $455 (husband will retire from active duty in the summer of ‘21, future salary unknown)
1/1/22 $545
1/1/23 $635
1/1/24 $730
1/1/25 $840
1/1/26 $1 mil
1/1/20 $389 yippee

haypug16

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #529 on: January 06, 2020, 01:29:48 PM »
Year                    Goal/Actual
December 2017 - $(24,424.13)/$(24,424.13) (starting point)
December 2018 - $10,000/$(1,524.93) - short by $11,524.93
December 2019 - $40,000/$36,186.69
super close, short by $3,813.31
December 2020 - $72,000/
December 2021 - $115,000/
December 2022-  $162,000/
December 2023 - $215,000/
December 2024 - $270,000/
December 2025 - $330,000/
December 2026 - $390,000/
December 2027 - $455,000/
December 2028 - $525,000/ (stretch FIRE goal)
December 2029 - $590,000/
December 2030 - $650,000/ (FIRE goal)

I made some adjustments going forward. My FIRE number is now $650k which would give me $26k per year at a 4% WR. I've got 11 more years to go so I'm sure this wont be the first time I make some adjustments. I have a feeling I'll be increasing the FIRE number back up.

webguy

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #530 on: January 08, 2020, 08:07:30 AM »
I want to join in and set myself some public goals so that I'm held accountable.  My goals are:

Current NW:  $420k
Jan 1 2016:  $650k
Jan 1 2017:  $950k
Jan 1 2018:  $1.1M

I need to update my goals!

Current NW:  $1.1M
Jan 1 2017:  $1.25M
Jan 1 2018:  $1.6M
Jan 1 2019:  $2M

Jan 1 2017:  $1.26M

Phew, just made it! I have no idea how 2017 is going to go income-wise, so I'm sticking with my $1.6M goal for now and I'll revisit in 6 months...

Another 6 months have gone by so I'm revisiting to update the goals a little bit..

Current NW:  $1.535M
Jan 1 2018:  $1.75M
Jan 1 2019:  $2.2M

Another 6 months in the book! It's fun looking back and seeing progress as I don't really track these milestones anywhere else.  Just paid 4th quarter estimated taxes and prepaid 2018 state and property taxes so my current NW took a hit last week but I have some updated goals..

Current NW:  $1.85M
Jan 1 2019:  $2.35M
Jan 1 2020:  $2.8M

Time for another update!  It's been a good year income-wise so far and it looks like that should continue for at least another year hopefully, so I'm updating my goals a bit...

Current NW:  $2.28M
Jan 1 2019:  $2.45M
Jan 1 2020:  $3M

I'm approaching a point where I don't need to work any longer, however I'm in a situation where I own my own business but it feels like it owns me. I'm not sure what to do once I hit my FIRE number as I can't really sell the business due to it being very dependent on me, but it's a cash-generating machine so it seems silly to just dissolve it.  I guess I'll just keep at it for now.

All these quotes makes it a little tricky to see past progress so I'm gonna list it so I can see it more easily. It's crazy how fast your net worth can snowball once you get going:

Jan 2015 - $420k
April 2015 - $540k
Nov 2015 - $748k
Aug 2016 - $1.1M
Jan 2017 - $1.26M
July 2017 - $1.535M
Jan 2018 - $1.85M
Aug 2018 - $2.28M

Happy new year everyone! Almost made my goal but the markets had other ideas..

Jan 2019 Actual: $2.4M

I guess considering my original 2019 goal was $2M I can't be too disappointed.  I guess I better make some new goals:

Current NW:  $2.4M
Jan 1 2020:  $2.9M
Jan 1 2021:  $3.5M (FAT FIRE NUMBER!!!)
Jan 1 2022:  $4.1M

Let's do this!

Man this last 6 months has flown by! Finding myself ahead of the curve so time to update the goals a bit:

Current NW:  $2.88M
Jan 1 2020:  $3.1M
Jan 1 2021:  $3.75M
Jan 1 2022:  $4.4M

Another day another dollar! 2019 was a good year financially, looks like I ended up almost up a million which is pretty ridiculous. I’m close to finalizing the sale of a large portion of my business which is why my projected net worth will be increasing quite a bit in 2021. Also factoring in a market pullback at some point in the not-to-distant future too.

Current NW:  $3.35M
Jan 1 2021:  $5.9M
Jan 1 2022:  $6.0M
Jan 1 2023:  $6.2M
« Last Edit: January 08, 2020, 01:41:05 PM by webguy »

Cezil

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #531 on: January 10, 2020, 12:05:00 PM »
Quote
End 2019 - $100,000 (Goal met with $111,642.78)
End 2020 - $150,000
End 2021 - $205,000
End 2022 - $265,000
End 2023 - $330,000
End 2024 - $400,000
End 2025 - $470,000
End 2026 - $545,000
End 2027 - $625,000
End 2028 - $710,000 (My brain is unable to fathom having this much NW)

I met my end-2019 goal and am apparently already 20% of the way to my end-2020 goal so I think I was too conservative when calculating this all out in 2018.  I'm super happy for the progress.

