Author Topic: Race from 250 to 500k!  (Read 926916 times)

zephyr911

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Re: Race from 250 to 500k!
« Reply #50 on: February 16, 2016, 06:51:20 AM »
I'm in too.  Was at $305,000 on 12/31/2015.  Even with the lousy market, I anticipate hitting $500,000 in early 2017 and FI @ $650,000 by mid 2018 (because of high savings rate ~$13,000/month, unfortunately not because I'm a brilliant investor).  Will update again on 3/31.
Investing $13K every month sounds pretty fucking brilliant to me. I'd do that too, if I could figure out how. ;)

Libertea

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Re: Race from 250 to 500k!
« Reply #51 on: February 17, 2016, 02:02:42 AM »
I'm in too.  Was at $305,000 on 12/31/2015.  Even with the lousy market, I anticipate hitting $500,000 in early 2017 and FI @ $650,000 by mid 2018 (because of high savings rate ~$13,000/month, unfortunately not because I'm a brilliant investor).  Will update again on 3/31.
Investing $13K every month sounds pretty fucking brilliant to me. I'd do that too, if I could figure out how. ;)
It has actually been more challenging than I expected.  I have only had this high-income position for a little over a year, and until I got here, I didn't really have an appreciation for how strong the social pressure is to spend more just because you make more.  Also, I paid more in taxes last year than the total amount I earned for the prior several years put together.  It was kind of shocking to see how big the government's cut was.  (I know, first world problems and all, but still.... :-p)

boarder42

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Re: Race from 250 to 500k!
« Reply #52 on: February 17, 2016, 04:27:20 AM »
I'm in currently around 300k in retirement funds so I'll just use that. Have around 100k in house networth. But the market is going to need to cooperate to get there.

MasterStache

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Re: Race from 250 to 500k!
« Reply #53 on: February 17, 2016, 05:50:22 AM »
Market is crazy these days. But I don't see it as going backwards. Perhaps if I were selling anytime soon. I think it's a great opportunity to hit 500K faster. In fact I dumped my wife's "car fund" into Vanguard a few weeks ago. The more we buy at lower prices the faster we'll hit 500K...... hopefully!

YellowCat

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Re: Race from 250 to 500k!
« Reply #54 on: February 17, 2016, 06:31:46 AM »
We're in! Net worth as of Jan 31 was ~$307k, down from ~$312 from November of last year despite all of our additional investments since then. I'm hoping this challenge will help to keep me motivated as we watch our NW go down despite throwing money at the market like crazy :)

zephyr911

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Re: Race from 250 to 500k!
« Reply #55 on: February 17, 2016, 07:18:06 AM »
It has actually been more challenging than I expected.  I have only had this high-income position for a little over a year, and until I got here, I didn't really have an appreciation for how strong the social pressure is to spend more just because you make more.
I've seen it, even as a government guy. My first couple of years at my current job, I spent 95% of the highest salary I'd ever had. I credit my wife for eventually shaming me out of lifestyle creep. ;)
Quote
Also, I paid more in taxes last year than the total amount I earned for the prior several years put together.  It was kind of shocking to see how big the government's cut was.  (I know, first world problems and all, but still.... :-p)
Hey, at least you're not raging about it like some people, and kudos for the maturity.
We're LCOL so we've managed a high SR without earning enough to pay huge tax bills, but ours are about to start rising pretty dramatically too, as we cross well into tIRA phaseout territory this year via continued raises and improving side hustles. Boohoo! lol
On the plus side, this pushes us back to Roths and gives us better withdrawal options for the future.

BBub

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Re: Race from 250 to 500k!
« Reply #56 on: February 17, 2016, 07:47:07 AM »
It has actually been more challenging than I expected.  I have only had this high-income position for a little over a year, and until I got here, I didn't really have an appreciation for how strong the social pressure is to spend more just because you make more.
I've seen it, even as a government guy. My first couple of years at my current job, I spent 95% of the highest salary I'd ever had. I credit my wife for eventually shaming me out of lifestyle creep. ;)

