Hello! I just finished the race to $500k (and created a new account) and now have my sights set on $1000k! Spouse and I are a two-income household, no kids, and higher income. Together we will gross about $230k this year. Expecting ~$265k next year. But spending is also high, at roughly $90k. We saved $100k last year, are on track for about the same this year, and are looking to boost that to $140k in 2018. If this continues, my most optimistic prediction is that we’ll hit one million in about 36 months.
I have some other other mini-goals (spouse is mostly hands off when it comes to our money). I want to start putting money in a taxable investment account. Currently, all of our investments are tax sheltered since we can put just under $100k/year into IRAs, 401ks, etc (the tax code sure is nutty). We've maxed this space in favor of taxable investments. I also want to avoid getting fired next year. I think I could potentially find a lower stress, higher paying job if I did, but I like my employer, my city, and my house, so I’d like to stay for another 3 to 4 years. Last, we have $12,000 in student loans I’d like to knock out. Sounds crazy, I know, but my in-laws consider it their debt. We only recently started paying anything toward it, and I’m feeling like we should up our payments to be rid of it by end of next year.
Most of our growth (or losses) as we push toward $1000k will be new investments and compounding. We have a house that’s had some decent appreciation (according to Zillow), but I like to be conservative and assume 1% appreciation annually. Anyway, even if Zillow is right, the extra equity would just cover the transaction costs, so it seems kinda moot to me.
Anyway, the data:
Sept 17: $500k
Feb 16: $246k
Jan 14: $180k
Earlier: No records