SwordGuy

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #532 on: January 10, 2020, 01:13:11 PM »
Quote
End 2019 - $100,000 (Goal met with $111,642.78)
End 2020 - $150,000
End 2021 - $205,000
End 2022 - $265,000
End 2023 - $330,000
End 2024 - $400,000
End 2025 - $470,000
End 2026 - $545,000
End 2027 - $625,000
End 2028 - $710,000 (My brain is unable to fathom having this much NW)

I met my end-2019 goal and am apparently already 20% of the way to my end-2020 goal so I think I was too conservative when calculating this all out in 2018.  I'm super happy for the progress.

No, the market has just been way better than average the last year.  And because it was down for part of 2018, you got a double-whammy in your favor as you dollar-cost-averaged in.


Cezil

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #533 on: January 10, 2020, 01:29:34 PM »
Quote
End 2019 - $100,000 (Goal met with $111,642.78)
End 2020 - $150,000
End 2021 - $205,000
End 2022 - $265,000
End 2023 - $330,000
End 2024 - $400,000
End 2025 - $470,000
End 2026 - $545,000
End 2027 - $625,000
End 2028 - $710,000 (My brain is unable to fathom having this much NW)

I met my end-2019 goal and am apparently already 20% of the way to my end-2020 goal so I think I was too conservative when calculating this all out in 2018.  I'm super happy for the progress.

No, the market has just been way better than average the last year.  And because it was down for part of 2018, you got a double-whammy in your favor as you dollar-cost-averaged in.

That makes sense, thank you.  I'm getting used to this new action of shoving major cash into investments (and seeing it grow!) instead of towards debt (endless black hole, it seemed).  My feelings and judgement are still befuddled from shifting to an abundance mindset instead of feeling lack (even though I was super fortunate to be able to do major debt payoff in the first place - it's just a change in living/priorities and it's got me off balance still).  Also, I never thanked you for your insight in the other thread (making less than 50k), so thank you!

ItsALongStory

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #534 on: January 11, 2020, 04:52:12 AM »


My official target time frame is 7 years from now basically so i will plot out some milestones based on about $65k in contributions per year and ~5% portfolio gains. I am hoping that i can pull the plug in mid-2024 though, enabling me to optimize taxes and still get my bonus payout. My wife is already retired so I plan on drawing a low % in the first few years to reduce the sequence of returns risk and then crank it up later when my stashe has hopefully grown a bit more.

Current total NW: $315k
End of 2019: $340k
End of 2020: $420k
End of 2021: $510k
End of 2022: $600k
End of 2023: $700k
End of 2024: $810k
End of 2025: $930k
Middle of 2026: $1M
Well that plan is out the window.

New plan is to build up my investments to $400k by mid 2022. I will then quit and we will live for 3 years off my wife's retirement and slow travel through Europe. Plan is to rent out our house during that time and keep it as a fall back plan. Our plan a is to sell, reinvest equity and start drawing 4% of that taxable account the next year or 2 years after. In the meantime my $400-500k will get a chance to grow to $1m or so when I start drawing 2% as needed. My wife gets cola in het retirement and has her own healthcare premium covered as well.

1098 more days :-)

Edit for clarity: I am no longer considering my portion of home equity as part of my retirement stash so I have roughly $200k currently.

Ended 2019 with about $265k invested and on track for my 2020 projection to be met by early July since I'm front loading 2020 investments in 401k and HSA due to potential move abroad this summer. Stretch goal for end of year 2020 is $365k for 100k growth.

House might get sold this year so we can pull equity out and invest all but a year's worth of living expenses.

beege

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #535 on: July 27, 2020, 05:56:31 PM »
Wow another year again. Feel like I'll be getting old soon at this rate. Hope not! Have been enjoying life. Inflated stock market and some lifestyle inflation may keep me working a bit longer but at the very least I will go half-time next year. My wife already went half-time this year. We are on the cusp of FIRE. Targeting 3.5x withdraw rate now based on most of my research over the past year.

I am sorry to say crossing the million $ mark was predictably disappointing /shrug


My wife ended up leaving her job completely at the end of the year. She was planning on doing consulting for her company but instead has been taking a mental health break and gotten really involved in volunteering.

We kind of reversed roles as she thought she was the one who wanted to keep on working forever but since her job was toxic I'm glad she's getting a break. She still does want to work and since it's been almost 6 months since she quite she's starting to apply for jobs again. The reality of the difficulty in finding a job in a small town is setting in but not enough to reach out to her old company. As such I decided to stay full time for now until she's employed again or figures out what she wants to do. We were kind of hoping to coast to fire but that hasn't exactly happened.

We've been on the cusp of fire for about a year but haven't really made much progress as I hoped. Was at 82% to our FIRE number last year at this time last year and slightly higher now at 88%. We experienced life-style creep (moved to more expensive place), lack of (as much) income and a slow market has kept us about 1 year away from FI for the past year it seems.

If I had stuck with the 4% rule goalpost we'd be there but I wasn't quite comfortable with it. One More Year syndrome is real. Our FI number is about 1500K it looks like. I wish it were lower but that's the reality. Can't argue with the numbers.

