Author Topic: Get to 1 Million in Net worth  (Read 126255 times)

FuturePrimitive

• 5 O'Clock Shadow
• Posts: 58
Re: Get to 1 Million in Net worth
« Reply #150 on: July 10, 2015, 11:56:10 AM »
I used the goal planner in Mint. It's a pretty rough estimate going that far out though. Kinda like Windows download estimates, it gets more accurate the closer you are.

BBub

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Re: Get to 1 Million in Net worth
« Reply #151 on: July 10, 2015, 12:37:09 PM »
How do you project your future net worth? For example, "I'm on pace to hit 1 million in 7 years."

How in the world do you figure that out? Is there an online calculator I could play with?

It's a Future Value Calculation.  The simplest online calculator I've found is: http://www.ultimatecalculators.com/future_value_savings_calculator.html

You can also run it either by hand, using a financial calculator, or in excel.  Definitely a valuable skill and worthwhile to take the time to learn how these calcs work, as a firm understanding of this concept will forever change the way you view money.

The basic FV calculation is: FV = PV*(1+i)^n
This doesn't include payments. It's just the future value (FV) of a present value (PV) of money, assuming an interest rate (i) and number of compounding periods (n).

For example, assume you have \$100k invested at 7% for 10 years.
PV= \$100,000
i= 7%
n= 10
FV= ?

\$100,000(1.07)^10 = \$196,715.14

Now, to add payments the formula is:    FV = PV*(1+i)^n+PMT/i((1+i)^n-1).

That one get's tricky, so a simpler (and lengthier) way to solve by hand with payments is:

Year 1: (100,000*1.07)+10,000 = \$117,000
Year 2: (117,000*1.07)+10,000 = \$135,190
Year 3: (135,190*1.07)+10,000 = \$154,653
And so on..

You can build an excel table to calculate this info more quickly.  Some of the online calculator results will vary slightly depending on whether the payment is calculated at the beginning or end of the period, but you get the basic idea.

Hope this helps.  Feel free to ask additional questions.
« Last Edit: July 10, 2015, 01:05:46 PM by BBub »

Roots&Wings

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• Posts: 1237
Re: Get to 1 Million in Net worth
« Reply #152 on: July 10, 2015, 12:59:01 PM »
How do you project your future net worth? For example, "I'm on pace to hit 1 million in 7 years."

How in the world do you figure that out? Is there an online calculator I could play with?

I use this online retirement calculator: http://financialmentor.com/calculator/best-retirement-calculator

Cougar

• Bristles
• Posts: 344
Re: Get to 1 Million in Net worth
« Reply #153 on: July 10, 2015, 01:56:18 PM »
I calculate my net worth using only money I have set aside for retirement (do not include equity as I do not plan on moving anytime soon and when I do, probably will not downsize and do not count 529 as I do not plan to use that for anything but education).  \$1 million is definitely a psychological # for me as I watch the accounts grow with contributions/interest.  Ben Franklin was dead on with his compound interest quote.

Cash = \$40.5k
Cash Balance Pension - \$5800
Brokerage Acct - \$108k
Traditional IRA (Rollover 401k) = \$263k
Roth IRA (wife and I) = \$194k
401k - \$247k
Total = \$858,300

Debt:  Mortgage -\$132k, Car -\$2k

Net Worth:  \$724,300

Other:
529 Plans - \$75k
Home Equity - \$130k

Still not sure what I would consider my FIRE number.  \$1.5-2 million probably.  Will take longer to get there as I plan to cut back to part time (and once my wife is out of grad school plan on her working part time as well) while our kids are young (elementary school).  Even with FIRE my wife would continue working in her field and I would want to take on some paid employment on a reduced/flexible schedule.

That's a lot of cash. You should put it somewhere... :)

i'd hold on until october to it, i'm actually doing that with a helluva lot more than 40k.

i know, i know; you cant time the market; but you can play the percentages and august and september are historically the worst months for the market and if you take a look at things(greece, china stock market, fed saying theyre rasing rates); there's a lot to encourage a sell off now imo.

Hummer

• 5 O'Clock Shadow
• Posts: 73
Re: Get to 1 Million in Net worth
« Reply #154 on: July 12, 2015, 10:36:24 AM »
Only 27 now. My wife is 20.
I'm joining this challenge.

