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Post your Financial Milestone Announcements Here
Re: Post your Financial Milestone Announcements Here
- Charles Joseph
- Posts: 2394
- Joined: Tue Apr 05, 2022 10:49 pm
Re: Post your Financial Milestone Announcements Here
With a new raise (new FY started 10/1), and an increase in what I'm able to save, I now save 40% of my gross annual salary, in both tax deferred and taxable.
Feels good for the home stretch toward retirement, which is 3-4 years away.
Feels good for the home stretch toward retirement, which is 3-4 years away.
"The big money is not in the buying and selling, but in the waiting." - Charles Munger
Re: Post your Financial Milestone Announcements Here
Quick question: In your list of investment accounts you list an IRA. How do you invest in an IRA considering your other investment accounts and income?AnnetteLouisan wrote: ↑Sun Aug 14, 2022 11:35 am Back in 2003 or so I’d been in the top 2 percent of US incomes, then I dropped back into the top percent 4 or so.
Then I very gradually eked back into the top 2, and now I just hit the top 1.5 percent, so in a sense that’s higher than it was before, even though it may not be higher on an inflation adjusted basis. It’s certainly the highest nominal salary I’ve ever earned, so it’s a milestone in that sense.
Another milestone is that I invested in securities about ten percent of my net worth this year (401k+IRA+catch ups+matching+I bonds+tbills+Roth IRA+taxable). That’s definitely more than I ever invested in a single year before, since I’d usually just max the 401k and catch up contribution and call it a day.
I noted with interest that people who are successful on this board often have investment contribution goals for each year, independent of net worth or return goals. So I guess I’ll try to match or even exceed this year’s contribution number next year if I can stomach it all.
Next month will be my one year anniversary of joining this august community.
Also, how did you go about buying Tbills? I would like to dip my toes into them, but I am clueless.
Re: Post your Financial Milestone Announcements Here
That is fantastic, congratulations!Charles Joseph wrote: ↑Wed Oct 26, 2022 6:51 pm With a new raise (new FY started 10/1), and an increase in what I'm able to save, I now save 40% of my gross annual salary, in both tax deferred and taxable.
Feels good for the home stretch toward retirement, which is 3-4 years away.
- AnnetteLouisan
- Posts: 7261
- Joined: Sat Sep 18, 2021 10:16 pm
- Location: New York, NY
Re: Post your Financial Milestone Announcements Here
I was never eligible to deduct contributions to an IRA because I was above the income eligibility. I knew I could have tax free gains but it seemed not worth it. I was never eligible to open a Roth IRA.JS-Elcano wrote: ↑Wed Oct 26, 2022 7:02 pmQuick question: In your list of investment accounts you list an IRA. How do you invest in an IRA considering your other investment accounts and income?AnnetteLouisan wrote: ↑Sun Aug 14, 2022 11:35 am Back in 2003 or so I’d been in the top 2 percent of US incomes, then I dropped back into the top percent 4 or so.
Then I very gradually eked back into the top 2, and now I just hit the top 1.5 percent, so in a sense that’s higher than it was before, even though it may not be higher on an inflation adjusted basis. It’s certainly the highest nominal salary I’ve ever earned, so it’s a milestone in that sense.
Another milestone is that I invested in securities about ten percent of my net worth this year (401k+IRA+catch ups+matching+I bonds+tbills+Roth IRA+taxable). That’s definitely more than I ever invested in a single year before, since I’d usually just max the 401k and catch up contribution and call it a day.
I noted with interest that people who are successful on this board often have investment contribution goals for each year, independent of net worth or return goals. So I guess I’ll try to match or even exceed this year’s contribution number next year if I can stomach it all.
Next month will be my one year anniversary of joining this august community.
Also, how did you go about buying Tbills? I would like to dip my toes into them, but I am clueless.
I’d heard about “backdoor Roth conversions” but it didn’t seem worth learning more about. It seemed like something improper AND boring. I was busy and really didn’t care enough to find out.
So finally someone on Reddit/retirement and SnowBog and others on here told me why it’s great and really important to do.