New table

DateGoalActual
June 2014394K
June 2015550K547K
June 2016750K692K
June 2017842K929K
June 20181107K1182K
Dec 20181300K1179K
June 2019current1305K
2020?FIRE1500K

A little late this year but I'm back again. My google calendar reminder actually expired from when I made it initially in 2014/2015 because I was supposed to be FIRED right now.  I'd say that's a bit of a wake up call but I think I've gotten over my OMY syndrome and am currently targeting a FIRE date of February 2021. My job just doesn't do it for me anymore and I find myself struggling to make time for it with all the living I've been doing outside of work.

Things have definitely relaxed regarding our jobs over the last year (in a good way). Since last year, I was laid off (in September) which dashed my plan to transition to half time, my wife returned to work (in November) and I found a new job in October (and started in December). We had a glorious 6 weeks or so where we both were fully unemployed and spent a lot of time outdoors camping, hiking, foraging, etc. Since that taste of freedom we've both recommitted to the idea of FIRE. Now that we know what it is like for us both to be free everyday, it is a real struggle to do our jobs (despite our salaries being higher than ever). Why did I go back though? I was almost on the cusp of not going back to work last December but I had a job fall into my lap and then when we had a dream property purchase become a possibility so I decided to pad the stash. I'm just staying on my new job long enough to be there a year and leave on good terms and meanwhile make enough to pay for the property. At that point my wife will have a year at her job when I quit and aims to negotiate a part-time position (she still doesn't quite trust the math of the stash). I hope to negotiate with her to quit completely in the following years based on our tiny taste of what it was like when we were both free, but I'll take part-time for starters.

So there you have it. Drawing a line in the sand now. I've got another calendar reminder set for next year and, genuinely, I expect that to be the last update. We are sitting at less than a 3.25% withdraw rate for our stash right now, we've paid off our mortgage for my MIL's house, and Covid has (for us) been a non-issue on the financial side so I'm pretty much done with excuses. A big thanks to MMM and the forum for getting us started down this path way back in 2013!

Regarding the actual (liquid) net worth we hit 1422K in June. That's a bit (90K+) lower than it would be otherwise due to the mortgage payoff. I expect to be around 1550K in February 2021 barring a more permanent financial crisis.
« Last Edit: July 27, 2020, 06:24:30 PM by beege »

StackOfCoins.com (Jay)

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #536 on: August 05, 2020, 06:56:15 AM »
Never told anyone this, but 9 figures is my NW goal much later in retirement, based on business, investments, etc. This is based on several assumptions of course, which I think are realistic for now, and am on track. Let’s see.

TheFirstMan

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #537 on: October 22, 2020, 07:26:05 AM »
My history is quoted below, but we just got cleared to close on a cash out refi. The house appraised way higher than anticipated, so NW today is 1.024M! That includes 92K of equity still in the house. That 500K to 1M went FAST, more than three years faster than anticipated!

Assuming 4% growth after inflation, I guess looking ahead it would be something like...

1/1/22 1.1M
1/1/23 1.2M
1/1/24 1.3M
1/1/25 1.45M
1/1/26 1.58M
1/1/27 1.7M

This might change based on financial aid and perhaps starting in rental real estate...or a crash...

Currently, investments and cash is 249K.

Home value is about 280K, with 140K owed.

So net worth of 249K + 280K - 140K = 389K

01/01/16...389K
01/01/17...440K
01/01/18...533K
01/01/19...614K
01/01/20...725K
01/01/21...804K (of which about 360K is home equity and the house is paid off)

This is working from assumptions about inflation and our spending and income that are pretty pessimistic, as well as that we put an addition on the house. So if the market is reasonable, our spending is less, our income is up, inflation is low, and/or we don't do an addition, these could be upped but a significant percent.

Needing to update a bit here...we are halfway through an addition, and our income situation changed.

Today

Cash and liquid accounts: 80K. Of this, home addition and other capital projects are 37K+8K+10K = 55K, leaving 25K actually.

Investments: 293K

Home value is actually now at least 275K (and likely a fair bit more after the improvements, as much as 350K), with 200K owed. Will likely pull out equity up to 80% and deploy more productively.

So net worth of 24K + 293K + 75K = 393K

With new savings goal of 5K/month (conservative) and a real rate of return of 3% (also conservative), keeping the home equity at just 75K I estimate...

Future:

01/01/18...440K
01/01/19...511K
01/01/20...584K
01/01/21...660K
01/01/22...736K
01/01/23...817K
01/01/24...900K
« Last Edit: October 22, 2020, 07:40:03 AM by TheFirstMan »

Jtrey17

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #538 on: October 25, 2020, 01:05:07 PM »
Never told anyone this, but 9 figures is my NW goal much later in retirement, based on business, investments, etc. This is based on several assumptions of course, which I think are realistic for now, and am on track. Let’s see.
Good luck!!

FIreDrill

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #539 on: November 12, 2020, 04:48:11 PM »
Looks like we met our 2017 goals but I am not confident that 2018 will be the same.  We went through a move and 3 job transitions between the two of us this year.  We also moved to an HCOL area where our housing expenses have significantly increased.  The good news is our salaries have increased by around 21% and there is much greater potential for salary growth where we are now.

