Author Topic: Hit half a million!  (Read 4974 times)

bluecheeze

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Hit half a million!
« on: May 04, 2014, 12:17:53 AM »
So I just hit the $500k mark with zero debt (well technically after the house closes in 10 days).  My goal has always been to reach $1million by 30.  To accomplish this I have 2.5 more years to add another $500k.

We currently save over 90% of combined salary so based on this I should be a little over $1 million by Dec 2016.  Plan is to have the first kid over here (while medical bills are 100% paid for) and then move back to the states to semi-retire (wife still wants to work but I suspect this will change once she has her first child). I may also teach a few math/engineering courses at the local college just to stay sane.  Real plan is to design and build our house for the first 1-2 years of the retirement and then hopefully get into some real estate investing to build some more cash flow.  Unfortunately (or fortunately) we have minimal assets so we will be spending quite a bit once we return - at least one car and about $250k on the house + furnishings in our area. 
Sounds easy on paper :-) Just need the market to stay away from a crash.

horsepoor

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Re: Hit half a million!
« Reply #1 on: May 04, 2014, 10:09:12 AM »
Wow, you have really got it together!  Congratulations on that first half while still in you're 20's!!

bluecheeze

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Re: Hit half a million!
« Reply #2 on: May 04, 2014, 10:02:34 PM »
Thanks horse.  Since we keep everything pretty private from family and friends I thought this was a good place to at least let someone know.

RealCanadianSavings

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Re: Hit half a million!
« Reply #3 on: May 04, 2014, 10:48:43 PM »
Half a million is a huge stepping stone. Hitting that target helped shape my perspective on what was possible in life. Congrats!

dragoncar

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Re: Hit half a million!
« Reply #4 on: May 05, 2014, 07:53:38 AM »
I'm way more impressed that you have avoided lifestyle inflation* on take home salary over 200k than I am that you hit a small multiple of your salary.

*Doing way better than me in saving rate
« Last Edit: May 05, 2014, 07:55:15 AM by dragoncar »

soccerluvof4

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Re: Hit half a million!
« Reply #5 on: May 05, 2014, 08:44:46 AM »
yea thats quite a savings rate! and to go from 500k to 1million in 2 years will be quite a feat! Congrats!!

bluecheeze

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Re: Hit half a million!
« Reply #6 on: May 05, 2014, 11:55:32 AM »
Thanks.  Have always been a saver by nature, but currently I am living out in the Mid East and the only thing to spend money on is vacations and food.  Everything else is taken care of (taxes included) so I can have an insane savings rate.  There are some major sacrifices though, like living in the Mid East, but we decided to suck it up and do it for 3 years so we can FIRE early and take advantage of the rare opportunity.

Davids

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Re: Hit half a million!
« Reply #7 on: May 07, 2014, 04:54:11 PM »
Wow, that is amazing.

ShortInSeattle

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Re: Hit half a million!
« Reply #8 on: May 07, 2014, 06:14:25 PM »
Congrats! You're doing an awesome job with your saving.

oldtoyota

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Re: Hit half a million!
« Reply #9 on: May 07, 2014, 06:21:24 PM »
Congratulations!!

AllChoptUp

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Re: Hit half a million!
« Reply #10 on: May 08, 2014, 11:46:08 AM »
Seriously impressive, disciplined and strategic planning as well as execution!

80Westy

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Re: Hit half a million!
« Reply #11 on: June 29, 2014, 03:16:34 PM »
Way to go, bcheeze!  Being 43 and recently hitting this level of savings myself, I am damn impressed that you did it so early.  Badass!

Stagleton

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Re: Hit half a million!
« Reply #12 on: June 29, 2014, 09:37:28 PM »
So I just hit the $500k mark with zero debt (well technically after the house closes in 10 days).  My goal has always been to reach $1million by 30.  To accomplish this I have 2.5 more years to add another $500k.

We currently save over 90% of combined salary so based on this I should be a little over $1 million by Dec 2016.  Plan is to have the first kid over here (while medical bills are 100% paid for) and then move back to the states to semi-retire (wife still wants to work but I suspect this will change once she has her first child). I may also teach a few math/engineering courses at the local college just to stay sane.  Real plan is to design and build our house for the first 1-2 years of the retirement and then hopefully get into some real estate investing to build some more cash flow.  Unfortunately (or fortunately) we have minimal assets so we will be spending quite a bit once we return - at least one car and about $250k on the house + furnishings in our area. 
Sounds easy on paper :-) Just need the market to stay away from a crash.

Just curious, where is over here? If it's where I think it is, maturnity/paturnity leave is great

Malaysia41

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Re: Hit half a million!
« Reply #13 on: June 29, 2014, 09:43:06 PM »
90% savings rate?  That is freaking stellar!