Pension: 22k
RRSP: 15k
TFSA: 1k
Cash: 10k
House: ~280k dang, housing in america is cheap from all the posts I've seen

Debt: none
Mortgage: ~275k they shouldn't have let me buy my house, stupid CMHC and insured mortgages and I was house horny, minimum 5% down... my parents didn't encourage me, but they definately didn't discourage me.

NW: 53k

Current income: 68k gross (this is probably, 49k net, income tax, EI, CPP, Canada seems to have a lot of taxes, plus 5% removed for company pension match)
Wife's income: ~40k gross (this is probably 27k net)
Annual expenses: ~45k (16k) is the mortgage, we can improve this.
Income from basement suite: ~7k annually

Is thread still going to be active in 13 years? lol, At 9% compounded, I'm planning on 13 years...

Cheers

Got the new job. I start in the new year at \$90k. Unfortunately, the \$22k raise translates into only a \$14k raise after tax. I'm planning on adding around \$10k to my RRSP this year to repay the amount I borrowed under the HBP to buy my house. I'll update my our NW number in the new year.

Update:

Pension: 24k
RRSP: 22k
TFSA: 2k We will be aggressively increasing this as the Canadian government recently increased the contribution limit a lot.
Cash: 16k
House: ~280k

Mortgage: ~277k Incorrect first post

NW: 67k

Current income: 90k gross (this is probably, 68k net), Over the course of the next few years this will improve to 100k as I have been started at 90% of the position.
Wife's income: ~0k gross (this is probably 0k net), she lost her job and is looking for a new one.
Annual expenses: ~45k (18k) is the mortgage, we can improve this. Also incorrect first post.
Income from basement suite: ~7k annually

Update:

Old Pension I rolled into a new fund, currently not contributing to it: 25k
New DC Pension from new job, only 6 months old: 5k
RRSP: 29k
TFSA: 11k Aggressive contributions continuing.
Cash: 20k I need to move some of this cash.
House: ~280k

Mortgage: ~263k Incorrect first and second post, as you can see, I'm still sorting out the details of my finances.

NW: 107k, 40k increase in 6 months, has us on the right track.

SpicyMcHaggus

• Bristles
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• Location: MKE, WI
Re: Get to 1 Million in Net worth
« Reply #155 on: July 13, 2015, 08:58:56 AM »
if you need to move your cash, I need \$20k for a down payment on a SFH.
All the \$ is tied up on the duplexes. We could move out and make bank renting the unit we are in, but have nowhere to move until we have saved another 20-30k.

Hummer

• 5 O'Clock Shadow
• Posts: 73
Re: Get to 1 Million in Net worth
« Reply #156 on: July 13, 2015, 10:46:16 AM »
Har Har, I'm not that generous. If you have duplexes plural and 5 years left, sound like you are doing quite well... :)

SpicyMcHaggus

• Bristles
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Re: Get to 1 Million in Net worth
« Reply #157 on: July 13, 2015, 12:28:22 PM »

sleepyguy

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Re: Get to 1 Million in Net worth
« Reply #158 on: July 13, 2015, 12:43:21 PM »
We ball park it...

We know we both max out our RRSP (401k) and TSFA, actually our RRSP we are over contributing because we were clowns in our twenties (ate out every day, etc, etc).

so counting company matches... it's like
\$50k/yr RRSP
\$20k/yr TSFA

So that's \$70k/yr contributions... we roughly have \$400k currently in the market.

so basic number crunching... that comes out to about \$1.375 Million in 7yrs with 6% annual return.  Our house would be paid off at this time as well, so that adds about \$575k NW, and we also have an investment condo that we continue to rent out which is about +\$500/mth).  We would probably downsize in 7yrs to something \$350k or so, and we plan on paying for our kids university (2 kids).  As you can see we're a bit risk adverse but things can change (job loss etc, etc), we're on plan for 42-45 FIRE... not sure yet we'll both quit outright now not once we 'reach out numbers'...  we've also budgeted to be able to live off a single income from one of us, happens we both have decent careers.

How do you project your future net worth? For example, "I'm on pace to hit 1 million in 7 years."

How in the world do you figure that out? Is there an online calculator I could play with?
« Last Edit: July 13, 2015, 12:50:10 PM by sleepyguy »

Zamboni

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• Posts: 2649
Re: Get to 1 Million in Net worth
« Reply #159 on: July 14, 2015, 07:30:24 PM »
I'm in. Going to count my assets separately from my other half since we keep finances separately.  Right now just shy of a half million, so this will take awhile yet.