It’s a long story but basically: we higher income people absolutely should do this! Because the gains are tax free in retirement. This is a very good thing! Even high income folks who max their 401ks can do this. 1. Open and fund a traditional IRA. You can do this online at your brokerage. 2. convert it to a Roth online. Your brokerage can help you do this: usually you open a Roth and then transfer the funds from the traditional to the Roth. 3. Gains are tax free for life. At tax time, file form 8606 to report it. The benefit is tax free gains because in retirement, when you draw from taxable accounts, you will want some $ that is tax free so you don’t end up in a higher bracket. Because of required minimum distributions (which force you to withdraw from your 401k starting at age 72 even if you don’t need the money), sometimes people end up paying more in taxes than they could have if they’d set up a backdoor-converted Roth IRA. The terminology is very offputting and so is the tax discussion but it’s legal and it’s very worth it, but not until retirement.
T bills? You go to Treasury Direct, assuming you have an account with them, go to “buy direct”, and click on whatever maturity you want and then do auto roll so you don’t have to think about it. You can also buy them on your brokerage if you prefer.
Last edited by AnnetteLouisan on Wed Oct 26, 2022 7:44 pm, edited 7 times in total.
- Charles Joseph
- Posts: 2394
- Joined: Tue Apr 05, 2022 10:49 pm
Re: Post your Financial Milestone Announcements Here
Thank you!Normchad wrote: ↑Wed Oct 26, 2022 7:07 pmThat is fantastic, congratulations!Charles Joseph wrote: ↑Wed Oct 26, 2022 6:51 pm With a new raise (new FY started 10/1), and an increase in what I'm able to save, I now save 40% of my gross annual salary, in both tax deferred and taxable.
Feels good for the home stretch toward retirement, which is 3-4 years away.
Edit: I should have said in tax-deferred and taxable combined!
"The big money is not in the buying and selling, but in the waiting." - Charles Munger
Re: Post your Financial Milestone Announcements Here
That’s an absolutely awesome savings rate.Charles Joseph wrote: ↑Wed Oct 26, 2022 6:51 pm With a new raise (new FY started 10/1), and an increase in what I'm able to save, I now save 40% of my gross annual salary, in both tax deferred and taxable.
Feels good for the home stretch toward retirement, which is 3-4 years away.
Congratulations!
Retired life insurance company financial executive who sincerely believes that ”It’s a GREAT day to be alive!”
Re: Post your Financial Milestone Announcements Here
Thanks for the T-bill explanation. I just bought another 5k of i-bonds today to complete my 10k purchase for 2022 (my first year of purchasing them and using TD, like you ). So, I have an account and will check out T-bills once it takes less than an hour to log into the TD account (it's crazy today because the deadline for the 9.62% i-bonds is around the corner).AnnetteLouisan wrote: ↑Wed Oct 26, 2022 7:15 pmI was never eligible to deduct contributions to an IRA because I was above the income eligibility. I knew I could have tax free gains but it seemed not worth it. I was never eligible to open a Roth IRA.JS-Elcano wrote: ↑Wed Oct 26, 2022 7:02 pmQuick question: In your list of investment accounts you list an IRA. How do you invest in an IRA considering your other investment accounts and income?AnnetteLouisan wrote: ↑Sun Aug 14, 2022 11:35 am Back in 2003 or so I’d been in the top 2 percent of US incomes, then I dropped back into the top percent 4 or so.
Then I very gradually eked back into the top 2, and now I just hit the top 1.5 percent, so in a sense that’s higher than it was before, even though it may not be higher on an inflation adjusted basis. It’s certainly the highest nominal salary I’ve ever earned, so it’s a milestone in that sense.
Another milestone is that I invested in securities about ten percent of my net worth this year (401k+IRA+catch ups+matching+I bonds+tbills+Roth IRA+taxable). That’s definitely more than I ever invested in a single year before, since I’d usually just max the 401k and catch up contribution and call it a day.
I noted with interest that people who are successful on this board often have investment contribution goals for each year, independent of net worth or return goals. So I guess I’ll try to match or even exceed this year’s contribution number next year if I can stomach it all.
Next month will be my one year anniversary of joining this august community.
Also, how did you go about buying Tbills? I would like to dip my toes into them, but I am clueless.
I’d heard about “backdoor Roth conversions” but it didn’t seem worth learning more about. It seemed like something improper AND boring. I was busy and really didn’t care enough to find out.
So finally someone on Reddit/retirement and SnowBog and others on here told me why it’s great and really important to do.
