Small (but Significant) Milestone

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
ZeroWealth
Posts: 67
Joined: Sat Jan 07, 2017 12:00 am
Location: Emerald City

Small (but Significant) Milestone

Post by ZeroWealth » Tue Mar 07, 2017 6:42 pm

Yesterday we crossed the $250k net worth threshold, though I'm mentally telling myself it's the "quarter million" milestone. :mrgreen:

We got started a bit late in the game (I didn't start saving for retirement till 30), I'd been with startups offering no retirement for years, and my DW has been pursuing her own business ventures for the past six years, so tax-advantaged retirement savings have been few and far between the last decade or so.

Today, I'm at a company with a decent 401(k), we've been diligently maxing our Roth IRAs, and we recently were able to put 20% down on a house which has already seen an 11% jump in value over the past year.

While all my projections say comfortable retirement by 70 is doable at our current savings rate (24%), I'm hoping we can move that up to 60. Here's to the next 25-35 years!

:sharebeer
"I seldom end up where I wanted to go, but almost always end up where I need to be." - Douglas Adams

retiredjg
Posts: 38456
Joined: Thu Jan 10, 2008 12:56 pm

Re: Small (but Significant) Milestone

Post by retiredjg » Tue Mar 07, 2017 6:50 pm

Good for you. Keep up the good work!

User avatar
bligh
Posts: 1117
Joined: Wed Jul 27, 2016 9:13 pm

Re: Small (but Significant) Milestone

Post by bligh » Tue Mar 07, 2017 6:54 pm

Congratulations!

Wow, an 11% jump in home values in a year is huge.

Topic Author
ZeroWealth
Posts: 67
Joined: Sat Jan 07, 2017 12:00 am
Location: Emerald City

Re: Small (but Significant) Milestone

Post by ZeroWealth » Tue Mar 07, 2017 7:00 pm

bligh wrote:Wow, an 11% jump in home values in a year is huge.
You should have seen the condo (Seattle-metro area) we sold a few years ago. We sold it for 29% more than we paid after 2-1/2 years living their, now it's worth 74% more than what we paid and we wince every time we check Zillow, hah!
"I seldom end up where I wanted to go, but almost always end up where I need to be." - Douglas Adams

2b2
Posts: 292
Joined: Sun Sep 28, 2008 7:21 am
Location: Location: Location:

Re: Small (but Significant) Milestone

Post by 2b2 » Tue Mar 07, 2017 7:01 pm

Very well done!
...and Emerald City real estate is on a tear! Something to do with The Wizard?

Keep it up!!
-2b2

User avatar
blueblock
Posts: 872
Joined: Sun Oct 19, 2014 6:06 pm
Location: Wisconsin

Re: Small (but Significant) Milestone

Post by blueblock » Tue Mar 07, 2017 7:19 pm

ZeroWealth wrote:We got started a bit late in the game (I didn't start saving for retirement till 30)
Not to worry. When I was 35 I had a negative net worth, but comfortably retired at 63.

Congrats!

User avatar
David Jay
Posts: 7286
Joined: Mon Mar 30, 2015 5:54 am
Location: Michigan

Re: Small (but Significant) Milestone

Post by David Jay » Wed Mar 08, 2017 8:26 am

There goes your login name... :happy
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius

User avatar
Tamarind
Posts: 1782
Joined: Mon Nov 02, 2015 2:38 pm

Re: Small (but Significant) Milestone

Post by Tamarind » Wed Mar 08, 2017 11:00 am

Nice work! I'm hovering just below that point myself. :mrgreen:

Triple digit golfer
Posts: 3464
Joined: Mon May 18, 2009 5:57 pm

Re: Small (but Significant) Milestone

Post by Triple digit golfer » Wed Mar 08, 2017 12:33 pm

Excellent! That makes two of us who need to change our usernames*!

*Based on double digit score for nine holes.

User avatar
dratkinson
Posts: 4719
Joined: Thu Jul 26, 2007 6:23 pm
Location: Centennial CO

Re: Small (but Significant) Milestone

Post by dratkinson » Wed Mar 08, 2017 12:39 pm

Congratulation. Best wishes for your future success.
d.r.a., not dr.a. | I'm a novice investor, you are forewarned.

yellowgirl
Posts: 179
Joined: Sun Feb 08, 2015 10:12 pm
Location: Texas

Re: Small (but Significant) Milestone

Post by yellowgirl » Wed Mar 08, 2017 12:45 pm

Congrats on your milestone.
Last edited by yellowgirl on Wed Mar 08, 2017 2:21 pm, edited 1 time in total.

