Author Topic: What milestones do you have?  (Read 48338 times)

wageslave23

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What milestones do you have?
« on: March 29, 2021, 02:59:50 PM »
I've reached several personal milestones that were cool to achieve - $100k in after tax money, networth of $500k, etc.  But its fun when you realize ones that you hadn't thought of before.  Just today I realized that I only bother transferring more money into my brokerage account when it's at least $10k. Or saving all of my pretax gross income.  Any fun ones that you have realized or are shooting for?

Tigerpine

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Re: What milestones do you have?
« Reply #1 on: March 29, 2021, 03:13:15 PM »
The most exciting milestone I ever hit was when I literally became worthless (net worth of $0).  Before that I had negative net worth.  I've hit other milestones since, but being worthless was the only one I actually celebrated.

wageslave23

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Re: What milestones do you have?
« Reply #2 on: March 29, 2021, 03:27:21 PM »
Thats a good one. It took me a while to get there!

NumberJohnny5

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Re: What milestones do you have?
« Reply #3 on: March 29, 2021, 05:24:52 PM »
Old milestones were along the lines of:

1. Can survive indefinitely as long as we get some government assistance (food stamps, free insurance).

2. Same as above, but with no assistance.

3. Can do more than just survive...can go to a restaurant weekly and even take the occasional (stay)vacation.

4. Exactly same lifestyle as now, minus needing income.

I'm looking at it a bit different now, but that's how I used to look at it. We hit #1 and are probably at #2, but I've changed the goalposts and am looking at retiring elsewhere (like Mexico, at least at first).

use2betrix

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Re: What milestones do you have?
« Reply #4 on: March 29, 2021, 07:15:48 PM »
Paying off student loans was a big one..

Then hitting $0 worth was great...$100k, $250k, and $500k were all good milestones..

There’s a good chance I’ll hit $1MM this year as long as the market doesn’t crash..

For the longest time I’ve always felt that hitting $1MM will be one of the greatest milestones ever..

Now - after 2.5 years of trying to have a baby with my wife, she’s halfway through her pregnancy.. I never thought something would surpass that $1MM for one of the best feelings/goals, but now I’m confident that becoming a father will easily pass that up!

In 2017, I took two separate 4 month sabbaticals.. Getting to the point I could take those was huge.. I’m ready for another but I keep getting better jobs and more money.. hate the thought of working straight through to FIRE but I’m not going to turn down the kind of jobs I’ve been offered..

onecoolcat

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Re: What milestones do you have?
« Reply #5 on: March 29, 2021, 07:41:38 PM »
The most exciting milestone I ever hit was when I literally became worthless (net worth of $0).  Before that I had negative net worth.  I've hit other milestones since, but being worthless was the only one I actually celebrated.

I have to say, getting from ($64,000) to a $0 networth was way more exciting than getting to $500k

wageslave23

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Re: What milestones do you have?
« Reply #6 on: March 29, 2021, 07:51:55 PM »
Old milestones were along the lines of:

1. Can survive indefinitely as long as we get some government assistance (food stamps, free insurance).

2. Same as above, but with no assistance.

3. Can do more than just survive...can go to a restaurant weekly and even take the occasional (stay)vacation.

4. Exactly same lifestyle as now, minus needing income.

I'm looking at it a bit different now, but that's how I used to look at it. We hit #1 and are probably at #2, but I've changed the goalposts and am looking at retiring elsewhere (like Mexico, at least at first).

Would moving to Mexico help you reach 3 and 4 more quickly?

Finances_With_Purpose

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Re: What milestones do you have?
« Reply #7 on: March 29, 2021, 09:04:48 PM »
The most exciting milestone I ever hit was when I literally became worthless (net worth of $0).  Before that I had negative net worth.  I've hit other milestones since, but being worthless was the only one I actually celebrated.

I have to say, getting from ($64,000) to a $0 networth was way more exciting than getting to $500k

I'll third that one.  Though I started a lot farther in the hole. 

The rest just feels pretty anti-climactic.  We've had a tremendous year for our net worth, but meh, whatever. 

wageslave23

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Re: What milestones do you have?
« Reply #8 on: March 29, 2021, 09:18:53 PM »
The most exciting milestone I ever hit was when I literally became worthless (net worth of $0).  Before that I had negative net worth.  I've hit other milestones since, but being worthless was the only one I actually celebrated.