IF we can continue to meet our goals it will most likely be driven by a hot stock market or the crazy real estate market we are currently in.  I guess only time will tell.  :)



Date    Added Per Year       Total Estimated       Year over year Gain    Total Actual
               Estimated                                               

Year-End
           
2014       $60,000                $106,700                    $62,200              $106,700
2015       $60,000                $177,869                    $96,666              $203,468
2016       $65,000                $259,141                    $72,907              $276,375
2017       $65,000                $345,859                    $91,676              $368,051
2018       $70,000                $443,721
2019       $70,000                $548,140
2020       $80,000                $670,226
2021       $80,000                $800,491
2022       $90,000                $950,154
2023       $90,000                $1,109,844
2024       $100,000              $1,290,904



Wow, it has been a while since I updated this thread.  We are still meeting our goals and if you count housing appreciation then we are probably at the end of 2021 target already.  Earlier this year I was doing a lot of research on building a custom portfolio and going away from strictly VTI.  In Feb/March I started shifting about 65% of our investments into this new allocation which focuses more on growth/tech/small-cap, and then uses consumer staples and a small gold position to hedge risk. Well... I got lucky/smart because it has worked amazingly through the Covid crash.  I was researching this and finalizing my new portfolio asset allocation for about 5 months before making the change so this was not a spur of the moment decision.

With all that said, updated numbers below.



Date    Added Per Year       Total Estimated       Year over year Gain    Total Actual NW                                             Total Investments Only
               Estimated                                               

Year             
2014       $60,000                $106,700                    $62,200              $106,700                                                      $67,995
2015       $60,000                $177,869                    $96,666              $203,468                                                      $133,291
2016       $65,000                $259,141                    $72,907              $276,375                                                      $203,004
2017       $65,000                $345,859                    $91,676              $368,051                                                      $329,652
2018       $70,000                $443,721                    $26,421              $394,472                                                      $327,587
2019       $70,000                $548,140                    $165,723            $560,195                                                      $507,311
2020       $80,000                $670,226                    $182,398            $742,593                                                      $659,747        - YTD
2021       $80,000                $800,491
2022       $90,000                $950,154
2023       $90,000                $1,109,844
2024       $100,000              $1,290,904


I'm setting a couple of new goals.  The first will be to get to 1M NW by my 32 birthday in 2022 and the second will be a stretch goal to get to 1M invested by that same date.

I think we have a pretty good shot at accomplishing at least the first unless we decide to move and call it quits early.

Bateaux

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #540 on: November 13, 2020, 10:12:14 AM »
Considering a 5% overall return, paper investments are projected as follows for FIRE.  Assuming  $6,000 per month additional investment.   Also have 300k to 400k fully owned real estate not included in calculations.

FIRE 2018

2016  $1,300,000
2017  $1,440,000
2018  $1,588,000
*****Fire*********age 50


FIRE 2020

2016  $1,300,000
2017  $1,440,000
2018  $1,588,000
2019  $1,743,000
2020  $1,906,000
*****FIRE*********age 52

FIRE 2023

2016  $1,300,000
2017  $1,440,000
2018  $1,588,000
2019  $1,743,000
2020  $1,906,000
2021  $2,077,000
2022  $ 2,256,000
2023  $2,445,000
*****FIRE*********age 55 (minimum retirement age from employer)

I used a very conservative rate of return in my projected growth.  Obviously we did better than 5%. 
That being said, we've passed in 2019 my expected 2021 value. This is the last month that I can retire at 50.  The temptation is great.  I'm thinking 52 isn't a failure.   With over 2.1M now, unless a recession hits we'll hopefully see another 250K by then.

Beware the power of OMY syndrome.  Currently at 2,150,000 investment assets.  Another 400k or so in real estate.  The current and final goal is 2.5M in investment assets.  So far this year we've come close to but never crossed 2.2M.  I think we will cross 2.2M in coming months, however I expect to dip below 2.0M in the coming recession.  So I'm stuck in OMY for a while.

Took less than a month with new highs, to cross the 2.2 Million investment mark.  Mature portfolio growth is incredible.

2020 update.  We've reached 2.32M liquid.  Passing the 2022 goal set in 2016.

Late 2020 update.   2.55MM and in recession.  I fully expected a recession Covid-19 is only partly responsible for it.  But I'd never expected to be wealthier than ever in the middle of it.  Still working.  Shooting for 3 million now.

SwordGuy

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #541 on: November 13, 2020, 11:51:22 AM »
Ran across this posting of mine on this thread from quite a few years back and thought I would give an update:

For me, net worth isn't a useful measurement for FI.  That's because I have no debt and don't intend on selling my house, cars, or other household furnishings.

So I'll focus on current assets that can be used to support FI.    I'll assume the market only keeps pace with inflation, i.e, no compounding, so I'll ignore earnings and just list amounts in current dollars.

2013: $580,000
2014: $665,000
2015: $750,000
2016: $835,000
2017: $920,000
2018: $977,000  Assumes wife retires at 70.
2019: $1,034,000
2020: $1,091,000  Assumes I retire at 63.