User avatar
cfs
Posts: 4154
Joined: Fri Feb 23, 2007 1:22 am
Location: ~ Mi Propio Camino ~

Re: Small (but Significant) Milestone

Post by cfs » Wed Mar 08, 2017 12:46 pm

Just back from my LUng Distance Workout, now that my brain is full of oxygen let me say this. SMALL? No way. This is a BIG. You are hereby congratulated for reaching this SIGNIFICANT milestone. My only recommendation is to continue investing slowly and for the long run and at the end of the day you will cross the finish line with a huge portfolio. Good luck and God Bless, thanks for reading ~cfs~
~ Member of the Active Retired Force since 2014 ~

User avatar
JupiterJones
Posts: 2802
Joined: Tue Aug 24, 2010 3:25 pm
Location: Nashville, TN

Re: Small (but Significant) Milestone

Post by JupiterJones » Wed Mar 08, 2017 1:36 pm

Congrats! :beer
Stay on target...

User avatar
knpstr
Posts: 2395
Joined: Thu Nov 20, 2014 8:57 pm
Location: Michigan

Re: Small (but Significant) Milestone

Post by knpstr » Wed Mar 08, 2017 2:22 pm

ZeroWealth wrote:While all my projections say comfortable retirement by 70 is doable at our current savings rate (24%), I'm hoping we can move that up to 60. Here's to the next 25-35 years!

:sharebeer
If you started at 30 and are saving 24%, I would say that by 62 you should be in a very comfortable position!
Congrats on the "mile marker"
:beer
Very little is needed to make a happy life; it is all within yourself, in your way of thinking. -Marcus Aurelius

User avatar
White Coat Investor
Posts: 14267
Joined: Fri Mar 02, 2007 9:11 pm
Location: Greatest Snow On Earth

Re: Small (but Significant) Milestone

Post by White Coat Investor » Wed Mar 08, 2017 2:23 pm

ZeroWealth wrote:Yesterday we crossed the $250k net worth threshold, though I'm mentally telling myself it's the "quarter million" milestone. :mrgreen:

We got started a bit late in the game (I didn't start saving for retirement till 30), I'd been with startups offering no retirement for years, and my DW has been pursuing her own business ventures for the past six years, so tax-advantaged retirement savings have been few and far between the last decade or so.

Today, I'm at a company with a decent 401(k), we've been diligently maxing our Roth IRAs, and we recently were able to put 20% down on a house which has already seen an 11% jump in value over the past year.

While all my projections say comfortable retirement by 70 is doable at our current savings rate (24%), I'm hoping we can move that up to 60. Here's to the next 25-35 years!

:sharebeer
Well done! Celebrate the milestones. I wish I had celebrated a little more some of the early ones. The later ones aren't nearly as meaningful.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

JimmyD
Posts: 769
Joined: Fri Sep 27, 2013 4:03 pm

Re: Small (but Significant) Milestone

Post by JimmyD » Wed Mar 08, 2017 2:27 pm

Not to hijack your thread, but we actually just crossed the same milestone. Congrats to the both of us! :sharebeer

Topic Author
ZeroWealth
Posts: 67
Joined: Sat Jan 07, 2017 12:00 am
Location: Emerald City

Re: Small (but Significant) Milestone

Post by ZeroWealth » Wed Mar 08, 2017 2:53 pm

JimmyD wrote:Not to hijack your thread, but we actually just crossed the same milestone. Congrats to the both of us! :sharebeer
Congrats Jimmy! :beer
"I seldom end up where I wanted to go, but almost always end up where I need to be." - Douglas Adams

GoldenFinch
Posts: 1972
Joined: Mon Nov 10, 2014 11:34 pm

Re: Small (but Significant) Milestone

Post by GoldenFinch » Wed Mar 08, 2017 3:31 pm

Good for you! Your are very young and on the right track. Can't beat that. :beer

User avatar
cfs
Posts: 4154
Joined: Fri Feb 23, 2007 1:22 am
Location: ~ Mi Propio Camino ~