I have to say, getting from ($64,000) to a $0 networth was way more exciting than getting to $500k

I'll third that one.  Though I started a lot farther in the hole. 

The rest just feels pretty anti-climactic.  We've had a tremendous year for our net worth, but meh, whatever.

I will disagree.  Getting to zero was cool and took a while.  But I always knew that it was inevitable and my negative networth was really just a timing thing.  Getting to $100k and then $500k was like holy sh*t I actually have $100k! I'm rich!  It's real f***** money.   And I think $1M will be even better.  To each their own.

Bloop Bloop Reloaded

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Re: What milestones do you have?
« Reply #9 on: March 30, 2021, 01:08:07 AM »
10 years' expenses saved up (hit)

20 years' expenses saved up (hit)

30 years' expenses saved up (next goal)

40 years' expenses saved up

4% gross / 2.5% net of investable assets will pay for living expenses

4% gross / 2.5% net of investable assets will pay for living expenses + 1 international holiday per year + $20,000 splurge money per year (final FIRE goal)

Hoping to hit all goals by age 45

Tinker

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Re: What milestones do you have?
« Reply #10 on: March 30, 2021, 05:18:27 AM »
saved/invested 10k, 25k, 50k, 75k, 100k, 150k, 200k, 300k, retire-able k
earning (gross) 40k, 50k, 60k, 75k, 100k. No need for more milestones here. My career basically tops out below the 75k mark in Germany unless you move into managing positions, which I'm not fond of. But a move to Switzerland or the US might bump me up into the 6 digits in a technical role. Would need to think of some new savings milestones then. Not for independence and retirement, but for fun personal projects/challenges.

NumberJohnny5

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Re: What milestones do you have?
« Reply #11 on: March 30, 2021, 07:05:54 AM »
Would moving to Mexico help you reach 3 and 4 more quickly?

If we up and moved right now, we could spend a bit over $1k/mo with a 4% SWR. That makes me a bit anxious, since all that'd have to happen is a big jump in value of the peso vs dollar. Yes, we could just move again, but it's a bit hard with three kids, and the whole reason we moved to where we're at is to be close to family for the next bit. Still, it's nice to know that it's an option.

In six years, our net worth should be such that we MIGHT be able to scrape by where we are just on the 4% SWR. Property taxes are killing us; last place was under $200/yr, here it's near $5k/yr including HOA fees. A move to Mexico would see us able to more than get by at a 2% SWR; that gives us lots of wiggle room. Peso jumps up 50%? Now we're at 3% SWR. Stocks ALSO down 25%? Now we're at 4% SWR. Everything stays the same? The money just snowballs. We can slowly travel around the world, as long as we start somewhere cheap. If the plan "fails", then we're stuck in the cheap places. If it succeeds wildly, then we can eventually check out some of the more expensive places.

Rdy2Fire

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Re: What milestones do you have?
« Reply #12 on: March 30, 2021, 08:09:37 AM »
Younger Milestones

Student Loan Payoff before 25 (done at 24)

Double age in Salary at 25 i.e. 50K a year (more then tripled)

100K year salary

As I was older

Retire if I want by 50

Pay off home in under 15 years

Have 500K saved/retirement

Net worth 1M, 1.5M and 2M

Now

Just live



nessa

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Re: What milestones do you have?
« Reply #13 on: March 30, 2021, 02:56:01 PM »
I hit a milestone today: I have more in my Emergency Savings than I owe to my student loans. First time ever.

Captain Cactus

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Re: What milestones do you have?
« Reply #14 on: March 30, 2021, 06:29:44 PM »
When I got serious about our finances back in 2015 it became my goal to start maxing out 401K, Roth, and save as much as possible in the regular brokerage account.  My goal at that point was a total net worth of $500,000.  My next milestone is $1,000,000 in investments (Vanguard mutual funds specifically), not counting home equity and a emergency fund/savings for some upcoming home improvements. 

I'm actually a little surprised how quickly the portfolio has gone up over the last few years.  Yes I've been maxing retirement funds and putting a healthy amount into the regular brokerage account, but the market has done most of the work.  I feel like an investing genius but I know I'm not...It's really is nothing more than "the simple path...".  Thank you Mr. Collins.

