Author Topic: Gauntlet: Long Term Net Worth Goals  (Read 259213 times)

2Birds1Stone

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #200 on: January 13, 2015, 07:21:18 PM »
Late to the party but here are my annual goals to FIRE

Start of
2015 - 105k
2016 - 135k
2017 - 170k
2018 - 210k
2019 - 255k
2020 - 305k
2021 - 360k
2022 - 420k
2023 - 485k
2024 - 555k
2025 - 630k
2026 - 710k
2027 - 795k
2028 - 885k
2029 - 1 Million (FIRE!! @ 42 years old)

2Birds1Stone

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #201 on: January 13, 2015, 07:24:52 PM »
What is great too, as of current expenses I would be FI by age 38 =)

Davids

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #202 on: January 15, 2015, 08:01:08 PM »
Just to keep numbers exact and be conservative.

Jan 2015: $608K
Jan 2016: $700K
Jan 2017: $800K
Jan 2018: $900K
Jan 2019: $1M (Debt free due to paid off Mortgage at this point)
Jan 2020: $1.1M
Jan 2021: $1.2M
Jan 2022: $1.3M (may FIRE at that point - Age 40)


dragoncar

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #203 on: January 15, 2015, 08:19:40 PM »
Current NW: $450k (down around 30k due to the stoooopid PP performance... grrr... ok I'll stop)

I consider this FI as in I could easily live on this indefinitely... just not in my current city (SF).

Adding around 100k/year. 

Target NW: 1m (I refuse to use MM because that makes me think of "mega millions!!!!")

This would nominally take 5 more years.  I chose it just because it's a nice round number that is way above my actual needs, but it's good to buffer against the unknown.  Problem is, there will come a time when I'd probably have to leave within a year.  At the tail end of "within a year," I'd hope to have around 700k at age 35, which was my original goal.  My current living situation requires around 500k in capital, plus I'd need to eat.  I'd have around $666/mo for food and other basic living expenses, and I could take odd jobs or freelance for "fun money".

I could also take another job somewhere else for a few more years and shoot for 1m by age 40.  By that time, I could be married, I could have kids... who knows?  I guess that's why we emphasize flexibility around here... I'm sure it will work out but I really don't know when I'll pull the trigger... I just know it isn't right now.

edit:  OK, so my stretch goal is 1 m at age 35 (very loosely defined as before I turn 36) -- i.e. double my net worth in 3 years.  300k can come from my current savings trajectory, leaving a 200k shortfall, which is $67k/year.  I could attain this level bonus by working 1000 extra hours each year (19 hours per week... or perhaps 10 hours every saturday and sunday).  Possible but not likely.  On the other hand, I could attain an 11% CAGR in my investments.  Also possible, but not likely.  Some combination of the above?  That's why they call it a stretch goal.

1.5 years later I'm at $780k.  Had a nice increase from investment property, not sure it's repeatable in this market.  PP recovered in 2014, although long term performance isn't great.  Going part time and planning to coast up to $1 million for "safety".  Best case, I'll love working part time and never need to retire.

Stretch goal- dec 2015 $1 million (I would only need a 15% return plus savings!)

Realistic goal
2016 - 900k
2017 - 1m
2018 - 1.1 m
2019 - 1.3 m
2020 - 1.5 m, retire at 40 woohoo!!!!

I'm not counting my wife who is at $0.  Otherwise divide my numbers in two and double the gainz.  Thinking $2m for the both of us is ridiculously generous and yet achievable.

sol

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #204 on: January 16, 2015, 11:35:13 PM »
The more of this thread I read, the more I think the long term net worth challenge should be to minimize it.  Like any schmuck with a decent job can save 50% and work for 40 years and end up a multimillionaire.  That's not even a challenge.

But deliberately limiting your net worth because you know you don't need more money?  Pulling the trigger on early retirement at age 30 with only $450,000 in the bank?  That's a challenge.  It requires a certain intimate familiarity with your real spending patterns, a willingness to make sacrifices or find more income in the event of a downturn, confidence in your asset allocation, and balls of steel. 

I give much more respect to the family of six that FIREs on $500k than I do to the unmarried investment banker who punches out with "only" 2 million instead of the 7 he was originally planning on.  Seriously, which of those people do you think is more badass?

Otherwise, this gauntlet is just "who has the highest paying job and can endure doing it the longest?" and that doesn't really seem in line with what we're all trying to accomplish here.  Namely, getting out from under our jobs.

steveo

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #205 on: January 17, 2015, 01:41:41 AM »
The more of this thread I read, the more I think the long term net worth challenge should be to minimize it.  Like any schmuck with a decent job can save 50% and work for 40 years and end up a multimillionaire.  That's not even a challenge.