It’s a long story but basically: we higher income people absolutely should do this! Because the gains are tax free in retirement. This is a very good thing! Even high income folks who max their 401ks can do this. 1. Open and fund a traditional IRA. You can do this online at your brokerage. 2. convert it to a Roth online. Your brokerage can help you do this: usually you open a Roth and then transfer the funds from the traditional to the Roth. 3. Gains are tax free for life. At tax time, file form 8606 to report it. The benefit is tax free gains because in retirement, when you draw from taxable accounts, you will want some $ that is tax free so you don’t end up in a higher bracket. Because of required minimum distributions (which force you to withdraw from your 401k starting at age 72 even if you don’t need the money), sometimes people end up paying more in taxes than they could have if they’d set up a backdoor-converted Roth IRA. The terminology is very offputting and so is the tax discussion but it’s legal and it’s very worth it, but not until retirement.
T bills? You go to Treasury Direct, assuming you have an account with them, go to “buy direct”, and click on whatever maturity you want and then do auto roll so you don’t have to think about it. You can also buy them on your brokerage if you prefer.
As for the backdoor Roth, I do it too. I was just curious because you mentioned contributions to IRA and RothIRA; the way you listed them all I assumed they were separate contributions and couldn't see how that was possible based on what I knew (don't want to miss an opportunity to contribute so I had to ask).
- AnnetteLouisan
- Posts: 7261
- Joined: Sat Sep 18, 2021 10:16 pm
- Location: New York, NY
Re: Post your Financial Milestone Announcements Here
Oh you’re right! No I just have the Roth IRA and catch up. My tIRA is empty - it’s just a shell to fund the Roth each year. I started with I bonds (and an IRA and taxable) in 2021. I started with tbills in 2022.
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- Joined: Wed Mar 31, 2010 4:39 pm
Re: Post your Financial Milestone Announcements Here
Great stuff. 40% gross is a big number. Roughly how many multiples of Xpenses are you now? I’m at roughly 20X with recent market gyrations. Saving at roughly 25-30% gross. Similar goal to you in 4-6 years, retirement). As Annette mentions the yearly amount saved (and amounts seen here) are a huge motivator and tangible goal setting metric.Charles Joseph wrote: ↑Wed Oct 26, 2022 6:51 pm With a new raise (new FY started 10/1), and an increase in what I'm able to save, I now save 40% of my gross annual salary, in both tax deferred and taxable.
Feels good for the home stretch toward retirement, which is 3-4 years away.
If it counts, my biggest financial achievement, this year, has been staying employed!
“At some point you are trading time you will never get back for money you will never spend.“ |
“How do you want to spend the best remaining year of your life?“
- ruralavalon
- Posts: 26351
- Joined: Sat Feb 02, 2008 9:29 am
- Location: Illinois
Re: Post your Financial Milestone Announcements Here
Congratulations .Charles Joseph wrote: ↑Wed Oct 26, 2022 6:51 pm With a new raise (new FY started 10/1), and an increase in what I'm able to save, I now save 40% of my gross annual salary, in both tax deferred and taxable.
Feels good for the home stretch toward retirement, which is 3-4 years away.
"Everything should be as simple as it is, but not simpler." - Albert Einstein |
Wiki article link: Bogleheads® investment philosophy
- Charles Joseph
- Posts: 2394
- Joined: Tue Apr 05, 2022 10:49 pm
Re: Post your Financial Milestone Announcements Here
Thanks everyone!
"The big money is not in the buying and selling, but in the waiting." - Charles Munger
- Charles Joseph
- Posts: 2394
- Joined: Tue Apr 05, 2022 10:49 pm
Re: Post your Financial Milestone Announcements Here
Thanks! I'm exactly like you. With the downturn I'm at 20x expenses. It's been tough seeing things go down even with 40% of my salary going into the mix. But things will get better sooner or later. Good luck to you on your similar timeline!!Wannaretireearly wrote: ↑Wed Oct 26, 2022 9:00 pmGreat stuff. 40% gross is a big number. Roughly how many multiples of Xpenses are you now? I’m at roughly 20X with recent market gyrations. Saving at roughly 25-30% gross. Similar goal to you in 4-6 years, retirement). As Annette mentions the yearly amount saved (and amounts seen here) are a huge motivator and tangible goal setting metric.Charles Joseph wrote: ↑Wed Oct 26, 2022 6:51 pm With a new raise (new FY started 10/1), and an increase in what I'm able to save, I now save 40% of my gross annual salary, in both tax deferred and taxable.
Feels good for the home stretch toward retirement, which is 3-4 years away.
If it counts, my biggest financial achievement, this year, has been staying employed!