I've been seeking a career shift the past few years, moving out of sales.  I finally accomplished this, and while it pays about 20% less than a good year in sales, the income will be predictable and consistent.  I'm really looking forward to the new challenge. 

Next milestone?  If the new job goes well, it is my goal to spend a few years at the international office in Holland or France.   

wageslave23

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Re: What milestones do you have?
« Reply #15 on: March 31, 2021, 05:37:10 AM »
I hit a milestone today: I have more in my Emergency Savings than I owe to my student loans. First time ever.

Nice!

yachi

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Re: What milestones do you have?
« Reply #16 on: March 31, 2021, 08:43:49 AM »
Would moving to Mexico help you reach 3 and 4 more quickly?

If we up and moved right now, we could spend a bit over $1k/mo with a 4% SWR. That makes me a bit anxious, since all that'd have to happen is a big jump in value of the peso vs dollar. Yes, we could just move again, but it's a bit hard with three kids, and the whole reason we moved to where we're at is to be close to family for the next bit. Still, it's nice to know that it's an option.

In six years, our net worth should be such that we MIGHT be able to scrape by where we are just on the 4% SWR. Property taxes are killing us; last place was under $200/yr, here it's near $5k/yr including HOA fees. A move to Mexico would see us able to more than get by at a 2% SWR; that gives us lots of wiggle room. Peso jumps up 50%? Now we're at 3% SWR. Stocks ALSO down 25%? Now we're at 4% SWR. Everything stays the same? The money just snowballs. We can slowly travel around the world, as long as we start somewhere cheap. If the plan "fails", then we're stuck in the cheap places. If it succeeds wildly, then we can eventually check out some of the more expensive places.

Have you gotten as far as looking at school options in Mexico for your kids?  I have 4 and thought ER in Mexico would allow a lower withdrawal rate for a few years.  Tuition to international schools is crazy expensive, at 15k to 20k per student.  Are you thinking Mexico public schools, or some form of homeschooling?

Kem

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Re: What milestones do you have?
« Reply #17 on: March 31, 2021, 01:56:14 PM »
Ooooo this tickles my fancy.

For now the Financial side only even though the health side may be even more impressive … it Is basically the same but with different words 😊

My Milestones, in order of import:
Produce my first Written Financial Plan – This Living Document Prioritized Expenses (Outflow) and Allocates a job for every cent obtained (Inflow).  This was the first BIG step in getting my silly expenditures under control, seeking efficiencies --- and really looking into making, tracking, and progressing towards large goals (large purchases, vacations, retirement at a certain age, etc). This plan provided the foundation of Cashflow Planning, Investment Policy Statement, Proper Insurance Guidelines, and Proper Estate Planning. Without this foundation it was very difficult to progress in life.  Using this same concept applied to Health, applied to spiritual, applied to business, etc has been Amazing!

Eliminate Credit Card Debt - Any CC debt carried is now viewed as an emergency situation. I’ve realized that buying beyond one’s means is the quickest way to snowball away ones’ future happiness. I now consider the only acceptable use of using CC is for budgeted expense rewards harvesting – paying off the balance every 2 weeks.  I now consider carrying a CC balance only IF the Emergency Fund has been depleted in the event of a Job Loss so that the family need not go hungry.

6 Months Emergency Fund - While not the dire situation that carrying CC debit is, funding a minimum of 3 months of my EF should take priority. The EF is ONLY to be used for base living expenses during the loss of a job, or during a major catastrophe (home ruin due to natural disaster, life threatening medical service, etc). This should be placed 100% into a ‘high interest online savings account’. At 3 months of savings the rate of accumulation to this fund may slow.  At some point I may begin to move this into a Taxable Brokerage with the concept that each dollar in a broad market ETF is worth $0.5 of cash (with the thought that the market could crash 50% when I actually NEED the funds).

Zero Net Worth - Most folks live beyond their means and never achieve a positive Net Worth.  I had EXTENSIVE negative Net Worth between silly frequent new luxury car financing, huge personal loans to pay off credit cards and medical expenses, huge cc balances, 100k+ student loans in a decimated industry, and a McMansion mortgage.  Following my Financial Written Plan illuminated the path which led me out of this Joneses mess. 

Zero Student Loans - Student Loans are the only debt that are seldom forgiven by the court system. Assuming the interest is below 4%, I personally do not pay more than the fixed rate minimum on these.  My one and only remaining ‘small’ student loan hoovers just over 4% with a current balance of 38K.

