Reached a minor financial milestone this month

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supersharpie
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Reached a minor financial milestone this month

Post by supersharpie »

I know it isn't a great deal of money but my wife and I passed the 250k mark in combined retirement assets this month.

I wanted to take a moment and thank you kind folks because finding this forum made us realize that early retirement was a legitimate option if we started prioritizing maxing out our tax advantaged space, which we started doing in 2012.

We both just turned 31 and we are hoping to retire, at least from full-time work, by 50.
jstrazzere
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Re: Reached a minor financial milestone this month

Post by jstrazzere »

supersharpie wrote:We both just turned 31 and we are hoping to retire, at least from full-time work, by 50.
Congratulations on your milestone!

(Can't make any comments regarding progress toward your goal, since there are far too many unstated variables. I'm sure you already know that funding that many years of retirement could take a lot of money.)
Topic Author
supersharpie
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Re: Reached a minor financial milestone this month

Post by supersharpie »

jstrazzere wrote:
supersharpie wrote:We both just turned 31 and we are hoping to retire, at least from full-time work, by 50.
Congratulations on your milestone!

(Can't make any comments regarding progress toward your goal, since there are far too many unstated variables. I'm sure you already know that funding that many years of retirement could take a lot of money.)
Absolutely. The biggest variable for us will be our pensions. I may have the opportunity to take an early out without penalty as early as age 48 but this option isn't offered every year. My wife still does not have 100% of the details of her pension plan but it appears there may be a deferral option. We are also waiting intently to see how future amendments to the Social Security Act affect us.
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cfs
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Re: Reached a minor financial milestone this month

Post by cfs »

Finishers Wanted.

Outstanding work.

Continue investing slowly and for the long run.

I can see you crossing the investing finish line with a big smile!
~ Member of the Active Retired Force since 2014 ~
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TheTimeLord
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Re: Reached a minor financial milestone this month

Post by TheTimeLord »

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supersharpie
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Re: Reached a minor financial milestone this month

Post by supersharpie »

cfs wrote:Finishers Wanted.

Outstanding work.

Continue investing slowly and for the long run.

I can see you crossing the investing finish line with a big smile!
Thanks, we plan on avoiding lifestyle creep in the coming years. Next stops: taxable investing and paying off the mortgage early!
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Hayden
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Re: Reached a minor financial milestone this month

Post by Hayden »

Congratulations! The fact that you are thinking about this and making plans at age 31 is excellent!
LateStarter1975
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Re: Reached a minor financial milestone this month

Post by LateStarter1975 »

supersharpie wrote:I know it isn't a great deal of money but my wife and I passed the 250k mark in combined retirement assets this month.

I wanted to take a moment and thank you kind folks because finding this forum made us realize that early retirement was a legitimate option if we started prioritizing maxing out our tax advantaged space, which we started doing in 2012.

We both just turned 31 and we are hoping to retire, at least from full-time work, by 50.
I'd like you to change the word 'minor' to 'major'. At 31, that's a bid deal to have 250K in combined retirement savings. And you have 19 more years to get to your retirement. I have no doubt that you'll make it. To put it in context for you, if I can get to 250K in combined retirement assets at age 45, that will be one hell of a milestone for me (my screen name is not LateStarter for nothing!)
So yes, in this forum, you might find a few folks that are doing better than you, but in the grand scheme of things, you are way much better than many 31 year olds. Congratulations is in order!
Debt is dangerous...simple is beautiful
jojay
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Re: Reached a minor financial milestone this month

Post by jojay »

Definitely - congratulations!! What you might consider minor is twice what some people twice your age have saved!!!

I wish I had $350k when I was 31. I also wish I was 31.
Seriously, take a bow. You deserve it.
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obgyn65
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Re: Reached a minor financial milestone this month

Post by obgyn65 »

Congratulations.
"The two most important days in someone's life are the day that they are born and the day they discover why." -John Maxwell
amitb00
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Re: Reached a minor financial milestone this month

Post by amitb00 »

Awesome!!
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Ged
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Re: Reached a minor financial milestone this month

Post by Ged »

Hey that's great.