"The big money is not in the buying and selling, but in the waiting." - Charles Munger
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- Location: NYC
Re: Post your Financial Milestone Announcements Here
11/21/2022 update:retire2022 wrote: ↑Sun Mar 06, 2022 5:41 pmIt has been eight months and several emails, I had rollover 1.7 million to my Vanguard account and still no Flagship membership.
Vanguard is aware of no benefit request for FS, I may never ever get it.
Vanguard probably too busy trying to fix “broken beacon app” or poor customer service which I have experienced as of late eg 3 hour hold time.
viewtopic.php?p=6973261#p6973261
All I got a call from the same customer service person I spoke to last week, and my request for Flagship upgrade has been approved!
I had logged in to my account, the upper left corner indeed indicates Flagship.
It only took one year and two months of waiting, secure messaging and calls to finally get FS.
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Re: Post your Financial Milestone Announcements Here
[Unnecessary comment removed by admin LadyGeek]retire2022 wrote: ↑Mon Nov 21, 2022 2:01 pm11/21/2022 update:retire2022 wrote: ↑Sun Mar 06, 2022 5:41 pmIt has been eight months and several emails, I had rollover 1.7 million to my Vanguard account and still no Flagship membership.
Vanguard is aware of no benefit request for FS, I may never ever get it.
Vanguard probably too busy trying to fix “broken beacon app” or poor customer service which I have experienced as of late eg 3 hour hold time.
viewtopic.php?p=6973261#p6973261
All I got a call from the same customer service person I spoke to last week, and my request for Flagship upgrade has been approved!
I had logged in to my account, the upper left corner indeed indicates Flagship.
It only took one year and two months of waiting, secure messaging and calls to finally get FS.
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- Posts: 127
- Joined: Wed Dec 23, 2009 1:19 pm
Re: Post your Financial Milestone Announcements Here
2001 .5 MM
2011 1.5 MM
2022 3.3 MM
2023 no more new investments
Enough is enough.
2011 1.5 MM
2022 3.3 MM
2023 no more new investments
Enough is enough.
Re: Post your Financial Milestone Announcements Here
Nice progression.xxsocraticxx wrote: ↑Sun Nov 27, 2022 8:45 am 2001 .5 MM
2011 1.5 MM
2022 3.3 MM
2023 no more new investments
Enough is enough.
Congratulations!
Retired life insurance company financial executive who sincerely believes that ”It’s a GREAT day to be alive!”
Re: Post your Financial Milestone Announcements Here
I received a dividend from DIVO on December 1 so I thought it would be an opportune time to post some data.
I had been a swing trader of individual stocks prior to April, 2017. That's when I decided to pull the plug on individual stock picking and get into leveraged index ETF's such as TQQQ.
I have kept meticulous records since April 2017. Using Excel's XIRR function I get:
IRR 4/17/2017 to 12/2/2022: 32.1%
This includes the YTD downturn of 2022.
TQQQ is down almost 72% YTD. This demonstrates the value of taking a long-term view.
There is a trick to holding TQQQ: for reasons too lengthy to explain here, it should never exceed 75% of portfolio value.
If you just want a buy-and-hold LETF, IMO QLD (2X) is better. If you had purchased QLD at inception and held for 16.39 years, reinvesting dividends, $10,000 would have become $2,180,7233, a CAGR of 20.62%. This holding period includes the downturn of 2008.
I had been a swing trader of individual stocks prior to April, 2017. That's when I decided to pull the plug on individual stock picking and get into leveraged index ETF's such as TQQQ.
I have kept meticulous records since April 2017. Using Excel's XIRR function I get:
IRR 4/17/2017 to 12/2/2022: 32.1%
This includes the YTD downturn of 2022.
TQQQ is down almost 72% YTD. This demonstrates the value of taking a long-term view.
There is a trick to holding TQQQ: for reasons too lengthy to explain here, it should never exceed 75% of portfolio value.
If you just want a buy-and-hold LETF, IMO QLD (2X) is better. If you had purchased QLD at inception and held for 16.39 years, reinvesting dividends, $10,000 would have become $2,180,7233, a CAGR of 20.62%. This holding period includes the downturn of 2008.
Financial decisions based on emotion often turn out to be bad decisions.
Re: Post your Financial Milestone Announcements Here
This thread is for investors who reach financial milestones, e,g. paying off a mortgage or reaching $1million in their portfolio. What financial milestone have you achieved?