I still think its a challenge to save 50% of your income if you are the average consumer.

In stating that I think you do need to minimize it a little otherwise you will just keep on working.

Seriously, which of those people do you think is more badass?

I don't care what is badass because I care about getting to FIRE for me personally. I don't want to RE on too small a stash and have my kids support me when I'm older.

Otherwise, this gauntlet is just "who has the highest paying job and can endure doing it the longest?" and that doesn't really seem in line with what we're all trying to accomplish here.  Namely, getting out from under our jobs.

I can also see some issues with this gauntlet because RE is in my opinion more about minimizing expenses rather than having the biggest stash. In stating that I assume that there are gauntlets out there about minmizing expenses.
« Last Edit: January 17, 2015, 02:05:55 AM by steveo »

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #206 on: January 17, 2015, 03:45:55 AM »
I disagree, sol. I save around 50% and give 10% and consider it a challenge...I'm nowhere near as badass on the spending side.

dragoncar

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #207 on: January 17, 2015, 10:47:16 AM »
The more of this thread I read, the more I think the long term net worth challenge should be to minimize it.  Like any schmuck with a decent job can save 50% and work for 40 years and end up a multimillionaire.  That's not even a challenge.

But deliberately limiting your net worth because you know you don't need more money?  Pulling the trigger on early retirement at age 30 with only $450,000 in the bank?  That's a challenge.  It requires a certain intimate familiarity with your real spending patterns, a willingness to make sacrifices or find more income in the event of a downturn, confidence in your asset allocation, and balls of steel. 

I give much more respect to the family of six that FIREs on $500k than I do to the unmarried investment banker who punches out with "only" 2 million instead of the 7 he was originally planning on.  Seriously, which of those people do you think is more badass?

Otherwise, this gauntlet is just "who has the highest paying job and can endure doing it the longest?" and that doesn't really seem in line with what we're all trying to accomplish here.  Namely, getting out from under our jobs.

Lol I guess that's directed at me but I agree with you.  Here are my long te net worth goals:

2020 - 1.5 million
2025 - 2.5 million
2030 - 4 million
2035 - 7 million
2040 - 10 million
2045 - retire early at 65 with 15 million.  I'm a frugal badass!

MoneyRx

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #208 on: February 14, 2015, 11:44:53 AM »
Had this written out for a little while, but wanted to make it more permanent and have a place to check on my progress.
Recent grad, finishing a lower paying residency half way through 2015 and will be expecting a 6 figure income starting in June/July. 10 year plan, very rough estimate and not assuming pay increases/pay decreases(possibly coming in my field!). Will update as needed.

Today: -17k
End of:
2015: 15k
2016: 70k
2017: 135k
2018: 215k
2019: 295k
2020: 385k
2021: 480k
2022: 585k
2023: 700k
2024: 825k
2025: 960k (FIRE)

Suit

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #209 on: February 18, 2015, 06:57:04 PM »
This is awesome! I'm a bit late to the party but can I join? Or should I set up a new thread?

Absolutely!  If you weren't around at the time, or just never posted, feel free to chime in!  :D

Great, excited to join!

Current investments and cash: slightly over $96k
Student Loans: slightly over $127k

Goals:
100k investments and savings by end of July (I'll need the stock market to cooperate a bit!)
Positive net worth by my 30th birthday next July
200k investments and savings by July 2017

Today I hit 100k in investments and savings!!

Updated goals:
Positive net worth by next March 2015
200k in investment and savings by July 2016
1 mil in investments and savings by the end of 2025

I hit positive net worth today! A month ahead of schedule!

FIreDrill

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #210 on: February 18, 2015, 11:28:39 PM »
This is awesome! I'm a bit late to the party but can I join? Or should I set up a new thread?

Absolutely!  If you weren't around at the time, or just never posted, feel free to chime in!  :D

Great, excited to join!

Current investments and cash: slightly over $96k
Student Loans: slightly over $127k

Goals:
100k investments and savings by end of July (I'll need the stock market to cooperate a bit!)
Positive net worth by my 30th birthday next July
200k investments and savings by July 2017

Today I hit 100k in investments and savings!!

Updated goals:
Positive net worth by next March 2015
200k in investment and savings by July 2016
1 mil in investments and savings by the end of 2025

I hit positive net worth today! A month ahead of schedule!

Congrats! You already have a pretty nice investment stache as well!

arebelspy

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #211 on: February 19, 2015, 07:34:05 AM »
This is awesome! I'm a bit late to the party but can I join? Or should I set up a new thread?