Yeah it can be a challenge at first, but once you acclimate to running a massive surplus it just becomes your new normal.  On the plus side, while you are figuring it out a 5-figure monthly surplus makes it pretty easy to get back on track if you blow things out one month!  Assuming you remain employed and in good health, you're nearly guaranteed success as long as you don't make multiple stupid decisions which jack up your recurring costs (i.e. big ass house, financed car, country club membership, affinity for high-end wine, etc).  I'm in a similar boat to libertea.  Not quite saving $13k, but averaging low 5 figures.  I find that even in the worst of months, we still manage to tuck away 8-9k.  I just can't possibly seem to spend all of this extra money.  Short of some major medical situation, or maybe a hurricane wiping us out & having to live in a hotel for a while, or something extreme like that.. I can't imagine how we'd spend 5 figures in a month.

zephyr911

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Re: Race from 250 to 500k!
« Reply #57 on: February 17, 2016, 09:51:42 AM »
Heh... well, we are approaching 140k gross but we only baseline about 10k/mo (the rest is irregular) so after maxing TSP etc, our cushion isn't quite that fat. Plus, I am always seeing compelling opportunities for investment... so I won't even be sitting on real cash until sometime this summer, over two years into my personal MMM-ish experiment. But the SR is ridiculous compared to the 5-10% I used to run. We tend to keep it about 60% now, and I've hit 70-75% a few times. Feels awesome.

Libertea

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Re: Race from 250 to 500k!
« Reply #58 on: February 17, 2016, 03:37:35 PM »
It has actually been more challenging than I expected.  I have only had this high-income position for a little over a year, and until I got here, I didn't really have an appreciation for how strong the social pressure is to spend more just because you make more.
I've seen it, even as a government guy. My first couple of years at my current job, I spent 95% of the highest salary I'd ever had. I credit my wife for eventually shaming me out of lifestyle creep. ;)
Quote
Also, I paid more in taxes last year than the total amount I earned for the prior several years put together.  It was kind of shocking to see how big the government's cut was.  (I know, first world problems and all, but still.... :-p)
Hey, at least you're not raging about it like some people, and kudos for the maturity.
We're LCOL so we've managed a high SR without earning enough to pay huge tax bills, but ours are about to start rising pretty dramatically too, as we cross well into tIRA phaseout territory this year via continued raises and improving side hustles. Boohoo! lol
On the plus side, this pushes us back to Roths and gives us better withdrawal options for the future.
Raging about paying taxes doesn't make much sense to me.  I mean, what are my options here?  1) Give up a high paying job to take a lower paying job so that I pay less in taxes.  That option makes good sense for after FI (and I plan to use this exact strategy then), but it doesn't make much sense while trying to achieve FI.  You can only cut your expenses so much, and after that, the only other option to reach FI faster is to earn more money.  Since we have a progressive tax system in this country, that necessarily means you will also pay more taxes.  2) Try to evade taxes.  Also suboptimal.  I visited the county jail on a school field trip once, and I have no desire to ever be a long-term resident.  Not to mention wasting money on fines, lawyer fees, etc.  Hell, I don't even speed on the highway because I don't want to have to waste my money paying for a speeding ticket.  3) Suck it up for the few years it will take me to achieve FI, and be grateful I live in a country that gives me this opportunity, even if it takes half of what it gives with one hand back with the other.  Not to mention that I've benefited from various taxpayer-funded initiatives, including a public education, roads, police, the local public library, museums, parks, state scholarship money for college, etc.

Still, I fervently hope that we don't end up with another four years of a Democrat in the White House.... :-p

You probably already know that you can still contribute to a Roth even if you earn too much to contribute directly.  I did this "back-door Roth" for the first time last year.  You obviously can't take the tax deduction, but you do it by first contributing up to $5500 to a traditional IRA, then converting it to the Roth.  It's simple to do and just involves some paperwork that your financial institution customer service rep can easily walk you through if needed.  There is no tax due since you contributed post-tax money to the tIRA.  The only caveat is that you can run into pro-rating issues if you already have money in a tIRA before you start, so people who already have big tIRA accounts should probably not do back-door Roths unless they plan to pay taxes on and convert all of the money that's already in the tIRA.  That could be a pretty enormous tax bill if you've been contributing to a tIRA for a long time.

zephyr911

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Re: Race from 250 to 500k!
« Reply #59 on: February 17, 2016, 05:41:59 PM »
Preacher, this is the choir, but too many people (even here) don't get that.
Can't you just get a separate tIRA to deal with that?
I'll probably never hit the Roth phaseout but that's still good to know.