Time to get really serious about this. Just took step of setting up a monthly autotransfer of all of the raise I will get in my paycheck starting this month to my Vanguard taxable account.

Good luck, all.
« Last Edit: July 14, 2015, 08:09:34 PM by Zamboni »

patrickza

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Re: Get to 1 Million in Net worth
« Reply #160 on: July 16, 2015, 06:48:26 AM »
Count me in. Just a question do you guys count it as a couple? While I'm sure I'll get there, I'm not sure it'll be before I pull the work plug, or after. I'm probably FIRE now, but the 1 mil mark is 3-4 years away. I'm not if I'll stay working till then or go on some weird adventure and stop contributing to the stache... I'll make sure it keeps growing without my help thanks to a low cost of living, but it will mean a few more years before I hit that point.

FuturePrimitive

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Re: Get to 1 Million in Net worth
« Reply #161 on: July 16, 2015, 07:40:40 AM »
I (we) are counting net worth as a couple but excluding house equity.

Cookie78

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Re: Get to 1 Million in Net worth
« Reply #162 on: July 16, 2015, 07:58:59 AM »
Count me in. Just a question do you guys count it as a couple? While I'm sure I'll get there, I'm not sure it'll be before I pull the work plug, or after. I'm probably FIRE now, but the 1 mil mark is 3-4 years away. I'm not if I'll stay working till then or go on some weird adventure and stop contributing to the stache... I'll make sure it keeps growing without my help thanks to a low cost of living, but it will mean a few more years before I hit that point.

I'm counting as solo, but I don't combine finances, nor permanently live with my SO. I'm also not sure I'll get to 1 million any time soon because I'm also very interested in the 'go on some weird adventure and stop contributing, but live cheaply and let it grow' plan. And I've only barely just hit half a million (including equity on houses, which I will sell before said adventure).

BBub

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Re: Get to 1 Million in Net worth
« Reply #163 on: July 16, 2015, 09:28:20 AM »
I (we) are counting net worth as a couple but excluding house equity.
+1

patrickza

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Re: Get to 1 Million in Net worth
« Reply #164 on: July 17, 2015, 10:36:05 AM »
Count me in. Just a question do you guys count it as a couple? While I'm sure I'll get there, I'm not sure it'll be before I pull the work plug, or after. I'm probably FIRE now, but the 1 mil mark is 3-4 years away. I'm not if I'll stay working till then or go on some weird adventure and stop contributing to the stache... I'll make sure it keeps growing without my help thanks to a low cost of living, but it will mean a few more years before I hit that point.

I'm counting as solo, but I don't combine finances, nor permanently live with my SO. I'm also not sure I'll get to 1 million any time soon because I'm also very interested in the 'go on some weird adventure and stop contributing, but live cheaply and let it grow' plan. And I've only barely just hit half a million (including equity on houses, which I will sell before said adventure).

Excellent, I'm also just past halfway, maybe we'll cross paths doing a bike tour through eastern Europe, or hiking the Appalachian in a few years time ;)

Cookie78

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• Posts: 1892
• Location: Canada
Re: Get to 1 Million in Net worth
« Reply #165 on: July 17, 2015, 10:59:02 AM »
Count me in. Just a question do you guys count it as a couple? While I'm sure I'll get there, I'm not sure it'll be before I pull the work plug, or after. I'm probably FIRE now, but the 1 mil mark is 3-4 years away. I'm not if I'll stay working till then or go on some weird adventure and stop contributing to the stache... I'll make sure it keeps growing without my help thanks to a low cost of living, but it will mean a few more years before I hit that point.

I'm counting as solo, but I don't combine finances, nor permanently live with my SO. I'm also not sure I'll get to 1 million any time soon because I'm also very interested in the 'go on some weird adventure and stop contributing, but live cheaply and let it grow' plan. And I've only barely just hit half a million (including equity on houses, which I will sell before said adventure).

Excellent, I'm also just past halfway, maybe we'll cross paths doing a bike tour through eastern Europe, or hiking the Appalachian in a few years time ;)

Sounds like a plan. :)

FIBy30

• 5 O'Clock Shadow
• Posts: 13
Re: Get to 1 Million in Net worth
« Reply #166 on: July 17, 2015, 01:37:01 PM »
I am in!  We are at about 480k.  I am counting real estate as we accumulate multifamilies by living in them for a year and just hop from one to the other.  We've actually told ourselves we don't want to buy a single family home until sometime after retirement as we don't see them as assets.  Anyways, we hope to hit 1M in 3 years as we are able to save every dime we make from our jobs because of the tenants paying the mortgage.  We are both 26 right now, hope to be done before 30!  Looking forward to the journey with everyone here.