Absolutely!  If you weren't around at the time, or just never posted, feel free to chime in!  :D

Great, excited to join!

Current investments and cash: slightly over $96k
Student Loans: slightly over $127k

Goals:
100k investments and savings by end of July (I'll need the stock market to cooperate a bit!)
Positive net worth by my 30th birthday next July
200k investments and savings by July 2017

Today I hit 100k in investments and savings!!

Updated goals:
Positive net worth by next March 2015
200k in investment and savings by July 2016
1 mil in investments and savings by the end of 2025

I hit positive net worth today! A month ahead of schedule!

Nice!  Positive net worth is the first step. I like how you first posted the goal to be done July 2015, then updated to March 2015, and actually completed in February 2015. That's pretty badass.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

beege

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #212 on: May 31, 2015, 12:40:32 PM »

(Current - June 2014) - 429K
1 Year (June 2015) - 600K
2 Years (June 2016) - 800K
3 Years (June 2017) - 1MM


So June 2015 is right around the corner and I just did our finances for the month. Year 1 goal achieved (605K)! Getting to work on next year's goal now...

With all our aggressive spending reduction, it may not be necessary to make it to 1MM. We'll see how it looks next year.

arebelspy

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #213 on: May 31, 2015, 01:01:39 PM »

(Current - June 2014) - 429K
1 Year (June 2015) - 600K
2 Years (June 2016) - 800K
3 Years (June 2017) - 1MM


So June 2015 is right around the corner and I just did our finances for the month. Year 1 goal achieved (605K)! Getting to work on next year's goal now...

With all our aggressive spending reduction, it may not be necessary to make it to 1MM. We'll see how it looks next year.

Nice work!  It's amazing how frequent setting goals and achieving them occurs on these forums.  Wish there was more of that out in the world.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

Insanity

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #214 on: May 31, 2015, 05:16:46 PM »
Good job!

FIreDrill

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #215 on: June 01, 2015, 10:58:07 AM »
I'll join!  I don't have a very long track record for savings, because my wife and I are still fairly young (20 & 24), so my goals may be way off but here it goes.


Current NW = 80k

January 2015: $100k
January 2016: $150k
January 2017: $210k

January 2015: $100k - Done
January 2016: $150k - Done
January 2017: $210k


Current NW is at 152k as of the end of May.

I think I may need to revise my goals a little bit. :)

arebelspy

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #216 on: June 01, 2015, 12:03:12 PM »
Wow, being over 6 months ahead and having to set more aggressive goals?  Bad ass!
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

Ottawa

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #217 on: June 01, 2015, 02:18:14 PM »
Currently:
Property 300K
Portfolios 430K
Debts: 0
Current Pension value(2 people) : 350K ( no collect until 2032)
Net worth = 1.08M

End 2014 = 1.15M
End 2015 = 1.32M
End 2016 = 1.49M
end 2017 = 1.66M

However FIRE will be based on liquid portfolio...when it reaches 1 M hopefully at age 45
Currently 430-50k child education = 380k

End 2014 = 500k
End 2015 = 675k
End 2016= 863k
End 2017= 980k

Inspired by StudentStasher's badass progress, checked our progress.  Made the 2015 goal. Current NW 560K. Hoping to slightly overshoot 2015 goal...

Cheddar Stacker

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #218 on: June 01, 2015, 02:37:22 PM »
Congrats to all those meeting/exceeding goals. Impressive.

My #1 long-term net worth goal is > $0 on date of death.

I'm still on pace and progressing nicely.

CupcakeGuru

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #219 on: June 05, 2015, 11:53:13 AM »

I love the idea of having somewhere to look back in a couple of years.

Here's mine and Mr. Cupcakes NW goal at year end. It does not include the house.
2015: 523k
2016: 600k
2017: 683k
2018: 773k
2019: 870k
2020: 974k
2021: 1,086k
2022: 1,205k

FIreDrill

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #220 on: June 05, 2015, 01:10:12 PM »
So I revised my long term goals and calculated out all the way to FIRE.


