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Savings challenge: $100k in five years.

 
Old 10-08-2013, 07:27 PM
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Default Re: Savings challenge: $100k in five years.

Originally Posted by ActiveAero View Post
Yeah I'm going to have to punch the numbers and see what the stipulations are but that might end up being a far better use of my remaining money.
I have been reading through and not sure there are any stipulations other than the tax obligations. I think I heard one of the guys say that it may take a week or two to process the order after you elect to sell.
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Old 10-08-2013, 07:28 PM
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Default Re: Savings challenge: $100k in five years.

Originally Posted by crawdad689 View Post
I guess it depends who you ask My mom's actually way worse than my brother. Would sooner keep a pair of 12 year old gardening sneakers (that used to be mine) taped together with duct tape 6 times over than pay $20 for new ones. Has never gotten herself drive-thru food in her entire lifetime, always buys cars new but has never owned a car with power windows, etc. Ask her and she'll tell you she's frugal, though personally I think she's borderline insane
I'm the opposite. I'll "waste" money on simple stuff for the sake of convenience but there is no way in hell I'd ever drop money on a new car.
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Old 10-08-2013, 07:31 PM
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Default Re: Savings challenge: $100k in five years.

AA - aren't these the 'best years of your life' though? What about just living it the **** up? Renting big hotel suites, banging bad *** bitches, driving expensive cars, drinking top shelf liquor? Then you can buckle down at 40.
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Old 10-08-2013, 07:33 PM
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Default Re: Savings challenge: $100k in five years.

Originally Posted by 2LEM1 View Post
AA - aren't these the 'best years of your life' though? What about just living it the **** up? Renting big hotel suites, banging bad *** bitches, driving expensive cars, drinking top shelf liquor? Then you can buckle down at 40.
The man does make a decent point.
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Old 10-08-2013, 07:39 PM
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Default Re: Savings challenge: $100k in five years.

From 18-24 I lived with my dad and did the same thing. Saved 58k in cash. Helps when your rent is only 150 a month. I knew I had only one time to do something like this so I didn't want to **** all my money away.
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Old 10-08-2013, 07:55 PM
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Default Re: Savings challenge: $100k in five years.

Originally Posted by 2LEM1 View Post
AA - aren't these the 'best years of your life' though? What about just living it the **** up? Renting big hotel suites, banging bad *** bitches, driving expensive cars, drinking top shelf liquor? Then you can buckle down at 40.
Everyone does know that living in Japan was like the ultimate living it up for me right lol? I "lived it up" more than almost anyone I've ever met for my age outside of someone like Kookz haha. Well minus the homeless sleeping in internet cafe and libraries part towards the end.

For every $50,000 Corvette/Yukon Denali/whatever you fancy I could buy I look at it and just go "that's like another year and a half in Japan" haha.

And are you honestly telling me a metallic dark brown (excuse me "charcoal") 1991 Accord isn't a badass car?
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Old 10-08-2013, 07:56 PM
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Default Re: Savings challenge: $100k in five years.

Two things, why set this number and time table. Even if you can afford it just why?

I'm living just as cheap as I did finishing my PhD with a few strings loosened so saving a good amount as well but I never set a how much I need aside doing the same maxing a 401k.

You may have some serious changes in life for the good or bad. It's something to get upset about or miss out. Lets say you get a killer deal dropped in your lap for going somewhere or buying something, will you walk?

I'm all about saving and growing some wealth but if you can live well just do it. I wouldn't want to see someone who has this number they cooked up in there head miss a night out with friends to hit this goal they kicked up esp when they won't be breaking the bank to go have some pizza with buddies.

Either way best of luck but my advice make sure some cash is on hand for crazy life changes and a night out
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Old 10-08-2013, 08:01 PM
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Default Re: Savings challenge: $100k in five years.

Good luck man you got this! Now if only half of Honda-tech could save $100 a month we would be on to something! Seems like you are very mature and have a good plan!
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Old 10-08-2013, 08:07 PM
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Default Re: Savings challenge: $100k in five years.

Originally Posted by ActiveAero View Post
Well the thing to remember is that my expenses are only for two weeks as for two weeks out of the month I'll be on an oil rig with all of my daily living expenses covered. All of my grocery and spending money is just for two weeks so in a way you can sort of double it as that is roughly the quality of life I will have in typical monthly terms. In other words it would be closer to someone who has a grocery budget of $600 per month with a $1,600 per month "fun money" allowance. $800 in fun money for two weeks after all expenses, gas and groceries have been paid is still plenty of money to have tons of fun. Especially considering some months I'm sure I'll spend barely any of it just chilling at the house while other months I'll be off traveling or doing whatever.

And again it will only be for 9 months as once my training period if complete I receive a notable raise which if I leave all my contributions the same in raw dollar amounts would give me an additional $750 net take home increase for play money purposes.

I'm just hoping to show what might be possible even on a relatively modest income (my training pay).
I understood your post and how it would be 2 weeks on 2 weeks off. I believe that one could live pretty good for four weeks on your proposed budget that you have allotted for two weeks, $1,600 for fun money is a huge budget. However, small town Alabama is what I was referring to, haha. Unfortunately, I have been spoiled by growing up and living in a nice area all of my life. Makes it hard to think about living in other places. Therefore, out of my realm of acceptable living, haha.