3.5% withdrawal rate = $38,185 income plus $14,400 wife's SS = $52,285 income.   I'll hold off on my SS until 70 because it will be a much higher than my wife's.  Obviously, if the market does much better than just keeping pace with inflation, I could move my retirement date foreward a couple of years.   If not, not.

For those of you who are younger and want to learn from my mistakes...

We could be retired right now if we had changed our behaviour 10 years ago.

We could have retired 10 or more years ago if we had changed our behavior back in 1988 when I got my first decent paying job.

Actuals:
2015: $1,050,000 we got into the rental property business before this date and the stock investments grew.
          That's 4 years ahead of our estimate!
2016: $1,900,000 regular gains and savings, plus an inheritance.

New estimates:
2017: $2,030,000
2018: $2,200,000 Assumes wife retires at 70, we finish the house we're slow-flipping, and I retire at 60, 2 years ahead of schedule.

We're at about $2,550,000 now.   Most of the difference is a spreadsheet mistake on my part, where I left off the value of our primary home in the total field.   The rest is 401K contributions, market growth, and the normal mortgage paydown.

It's enough.   Will deploy some capital to get a 2 to 4 rental properties over the next 3 to 5 years.  That's so we don't have to sell stock at all when the market is down.   

Definitely switching from acquisition mode to preservation mode now that we've retired.

It's a year later and net worth is ~$2,720,000.  A bit of that is the bump from taking two run down properties and renovating them.     The rest is market gains.

We have 4 rentals.   We flipped one house and I've got one that we're about to start work on.  It's a zero profit flip to help out the family who's been helping us get our last two rentals  fixed up.

I'm starting to look for another rental but won't get serious about it until later in the summer.  Prices tend to start dropping around then and continue into the winter.

I would like to be at 5 rentals by this time next year and 6 the year after that.   My buddy is taking the flip and going to try out AirBnB.   If it goes well I'll give it a try, too.  If not, it will still do well as a duplex.

So, about 16 months later and we're at about $2,705,000.     

But we've also cut our expenses by a lot because all our debt is gone -- no more mortgage so that saves about $17k -- plus I'm now on SS so we've got another $24K in income.

We're actually where, if we stay on a generous budget that includes $1k / month in charitable gifts, we'll have a negative withdrawal rate on our stock stash. 

webguy

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #542 on: December 29, 2020, 06:32:57 AM »
I want to join in and set myself some public goals so that I'm held accountable.  My goals are:

Current NW:  $420k
Jan 1 2016:  $650k
Jan 1 2017:  $950k
Jan 1 2018:  $1.1M

I need to update my goals!

Current NW:  $1.1M
Jan 1 2017:  $1.25M
Jan 1 2018:  $1.6M
Jan 1 2019:  $2M

Jan 1 2017:  $1.26M

Phew, just made it! I have no idea how 2017 is going to go income-wise, so I'm sticking with my $1.6M goal for now and I'll revisit in 6 months...

Another 6 months have gone by so I'm revisiting to update the goals a little bit..

Current NW:  $1.535M
Jan 1 2018:  $1.75M
Jan 1 2019:  $2.2M

Another 6 months in the book! It's fun looking back and seeing progress as I don't really track these milestones anywhere else.  Just paid 4th quarter estimated taxes and prepaid 2018 state and property taxes so my current NW took a hit last week but I have some updated goals..

Current NW:  $1.85M
Jan 1 2019:  $2.35M
Jan 1 2020:  $2.8M

Time for another update!  It's been a good year income-wise so far and it looks like that should continue for at least another year hopefully, so I'm updating my goals a bit...

Current NW:  $2.28M
Jan 1 2019:  $2.45M
Jan 1 2020:  $3M

I'm approaching a point where I don't need to work any longer, however I'm in a situation where I own my own business but it feels like it owns me. I'm not sure what to do once I hit my FIRE number as I can't really sell the business due to it being very dependent on me, but it's a cash-generating machine so it seems silly to just dissolve it.  I guess I'll just keep at it for now.

All these quotes makes it a little tricky to see past progress so I'm gonna list it so I can see it more easily. It's crazy how fast your net worth can snowball once you get going:

Jan 2015 - $420k
April 2015 - $540k
Nov 2015 - $748k
Aug 2016 - $1.1M
Jan 2017 - $1.26M
July 2017 - $1.535M
Jan 2018 - $1.85M
Aug 2018 - $2.28M

Happy new year everyone! Almost made my goal but the markets had other ideas..

Jan 2019 Actual: $2.4M

I guess considering my original 2019 goal was $2M I can't be too disappointed.  I guess I better make some new goals:

Current NW:  $2.4M
Jan 1 2020:  $2.9M
Jan 1 2021:  $3.5M (FAT FIRE NUMBER!!!)
Jan 1 2022:  $4.1M

Let's do this!

Man this last 6 months has flown by! Finding myself ahead of the curve so time to update the goals a bit:

Current NW:  $2.88M
Jan 1 2020:  $3.1M
Jan 1 2021:  $3.75M
Jan 1 2022:  $4.4M

Another day another dollar! 2019 was a good year financially, looks like I ended up almost up a million which is pretty ridiculous. I’m close to finalizing the sale of a large portion of my business which is why my projected net worth will be increasing quite a bit in 2021. Also factoring in a market pullback at some point in the not-to-distant future too.