Date       Added Per Year       Total After Market Returns (Inflation Adjusted)

Start          $40,000      
Jan-15       $60,000                $106,700          [Done!]
Jan-16       $60,000                $177,869          [Currently at 153k]
Jan-17       $65,000                $259,141
Jan-18       $65,000                $345,859
Jan-19       $70,000                $443,721
Jan-20       $70,000                $548,140
Jan-21       $80,000                $670,226
Jan-22       $80,000                $800,491
Jan-23       $90,000                $950,154
Jan-24       $90,000                $1,109,844
Jan-25       $100,000              $1,290,904



gecko10x

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #221 on: June 16, 2015, 07:53:31 AM »

Further broken down goal (all End-of-year):
2013: $78k
2014: $105k
2018: $300k
2021: $550k
2025: $1m

The above goal was conceived early or mid 2012 @ ~$50k. Currently we are at ~$84k. It hinges almost exclusively on if my [amazing] wife can go from $0 income -> $50k/yr working from home in the next few years, so I already feel it's a bit of a stretch, but we are ahead of the curve so far, so that's a good sign.

Since it's coming up on 1yr since I posted this, thought I'd update: We hit $105 in January 2014 instead of Dec., so we are about 1yr ahead. However, I've revised down my investment return estimates, so shooting for $500k by 2021.

And, it's been another year- wow!

My 2015 goal was $185k, which has been achieved.

My current targets are:
2016: $225k
2017: $275k
2018: $340k
2019: $400k
2020: $475k
2021: $550k
2025: $1m

Gretamom

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #222 on: June 16, 2015, 10:05:15 PM »
With all the recent celebrations of hitting net worth milestones (1 2 3), I'm fired up!

Rather than just reflecting on milestones as we happen to pass them, though, let's push ourselves to hit those milestones even faster!

Long term goals is the best way to success, so let's hear your net worth goals.

Here's my Net Worth Stretch Goals:
(Current - June 2013) 400k
1 Year (June 2014) - 525k
2 Years (June 2015) - 660k
3 Years (June 2016) - 800k

That's right, my goal is to double my net worth from 400 to 800 in 3 years.  That means I'll have to increase our net worth by ~133k/year.   Considering the base gross pay for my wife and I is about 44k each (88k combined), we're short 45k a year.

...and that's if we spend $0.  Since we spend about 20-25k, we'll be short about 65k/year.  I plan to make that gap up with extra side gigs, rents, and other income.  It's a stretch, but it wouldn't be a gauntlet otherwise.  (A much more realistic 3-year goal would be 650k instead of 800, and we'll absolutely hit 600k for sure.  But that gap between 800k and 600k in 3 years is that same 65k/year gap.  Why not go for it?)

Post your current NW and goals you're aiming for, realistic or stretch.  Set your own timeframes (6 months, 1 year, 5, 10 years, whatever your goals are).

Arebelspy - Our goals seem to be pretty similar -
My NW goals for the next three years
Current NW - 500,000
June 2016 - 630,000
June 2017 - 800,000
June 2018 - 1,000,000
I think it's a bit of a stretch, but totally doable! My husband and I make a good income, but save about 60% (It would be more, but my weakness is traveling) We will make the rest from rental income, side hustles, travel hacking and who knows what else, but we will make it! I'm throwing down this gauntlet to see if I can really do it. My original calculations are to hit the 1,000,000 mark September 2019!

mr_orange

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #223 on: June 23, 2015, 06:51:15 PM »
Fun thread.  Thanks for starting it. 

Current net worth - About $1.08M
2015 End Target - $1.5M
2016 End Target - $2.0M
2017 End Target - $2.5M (FIRE)

Each year I plan to make about the same with the risk in our businesses going down each year through reduced contingent liability leverage, increased liquidity, and reduced overall long-term debt.  We also hope to minimize taxes as much as possible while trying to limit debt. 

Thereafter I plan to work on my businesses full time and have the flexibility to work as much or as little as I want to.  I really like working so I can't see sitting on the beach. 
« Last Edit: June 24, 2015, 08:40:58 AM by mr_orange »

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #224 on: June 24, 2015, 08:08:55 AM »
I haven't posted anything in this thread yet, but it inspired me to look back at some of my net worth projections from when I first discovered MMM. It was almost exactly two years ago, so this seems like a good time to review.

When I first started to get serious about my finances (July 2013), I calculated my net worth to be about $35,000. I had a few hundred in student loans, about $10,000 in car loans, and $130,000 on my mortgage. Towards the end of 2013, I made my first long-term net worth projections. Here's what I came up with at the time:

End of:
2013 - $67,700
2014 - $106,000
2015 - $150,000
2016 - $197,000
2017 - $247,000
2018 - $300,000
2019 - $358,000
2020 - $419,000
2021 - $485,000
2022 - $555,000
2023 - $630,000   Retire!

So far, I have been knocking out goals ahead of schedule. I quickly put the student loans and car loans to bed. I've paid the mortgage down to 107,000 and I'm now renting it out. And just today, my net worth crossed the $150,000 mark for the first time - a full 6 months ahead of schedule! So I have updated my net worth goals accordingly.