Tracking Net Worth Quarterly - This one is fun. Over time, following a proper written financial plan led to exponential growth.  Zero NW took a very long time.  The first positive 100K took a long time.  Now, even should I never contribute another penny to VTI/VXUS/Cash I expect my NW to double every 6-8 years.

Cost Financial Independence (FI) - The point in time when, if I never invest another dollar, those investments will grow to cover Lean FI at full retirement age (treating social security as if it will never be paid).

Giving up Income / Massive Stress / Reaching FU Money / Enjoying Sabbatical – stepping away from all income for 1/3 of a year, enjoying a mini-retirement, then saying yes to a low stress opportunity that covers base living expenses and provides the potential to grow into something fantastic.

Funded Kids UTMA (Convertible into 529 Should College Route be desired) – Lean CoastFi reached for each child before their 8th birthday.  In this case defined as the amount that based on average returns may likely reach inflation adjusted 1.2M by age 65 (80% VTI 20% VXUS).     

Not yet obtained but in-que:
Lean FI - The point in time when my investments are worth 25x annual cash outflows. Market Downturns may require part-time work or reducing expenses while withdrawing only from the cash portion should it be time to step away from the rat-race again.

Lean FI with Yield Shield - The point in time when my investments are worth 25x annual cash outflows AND I have 1.5 years of Cash (plus 6-month EF). Market Downturns may require pulling from the Yield Shield rather than liquidating equities.

Debt Free (Other than a 30 year fixed Mortgage) – hoping to milk this 3% fixed rate for as long as possible, however I have no desire to carry even this Debt going into RE.

Debt Free -

Fat FI - The point in time when my investments are worth 30x the annual cash outflows. At 3% withdrawal, adjusted yearly for inflation, this money is highly improbable to ever run out (Thanks Trinity & Re-Balanceable Investment pool: 60% VTI, 20% VXUS, 20% Cash/Bnd PLUS 6 months EF).


ixtap

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Re: What milestones do you have?
« Reply #18 on: March 31, 2021, 02:21:53 PM »
Would moving to Mexico help you reach 3 and 4 more quickly?

If we up and moved right now, we could spend a bit over $1k/mo with a 4% SWR. That makes me a bit anxious, since all that'd have to happen is a big jump in value of the peso vs dollar. Yes, we could just move again, but it's a bit hard with three kids, and the whole reason we moved to where we're at is to be close to family for the next bit. Still, it's nice to know that it's an option.

In six years, our net worth should be such that we MIGHT be able to scrape by where we are just on the 4% SWR. Property taxes are killing us; last place was under $200/yr, here it's near $5k/yr including HOA fees. A move to Mexico would see us able to more than get by at a 2% SWR; that gives us lots of wiggle room. Peso jumps up 50%? Now we're at 3% SWR. Stocks ALSO down 25%? Now we're at 4% SWR. Everything stays the same? The money just snowballs. We can slowly travel around the world, as long as we start somewhere cheap. If the plan "fails", then we're stuck in the cheap places. If it succeeds wildly, then we can eventually check out some of the more expensive places.

Have you gotten as far as looking at school options in Mexico for your kids?  I have 4 and thought ER in Mexico would allow a lower withdrawal rate for a few years.  Tuition to international schools is crazy expensive, at 15k to 20k per student.  Are you thinking Mexico public schools, or some form of homeschooling?

Have you looked at private schools that aren't international schools in the area you are considering? International schools are usually for the upper classes and people whose employer pays tuition, but in Mexico most small cities and up have a few private options aimed at the local middle class.

HMman

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Re: What milestones do you have?
« Reply #19 on: March 31, 2021, 02:56:36 PM »
10 years' expenses saved up (hit)

20 years' expenses saved up (hit)

30 years' expenses saved up (next goal)

40 years' expenses saved up

4% gross / 2.5% net of investable assets will pay for living expenses

4% gross / 2.5% net of investable assets will pay for living expenses + 1 international holiday per year + $20,000 splurge money per year (final FIRE goal)