Current NW:  $3.35M
Jan 1 2021:  $5.9M
Jan 1 2022:  $6.0M
Jan 1 2023:  $6.2M
I guess it’s been almost a full year since I posted here! Man, what a year it’s been! I ended up selling a lot less of my company than originally planned (about half) and so my projections from last January are no longer accurate. Due to the partial sale and some investment returns our current NW is $5.6M.

I may sell the rest of the company at some point in the next couple of years but for now I’m basing these goals on that not happening.

Current NW:  $5.6M
Jan 1 2022:  $6.2M
Jan 1 2023:  $7M

nawhite

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #543 on: December 29, 2020, 11:56:12 AM »

...

Jan 2014 Actual: ~$0k NW
Jan 2015 Actual: $105k* NW, $68k non-mortgage debt
Jan 2016 Actual: $213k* NW, $58k debt
Jan 2017 Actual: $265k* NW, $47k debt
Jan 2018: Goal: $330k NW, $35k debt
Jan 2019: Goal: $400k NW, $22k debt
Jan 2020: Goal: $500k NW, $8k debt
Jan 2021: Goal: $600k NW, $0k debt
...
Had to trim down the previous posts as it was going back every year to 2013. Feel free to click on the quote link above to see that. I also finally made up a spreadsheet to see this stuff visually. I'm going to update the goals and actuals based on that from now on, but long story short, I was aiming for 330 this year and hit 388k. Kinda stoked. This coming year, my wife got a job that pays well which should increase our savings rate even more. We're also going to finally sell the house this year as the boom in Denver has subsided and appreciation can't beat the primary residence tax exemption that thankfully didn't get changed in the new tax bill.

Jan 2014 Actual: ~$0k NW
Jan 2015 Actual: $90k NW, $69k non-mortgage debt
Jan 2016 Actual: $208k NW, $58k debt
Jan 2017 Actual: $292k NW, $47k debt
Jan 2018: Actual: $388k NW, $40k debt
Jan 2019: Goal: $500k NW, $30k debt
Jan 2020: Goal: $625k NW, $20k debt
Jan 2021: Goal: $750k NW, $10k debt
Jan 2022: Goal: $900k NW, $0k debt
Jan 2023: Goal: $1.1M NW, FIRE

We got the house sold but it cost more than expected to do that ($20k in asbestos mitigation) combined with this terrible December means I'm nowhere close this year but still above the goals I set in 2016. I knew this big run of every year doing way better than the goal was going to end eventually but progress is still definitely being made. Fortunately we were able to take the house money and just finish paying off all of the student loans way ahead of schedule. I usually am in the "keep investing over paying down low interest debt" camp, but it was variable interest rate debt and interest rates were going up and it was just a lot of mental energy to deal with every month so I just made it go away and feel better for it.

Re-edited the actuals to match the spreadsheet I have that adds in "Savings and Checking" now that that emergency fund is not inconsequential and I think I'll be setting my goals back to the 2016 goals.

Jan 2014 Actual: $13k NW, $99k non-mortgage debt
Jan 2015 Actual: $101k NW, $69k debt
Jan 2016 Actual: $218k NW, $58k debt
Jan 2017 Actual: $311k NW, $47k debt
Jan 2018: Actual: $408k NW, $40k debt
Jan 2019: Actual: $425k NW, $0k debt!!!
Jan 2020: Goal: $500k NW
Jan 2021: Goal: $600k NW
Jan 2022: Goal: $725k NW
Jan 2023: Goal: $850k NW
Jan 2024: Goal: $1M NW

I don't get this stuff anymore. Just checked my numbers and I'm at $625k today. Up $200k in one year?!?! And my wife wasn't even working this year?!?! How is this possible? My best guesses are that 1) the market was way below the moving average at the end of last year. 2) We dollar cost averaged the proceeds from the house throughout that whole downturn so we ended up set up very well for the following increase starting in January. Overall though it is just absolutely mind boggling that we did so well this year.

This year, I'm probably going to end up leaving the high paying job. Not going to full on FIRE, but move on to doing whatever I want to do that might earn money instead. My whitewater kayak instruction company might actually have legs and I am thinking of doing a 1000 mile rafting trip from Breckenridge to the bottom of the Grand Canyon. So add that all up and I'm going with the goal of a bit more this year and then just not pulling any money from it so it goes up at the stock market's CAGR:

Jan 2014: Actual: $13k NW, $99k non-mortgage debt
Jan 2015: Actual: $101k NW, $69k debt
Jan 2016: Actual: $218k NW, $58k debt
Jan 2017: Actual: $311k NW, $47k debt
Jan 2018: Actual: $408k NW, $40k debt
Jan 2019: Actual: $425k NW, $0k debt!!!
Jan 2020: Actual: $625k NW
Jan 2021: Goal: $700k NW
Jan 2022: Goal: $747k NW
Jan 2023: Goal: $798k NW
Jan 2024: Goal: $852 NW

(Edit: in the graph below, Brown is savings in the bank account, Grey is investments in 401k, IRAs or Vanguard and Blue is net worth. The other lines were for student loans and mortgage and equity and stuff and don't really matter anymore.)