End of:
2015 - $180,000
2016 - $245,000
2017 - $315,000
2018 - $390,000
2019 - $470,000
2020 - $555,000
2021 - $645,000   Retire!

Two years earlier than I originally projected! Let's see if I can keep the snowball rolling downhill :)

Of course, as my net worth grows, it will be driven more heavily by investment returns, so a downturn in the stock market could easily set me back a couple years. I'd still be on pace to retire by 40, though.


FuturePrimitive

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #225 on: June 24, 2015, 10:37:36 AM »
I'm in but my calculations are looking a little stretchy to me, not able to save as much as I'd like.

My planned FIRE date is 11.1.2029. That is also (not coincidentally) the date of my final mortgage payment. I even have a little widget on my phone counting down the days, only 5,244 to go!

Just kind of throwing out some rough dates and round numbers here, there's a lot of variables. 
06.24.15: 600,000
01.01.20: 1,000,000
01.01.27: 2,000,000
11.01.29: 2,500,000

Now, do I really need that much? Probably not, even a conservative 3.5% SWR generates more than my current gross income, I won't have a mortgage payment and I will no longer be putting money into 401k/Roth. Both my kids will be done with college as well (unless they do the "11 year program" like I did) so I should have significantly lower expenses. I just like that number for some reason, subject to change. ;-)

NinetyFour

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #226 on: July 30, 2015, 06:09:38 PM »
These are guesses, but here goes:

NW July 2014:  $404,000
NW July 2015:  $465,000
NW July 2016:  $535,000
NW July 2017:  $615,000
NW July 2018:  $705,000
NW July 2019:  $805,000

I am confident of only the 1st number.  :)

As of tonight, my NW is $473,000, so I have surpassed my goal/guess for July 2015.  I will come back and post revised guesses for future NW values.

My Net Worth is currently $530,000, so I am just shy of being one year ahead of my above goals.

Here is what my revised goals are:

July 2015:  $530,000
July 2016:  $625,000
July 2017:  $725,000
July 2018:  $845,000

The July 2018 goal is very iffy, as I might retire in July of 2017 and lose my biggest source of income.

ohyonghao

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #227 on: July 31, 2015, 02:53:07 PM »
It's been a year, and we've had to reevaluate our goals again, somehow we just keep overshooting them.

July 7th, 2014
2014: $60,000 (+24,000)
2015: $90,000 (+30,000)
2016: $125,000 (+35,000)
2017: $160,000 (+35,000)
2018: $200,000 (+40,000)
2019: $250,000 (+50,000)
2020: $300,000 (+50,000) Milestone 1

January 1st, 2015
2014: $77,459 (+37,000)
2015: $117,000 (+40,000)
2016: $157,000 (+40,000)
2017: $200,000 (+43,000)
2018: $245,000 (+45,000)
2019: $295,000 (+50,000) Milestone 1
2020: $350,000 (+55,000)

July 31st, 2015
2015: $140,000 (+70,000)
2016: $190,000 (+50,000)
2017: $250,000 (+60,000)
2018: $315,000 (+65,000) Milestone 1
2019: $385,000 (+70,000)
2020: $465,000 (+80,000)

Current standing is about $113,700

From our original prediction of hitting Milestone 1 in 2020, we are now looking at 2018, two years early.  I suspect in January we may be resetting our goals again.  We started a more aggressive savings strategy now to make more use of our tax advantaged buckets.

The reason our growth is expected to sort of slow down a bit is because our house was bought in a deflated market and is almost back up to market value.  Once that gravy train runs out then we should see more realistic appreciation around 3% rather than the unrealistic rate of 10% we've seen these past two years.

cheddarpie

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #228 on: August 14, 2015, 11:54:17 AM »
How do you guys account for real estate value in calculating your net worth? I've been counting only the purchase price of my house, but I'm in a rapidly-increasing market (bubble?) and so the Zillow Zestimate of my house is already 100k+ more than I paid for it in 2012. I'm not planning to sell my house in the next 5 years, so not sure how this helps me or whether it's "fair" to count it, since having that asset doesn't help my immediate FIRE goals if I ended up staying in the house. (Though rental value may become an important part of the FIRE plan!)