Libertea

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Re: Race from 250 to 500k!
« Reply #60 on: February 19, 2016, 07:13:20 AM »
Preacher, this is the choir, but too many people (even here) don't get that.
Can't you just get a separate tIRA to deal with that?
I'll probably never hit the Roth phaseout but that's still good to know.
No, the IRS doesn't compartmentalize them like that.  They essentially treat all of your tIRAs like one big account for pro-rating purposes.  See this article for a more thorough explanation: https://www.bogleheads.org/wiki/Backdoor_Roth_IRA

zephyr911

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Re: Race from 250 to 500k!
« Reply #61 on: February 19, 2016, 08:39:02 AM »
No, the IRS doesn't compartmentalize them like that.  They essentially treat all of your tIRAs like one big account for pro-rating purposes.  See this article for a more thorough explanation: https://www.bogleheads.org/wiki/Backdoor_Roth_IRA
I learn something new every day here. Thanks for the link!
There's a part of me that is actually willing to pay more in taxes over time to avoid complicated tax accounting. I'm glad I probably won't face this particular dilemma. >.<

My small victory this week: earnest money delivered for my partnership's upcoming rental buy, and funds are all identified for consolidation into the down payment. As our agent, I should clear almost $5k in commission - an instant return nearly equal to my share of the down payment. But the real value is in the long term. This should bump my share of total returns to around $1k/mo starting in April - not bad for $20K invested over two years.

doggyfizzle

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Re: Race from 250 to 500k!
« Reply #62 on: February 25, 2016, 12:16:42 PM »
Zephyr, I've got a similar-sounding situation to you; ive got a 10% stake in an LLC that owns an office building in San Jose CA and some promissory notes at 8-10% interest for microbreweries that should be kicking $800-$1000 bucks a month off $30k invested over 9 years.  Leverage on the office building ($5.5 mil purchase price with $500k down) certainly helps amplify the returns.

bkmnky72

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Re: Race from 250 to 500k!
« Reply #63 on: February 26, 2016, 09:58:42 PM »
I'm in.  I rechecked our numbers at $361K, including house.  Without house it's about $130K.  Real estate is ridiculously crazy in our area right now. 

Early last month we're at $295K. 

Would love to hit $500K by 2020, so that's about $35-$50K\year. 
« Last Edit: March 11, 2016, 05:16:10 AM by bkmnky72 »

OurTown

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Re: Race from 250 to 500k!
« Reply #64 on: February 29, 2016, 08:29:00 AM »
I'll update the spreadsheet this weekend.  Any move at all on the plus side will be a win.

RWD

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Re: Race from 250 to 500k!
« Reply #65 on: February 29, 2016, 08:49:34 AM »
After being flat for three months at the starting line of this challenge we've finally seen an uptick.
« Last Edit: February 29, 2016, 08:55:09 AM by RWD »

garth

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Re: Race from 250 to 500k!
« Reply #66 on: March 01, 2016, 06:17:54 AM »
I'll play. We've been hovering around $250k since November, through we're currently a little below that at $240k. If we can save $100k this year, I'll be pretty happy. It's definitely a stretch goal though...last month we only stashed $4600. It's not impossible though. My wife is about to start working after 7 months off, so March and beyond should look much better.

End of Feb NW was $255k (+15k over end of Jan). Hoping to add $9k to investment accounts in March. We'll see what happens.
« Last Edit: March 01, 2016, 07:46:18 AM by garth »

BBub

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Re: Race from 250 to 500k!
« Reply #67 on: March 01, 2016, 06:48:21 AM »
Nov 31, 2015: $254,178
Dec 31, 2015: $258,054
Jan 31, 2016: $264,247
Feb 29, 2016: $271,241

Cheddar Stacker

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Re: Race from 250 to 500k!
« Reply #68 on: March 01, 2016, 08:16:32 PM »
3/1/16
NW $414K
Liquid $322K

You're getting really close to passing me by Bbub. Happy for you.