Hoping to hit all goals by age 45

I'm not quite sure what you mean by "4% gross of investable assets will pay for living expenses". Is that not 25x expenses? It reads like that goal comes after you have 40 years of expenses saved

joe189man

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Re: What milestones do you have?
« Reply #20 on: March 31, 2021, 04:11:10 PM »
1. Zero consumer debt (car loan and student loans)
2. $100k in brokerage account
3. Net zero Debt (Emergency Fund and Brokerage = Mortgage)
4. (Brokerage + Emergency Fund) / (60 - Age) = Inflation Adjusted Annual Spend Target (this would basically be FIRE amount/Date)

Bloop Bloop Reloaded

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Re: What milestones do you have?
« Reply #21 on: March 31, 2021, 05:46:40 PM »
10 years' expenses saved up (hit)

20 years' expenses saved up (hit)

30 years' expenses saved up (next goal)

40 years' expenses saved up

4% gross / 2.5% net of investable assets will pay for living expenses

4% gross / 2.5% net of investable assets will pay for living expenses + 1 international holiday per year + $20,000 splurge money per year (final FIRE goal)

Hoping to hit all goals by age 45

I'm not quite sure what you mean by "4% gross of investable assets will pay for living expenses". Is that not 25x expenses? It reads like that goal comes after you have 40 years of expenses saved

25x expenses includes non-income bearing assets like the value of the family home, and the value of my car etc. 4% gross of investable assets refers to predicted rent/dividends (at 4% gross) of property and shares.

NumberJohnny5

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Re: What milestones do you have?
« Reply #22 on: March 31, 2021, 07:10:55 PM »
Have you gotten as far as looking at school options in Mexico for your kids?  I have 4 and thought ER in Mexico would allow a lower withdrawal rate for a few years.  Tuition to international schools is crazy expensive, at 15k to 20k per student.  Are you thinking Mexico public schools, or some form of homeschooling?

At the moment, I'm thinking none of those. It's a fallback plan for now. Just nice to know that we COULD, if for some reason we needed to.

We've moved internationally before. In fact, the kids haven't really fully adjusted to American schools, since they only went for a little over half a school year before Covid hit. Before that they only knew the Australian school system (which, fun fact, goes by calendar year). So, I know we could handle the move itself. It's the language barrier I'd be worried about, but my daughter has expressed interest in learning Spanish, plus there are lots of ESL kids in the school systems here, so I'm confident it's a hurdle that could be overcome if need-be. Also...online schooling for two kids plus half schooling with the third (his Nana is doing lessons with him) is too much for me to handle permanently, else that would be an option. Once the oldest two have graduated high school, I can definitely see me doing online school for the youngest if he's interested. We would need to maintain some kind of official residence in the US to do that, could just use my mom's address I suppose. Or maybe he'll want a "regular" high school experience. If he's anything like his brother, he'll want to do the online school so he has extra time for gaming. Eh, as long as the work is done I suppose.

But yeah, the plan isn't to actually retire to Mexico with three kids. It's to retire to a relatively safe low cost of living country with one kid (perhaps with the middle in tow for the first year if she takes a gap year). At a 2% SWR, the funds should keep snowballing and open up even more options in the future.

dragoncar

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Re: What milestones do you have?
« Reply #23 on: March 31, 2021, 07:30:44 PM »
Want to hit 10,000 posts

bmjohnson35

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Re: What milestones do you have?
« Reply #24 on: March 31, 2021, 08:00:58 PM »

I used to create annual goals and poste them up next to the mirror in our bathroom. They included personal goals, family goals, relationship goals and financial goals.  I would see them at least twice daily to remind me of what had I committed to for the year.  I rarely achieved all of them, but usually achieved most of them.  I did this from age 21 until around mid 30's and then I got lazy.  If I had continued the practice, I'm certain I would be better off now.

When I hit 100k salary later in my career, something I never expected. 
It was nice when we became debt free.
When we achieved 1 million in NW.   

Ourayaway

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Re: What milestones do you have?
« Reply #25 on: March 31, 2021, 09:58:41 PM »
I got to the point of maxing my 401(k) and IRA.

My next big milestone will be putting at least 5k a year into a brokerage account.
Other than that 100k, 300k, 750k, etc will come eventually. I just have to be consistent.

pressure9pa

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Re: What milestones do you have?
« Reply #26 on: April 01, 2021, 06:11:16 AM »
Net worth yearly increase > W2 wages

Hit that in 2019, sustained through 2020, and hopefully through the future.  I'm sure there will be a bad market year eventually that makes it impossible. 