Here are my rough goals (based on purchase price value of house):

December 2015: 850k
December 2016: 950k and mortgage paid off
December 2017: 1.025m
December 2018: 1.125m
December 2019: 1.275m
December 2020: 1.5m

The bulk of my NW value is in home equity and retirement (401k/Roth) accounts, so I don't have a huge stash that's immediately accessible (and that's by design). After I pay off my mortgage, I will shift my focus to the short-term stash and figure out more specific goals about when I want to reach FIRE, how much I need, and how to get there. My #1 priority has always been funding long-term retirement accounts, then paying off debt (including mortgage -- I know some of you disagree with this approach, but it's all about peace of mind and stability for me, not necessarily maximizing returns).


Zaga

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #229 on: August 14, 2015, 02:57:58 PM »
I don't count the value of my house at all in my net worth. 

If it was a rental house I would, but right now and for the foreseeable future it is a consumption item.

sol

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #230 on: August 14, 2015, 03:54:16 PM »
I don't count my primary residence because it doesn't generate spendable income, which is my reason for calculating my net worth.

For rentals, I count current equity minus 10% transaction costs, because I intend to sell them.  If I was going to hold indefinitely, I wouldn't count them at all and instead deduct the income they generate from my expenses.

meadow lark

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #231 on: August 16, 2015, 05:38:59 AM »
I count it, but then I plan on it becoming a rental when we FIRE.  Or selling, but most likely renting it out.

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #232 on: August 16, 2015, 08:52:58 AM »
Not sure if these numbers are accurate or not, but here are my goals:
2015    74 900,00  $  *Still 2K$ away from acheiving it
2016    92 779,00  $
2017         111 951,00  $
2018    132 509,00  $
2019    154 553,00  $
2020    178 191,00  $
2021    203 537,00  $
2022    230 716,00  $
2023    259 859,00  $
2024    291 109,00  $
2025    324 618,00  $
2026    360 550,00  $
2027    399 079,00  $     *FI
2028    440 393,00  $
2029    484 694,00  $
2030    532 197,00  $    *I'll be 48, maybe I will be tired of my job and FIRE that year
« Last Edit: August 16, 2015, 08:55:32 AM by fb132 »

zephyr911

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #233 on: August 16, 2015, 09:08:39 PM »
Baseline (now): 250k

June 2018 (40): 500K
June 2020 (42): 700K

(somewhere between those two points, full-time work ceases and we do fun shit for 20-30K a piece and live on it)

<Stash compounds>

June 2028 (50): 1M+

Death (my family generally lives to 90+): leave behind at least 10M to a worthy cause

Cougar

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #234 on: August 18, 2015, 10:01:18 AM »
The more of this thread I read, the more I think the long term net worth challenge should be to minimize it.  Like any schmuck with a decent job can save 50% and work for 40 years and end up a multimillionaire.  That's not even a challenge.

But deliberately limiting your net worth because you know you don't need more money?  Pulling the trigger on early retirement at age 30 with only $450,000 in the bank?  That's a challenge.  It requires a certain intimate familiarity with your real spending patterns, a willingness to make sacrifices or find more income in the event of a downturn, confidence in your asset allocation, and balls of steel. 

I give much more respect to the family of six that FIREs on $500k than I do to the unmarried investment banker who punches out with "only" 2 million instead of the 7 he was originally planning on.  Seriously, which of those people do you think is more badass?

Otherwise, this gauntlet is just "who has the highest paying job and can endure doing it the longest?" and that doesn't really seem in line with what we're all trying to accomplish here.  Namely, getting out from under our jobs.

Lol I guess that's directed at me but I agree with you.  Here are my long te net worth goals:

2020 - 1.5 million
2025 - 2.5 million
2030 - 4 million
2035 - 7 million
2040 - 10 million
2045 - retire early at 65 with 15 million.  I'm a frugal badass!

you must be.

even at a 7% return, you dont hit that without adding in a a good amount of money on a regular basis.

i'm much easier.

2017 - 1 mil.
2027 - 2 mil.
2032 - 2.5 mil.

i have no need to keep busting it once i get past a mil, savings wise; i just dont need multimillions and wont use it.

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #235 on: August 19, 2015, 11:46:34 AM »
I want to retire in 5 years at the age of 50.  I just pulled out my calculator and added it all up.  Current net worth is $632,000 (assuming restricted stock will vest as scheduled over next 3 years).  This includes equity in my current home (which I will sell at retirement) and my retirement apartment.

One year update, using the same methodology.
It has been a great year both in terms of my compensation and market gains. 

August 2013: ~$632,000
August 2014: ~$897,000

for an increase of $265,000, of which ~$161,500 were savings (including mortgage principal paydown and 401k match) and the rest being market gains.

ETA: I have assumed that the value of my current home and my retirement apartment have not changed from last year.