BBub

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Re: Race from 250 to 500k!
« Reply #69 on: March 02, 2016, 07:40:12 AM »
Not if you keep rocking out w/ those flips!  I'm happy for your progress too.  $285 to $322k in 3 months in a declining market is quite a feat!   

Whether it takes you 3yrs, or me 4yrs matters not.. I look forward to the day we'll be able to plan out a nice long trip together spent fishing, camping & drinking brews on some lightly inhabited barrier island.  And I won't have to bolt back into the office!

JustGettingStarted1980

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Re: Race from 250 to 500k!
« Reply #70 on: March 02, 2016, 10:43:04 AM »
Once again, I'm impressed by Cheddar and BBub. You are my heroes.

onlykelsey

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Re: Race from 250 to 500k!
« Reply #71 on: March 02, 2016, 10:54:20 AM »
I can't decide if I should be in this challenge or the other (100-250).  I only fit this one based on net worth.

Anyway, January 2016 I was at 327K.
February 2016 I was at 324.  I actually invested 12K, paid 3700 towards my mortgage and 2500 towards debts during that time, but house value is down and so are my investments.

BBub

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Re: Race from 250 to 500k!
« Reply #72 on: March 02, 2016, 03:47:35 PM »
Once again, I'm impressed by Cheddar and BBub. You are my heroes.

JGS - I'm eagerly awaiting your stats at quarter-end.  Based on your past progress, we may go from heroes to goats pretty soon!

Icecreamarsenal

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Re: Race from 250 to 500k!
« Reply #73 on: March 03, 2016, 10:30:29 AM »
Hi, I graduated from the other race (100k to 250k) and am now throwing my hat into this ring. 

Liquid assets, not including home equity:
1/15: 88k
2/15: 96k
3/15: 100k
4/15: 115k
5/15: 125k
6/15: 135k
7/15: 144k
8/15: 161k
9/15: 172k
10/15: 186k
11/15: 181k
12/15: 203k
1/16: 297k <---Looks like I made it, thanks to a home sale.  This includes subtracting 120k down on next property.  God bless frothy real estate.
2/16: 314k

Am looking forward to shooting for the FI stars with you guys and gals.

zephyr911

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Re: Race from 250 to 500k!
« Reply #74 on: March 03, 2016, 10:33:17 AM »

1/15: 88k
2/16: 314k


That pace though! Wow! >.<

Icecreamarsenal

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Re: Race from 250 to 500k!
« Reply #75 on: March 03, 2016, 11:20:59 AM »

1/15: 88k
2/16: 314k


That pace though! Wow! >.<
A lot of that bump in 16 had to do with a real estate sale. I see how real estate can be a huge wealth creator.

zephyr911

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Re: Race from 250 to 500k!
« Reply #76 on: March 03, 2016, 12:16:49 PM »
A lot of that bump in 16 had to do with a real estate sale. I see how real estate can be a huge wealth creator.
It's the cornerstone of my FIRE plan.

YellowCat

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Re: Race from 250 to 500k!
« Reply #77 on: March 03, 2016, 01:29:56 PM »
We're in! Net worth as of Jan 31 was ~$307k, down from ~$312 from November of last year despite all of our additional investments since then. I'm hoping this challenge will help to keep me motivated as we watch our NW go down despite throwing money at the market like crazy :)

It's nice to see the market bouncing back a little bit. NW as of Feb. 29 was ~$315k, NW right now is ~$320k. Can't complain. I'm aiming for $425k by the end of 2016, with a stretch goal of $450k. That's with ~$95-100k of investments this year...(Hell, who am I kidding. I'd be pretty tickled to hit $400k...It all just depends on the market.)

MickeyMoustache

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Re: Race from 250 to 500k!
« Reply #78 on: March 03, 2016, 02:54:31 PM »
I think I'll join you guys... I just calculated my NW for the first time in a year and I'd like to focus on it a bit more.

NW: $429k (includes equity & mortgage balance)
Investments: $446k

I should be able to hit $500k NW if the market stays flat this year, which is important because my wife wants to stop working at the end of the year in anticipation of our 3rd kid (3 kids in daycare = insanity).  Maxing out everything I can until December!

zephyr911

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Re: Race from 250 to 500k!
« Reply #79 on: March 03, 2016, 02:58:14 PM »
I think I'll join you guys... I just calculated my NW for the first time in a year and I'd like to focus on it a bit more.