So this year I basically FIREd. I quit my tech job to start teaching kayaking full time (whitewaterworkshop.com). I made around $17k in 4 months of work. It's weird how the change basically didn't affect my net worth at all compared to what the market was doing. I postponed leaving from April to July and took all of the money I earned in that timeframe and dumped it into the cheaper stock market, combined with doing my IRA contributions during the March crash.

Going forward, I'm kinda done with "Goals" it's more like "guesses." The Goal was FI and I'm there now. So maybe the Goal now is just to maintain FI? Sure seeing the number continue to grow would be cool but honestly, it doesn't really matter now that it is enough to cover rent and health insurance forever. Either my wife or I can make enough money to cover food and toys doing stuff we enjoy part time so why would it need to be bigger?

That said, in terms of Guesses, I'm thinking that after 2 years of crazy increases, a real long term decrease or plateau is probably coming. That combined with me not working anymore and I'm going to guess somewhere between a 4%/year increase and a linear regression of the past 9 years:

Jan 2014: Actual: $13k NW, $99k non-mortgage debt
Jan 2015: Actual: $101k NW, $69k debt
Jan 2016: Actual: $218k NW, $58k debt
Jan 2017: Actual: $311k NW, $47k debt
Jan 2018: Actual: $408k NW, $40k debt
Jan 2019: Actual: $425k NW, $0k debt!!!
Jan 2020: Actual: $625k NW
Jan 2021: Actual: $773k NW
Jan 2022: Goal: $780-804k NW
Jan 2023: Goal: $836-880k NW
Jan 2024: Goal: $860-990k NW

SwordGuy

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #544 on: December 29, 2020, 12:00:42 PM »
Ran across this posting of mine on this thread from quite a few years back and thought I would give an update:

For me, net worth isn't a useful measurement for FI.  That's because I have no debt and don't intend on selling my house, cars, or other household furnishings.

So I'll focus on current assets that can be used to support FI.    I'll assume the market only keeps pace with inflation, i.e, no compounding, so I'll ignore earnings and just list amounts in current dollars.

2013: $580,000
2014: $665,000
2015: $750,000
2016: $835,000
2017: $920,000
2018: $977,000  Assumes wife retires at 70.
2019: $1,034,000
2020: $1,091,000  Assumes I retire at 63.

3.5% withdrawal rate = $38,185 income plus $14,400 wife's SS = $52,285 income.   I'll hold off on my SS until 70 because it will be a much higher than my wife's.  Obviously, if the market does much better than just keeping pace with inflation, I could move my retirement date foreward a couple of years.   If not, not.

For those of you who are younger and want to learn from my mistakes...

We could be retired right now if we had changed our behaviour 10 years ago.

We could have retired 10 or more years ago if we had changed our behavior back in 1988 when I got my first decent paying job.

Actuals:
2015: $1,050,000 we got into the rental property business before this date and the stock investments grew.
          That's 4 years ahead of our estimate!
2016: $1,900,000 regular gains and savings, plus an inheritance.

New estimates:
2017: $2,030,000
2018: $2,200,000 Assumes wife retires at 70, we finish the house we're slow-flipping, and I retire at 60, 2 years ahead of schedule.

We're at about $2,550,000 now.   Most of the difference is a spreadsheet mistake on my part, where I left off the value of our primary home in the total field.   The rest is 401K contributions, market growth, and the normal mortgage paydown.

It's enough.   Will deploy some capital to get a 2 to 4 rental properties over the next 3 to 5 years.  That's so we don't have to sell stock at all when the market is down.   

Definitely switching from acquisition mode to preservation mode now that we've retired.

It's a year later and net worth is ~$2,720,000.  A bit of that is the bump from taking two run down properties and renovating them.     The rest is market gains.

We have 4 rentals.   We flipped one house and I've got one that we're about to start work on.  It's a zero profit flip to help out the family who's been helping us get our last two rentals  fixed up.

I'm starting to look for another rental but won't get serious about it until later in the summer.  Prices tend to start dropping around then and continue into the winter.

I would like to be at 5 rentals by this time next year and 6 the year after that.   My buddy is taking the flip and going to try out AirBnB.   If it goes well I'll give it a try, too.  If not, it will still do well as a duplex.

So, about 16 months later and we're at about $2,705,000.     

But we've also cut our expenses by a lot because all our debt is gone -- no more mortgage so that saves about $17k -- plus I'm now on SS so we've got another $24K in income.

We're actually where, if we stay on a generous budget that includes $1k / month in charitable gifts, we'll have a negative withdrawal rate on our stock stash.

Add a month, some market gains, and some real estate appreciation, and we're up to $2.81M.    FI is awesome.

wannabe-stache

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #545 on: December 29, 2020, 12:39:23 PM »
Didn't really start tracking until 2017.

maybe writing it down and publicizing it will help reinforce good behavior.

this excludes our home which we owe free and clear. 2018's redeeming note is that we paid off the rest of our mortgage with a rather large payment.

this assumes 3% returns and a stable and pretty high income that allows us to save a lot of $. both of those could be wrong.