HMman

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Re: What milestones do you have?
« Reply #27 on: April 01, 2021, 08:43:40 AM »
10 years' expenses saved up (hit)

20 years' expenses saved up (hit)

30 years' expenses saved up (next goal)

40 years' expenses saved up

4% gross / 2.5% net of investable assets will pay for living expenses

4% gross / 2.5% net of investable assets will pay for living expenses + 1 international holiday per year + $20,000 splurge money per year (final FIRE goal)

Hoping to hit all goals by age 45

I'm not quite sure what you mean by "4% gross of investable assets will pay for living expenses". Is that not 25x expenses? It reads like that goal comes after you have 40 years of expenses saved

25x expenses includes non-income bearing assets like the value of the family home, and the value of my car etc. 4% gross of investable assets refers to predicted rent/dividends (at 4% gross) of property and shares.

Ah, that makes sense. I conceptualize "savings" as referring to investments, not total net worth, so I was very confused. Looks like you're crushing it!

DadJokes

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Re: What milestones do you have?
« Reply #28 on: April 01, 2021, 09:38:43 AM »
Want to hit 10,000 posts

Uh...did you lose your account info and have to start over, or did one of the mods troll you? I definitely recall you having a few more than 5 posts...



I don't think we have any "fun" milestones. We hit quarter-millionaire status this past month, which was pretty exciting, though we didn't celebrate it. I'm getting a motorcycle when we hit $1 million.

socaso

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Re: What milestones do you have?
« Reply #29 on: April 01, 2021, 09:52:54 AM »
Paying off our consumer debt was a big one. We had a health crisis in the family in the middle of our attempts to do so and the size of the debt doubled, I think it was around $30k in total that we paid off. It's been two years now and I still feel such a sense of relief that we did it. The relief is compounded by the fact that we haven't gotten ourselves in any more debt and just keep adding to our various savings accounts.

The second milestone was achieving targets in our earmarked savings accounts such as travel and a car savings fund and a couple of other categories. It feels great to know that our emergency savings and other accounts don't have to be impacted when we want to travel or buy a new car.

amberfocus

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Re: What milestones do you have?
« Reply #30 on: April 01, 2021, 06:57:17 PM »
The ones that really hammered it home were --

1. Joint total dividend income equaling expenses
2. Joint taxable dividend income equaling expenses, followed by
3. Solo total dividend income equaling expenses, and
4. Solo taxable dividend income equaling expenses

Hitting milestone #4 was my final trigger for pulling the plug.

marty998

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Re: What milestones do you have?
« Reply #31 on: April 01, 2021, 07:16:05 PM »
I hit all the financial goals I wanted to (paid off house, enough investments to not need to work). Probably past the point of needing more, but now it's a case of just enjoying seeing numbers go up.

I could have a nice FIRE'd life now if I quit, or I could have a really nice FIRE'd life a little later on if I keep going a few more years. No harm working a job I love while I have no family or other responsibilities.

Given the situation, I've allowed myself a splurge of a weekly $10 burger, chips and coke combo at the local takeaway shop.

In the back of my mind is that old "millionaire is made $10 at a time" post. But I've suppressed that inner mustache voice for the moment. It can get stuffed while I chow down on a grilled piece of sweet ass beef.

Want to hit 10,000 posts

Honesty is refreshing.

Bloop Bloop Reloaded

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Re: What milestones do you have?
« Reply #32 on: April 01, 2021, 07:58:24 PM »
The ones that really hammered it home were --

1. Joint total dividend income equaling expenses
2. Joint taxable dividend income equaling expenses, followed by
3. Solo total dividend income equaling expenses, and
4. Solo taxable dividend income equaling expenses

Hitting milestone #4 was my final trigger for pulling the plug.

Beautiful.

dragoncar

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Re: What milestones do you have?
« Reply #33 on: April 02, 2021, 12:59:17 AM »


Want to hit 10,000 posts

Honesty is refreshing.

My real goal is to never have to work again, but unfortunately that can't be achieved for sure until I'm dead.

wageslave23

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Re: What milestones do you have?
« Reply #34 on: April 02, 2021, 06:28:29 AM »


Want to hit 10,000 posts

Honesty is refreshing.

My real goal is to never have to work again, but unfortunately that can't be achieved for sure until I'm dead.

Ehh there are people that make a career out of not working.  I used to work in low income/subsidized housing.  People "looking for work" that I'd bet my unborn child's life never work a day in their life.