- AnnetteLouisan
- Posts: 7261
- Joined: Sat Sep 18, 2021 10:16 pm
- Location: New York, NY
Re: Post your Financial Milestone Announcements Here
I invested $75k today, the most I ever have in one day or month.
26 and 13 week t bills.
First bond purchase on Fidelity today too.
26 and 13 week t bills.
First bond purchase on Fidelity today too.
Last edited by AnnetteLouisan on Sun Dec 04, 2022 6:44 am, edited 1 time in total.
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Re: Post your Financial Milestone Announcements Here
Broke $1,300,000 fought through the year and didn't sell anything while continuing to invest.
Re: Post your Financial Milestone Announcements Here
Congratulations!broncocountry25 wrote: ↑Sat Dec 03, 2022 9:51 pm Broke $1,300,000 fought through the year and didn't sell anything while continuing to invest.
Retired life insurance company financial executive who sincerely believes that ”It’s a GREAT day to be alive!”
- ruralavalon
- Posts: 26351
- Joined: Sat Feb 02, 2008 9:29 am
- Location: Illinois
Re: Post your Financial Milestone Announcements Here
Congratulations .broncocountry25 wrote: ↑Sat Dec 03, 2022 9:51 pm Broke $1,300,000 fought through the year and didn't sell anything while continuing to invest.
"Everything should be as simple as it is, but not simpler." - Albert Einstein |
Wiki article link: Bogleheads® investment philosophy
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Re: Post your Financial Milestone Announcements Here
Thank you!Stinky wrote: ↑Sat Dec 03, 2022 9:55 pmCongratulations!broncocountry25 wrote: ↑Sat Dec 03, 2022 9:51 pm Broke $1,300,000 fought through the year and didn't sell anything while continuing to invest.
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Re: Post your Financial Milestone Announcements Here
Thank You!ruralavalon wrote: ↑Sun Dec 04, 2022 10:39 amCongratulations .broncocountry25 wrote: ↑Sat Dec 03, 2022 9:51 pm Broke $1,300,000 fought through the year and didn't sell anything while continuing to invest.
Re: Post your Financial Milestone Announcements Here
Just wonder how you are doing a year later?doss wrote: ↑Wed Dec 29, 2021 5:35 am This was unexpected.
Hit 1,000,000 net worth today. That includes my house which is worth $270k and has a $128k mortgage, but at least it's not a big part of the net worth.
I am 41, married and single income earner in the family and we have 2 kids!
I was making $36k in my 20s (didn't start saving until sometime around the mortgage crisis).
Got a nice job in 2012 where I've been saving aggressively since! My employer contributes 7% to my 401k and I try to max that out every year , as well as make sure the Roth IRAs are funded (spousal, too) , HSA, etc.
I remember about 2-3 years ago I took my wife for a steak dinner where we celebrated our 500k milestone.
I think the KEY for us has been:
- 90% in SP500
- Low mortgage of $1045.mo
- Having kids late
- No divorce
Next goal is to hit 1million in retirement assets sometime in 2022(non-home).
- Easy visual tracking of assets on mint.com
- CommitmentDevice
- Posts: 274
- Joined: Tue Apr 02, 2019 3:25 am
Re: Post your Financial Milestone Announcements Here
Met our goal of maxing retirement account contributions for this first time this year!
- ruralavalon
- Posts: 26351
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- Location: Illinois
Re: Post your Financial Milestone Announcements Here
Congratulations .CommitmentDevice wrote: ↑Wed Dec 07, 2022 12:07 pm Met our goal of maxing retirement account contributions for this first time this year!
Establishing a high rate of contributions is the most important investing decision you can make.
"Everything should be as simple as it is, but not simpler." - Albert Einstein |
Wiki article link: Bogleheads® investment philosophy
- CommitmentDevice
- Posts: 274
- Joined: Tue Apr 02, 2019 3:25 am
Re: Post your Financial Milestone Announcements Here
Thanks @ruralavalon! We're saving 35% of our income this year (if you include reductions in principal from mortgage / student loan payments). Truly proud and grateful to be able to put that much away!ruralavalon wrote: ↑Wed Dec 07, 2022 1:56 pmCongratulations .CommitmentDevice wrote: ↑Wed Dec 07, 2022 12:07 pm Met our goal of maxing retirement account contributions for this first time this year!