NW: $429k (includes equity & mortgage balance)
Investments: $446k

I should be able to hit $500k NW if the market stays flat this year, which is important because my wife wants to stop working at the end of the year in anticipation of our 3rd kid (3 kids in daycare = insanity).  Maxing out everything I can until December!
How is your total NW less than your investments? Negative equity in...??

OurTown

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Re: Race from 250 to 500k!
« Reply #80 on: March 03, 2016, 06:10:22 PM »
Jan. 1, 2016 = 374
Feb. 1, 2016 = 373
Mar. 1, 2016 = 379

MickeyMoustache

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Re: Race from 250 to 500k!
« Reply #81 on: March 03, 2016, 06:35:07 PM »
I think I'll join you guys... I just calculated my NW for the first time in a year and I'd like to focus on it a bit more.

NW: $429k (includes equity & mortgage balance)
Investments: $446k

I should be able to hit $500k NW if the market stays flat this year, which is important because my wife wants to stop working at the end of the year in anticipation of our 3rd kid (3 kids in daycare = insanity).  Maxing out everything I can until December!
How is your total NW less than your investments? Negative equity in...??

$130k equity, $150k left on the loan... total is -$20k to my NW.  No non-mortgage debt so you don't see it in my other investments (equity isn't included in that #).  Total assets is somewhere in the $600k range.

zephyr911

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Re: Race from 250 to 500k!
« Reply #82 on: March 03, 2016, 06:37:52 PM »
I think I'll join you guys... I just calculated my NW for the first time in a year and I'd like to focus on it a bit more.

NW: $429k (includes equity & mortgage balance)
Investments: $446k

I should be able to hit $500k NW if the market stays flat this year, which is important because my wife wants to stop working at the end of the year in anticipation of our 3rd kid (3 kids in daycare = insanity).  Maxing out everything I can until December!
How is your total NW less than your investments? Negative equity in...??

$130k equity, $150k left on the loan... total is -$20k to my NW.  No non-mortgage debt so you don't see it in my other investments (equity isn't included in that #).  Total assets is somewhere in the $600k range.
So the home is worth $280k? That adds $130k to NW, not reduces $20k.

MickeyMoustache

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Re: Race from 250 to 500k!
« Reply #83 on: March 03, 2016, 07:00:36 PM »
I think I'll join you guys... I just calculated my NW for the first time in a year and I'd like to focus on it a bit more.

NW: $429k (includes equity & mortgage balance)
Investments: $446k

I should be able to hit $500k NW if the market stays flat this year, which is important because my wife wants to stop working at the end of the year in anticipation of our 3rd kid (3 kids in daycare = insanity).  Maxing out everything I can until December!
How is your total NW less than your investments? Negative equity in...??

$130k equity, $150k left on the loan... total is -$20k to my NW.  No non-mortgage debt so you don't see it in my other investments (equity isn't included in that #).  Total assets is somewhere in the $600k range.
So the home is worth $280k? That adds $130k to NW, not reduces $20k.
You don't put your mortgage against your net worth?  I thought net worth was simply a summation of all your assets and all of your liabilities?

zephyr911

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Re: Race from 250 to 500k!
« Reply #84 on: March 03, 2016, 07:05:16 PM »
You should, but you're actually doing it twice.

zephyr911

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Re: Race from 250 to 500k!
« Reply #85 on: March 03, 2016, 07:07:10 PM »
Some people leave their home out entirely, which is legit, but if you factor it in, realize that your mortgage has already been subtracted from the home's value to calculate equity. Unless you have negative equity, the home should add NW.

MickeyMoustache

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Re: Race from 250 to 500k!
« Reply #86 on: March 03, 2016, 07:50:01 PM »
I think I'm miscommunicating something here... if you have a $300k house with no other assets, and the mortgage left on it is $150k, what is your net worth?

zephyr911

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Re: Race from 250 to 500k!
« Reply #87 on: March 03, 2016, 07:51:06 PM »
150k.