If they can do it, you can too.
« Last Edit: April 02, 2021, 06:30:08 AM by wageslave23 »

henramdrea

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Re: What milestones do you have?
« Reply #35 on: April 02, 2021, 06:26:05 PM »


Want to hit 10,000 posts

Honesty is refreshing.

My real goal is to never have to work again, but unfortunately that can't be achieved for sure until I'm dead.
I suppose as long as you're not having to work for someone else, work can be an OK thing...as long as you don't HAVE to.  Having that freedom to choose whether you spend your time on a task or delegate it to someone else is liberating.

amberfocus

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Re: What milestones do you have?
« Reply #36 on: April 03, 2021, 08:37:00 AM »
The ones that really hammered it home were --

1. Joint total dividend income equaling expenses
2. Joint taxable dividend income equaling expenses, followed by
3. Solo total dividend income equaling expenses, and
4. Solo taxable dividend income equaling expenses

Hitting milestone #4 was my final trigger for pulling the plug.

Beautiful.

I realized I should have reversed the order of #2 and #3, but that's okay. :)

Given all the recent discussion in the community about divorce and its financial risk... I'm glad I've always taken that risk very seriously. It's not very romantic, but it helps me sleep at night.

arebelspy

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Re: What milestones do you have?
« Reply #37 on: April 03, 2021, 08:42:14 AM »
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.

ohio4life

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Re: What milestones do you have?
« Reply #38 on: April 03, 2021, 08:45:38 AM »
Net worth yearly increase > W2 wages

Hit that in 2019, sustained through 2020, and hopefully through the future.  I'm sure there will be a bad market year eventually that makes it impossible.

I like this milestone and I think net worth increases being higher than money earned or even just money spent is a good measure of playing the game right. I probably have met both these the last 6 or 7 years. I guess if we have some bad market years it is hard to control this milestone much. That being said, this is probably a better measure than just a net worth milestone since it is relative to income which this blog emphasizes so much. 

arebelspy

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Re: What milestones do you have?
« Reply #39 on: April 03, 2021, 08:48:13 AM »




Want to hit 10,000 posts

Honesty is refreshing.

My real goal is to never have to work again, but unfortunately that can't be achieved for sure until I'm dead.

I mean, that can be accomplished.
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.

bmjohnson35

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Re: What milestones do you have?
« Reply #40 on: April 03, 2021, 11:05:06 AM »
Net worth yearly increase > W2 wages

Hit that in 2019, sustained through 2020, and hopefully through the future.  I'm sure there will be a bad market year eventually that makes it impossible.

I like this milestone and I think net worth increases being higher than money earned or even just money spent is a good measure of playing the game right. I probably have met both these the last 6 or 7 years. I guess if we have some bad market years it is hard to control this milestone much. That being said, this is probably a better measure than just a net worth milestone since it is relative to income which this blog emphasizes so much.

I forgot that one.  When your money makes more than you do, year after year, you definitely feel like you are doing something right.  A strong bull market does distort things a bit, but it's still a nice milestone.

henramdrea

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Re: What milestones do you have?
« Reply #41 on: April 03, 2021, 12:26:27 PM »
Net worth yearly increase > W2 wages

Hit that in 2019, sustained through 2020, and hopefully through the future.  I'm sure there will be a bad market year eventually that makes it impossible.

Not sure how I missed this one, but that would be a major milestone!  And if it can be sustained year after year, even better!

Zikoris

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Re: What milestones do you have?
« Reply #42 on: April 03, 2021, 12:59:40 PM »
For a long time I measured my milestones as what chunk of my spending my investments would cover. Early on that would be something smaller, like my cell phone or internet bill. When I reached enough to cover my rent indefinitely, that was a big one. The next big one was all my essential spending - rent, food, bills. Then my essential spending + non-travel discretionary spending. Unfortunately, the biggest leap will be the final one, all of the above + 10K/year travel. That's what we're working on now. We're up to about 5K/year travel spending covered, which honestly is not bad - you can cover a lot of ground on that, especially the way we travel.

bmjohnson35

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Re: What milestones do you have?
« Reply #43 on: April 03, 2021, 01:42:39 PM »
For a long time I measured my milestones as what chunk of my spending my investments would cover. Early on that would be something smaller, like my cell phone or internet bill. When I reached enough to cover my rent indefinitely, that was a big one. The next big one was all my essential spending - rent, food, bills. Then my essential spending + non-travel discretionary spending. Unfortunately, the biggest leap will be the final one, all of the above + 10K/year travel. That's what we're working on now. We're up to about 5K/year travel spending covered, which honestly is not bad - you can cover a lot of ground on that, especially the way we travel.