Establishing a high rate of contributions is the most important investing decision you can make.
Re: Post your Financial Milestone Announcements Here
I suppose relative to most people, I am doing great. I haven't touched a thing in the last year other than reducing my 401k contributions to save aggressively for the home down payment. I ended up over saving for the home downpayment and wish I had adjusted so I could have saved more for retirement (just missed the last cutoff date for the max paycheck contribution to 401k for 2022).Stef wrote: ↑Tue Dec 06, 2022 6:23 amJust wonder how you are doing a year later?doss wrote: ↑Wed Dec 29, 2021 5:35 am This was unexpected.
Hit 1,000,000 net worth today. That includes my house which is worth $270k and has a $128k mortgage, but at least it's not a big part of the net worth.
I am 41, married and single income earner in the family and we have 2 kids!
I was making $36k in my 20s (didn't start saving until sometime around the mortgage crisis).
Got a nice job in 2012 where I've been saving aggressively since! My employer contributes 7% to my 401k and I try to max that out every year , as well as make sure the Roth IRAs are funded (spousal, too) , HSA, etc.
I remember about 2-3 years ago I took my wife for a steak dinner where we celebrated our 500k milestone.
I think the KEY for us has been:
- 90% in SP500
- Low mortgage of $1045.mo
- Having kids late
- No divorce
Next goal is to hit 1million in retirement assets sometime in 2022(non-home).
- Easy visual tracking of assets on mint.com
I have not yet hit 1 million in non-real estate assets yet. It has been pretty stagnant in the high 600s range. It has never dipped below this range despite all the economic turmoil, though!
“ The long-term 9%-10% nominal return of the stock market INCLUDES the crashes.” — calvin+hobbs
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Re: Post your Financial Milestone Announcements Here
Crossed 5 million in net worth, turned 28 in November. Trying to enjoy it but very much looking ahead at where do I go from here.
Re: Post your Financial Milestone Announcements Here
Absolutely outstanding! Keep up the good work!Boilermaker10 wrote: ↑Mon Dec 26, 2022 6:29 am Crossed 5 million in net worth, turned 28 in November. Trying to enjoy it but very much looking ahead at where do I go from here.
And please post back if you have questions about how to manage your significant wealth.
Retired life insurance company financial executive who sincerely believes that ”It’s a GREAT day to be alive!”
Re: Post your Financial Milestone Announcements Here
Congrats! The same place you were going before you crossed the threshold. Remember that it's just an arbitrary number. There's no need to change anything.Boilermaker10 wrote: ↑Mon Dec 26, 2022 6:29 am Crossed 5 million in net worth, turned 28 in November. Trying to enjoy it but very much looking ahead at where do I go from here.
However, if it allows you to do things that you haven't been able to do before, then take your time to make a plan to allow that to happen.
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Re: Post your Financial Milestone Announcements Here
I'm 64 and had never used any kind of financial advisor until recently. The one I used seems to be one of the few that gets almost all good reviews in this forum. He and his partner (a tax specialist) look at the big picture. They don't get into recommending certain investments.
Anyway, he called my financial plan an "A+ plan," and said that my wife and I could start spending quite a bit more, and still be fine financially through retirement.
I'm retired, but my wife is about five years younger than me and still working. He said she could retire now or wait awhile. It doesn't really matter. Said we could take Social Security at the earliest possible age or wait until age 70. We should be okay either way.
So I guess it appears we have reached financial independence. That's my milestone.
It should be noted that I still plan to optimize use of our assets. I'm not going to take my eye off the ball so to speak even if the advisor thinks we will be fine regardless of what we do (within reason).
Anyway, he called my financial plan an "A+ plan," and said that my wife and I could start spending quite a bit more, and still be fine financially through retirement.
I'm retired, but my wife is about five years younger than me and still working. He said she could retire now or wait awhile. It doesn't really matter. Said we could take Social Security at the earliest possible age or wait until age 70. We should be okay either way.
So I guess it appears we have reached financial independence. That's my milestone.
It should be noted that I still plan to optimize use of our assets. I'm not going to take my eye off the ball so to speak even if the advisor thinks we will be fine regardless of what we do (within reason).
- ruralavalon
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- Joined: Sat Feb 02, 2008 9:29 am
- Location: Illinois
Re: Post your Financial Milestone Announcements Here
Congratulations on reaching financial independence .OpenMinded1 wrote: ↑Mon Dec 26, 2022 7:08 am I'm 64 and had never used any kind of financial advisor until recently. The one I used seems to be one of the few that gets almost all good reviews in this forum. He and his partner (a tax specialist) look at the big picture. They don't get into recommending certain investments.