Bateaux

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Re: Get to 1 Million in Net worth
« Reply #167 on: July 20, 2015, 12:18:53 AM »
+1 on hiking the AT while watching money continue to grow.   Hope to be March 2018 starting in Georgia.   The money is already there, it's growing so fast now I'll never spend it all.  Over 1.325M now.  Made another 10K in just the past few weeks.  With new investment and return could see over 100K increase in 2015 if market stays up.  Almost like it isn't real!  Expenses are lower than ever.  956 days till the AT and FIRE!!!  Can't believe it's already less than 1000 days.

OurTown

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Re: Get to 1 Million in Net worth
« Reply #168 on: October 02, 2015, 07:23:43 AM »
339K, bitches!

Lnspilot

• Stubble
• Posts: 159
Re: Get to 1 Million in Net worth
« Reply #169 on: October 05, 2015, 07:47:33 AM »
+1 (+2?) Bateausdriver on hiking the AT after FIRE! I recently read AWOL on the Appalachian Trail* and was very inspired by it. Not sure if I'd go southbound or northbound on that one...

I'm close to the goal myself between the brokerage account and my 401k. While completely unnecessary, it's a fun goal to have if you're already on track to achieve it.

*Got it for \$1 after seeing it via @KindleFreeBook btw

Bateaux

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Re: Get to 1 Million in Net worth
« Reply #170 on: October 11, 2015, 03:12:25 AM »
See ya on the trail.  Btw. Savings is currently only 1.285 M. Down 40k from summer.  Who cares though.   Still working and still buying.  By 2018 it will be a bump in the road.

brooklynmoney

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Re: Get to 1 Million in Net worth
« Reply #171 on: October 11, 2015, 05:54:44 AM »
I know logically I shouldn't care but this recent bump in the road set me back a lot, more than 50k which I know doesn't matter but I was on track to hit 1 million in 4 quarters and now I'm definitely not. Wondering if anyone else feels this way.

Bateaux

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Re: Get to 1 Million in Net worth
« Reply #172 on: October 13, 2015, 12:39:22 AM »
This little bump will average out.  We've been riding a bull market for a very long time and develop higher expectations.   I usually use 7% overall growth in my calculations. That's less tyan the bull and more the bear but it averages out.  This correction at one point I was down about 100k.  I went from accounts totalling 1.3M or so to 1.2M or so.  Im still working and investing so i didn't even raise an eyebrow over it.  Only a major market correction will take me below 1M now.  In a few years no market correction is likely to take me below 1M.  Keep investing.   You'll get there.

FuturePrimitive

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• Posts: 58
Re: Get to 1 Million in Net worth
« Reply #173 on: October 13, 2015, 06:05:30 AM »
I know logically I shouldn't care but this recent bump in the road set me back a lot, more than 50k which I know doesn't matter but I was on track to hit 1 million in 4 quarters and now I'm definitely not. Wondering if anyone else feels this way.
Yep. And I'm one of those obsessive types that likes to look at my stocks multiple times a day. (I don't do anything stupid, I just like looking at the numbers.) This spring (summer?) I had a 2 day 60k loss.

But I also know that it doesn't matter in the long run, that "loss" is just about erased and its only been a few months.

Faraday

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Re: Get to 1 Million in Net worth
« Reply #174 on: October 13, 2015, 06:55:19 AM »
Wholly Krappe this is  a badass thread...joining in.
usmarine1975, what is this "guest shitstuff :-) "? You starting a thread without a real login? How's that supposed to work?
« Last Edit: October 13, 2015, 11:32:39 AM by mefla »

BBub

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Re: Get to 1 Million in Net worth
« Reply #175 on: October 13, 2015, 07:43:30 AM »
I know logically I shouldn't care but this recent bump in the road set me back a lot, more than 50k which I know doesn't matter but I was on track to hit 1 million in 4 quarters and now I'm definitely not. Wondering if anyone else feels this way.

Saying that you definitely won't hit \$1m in 4 quarters is misinformed, assuming you are invested in stocks.  Many things can happen.  Remember 2013 when the market was up 30%?  Or 2008 when it finished down 39%... or 10 of the last 40 years the s&p 500 has gained over 25% in a single year?  Plug one of those into your model!