Icecreamarsenal

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Re: Race from 250 to 500k!
« Reply #88 on: March 03, 2016, 08:16:33 PM »
I think I'm miscommunicating something here... if you have a $300k house with no other assets, and the mortgage left on it is $150k, what is your net worth?

Yes, I think you're misunderstanding.
You say 130k equity, 150k left on the mortgage.  Let's assume that the home is worth 280k (it's only worth what you can sell it for; you may be able to sell for 250k or 300k, but let's just assume 280k.)
That would add 130k to your conventional NW, as opposed to adding -20k to your NW.
I keep property values and equities out of my FI NW, as I plan to live in my home and need 25x expenses in invested assets, not just assets on the balance sheet.

MickeyMoustache

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Re: Race from 250 to 500k!
« Reply #89 on: March 04, 2016, 06:22:13 AM »
I think I'm miscommunicating something here... if you have a $300k house with no other assets, and the mortgage left on it is $150k, what is your net worth?

Yes, I think you're misunderstanding.
You say 130k equity, 150k left on the mortgage.  Let's assume that the home is worth 280k (it's only worth what you can sell it for; you may be able to sell for 250k or 300k, but let's just assume 280k.)
That would add 130k to your conventional NW, as opposed to adding -20k to your NW.
I keep property values and equities out of my FI NW, as I plan to live in my home and need 25x expenses in invested assets, not just assets on the balance sheet.
150k.
Sorry zephyr, I was wrong.  I thought it would be zero in my example because you still have a mortgage against it, but I was forgetting the actual asset is worth $300k, which is the amount the mortgage is actually against.  When I got to work this morning I decided to talk to the accountant that sits next to me about this because I just wasn't getting it.  He helped explain it pretty clearly and again, I was wrong.  I guess its a good thing to be wrong about, in this case...  so I'll have to participate in this challenge with the caveat of $500k investable assets challenge instead, which as Icecreamarsenal suggested is more important in the long run.

Starting amount: $446k
Net worth: $596k

I had no idea I broke $500k NW btw... lol

zephyr911

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Re: Race from 250 to 500k!
« Reply #90 on: March 04, 2016, 06:30:55 AM »
I had no idea I broke $500k NW btw... lol
Well congrats!
You're way ahead of me...;)

bkmnky72

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Re: Race from 250 to 500k!
« Reply #91 on: March 11, 2016, 05:28:21 AM »
I'm in.  I rechecked our numbers at $361K, including house.  Without house it's about $130K.  Real estate is ridiculously crazy in our area right now. 

Early last month we're at $295K. 

Would love to hit $500K by 2020, so that's about $35-$50K\year.

$391K 3/11/16

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Re: Race from 250 to 500k!
« Reply #92 on: March 13, 2016, 12:16:55 PM »
I am in for this challenge.

12/31/15 - 243,200

With the latest number crunching I have crossed over $250K this month, but I will wait until the end of the month to post the actual numbers.  I included all retirement accounts for now.  We also plan to purchase rentals to create cash flow after FIRE to bridge the gap before accessing retirement accoutns.  This is the year we are starting to save for rentals so I will be including that mini stache until we purchase. 

onlykelsey

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Re: Race from 250 to 500k!
« Reply #93 on: March 13, 2016, 12:48:57 PM »
Trying to be a bit more granular to see actual trends:

December 2013: 142K
March 2014: 178K
June 2014: 191K
September 2014: 205K
December 2014: 231K
March 2015: 232K (I self financed half a wedding this quarter, and began subsidizing now husband)
June 2015: 249K
September 2015: 272K (a new~30K in debt showed in this quarter from the first half of a 60K roof assessment I didn't have cash on hand for)
December 2015: 326K
(early) March 2016: 332K (I've invested/paid off principal of ~15K the last two months, but the market and my house value are down)

zephyr911

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Re: Race from 250 to 500k!
« Reply #94 on: March 14, 2016, 06:57:42 AM »
September 2015: 272K (a new~30K in debt showed in this quarter from the first half of a 60K roof assessment I didn't have cash on hand for)
Good lawd. How big is your roof? For $60K, I could replace all the roofs on all the houses I own, and buy a car with the leftovers.