   Net worth Ex-Housing
Jan-17   $1,370,994
Dec-17   $2,171,412
Dec-18   $2,409,607
Dec-20   $3,260,591
Dec-23   $4,886,560

This is a pretty insane update from my projections at the start of the year.  We heavily rebalanced in March and sunk some large bonus payments in as well, at the right time.  As of the close yesterday are net worth was exactly, $6.000MM including home equity.

i don't want to make light of our fortune - my wife (37) and I (41) are both very lucky.  But for those that wonder, this is just the result of having a high earning job and living well below our means.

Net Worth Ex-Home Equity
Jan-17   $1,370,994
Dec-17   $2,167,212
Dec-18   $2,405,900
Dec-19   $3,357,364
Dec-20   $4,989,364
Dec-23 est.$6,552,752

2Birds1Stone

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #546 on: December 29, 2020, 12:58:38 PM »
Late to the party but here are my annual goals to FIRE

Start of
2015 - 105k 80k
2016 - 135k 136k
2017 - 170k 252k
2018 - 210k 357k
2019 - 255k 421k - FIRE'd in Sept '19
2020 - 305k 576k - back to work in Nov '20
2021 - 360k ~620k
2022 - 420k
2023 - 485k
2024 - 555k
2025 - 630k
2026 - 710k
2027 - 795k
2028 - 885k
2029 - 1 Million (FIRE!! @ 42 years old)

Oh how fun to see if this thread has aged well.

Adding actual amounts vs goal in bold.

Moral of the story, we overestimate what we are capable of in the short term, and underestimate in the long term....the second moral, you don't need a million bucks to try retirement!

philli14

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #547 on: December 31, 2020, 11:13:26 AM »
Goals are for end of year net worths:

2019 100k - ACTUAL: 127.3k
2020 150k - ACTUAL: 203.9k
2021 200k
2022 275k
2023 350k @ 30yo
2024 450k
2025 550k
2026 650k
2027 750k - Anticipated FI date for 30k/year spend
2028 850k - @ 35yo
2029 1000k - Anticipated FI date for 40k/year spend, when I will likely FI

More than happy with the trajectory so far.

FIreDrill

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #548 on: January 01, 2021, 04:59:34 PM »

I finally took the time to create a somewhat decent table for tracking this.  I began doing some individual stock picking with a very small portion of our portfolio in mid/late 2020 that has boosted our returns a little bit this year but the majority of our gains came from changing our asset allocation in March to be heavier into tech & growth companies.  We also put a lot into the market in 2020 and through the crash which turned out amazing.  We are ahead of our long term goals by 1 year and my stretch goal for the end of 2021 is to have 1M invested.  Stay safe/healthy and have a great 2021 everyone!



Year End     Est YOY Gain     Actual YOY Gain     Est Total NW     Actual Total NW     Investments Only     
2014$60,000$62,200$106,700$106,700$67,995
2015$71,169$96,768$177,869$203,468$133,291
2016$81,272$72,907$259,141$276,375$203,004
2017$86,718$91,676$345,859$368,051$329,652
2018$97,862$26,421$443,721$394,472$327,587
2019$104,419$165,723$548,140$560,195$507,311
2020$122,086$280,010$670,226$840,205$734,815
2021$130,265-$800,491--
2022$149,663-$950,154--
2023$159,690-$1,109,844--
2024$181,060-$1,290,904--
2025$209,096-$1,500,000--



Mazzinator

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #549 on: January 01, 2021, 07:27:42 PM »
Currently at NEGATIVE $60k net worth. ($97k debt in SL)

0 net worth early 2014
+$20k net worth July 2014
+$60k by end of 2014

1/1/2015: $55k
1/1/2016: $105k
1/1/2017: $160k
1/1/2018: $220k
1/1/2019: $280k
1/1/2020: $350k (husband will retire from active duty military in 2020 or 2021)

1/1/2016: $89K

Didn't make it to this years goal. But i'm still keeping the numbers the same for the future. Just have to push harder to reach them!!!

Posting for my ~3 year update.
7/29/13 nw was -$60k
8/3/16 nw is $116k

Trying hard to reach my 1/1/17 goal of $160k!!!

Sooooo close...

1/2/17 NW = $156,358
Yay! I finally hit my goal, and then some!!! Yay!!
1/1/18 NW = $237k
1/16/19 NW = $263k

Posting for my 6 year update!!! I can’t believe it!!!
7/29/13 NW = -$60k (yes, that was NEGATIVE 60k)
7/31/19 NW = $340k

I almost made my very end goal of $350k ahead of schedule!!! I guess i need to update those goals and make some new ones seeing how i never made goals past 1/1/2020.

New goals!! (These may be stretch goals after summer 2021)
1/1/20 $375
1/1/21 $455 (husband will retire from active duty in the summer of ‘21, future salary unknown)
1/1/22 $545
1/1/23 $635
1/1/24 $730
1/1/25 $840
1/1/26 $1 mil

1/1/21 - $510 (plus we have about $30k cash for the transition when my husband retires this summer)

 

Wow, a phone plan for fifteen bucks!