You could still very easily hit the goal next year - don't be discouraged.  Your account could get cut in half as well, so don't get too upset about that either.  Investing in stocks is a calculated risk.  When you made the decision to allocate money into stocks you most likely did so because it gives you the highest probability of achieving your goals over time.  The tradeoff is volatility.  Those who can handle fluctuations on their balance sheet are handsomely rewarded in the long run.  Dealing with volatility and the business cycle is simply part of being a business owner.  Never forget that you are an actual business owner - not just a guy or gal with some index funds.

arebelspy

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Re: Get to 1 Million in Net worth
« Reply #176 on: October 13, 2015, 04:18:00 PM »
Wholly Krappe this is  a badass thread...joining in.
usmarine1975, what is this "guest shitstuff :-) "? You starting a thread without a real login? How's that supposed to work?

When someone deletes their account, their posting status for all previously made posts goes to guest (and, of course, they can no longer post without making a new account).
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

FrugalFan

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Re: Get to 1 Million in Net worth
« Reply #177 on: October 13, 2015, 06:35:11 PM »
This has been a loose goal of mine for a while now, since reading a blog called Million Dollar Journey. I'm hoping to hit it by the time I am 40, in two years. But we are using the generous terms of counting our house equity and using our joint assets. We are at 817k now. A lot of inspiring posts in this thread!

Faraday

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Re: Get to 1 Million in Net worth
« Reply #178 on: October 13, 2015, 06:42:56 PM »
Wholly Krappe this is  a badass thread...joining in.
usmarine1975, what is this "guest shitstuff :-) "? You starting a thread without a real login? How's that supposed to work?

When someone deletes their account, their posting status for all previously made posts goes to guest (and, of course, they can no longer post without making a new account).

Thanks ARS! Much appreciated!

brooklynmoney

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Re: Get to 1 Million in Net worth
« Reply #179 on: October 13, 2015, 09:16:01 PM »
Thanks everyone who responded to remind me that we are all made of tough stuff to have achieved what we have already and that the market can just as easily go up as down the next few quarters. The important thing is to keep saving and stay the course.

roadtrippers

• 5 O'Clock Shadow
• Posts: 32
Re: Get to 1 Million in Net worth
« Reply #180 on: October 18, 2015, 09:09:39 AM »
Compared to many of you spring chickens, DH and I are getting up there in age (51 and 50), with FIRE dates of 2019 and 2020, when we can access our pensions. We are over halfway to 1M, which is just a number, but it's such a NICE number! Congrats to everyone who is there already!

Cornbread OMalley

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Re: Get to 1 Million in Net worth
« Reply #181 on: October 31, 2015, 01:41:32 AM »
I am currently at \$962602.79. My breakdown is:

a) \$334983.26 in tax-sheltered accounts
b) \$523000.60 in taxable accounts
c) \$29618.93 cash
d) \$75395, collectibles

Bateaux

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Re: Get to 1 Million in Net worth
« Reply #182 on: November 05, 2015, 11:18:24 PM »
I am currently at \$962602.79. My breakdown is:

a) \$334983.26 in tax-sheltered accounts
b) \$523000.60 in taxable accounts
c) \$29618.93 cash
d) \$75395, collectibles

Welcome to the 7 figures club.  I know it's a little early but you're right there.  It gets easier from here.  I had a 100k drop in value this year. Never went below 7 figures.   Now with the recovery from those lows I'm at new all time highs yet again.  You've pretty much outgrown the need to panic now.  Enjoy.

846 days till hiking the AT
« Last Edit: November 05, 2015, 11:22:32 PM by Bateauxdriver »

Cornbread OMalley

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Re: Get to 1 Million in Net worth
« Reply #183 on: November 08, 2015, 09:51:26 PM »
Welcome to the 7 figures club.  I know it's a little early but you're right there.  It gets easier from here.  I had a 100k drop in value this year. Never went below 7 figures.   Now with the recovery from those lows I'm at new all time highs yet again.  You've pretty much outgrown the need to panic now.  Enjoy.

846 days till hiking the AT
Thank you!  It's been a long road, and I wasn't exactly sure where I would end up when I started at age 23.  There were a lot of mistakes I made with my financial decisions over the past 16 years.  But I am still learning and still humping along.