I hit a small milestone this month too. I had my tax-deferred account hit 2 commas the day before Thanksgiving. It's particularly nice because I'm retired and my savings are continuing to increase.
MathWizard
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Re: Reached a minor financial milestone this month

Post by MathWizard »

A number of people on this board (myself included) made note of their having
a negative net worth at 31, so 1/4 of a million is a great accomplishment at that age.
Congratulations!
heyyou
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Re: Reached a minor financial milestone this month

Post by heyyou »

I salute your goal and your diligence. You are wise to see that you only have to work until you can afford to not need a job.
we plan on avoiding lifestyle creep in the coming years
Feeling grateful for what you have, helps with that. At some point I could see I had enough, enough car, enough house, enough income, the right hobbies, I just didn't need more of anything. Saving pay raises was easy too.

LBYM pays twice, first with the savings for investing, then you get to retire sooner because your nestegg is 25-30 multiples of that reduced spending. Prior to retirement, your spending will be practice for living on your retirement budget. No need for reduced spending in retirement, because you have already done that for decades. Delayed gratification pays well.
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Zabar
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Re: Reached a minor financial milestone this month

Post by Zabar »

Congratulations! It strikes me as a major milestone. You should be very proud.
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Watty
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Re: Reached a minor financial milestone this month

Post by Watty »

I know it isn't a great deal of money but my wife and I passed the 250k mark in combined retirement assets this month.
.....
We both just turned 31
Bull pucky, that is a huge amount of money.

You could tweak the numbers a lot of different ways but if you leave that invested 34 years until the traditional retirement age of 65 then that could easy fund your retirement with almost any assumptions.

Congratulations, you seem to be done with your normal retirement savings and you are now working on your early retirement.
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tarheel
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Re: Reached a minor financial milestone this month

Post by tarheel »

I'm just about there at 35, and consider myself ahead, so you guys rock even more! Congrats!
tsohg
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Re: Reached a minor financial milestone this month

Post by tsohg »

Congratulations, that's amazing. We (34 and 34) hit that mark a couple years ago also. You're doing awesome. Sometimes this forum can make it seem like if you don't have a 400-600k annual income and 7 figure taxable account at 40 you're way behind! The replies in this thread have been helpful.
4nursebee
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Re: Reached a minor financial milestone this month

Post by 4nursebee »

Keep up the good work
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crg11
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Re: Reached a minor financial milestone this month

Post by crg11 »

Congrats!
selftalk
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Re: Reached a minor financial milestone this month

Post by selftalk »

Great news! I honestly try to not look at my index funds and just throw money at them as it comes to me. It gives me more emotional stability that way.
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runner9
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Re: Reached a minor financial milestone this month

Post by runner9 »

MathWizard wrote:A number of people on this board (myself included) made note of their having
a negative net worth at 31, so 1/4 of a million is a great accomplishment at that age.
Congratulations!
supersharpie wrote: Thanks, we plan on avoiding lifestyle creep in the coming years. Next stops: taxable investing and paying off the mortgage early!
With a mortgage 1/4 mil is their retirement accounts, not net worth.

Still, a great accomplishment and far ahead of where we were at that age!
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tainted-meat
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Re: Reached a minor financial milestone this month

Post by tainted-meat »

supersharpie wrote:I know it isn't a great deal of money but my wife and I passed the 250k mark in combined retirement assets this month.
You will only hear that $250k is not a great deal of money on this board :-)

Congrats, that is a big milestone to reach, especially at your age.
investingdad
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Re: Reached a minor financial milestone this month

Post by investingdad »

supersharpie wrote:I know it isn't a great deal of money but my wife and I passed the 250k mark in combined retirement assets this month.