Anyway, he called my financial plan an "A+ plan," and said that my wife and I could start spending quite a bit more, and still be fine financially through retirement.
I'm retired, but my wife is about five years younger than me and still working. He said she could retire now or wait awhile. It doesn't really matter. Said we could take Social Security at the earliest possible age or wait until age 70. We should be okay either way.
So I guess it appears we have reached financial independence. That's my milestone.
It should be noted that I still plan to optimize use of our assets. I'm not going to take my eye off the ball so to speak even if the advisor thinks we will be fine regardless of what we do (within reason).
"Everything should be as simple as it is, but not simpler." - Albert Einstein |
Wiki article link: Bogleheads® investment philosophy
- ruralavalon
- Posts: 26351
- Joined: Sat Feb 02, 2008 9:29 am
- Location: Illinois
Re: Post your Financial Milestone Announcements Here
Congratulations . You can consider spending on enjoying yourself more, or continuing as before.Boilermaker10 wrote: ↑Mon Dec 26, 2022 6:29 am Crossed 5 million in net worth, turned 28 in November. Trying to enjoy it but very much looking ahead at where do I go from here.
"Everything should be as simple as it is, but not simpler." - Albert Einstein |
Wiki article link: Bogleheads® investment philosophy
Re: Post your Financial Milestone Announcements Here
Folks,
Hooray! I paid off my mortgage last week.
KlangFool
Hooray! I paid off my mortgage last week.
KlangFool
30% VWENX | 16% VFWAX/VTIAX | 14.5% VTSAX | 19.5% VBTLX | 10% VSIAX/VTMSX/VSMAX | 10% VSIGX| 30% Wellington 50% 3-funds 20% Mini-Larry
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Re: Post your Financial Milestone Announcements Here
30% VWENX | 16% VFWAX/VTIAX | 14.5% VTSAX | 19.5% VBTLX | 10% VSIAX/VTMSX/VSMAX | 10% VSIGX| 30% Wellington 50% 3-funds 20% Mini-Larry
Re: Post your Financial Milestone Announcements Here
Yes, Congrats on the mortgage payoff!
When you receive the mortgage payoff documentation, be sure to change the loss payee on your homeowner's insurance from the mortgage company to you.
When you receive the mortgage payoff documentation, be sure to change the loss payee on your homeowner's insurance from the mortgage company to you.
- abuss368
- Posts: 27850
- Joined: Mon Aug 03, 2009 2:33 pm
- Location: Where the water is warm, the drinks are cold, and I don't know the names of the players!
- Contact:
Re: Post your Financial Milestone Announcements Here
Excellent reminder. I am always amazed how often this is forgotten.
Happy Holiday’s!
Tony
John C. Bogle: “Simplicity is the master key to financial success."
Re: Post your Financial Milestone Announcements Here
Thanks for the reminder.
KlangFool
30% VWENX | 16% VFWAX/VTIAX | 14.5% VTSAX | 19.5% VBTLX | 10% VSIAX/VTMSX/VSMAX | 10% VSIGX| 30% Wellington 50% 3-funds 20% Mini-Larry
Re: Post your Financial Milestone Announcements Here
How did you go from $2M in February to $5M now?Boilermaker10 wrote: ↑Mon Dec 26, 2022 6:29 am Crossed 5 million in net worth, turned 28 in November. Trying to enjoy it but very much looking ahead at where do I go from here.
Bogleheads® emphasize regular saving, broad diversification, and sticking to one's investment plan regardless of market conditions.
- ruralavalon
- Posts: 26351
- Joined: Sat Feb 02, 2008 9:29 am
- Location: Illinois
Re: Post your Financial Milestone Announcements Here
Awesome. Congratulations
"Everything should be as simple as it is, but not simpler." - Albert Einstein |
Wiki article link: Bogleheads® investment philosophy
Re: Post your Financial Milestone Announcements Here
That’s superb!
Congratulations.
Retired life insurance company financial executive who sincerely believes that ”It’s a GREAT day to be alive!”