If you have the chance, you should trek Patagonia in Argentina and Chile.  I want to highlight to you Parque Nacional Los Glaciares in Argentina and Parque Nacional Torres del Paine in Chile.  The weather is finicky with lots of rain and high winds, but if you are lucky you have agreeable weather and will witness the grandest that this earth has to offer.  The best time to go is high season during mid-December to mid-January.  The weather is most favorable during that period.

OurTown

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Re: Get to 1 Million in Net worth
« Reply #184 on: November 09, 2015, 07:23:50 AM »
357k.  Isn't "hiking the Appalachian Trial" a euphemism for having a South American girlfriend?

Faraday

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Re: Get to 1 Million in Net worth
« Reply #185 on: November 09, 2015, 08:10:44 AM »
357k.  Isn't "hiking the Appalachian Trial" a euphemism for having a South American girlfriend?

\$391k. Bwahahah! Sure is!

https://en.wikipedia.org/wiki/Mark_Sanford_disappearance_and_extramarital_affair

However, beware...it has multiple meanings, and the other I'm aware of is not safe for work viewing....
« Last Edit: November 13, 2015, 12:41:42 AM by Faraday »

webguy

• Bristles
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Re: Get to 1 Million in Net worth
« Reply #186 on: November 12, 2015, 09:46:11 PM »
I'd like to join to help motivate me. Currently at \$540k and hope to hit the big 1M in the next couple of years.

I made it to \$748k! Keep saving everybody!!

arebelspy

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Re: Get to 1 Million in Net worth
« Reply #187 on: November 13, 2015, 01:40:54 AM »
I'd like to join to help motivate me. Currently at \$540k and hope to hit the big 1M in the next couple of years.

I made it to \$748k! Keep saving everybody!!

Wow, 208k gain in under 7 months is crazy, well done!
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

thedayisbrave

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Re: Get to 1 Million in Net worth
« Reply #188 on: November 13, 2015, 04:53:46 AM »
I'd like to join to help motivate me. Currently at \$540k and hope to hit the big 1M in the next couple of years.

I made it to \$748k! Keep saving everybody!!

Wow, 208k gain in under 7 months is crazy, well done!

I'll echo that, holy shit! That's amazing! :)

webguy

• Bristles
• Posts: 284
Re: Get to 1 Million in Net worth
« Reply #189 on: November 13, 2015, 05:49:54 AM »
I'd like to join to help motivate me. Currently at \$540k and hope to hit the big 1M in the next couple of years.

I made it to \$748k! Keep saving everybody!!

Wow, 208k gain in under 7 months is crazy, well done!

I'll echo that, holy shit! That's amazing! :)

Thanks for the encouragement! I wish I could say I did it by being some kind of frugal badass but to be honest I've just been fortunate that I've been making a crap ton of money this past year and not spending much of it.

Imonaboat

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• Posts: 44
• Location: Southeast Texas
Re: Get to 1 Million in Net worth
« Reply #190 on: November 13, 2015, 06:22:21 AM »
October 2015 - \$260,194
November 2015 - \$268,854

xDavidx

• 5 O'Clock Shadow
• Posts: 15
Re: Get to 1 Million in Net worth
« Reply #191 on: November 29, 2015, 06:37:10 PM »
I'm in on this.

Networth:     693k

That includes Real Estate equity (Primary House and Rental), but does not include cars, motorcycles, lawn mowers, etc.

Income is about 115k combined. Total assets past 1M in March. Only debt is mortgage debt on the 2 properties.

OurTown

• Handlebar Stache
• Posts: 1246
• Age: 50
• Location: Tennessee
Re: Get to 1 Million in Net worth
« Reply #192 on: December 03, 2015, 07:15:11 AM »
365K.  We are up 99 grand for the year.

FrugalFan

• Pencil Stache
• Posts: 910
Re: Get to 1 Million in Net worth
« Reply #193 on: December 03, 2015, 12:01:57 PM »
This has been a loose goal of mine for a while now, since reading a blog called Million Dollar Journey. I'm hoping to hit it by the time I am 40, in two years. But we are using the generous terms of counting our house equity and using our joint assets. We are at 817k now. A lot of inspiring posts in this thread!