I wanted to take a moment and thank you kind folks because finding this forum made us realize that early retirement was a legitimate option if we started prioritizing maxing out our tax advantaged space, which we started doing in 2012.

We both just turned 31 and we are hoping to retire, at least from full-time work, by 50.
That's not as small a goal as you think.

Remember to correct for age, which puts a huge amount of time on the right side of your personal equation.

We passed a similar absolute amount when we were about the same age as you are now. If you can stay on the same arc, breaking one million while still in your thirties should be realistic. And the second million will come at you a lot faster than the first.

Nice job and keep at it...you are doing better and further along than you think.
Caduceus
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Re: Reached a minor financial milestone this month

Post by Caduceus »

Congrats! Did you do anything special to celebrate passing the milestone? I like incentives, and maybe you could do something special every $100,000 on your way to the first million. :)
poker27
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Re: Reached a minor financial milestone this month

Post by poker27 »

250k at 31 in retirements accounts is a great feat. Most people will never see this amount of $ in their 401k, you have it just after 30.
rai
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Re: Reached a minor financial milestone this month

Post by rai »

poker27 wrote:250k at 31 in retirements accounts is a great feat. Most people will never see this amount of $ in their 401k, you have it just after 30.
great job :beer
"Life is what happens to you while you're busy making other plans" - John Lennon. | | "You say that money, isn't everything | But I'd like to see you live without it." - Silverchair
LeeMKE
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Re: Reached a minor financial milestone this month

Post by LeeMKE »

+1 everyone

Love to see a couple so far along the way to freedom. Keep going!
The mightiest Oak is just a nut who stayed the course.
Topic Author
supersharpie
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Re: Reached a minor financial milestone this month

Post by supersharpie »

Thanks for the kind words everyone. My hope is to be able to report in about four years that we have hit the half million mark. I know that, with decent market returns and some taxable investing, we just may join the two comma club by age 40. That is definitely our big intermediate term goal. However, as long as we stay the course and continue saving as much as possible then we will be satisfied with whatever figure we have accrued by that not so distant point in the future!
Topic Author
supersharpie
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Re: Reached a minor financial milestone this month

Post by supersharpie »

And there it is! We now have over 500k saved for retirement at age 34. It would appear that our aspiration of early retirement by 50 is now attainable but the future, of course, remains unwritten.
bubbadog
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Re: Reached a minor financial milestone this month

Post by bubbadog »

Congrats! Future milestones will come quicker and quicker.
Topic Author
supersharpie
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Re: Reached a minor financial milestone this month

Post by supersharpie »

bubbadog wrote: Tue May 01, 2018 4:16 am Congrats! Future milestones will come quicker and quicker.
Thanks! Still hoping to reach the two comma club by 40.
Steve723
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Re: Reached a minor financial milestone this month

Post by Steve723 »

It's a beautiful thing supersharpie. Producing a decent income, investing using Boglehead principles, and keeping the expenses in check is a very powerful combination of forces. It's like a snowball rolling down a very steep hill, with lots of wet snow! I mean, look how fast you doubled your net worth!

Here is what I will tell you though....the goal posts tend to move with time. I remember when I started this journey 6 or 7 years ago, I had certain goals. Well, now that I have reached those goals, it doesn't feel like quite enough.....
CoAndy
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Re: Reached a minor financial milestone this month

Post by CoAndy »

Congratulations! Would you mind sharing a few details, such as AA, how much you invest, etc?
rg422
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Re: Reached a minor financial milestone this month

Post by rg422 »

Great work! We've got similar retirement assets, but a couple years older with a semi-retirement goal at 50.

Stay the course and you're golden.
jharkin
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Re: Reached a minor financial milestone this month

Post by jharkin »

:sharebeer

Well done. I didn’t hit that mark until 36 or 37. My retirement target is 57.

Like others said, this forum can warp your perspective. Most people don’t hit that milestone, ever. You should be proud.
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