Year 2 update, using the same methodology:

August 2013: ~$632,000
August 2014: ~$897,000
August 2015: ~1,096,000

for an increase of $199,000.  Not as impressive as last year primarily due to changing my asset allocation to 60/40 and the market basically going sideways over the last year or so.  I have also reduced the value of my condo in the calculation because the prices have gone down since last year (the condo will be sold at retirement).


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Re: Gauntlet: Long Term Net Worth Goals
« Reply #236 on: August 19, 2015, 12:51:21 PM »
Wow, $600k to $1M+ in two years is awesome!  Congrats on that progress.  I'm looking forward to the day my stash is big enough to compound like that.

Just curious, over the last 2 years how much of the $464k growth was contributions vs market returns?

ZiziPB

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #237 on: August 19, 2015, 01:40:40 PM »
Thanks, Bbub.  Contributions and mortgage paydown were around $160K in the first year and around $170K in the second year, so around $130K were market gains (most of them last year).  The market hasn't been good this year for stocks or bonds and I am feeling it :-)

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #238 on: August 22, 2015, 01:45:07 PM »
Thanks, Bbub.  Contributions and mortgage paydown were around $160K in the first year and around $170K in the second year, so around $130K were market gains (most of them last year).  The market hasn't been good this year for stocks or bonds and I am feeling it :-)

I feel like I need to amend my recent NW tally, given what happened with the markets over the last two days ;-)

ZiziPB

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #239 on: August 23, 2015, 04:56:06 AM »
What goes up, must come down -- we lost nearly $50k this week (on paper)....

The underlying financials of the US market are still pretty strong, so this is probably a good buying opportunity for those who have spare cash lying around.  Of course now I am kicking myself a bit that I rushed to buy VTSAX with my Roth 403b rollover money.  If I had hung on to the cash for another two weeks I could have bought in on a major sale price on Monday!  Not that I'm a dirty market timer or anything :)

No spare cash for me as I do my investing automatically on a monthly basis.  But I do want to do some tax loss harvesting on Monday in my international fund and I need to check if rebalancing is in order.

Cookie78

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #240 on: September 16, 2015, 02:24:33 PM »
Not really net worth goals, but my investment goals are:

Current $45k
Jan 2016 $68k
Jan 2017 $100k
Jan 2018 $142k
Jan 2019 $195k

Hopefully in 2018 I'll sell my rental property (depends on market) and blow my 2019 goals out of the water. :p

Hit my first goal today!!

meadow lark

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #241 on: September 17, 2015, 10:29:21 AM »
Cookie - yay!  Way to be ahead of schedule!

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #242 on: December 02, 2015, 12:12:33 PM »
These are guesses, but here goes:

NW July 2014:  $404,000
NW July 2015:  $465,000
NW July 2016:  $535,000
NW July 2017:  $615,000
NW July 2018:  $705,000
NW July 2019:  $805,000

I am confident of only the 1st number.  :)

As of tonight, my NW is $473,000, so I have surpassed my goal/guess for July 2015.  I will come back and post revised guesses for future NW values.

I'm not sure where I came up with those previous goals.  Here is my current prediction:

Current NW:  $480,507
January 2016: $570,000
January 2017: $670,000
January 2018: $779,000
July 2018:  $840,000 (and hopefully retirement, as I will hopefully have over $523K free and clear)

Well, I am am certainly not going to get to $570K in January 2016, as I am only at $520K today.  :(  It will be interesting to see what the markets do in December.

arebelspy

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #243 on: December 02, 2015, 03:37:15 PM »
You can make a new set of predictions in the New Year, then laugh at them again a year from now!  :)
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

Pooperman

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #244 on: December 02, 2015, 04:01:21 PM »
I'll play. Right now:

Jan 1 2015 (25 years old): 25k
Jan 1 2016 (26 years old): 65k
Jan 1 2017 (27 years old): 100k
Jan 1 2020 (30 years old): 300k
Jan 1 2025 (35 years old): 1M
Jan 1 2030 (40 years old): 2M

If I kept working and kept saving, I'd reach retirement age with about 15M. Far too much. Also, according to my 401k calculator, I should have enough to retire on by 45 according to Monte Carlo, so traditional shit agrees with me. Yay!

I'm at $57k now, looking like $60k maybe, not $65k like I predicted. However, not that far off and the markets did nothing at all. The yearly summary: could have done better or worse, didn't.

BBub

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #245 on: December 02, 2015, 04:20:23 PM »
These projections are for liquid assets only.  This maps out every year between now and FI.  A little lumpiness in the return/savings estimates, but it's close enough.  Will be interested to come back and check progress over the years!