We just received our pension statement for the year and we are now at 905k! I think we just might make it to 1M in 2016!

powersuitrecall

• Pencil Stache
• Posts: 514
• Location: Ontario, Canada
Re: Get to 1 Million in Net worth
« Reply #194 on: December 03, 2015, 01:49:05 PM »
This has been a loose goal of mine for a while now, since reading a blog called Million Dollar Journey. I'm hoping to hit it by the time I am 40, in two years. But we are using the generous terms of counting our house equity and using our joint assets. We are at 817k now. A lot of inspiring posts in this thread!

We just received our pension statement for the year and we are now at 905k! I think we just might make it to 1M in 2016!

Congrats! So close now!

Ah, juicy juicy pension statements.

I assume you are a Canadian Fed employee?  There is a pension web app that you can log in to get your up-to-the-minute pension TR value. I've been tracking mine all year.  Actually, I have to stop myself from doing this daily.  It's a problem that I'm working on.  Anyways, it's done some wonky things this year.  There was a huge jump in TR values when the BOC announced the first rate drop earlier this year and been kinda flat since.  Fun to watch!

OurTown

• Handlebar Stache
• Posts: 1246
• Age: 50
• Location: Tennessee
Re: Get to 1 Million in Net worth
« Reply #195 on: January 06, 2016, 08:33:22 AM »
Bumping the thread.  Here at the start of 2016 we are at \$374k.

Hummer

• 5 O'Clock Shadow
• Posts: 73
Re: Get to 1 Million in Net worth
« Reply #196 on: February 04, 2016, 10:15:52 PM »
November 2014

Only 27 now. My wife is 20. I'm joining this challenge.
Pension: 22k
RRSP: 15k
TFSA: 1k
Cash: 10k
House: ~280k dang, housing in america is cheap from all the posts I've seen
Debt: none
Mortgage: ~275k
Net Worth: 53k

April 2015
Pension: 24k
RRSP: 22k
TFSA: 2k We will be aggressively increasing this as the Canadian government recently increased the contribution limit a lot.
Cash: 16k
House: ~280k
Mortgage: ~277k Incorrect first post
Net Worth: 67k

July 2015
Old Pension I rolled into a new fund, currently not contributing to it: 25k
New DC Pension from new job, only 6 months old: 5k
RRSP: 29k
TFSA: 11k Aggressive contributions continuing.
Cash: 20k I need to move some of this cash.
House: ~280k
Mortgage: ~263k Incorrect first and second post, as you can see, I'm still sorting out the details of my finances.
Net Worth: 107k, 40k increase in 6 months, has us on the right track.

January 2016
My wife and I decided to downsize and move into a brand new but small 900 square foot 1 bedroom house.
Old Pension: 26k
New Pension: 10k
RRSP: 33k
TFSA: 23k
Cash: 17k
House: ~175k
Mortgage: ~139k
Net Worth: 145k, another decent increase in my mind
Some of the other posts are mind boggling, increasing several hundred thousand in half a year.
« Last Edit: February 04, 2016, 10:26:37 PM by Hummer »

RetirementDreaming

• Stubble
• Posts: 110
Re: Get to 1 Million in Net worth
« Reply #197 on: February 04, 2016, 11:33:34 PM »
Husband and I are in on this.

Goal: 1M in investable assets
1/30/16: 810k
3/31/16: 883k
6/30/16: 914k
7/31/16: 971k
« Last Edit: July 31, 2016, 04:04:57 PM by RetirementDreaming »

brooklynmoney

• Pencil Stache
• Posts: 598
• Location: Crooklyn
Re: Get to 1 Million in Net worth
« Reply #198 on: February 07, 2016, 01:06:37 PM »
I'm actually farther away from my goal than 6 months ago. I was at \$800 in June and now, even with saving probably about \$6k a month I am at \$760ish. Ouch. I'm in it for the long term but I was racing to get to 1 mil. Now I've given up on reaching my 2 year timeline as there's only so much we can control.

Cornbread OMalley

• Handlebar Stache
• Posts: 2371
• Location: Kansas
Re: Get to 1 Million in Net worth
« Reply #199 on: February 07, 2016, 02:14:19 PM »
I'm actually farther away from my goal than 6 months ago. I was at \$800 in June and now, even with saving probably about \$6k a month I am at \$760ish. Ouch. I'm in it for the long term but I was racing to get to 1 mil. Now I've given up on reaching my 2 year timeline as there's only so much we can control.
I am going through the same.  Was about \$30K short of \$1mil in October 2015.  Now totals are around \$860K.  Perhaps I can get to seven digits in 2016 if the markets rebound.  Meanwhile, I continue to do what I am doing!