Re: Small (but Significant) Milestone

Post by cfs » Wed Mar 08, 2017 4:05 pm

Adding congratulations to JimmyD for reaching the same milestone. Also, concur with our good shipmate WCI on his "I wish I had celebrated a little more some of the early ones. The later ones aren't nearly as meaningful." Thanks for reading ~cfs~
~ Member of the Active Retired Force since 2014 ~

2015
Posts: 2906
Joined: Mon Feb 10, 2014 2:32 pm

Re: Small (but Significant) Milestone

Post by 2015 » Thu Mar 09, 2017 3:47 pm

blueblock wrote:
ZeroWealth wrote:We got started a bit late in the game (I didn't start saving for retirement till 30)
Not to worry. When I was 35 I had a negative net worth, but comfortably retired at 63.

Congrats!
+1
Same here, and retired two years ago at age 60. I disagree with OP that it's a "small milestone". It's a big milestone, IMO. Congratulations having the character to achieve it.

User avatar
randomizer
Posts: 1547
Joined: Sun Jul 06, 2014 3:46 pm

Re: Small (but Significant) Milestone

Post by randomizer » Thu Mar 09, 2017 3:49 pm

Congrats. Next up: half-a-million.
87.5:12.5, EM tilt — HODL the course!

Topic Author
ZeroWealth
Posts: 67
Joined: Sat Jan 07, 2017 12:00 am
Location: Emerald City

Re: Small (but Significant) Milestone

Post by ZeroWealth » Thu Mar 09, 2017 6:19 pm

randomizer wrote:Congrats. Next up: half-a-million.
Here's hoping it takes less time than it took to hit the quarter mark. :)
"I seldom end up where I wanted to go, but almost always end up where I need to be." - Douglas Adams

User avatar
White Coat Investor
Posts: 14267
Joined: Fri Mar 02, 2007 9:11 pm
Location: Greatest Snow On Earth

Re: Small (but Significant) Milestone

Post by White Coat Investor » Thu Mar 09, 2017 11:01 pm

ZeroWealth wrote:
randomizer wrote:Congrats. Next up: half-a-million.
Here's hoping it takes less time than it took to hit the quarter mark. :)
You wouldn't believe how much faster they start coming.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

Topic Author
ZeroWealth
Posts: 67
Joined: Sat Jan 07, 2017 12:00 am
Location: Emerald City

Re: Small (but Significant) Milestone

Post by ZeroWealth » Fri Mar 10, 2017 12:01 pm

White Coat Investor wrote:You wouldn't believe how much faster they start coming.
I definitely think you're right, and with my DW most likely jumping back into the workforce in a few years when DS starts school, that will only accelerate our savings.
"I seldom end up where I wanted to go, but almost always end up where I need to be." - Douglas Adams

David Scubadiver
Posts: 522
Joined: Thu Mar 24, 2016 8:40 am

Re: Small (but Significant) Milestone

Post by David Scubadiver » Fri Mar 10, 2017 12:28 pm

I kept myself feeling poor for years by valuing my home at the purchase price (i.e., I excluded my home equity from my net-worth calculation).
I figured, this would lead to a conservative net worth calculation given that I had no way to guarantee the value of my home.

When I accumulated enough to start feeling like I wasn't poor, I excluded the mortgage and the house from my net-worth calculation.
I figured, since I had equity in the house, by eliminating the house and the mortgage, this was a conservative net worth calculation. After all, I knew I could pay the mortgage off if I sold the house.

When I accumulated enough to start feeling like I wasn't poor, I included the mortgage and excluded the house from my net-worth calculation.
I figured, I have to pay the mortgage off eventually, so I might as well count it, and since I have to live somewhere, I might as well not count the house.

I've now accumulated enough that the $300,000 mortgage does not keep me from feeling poor even without including the house as an asset. This makes me happy, even if it is not mathematically precise.

fittan
Posts: 215
Joined: Wed Mar 30, 2016 1:58 pm

Re: Small (but Significant) Milestone

Post by fittan » Fri Mar 10, 2017 12:29 pm

congrats!

pamplemousse
Posts: 16
Joined: Tue Jan 10, 2017 11:48 pm

Re: Small (but Significant) Milestone

Post by pamplemousse » Fri Mar 10, 2017 12:30 pm

CONGRATULATIONS!

Post Reply