Current: $155k

Dec 31, 2015: $275k
Dec 31, 2016: $400k
Dec 31, 2017: $500k
Dec 31, 2018: $650k
Dec 31, 2019: $800k
Dec 31, 2020: $1M
Dec 31, 2021: $1.1M
Dec 31, 2022: 1.25M (FI)

Sitting at $255, hopefully looking at $265ish by year end.

The yearly summary: could have done better or worse, didn't.
Ha.  +1

OurTown

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #246 on: December 07, 2015, 03:19:42 PM »
Jan. 1, 2017:  433
Jan. 1, 2018:  504
Jan. 1, 2019:  579
Jan. 1, 2020:  657
Jan. 1, 2021:  739
Jan. 1, 2022:  825
Jan. 1, 2023:  916
Jan. 1, 2024:  1,011
Jan. 1, 2025:  1,111
Jan. 1, 2026:  1,216

This assumes I make a 5% ROI and that I save a paltry 50K per year.  Any badass adjustments would significantly accelerate this process.

Wile E. Coyote

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #247 on: December 31, 2015, 05:56:24 PM »
The goals that I have in my current model are:

2014 $1.34M
2015 $1.56M
2016 $1.81M
2017 $2.09M
2018 $2.38M
2019 $2.71M
2020 $3.08M

Stretch goal is to move that $3.08M closer by a few years.

Has it been 6 months already?  Pretty much on track.

Updated goal numbers:

2014 $1.36M (actual)
2015 $1.59M
2016 $1.84M
2017 $2.12M
2018 $2.44M
2019 $2.79M
2020 $3.17M

Another year in the books.

2014 $1.36M (actual)
2015 $1.54M (actual)
2016 $1.84M
2017 $2.12M
2018 $2.44M
2019 $2.79M
2020 $3.17M


It looks like we will be shy of even my original goal this year, but keeping the remaining goals the same, but they are probably not realistic.  It's good to have stretch goals, I suppose.

Vilgan

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #248 on: December 31, 2015, 10:30:18 PM »
Fun thread idea, will have to remember to come back to update in the future.

Jan 1 2013: -10k net worth, 15k non-mortgage debt (school loans, old medical debt)
June 1 2013: 7k net worth, finally reduced non-mortgage debt to 0
January 1 2014: 20k net worth
Aug 28, 2014: 60k net worth

Goals:

Jan 1, 2015: 75k net worth
Jan 1, 2016: 150k net worth
Jan 1, 2017: 235k net worth
Jan 1, 2018: 325k net worth
Jan 1, 2019: 425k net worth
Jan 1, 2020: 550k net worth
Jan 1, 2021: 680k net worth, should be mortgage free
Jan 1: 2022: 830k net worth
Jan 1: 2023: 1MM net worth and FI around age 42 (not sure if I'll retire, but will likely try to reduce hours significantly)

This is individual net worth, the wife and I keep finances separate.

Jan 1 2015 was right on target at around 78k.

Jan 1 2016 net worth is 220k, nearly a year ahead of schedule! This is primarily due to increased income as the markets haven't really done much this year. Goal for next year is to hit the 2018 goal of 325k by Jan 1 2017.
« Last Edit: January 05, 2016, 09:18:19 AM by Vilgan »

lucky-girl

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Re: Gauntlet: Long Term Net Worth Goals
« Reply #249 on: January 01, 2016, 07:32:46 AM »
What a great thread. I've already enjoyed scanning this thread and seeing your progress. And I'm ready to jump in.

Unfortunately, this year our net worth was down from the year before. Partly this was a result of bad performance of our portfolio in the market. Also partly as a result of a flat year with regards to savings. We sold a property early in the year and made the decision to put some of that money towards improvements to our house.

So- looking forward:

Today, Jan 1 2016: 750k
One Year: Jan 1, 2017: 817k
Two Years: 2018: 890k
Three Years: 2019: 965k
Fours Years: 2020: 1045k (I'll be 40)

This is a pretty conservative estimate with about 15k of savings each year, and a 7% increase due to appreciation and market movement. At this rate, we'd hit 1.5 million around my 45th birthday in 2025, and that might be enough to FIRE, specially since both SO and I tend to like to work and contribute (though I'd love part-time!).

Wouldn't it be nice to get there sooner!! Hopefully we can increase our savings, and maybe there will be a growth period in the market, or we'll finally get our act together and invest in some real estate. There is also the prospect of a pre-inheritance-style gift from my father, which would goose things considerably. On the other side of the coin, there is some talk about private school for my son. That could slow things down. We shall see.