Are you including market gains over the year or only interest, dividends and other types of income streams from investments?

Zikoris

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Re: What milestones do you have?
« Reply #44 on: April 03, 2021, 01:44:44 PM »
For a long time I measured my milestones as what chunk of my spending my investments would cover. Early on that would be something smaller, like my cell phone or internet bill. When I reached enough to cover my rent indefinitely, that was a big one. The next big one was all my essential spending - rent, food, bills. Then my essential spending + non-travel discretionary spending. Unfortunately, the biggest leap will be the final one, all of the above + 10K/year travel. That's what we're working on now. We're up to about 5K/year travel spending covered, which honestly is not bad - you can cover a lot of ground on that, especially the way we travel.

Are you including market gains over the year or only interest, dividends and other types of income streams from investments?

For easy math, I just do 4% of my portfolio.

dragoncar

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Re: What milestones do you have?
« Reply #45 on: April 03, 2021, 04:13:19 PM »




Want to hit 10,000 posts

Honesty is refreshing.

My real goal is to never have to work again, but unfortunately that can't be achieved for sure until I'm dead.

I mean, that can be accomplished.

Arranged for a fee?

arebelspy

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Re: What milestones do you have?
« Reply #46 on: April 03, 2021, 04:18:10 PM »






Want to hit 10,000 posts

Honesty is refreshing.

My real goal is to never have to work again, but unfortunately that can't be achieved for sure until I'm dead.

I mean, that can be accomplished.

Arranged for a fee?

You don't have people lining up to do it for free?

Get out there, man!
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.

spartana

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Re: What milestones do you have?
« Reply #47 on: April 06, 2021, 03:37:54 PM »


Want to hit 10,000 posts

Honesty is refreshing.

My real goal is to never have to work again, but unfortunately that can't be achieved for sure until I'm dead.

Ehh there are people that make a career out of not working.  I used to work in low income/subsidized housing.  People "looking for work" that I'd bet my unborn child's life never work a day in their life.

If they can do it, you can too.
Hey don t ruin my career dream of not working as my career  ;-). My goal now is to be retired longer (and never work for money again) than I worked but still be younger than normal retirement age. Gonna make it ;-).

But seriously my goals before I FIREd were to have a paid off low expense home, enough in a EF to cover a few years of bare bones expenses (which are very low for me), and enough money invested/passive income that I could live off of without "having" to go back to work (barring a catastrophe) until death.  Again for me that was a relatively small amount of income needed for both bare bones expenses and doing all the fun stuff I wanted to do.

ETA also FIREd as a single childless person with no real family but a you get sister,  so needed to have some sort of back up plan in case something were to go wrong. So downsizing, getting roommates, or just renting a small place or room myself were "potential" plans if I couldn't or didn't want to go back to work if SHTF. I have a higher NW now then I did when I first FIREd so unlikely I'd have to do any of the above ever.
« Last Edit: April 07, 2021, 11:48:33 AM by spartana »

rantk81

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Re: What milestones do you have?
« Reply #48 on: April 06, 2021, 07:37:42 PM »
I keep moving the goalposts.  I’m rapidly approaching the milestone of having a paid off primary residence, with no debt, and 2M in invested assets.

It doesn’t feel real that I could really stop working...

hounton

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Re: What milestones do you have?
« Reply #49 on: April 07, 2021, 08:40:12 PM »
1. paying off my first round of student loans with a job that paid 4-6 dollars an hour. 
2. graduating from college.  It felt like it took forever.
3. getting my first professional job.
4. opening an IRA and feeling like a financial grown up
5. buying a house
6. Paying off this house... on a teacher's salary
7. Paying off student loans
8. getting a graduate school for free
9. My daughter getting a full ride to college including room and board for four years and the positive impact that has on my retirement.  I am so grateful to her for all the hours of studying and AP classes that she did. 
the next one:  500,000 in my IRA.  I am almost there.

And then, retirement.  6 years.