I'm in some slightly more volatile investments right now so I won't try to nail down my exact NW, but I should close out Q1 in the $300K range, up from ~$260K. Currently adding about 5k/mo, but very lumpy. March will include almost $6K in nonrecurring income, and Q2 is filling up with surprise real estate deals and other gimmes. Even going to Argentina in April will actually reduce our current spending - we paid for airfare months ago, and lodging + most meals are covered. Family :)

All in all, I may need to reevaluate (compress) my best/worst case timelines. Feels good.

onlykelsey

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Re: Race from 250 to 500k!
« Reply #95 on: March 14, 2016, 12:44:29 PM »
"roof" is loose there.  My 12-unit Manhattan condo thought we needed a new roof, but when we took the roof off, we also needed a new parapet wall.  and when we took that down, we also needed to rebuild ~80 feet of brick wall on the 5th floor. And when we vacated them, shored the weight, and demolished those walls, we found out we needed to repoint two entire walls of the building.  I saw the state of the mortar, it was appalling, and very lucky we do not live in an earthquake-prone place!

I considered selling, but thought I'd take a ~200K hit and it didn't seem worth it.

I don't know how that 64K will be treated on my taxes yet, I have no idea.  Definitely hiring an accountant.

onlykelsey

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Re: Race from 250 to 500k!
« Reply #96 on: March 14, 2016, 01:09:45 PM »
What's everyone's timing goal? 

Aggressively and based on keeping my current job, I think I could reach it by June 2017.   If DH makes more money or the market takes off, sooner.  Sine we're TTC in about a month, though, all bets are off.  My friend in my neighborhood said they pay their nanny ~60K, so my childcare expense estimate was way too low.

Quote
December 2013: 142K
March 2014: 178K
June 2014: 191K
September 2014: 205K
December 2014: 231K
March 2015: 232K (I self financed half a wedding this quarter, and began subsidizing now husband)
June 2015: 249K
September 2015: 272K (a new~30K in debt showed in this quarter from the first half of a 60K roof assessment I didn't have cash on hand for)
December 2015: 326K
(early) March 2016: 332K (I've invested/paid off principal of ~15K the last two months, but the market and my house value are down)
June 2016: 357K
September 2016: 385K (i'll finish paying off my 401K loan here and can pick up the investment/HELOC pay off pace by ~1K monthly)
December 2016: 443K
March 2017: 475K
June 2017: 505K

zephyr911

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Re: Race from 250 to 500k!
« Reply #97 on: March 14, 2016, 01:29:32 PM »
"roof" is loose there.  My 12-unit Manhattan condo thought we needed a new roof, but when we took the roof off, we also needed a new parapet wall.  and when we took that down, we also needed to rebuild ~80 feet of brick wall on the 5th floor. And when we vacated them, shored the weight, and demolished those walls, we found out we needed to repoint two entire walls of the building.  I saw the state of the mortar, it was appalling, and very lucky we do not live in an earthquake-prone place!

I considered selling, but thought I'd take a ~200K hit and it didn't seem worth it.

I don't know how that 64K will be treated on my taxes yet, I have no idea.  Definitely hiring an accountant.

Man, that sucks so much.

I don't think that $64K will help you on taxes as much as subsidizing DH. If it's classified as personal residence repairs or maintenance, nothing. If you can add it to your cost basis, it could contribute to a capital loss at time of sale.

BBub

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Re: Race from 250 to 500k!
« Reply #98 on: March 14, 2016, 02:16:03 PM »
What's everyone's timing goal? 

Aggressively and based on keeping my current job, I think I could reach it by June 2017.   If DH makes more money or the market takes off, sooner.  Sine we're TTC in about a month, though, all bets are off.  My friend in my neighborhood said they pay their nanny ~60K, so my childcare expense estimate was way too low.

My timing goal is stated at the beginning of the thread as Feb 2017, but that seems very unrealistic.  That goal was made in response to the challenge to complete 250-500k in the same amount of time as 100-250k.

Realistically, by the end of 2017.  Hopefully sooner.

RWD

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Re: Race from 250 to 500k!
« Reply #99 on: March 14, 2016, 06:14:58 PM »
What's everyone's timing goal?

With an average stock market it should be in early 2018 for us.