Re: Post your Financial Milestone Announcements Here
30% VWENX | 16% VFWAX/VTIAX | 14.5% VTSAX | 19.5% VBTLX | 10% VSIAX/VTMSX/VSMAX | 10% VSIGX| 30% Wellington 50% 3-funds 20% Mini-Larry
Re: Post your Financial Milestone Announcements Here
Thanks.
KlangFool
30% VWENX | 16% VFWAX/VTIAX | 14.5% VTSAX | 19.5% VBTLX | 10% VSIAX/VTMSX/VSMAX | 10% VSIGX| 30% Wellington 50% 3-funds 20% Mini-Larry
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- Location: South
Re: Post your Financial Milestone Announcements Here
End of the year addition to this thread:
We are now at a total of $950k in investments (up only $50k from last year despite putting almost $200k into the market - but I'm glad to finally have the opportunity to buy some of the market on sale)
We have been rapidly paying down our mortgage. Balance is now ~$400k and we should be able to pay it off in 4 years max. My goal was to get it below $400k - missed that by a few thousand, but I'm still very happy with the progress. I hate debt, so happy to be continually chipping away.
I also nearly doubled my income this year with a new job - hoping to continue developing skills and growing in the new job in order to continue to propel our goals. New job comes with a mega backdoor roth, so I'm also very excited to have the opportunity to invest in that as well.
2022 has kind of been uneventful - I'm less excited about growth when the market is down, but I'm happy that I've learned so much on this and other forums/blogs/podcasts.
I'm still trying to figure out goals for 2023. One of them will surely be to stop having personal finance conversations outside of my home or with other known bogleheads if I can resist. The general public just is not as informed, and I am losing the patience to explain basic concepts.
Cheers to the new year
We are now at a total of $950k in investments (up only $50k from last year despite putting almost $200k into the market - but I'm glad to finally have the opportunity to buy some of the market on sale)
We have been rapidly paying down our mortgage. Balance is now ~$400k and we should be able to pay it off in 4 years max. My goal was to get it below $400k - missed that by a few thousand, but I'm still very happy with the progress. I hate debt, so happy to be continually chipping away.
I also nearly doubled my income this year with a new job - hoping to continue developing skills and growing in the new job in order to continue to propel our goals. New job comes with a mega backdoor roth, so I'm also very excited to have the opportunity to invest in that as well.
2022 has kind of been uneventful - I'm less excited about growth when the market is down, but I'm happy that I've learned so much on this and other forums/blogs/podcasts.
I'm still trying to figure out goals for 2023. One of them will surely be to stop having personal finance conversations outside of my home or with other known bogleheads if I can resist. The general public just is not as informed, and I am losing the patience to explain basic concepts.
Cheers to the new year
"An investment in knowledge pays the best interest." -Benjamin Franklin
- ruralavalon
- Posts: 26351
- Joined: Sat Feb 02, 2008 9:29 am
- Location: Illinois
Re: Post your Financial Milestone Announcements Here
Congratulations on your new job with doubled income.diydocwifejd wrote: ↑Fri Dec 30, 2022 10:15 am End of the year addition to this thread:
We are now at a total of $950k in investments (up only $50k from last year despite putting almost $200k into the market - but I'm glad to finally have the opportunity to buy some of the market on sale)
We have been rapidly paying down our mortgage. Balance is now ~$400k and we should be able to pay it off in 4 years max. My goal was to get it below $400k - missed that by a few thousand, but I'm still very happy with the progress. I hate debt, so happy to be continually chipping away.
I also nearly doubled my income this year with a new job - hoping to continue developing skills and growing in the new job in order to continue to propel our goals. New job comes with a mega backdoor roth, so I'm also very excited to have the opportunity to invest in that as well.
2022 has kind of been uneventful - I'm less excited about growth when the market is down, but I'm happy that I've learned so much on this and other forums/blogs/podcasts.
I'm still trying to figure out goals for 2023. One of them will surely be to stop having personal finance conversations outside of my home or with other known bogleheads if I can resist. The general public just is not as informed, and I am losing the patience to explain basic concepts.
Cheers to the new year
Congratulations on continuing with major contributions to investing in spite of the horrible markets this year.
Good job , stay the course.
"Everything should be as simple as it is, but not simpler." - Albert Einstein |
Wiki article link: Bogleheads® investment philosophy
Re: Post your Financial Milestone Announcements Here
That's awesome! I'd be curious to hear over the coming months how it impacts your finances/happiness. I feel like that's one of those things where you can easily plan around the numbers, but the emotional impact might influence spending in other ways.