2LEM1- doing all those things now is a waste. I'd rather retire with a comfortable living than squander money trying to impress people on Instagram. #RealJs #VolkRims #Tiite #TypeR #IhavenoTypeRinmyphotobutistillhashtagtypeR
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Old 10-08-2013, 08:09 PM
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Default Re: Savings challenge: $100k in five years.

Originally Posted by ***$nyper View Post
Two things, why set this number and time table. Even if you can afford it just why?

I'm living just as cheap as I did finishing my PhD with a few strings loosened so saving a good amount as well but I never set a how much I need aside doing the same maxing a 401k.

You may have some serious changes in life for the good or bad. It's something to get upset about or miss out. Lets say you get a killer deal dropped in your lap for going somewhere or buying something, will you walk?

I'm all about saving and growing some wealth but if you can live well just do it. I wouldn't want to see someone who has this number they cooked up in there head miss a night out with friends to hit this goal they kicked up esp when they won't be breaking the bank to go have some pizza with buddies.

Either way best of luck but my advice make sure some cash is on hand for crazy life changes and a night out

Simple: Because challenges are fun and you learn stuff about yourself when you do them.

And I wont' be breaking the bank. Maybe everyone is just trolling but are they not reading? Numbers are based on training salary....and it still leaves a nice hunk to have fun on during the two weeks I'm off each month.
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Old 10-08-2013, 08:10 PM
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Default Re: Savings challenge: $100k in five years.

Interesting to see people assume that AA is going to spend his whole time in his house reading a book instead of going out and doing things, haha
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Old 10-08-2013, 08:12 PM
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Default Re: Savings challenge: $100k in five years.

Wife and I have that much + 401k's stashed away. Early 30's.

Should buy a house but live in Bay Area so even if we dump all liquid assets, we can afford either East Oakland or 1.5 hour commute 'burbs.

Tossing around the idea of packing up and moving back to the PNW (burbs of Seattle or Portland) where we can put 30-40% down on a house, take a bit of a pay cut in our jobs, and not live in an area with such a high cost of living.

cliffs: Bay Area, where $100k doesn't mean ****.
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Old 10-08-2013, 08:12 PM
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Default Re: Savings challenge: $100k in five years.

Originally Posted by ActiveAero View Post
Simple: Because challenges are fun and you learn stuff about yourself when you do them.

And I wont' be breaking the bank. Maybe everyone is just trolling but are they not reading? Numbers are based on training salary....and it still leaves a nice hunk to have fun on during the two weeks I'm off each month.
Fair enough and honestly good luck.

I meant big ticket items or events you may not see come up, like last second chance to go to the super bowl box seats you're 300 bucks short. Are you going to jump on it? I mean it's not like you'll have a credit card debt hanging over you for it.
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Old 10-08-2013, 08:21 PM
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Default Re: Savings challenge: $100k in five years.

Originally Posted by ***$nyper View Post
Fair enough and honestly good luck.

I meant big ticket items or events you may not see come up, like last second chance to go to the super bowl box seats you're 300 bucks short. Are you going to jump on it? I mean it's not like you'll have a credit card debt hanging over you for it.
Doesn't this question apply to anyone on any budget or non-budget? Again I'm just using the money most people spend on stuff I see as worthless and instead putting it into savings. Hell I'll likely be far MORE liquid than most people who go out and rack up a large car and house payment. They literally CAN'T make said purchases as they have mandatory bills to pay where as for me throwing out an extra $300 can simply just be made up next month by not spending quite as much.

Again once I'm out of my training salary period I'm going to have roughly $1,550 per month of pure play money after ALL expenses have been paid, including gas for my car, data plan, internet, and even groceries. Last time I checked $1,550 in pure throw away money isn't exactly hurting lol. Not sure why everyone is stuck on this notion that saving money requires being a hermit.
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Old 10-08-2013, 08:23 PM
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Default Re: Savings challenge: $100k in five years.

No I never implied or said that I just picked something as an example heck I don't even know if you are a foot ball fan. I save quite a bit as well. I was half asking because well I may be in those shoes and rather you figure out what to do for me
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Old 10-08-2013, 08:40 PM
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Default Re: Savings challenge: $100k in five years.

In on this. I'll try to do the same. In 2010 I peaked at have 107k cash. After hitting my goal I wanted to add 50k in my account each year but lost my drive and now sitting well below what I had but I'll try seriously try to join you on this.

Bills are as followed

1407 mortgage payment
200ish car insurance
100 for heating and electric
35 cellular ( straight talk ftw)
200 month groceries

I make less than 50k/year through work but I've got a parts business and probably between 100-200k worth of parts and cars. I really lost my drive due to chaos in my life but recently got back on my grind.

Also, having that kind of money is nothing. Having 100k felt no different than having 10k. Maybe a little more of a security blanket but for the most part I lived the same and couldn't just go out and buy something extravagant because I wanted it.

Anyway, good luck to you and I hope you make it
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Old 10-08-2013, 08:42 PM
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Default Re: Savings challenge: $100k in five years.

Originally Posted by ***$nyper View Post
No I never implied or said that I just picked something as an example heck I don't even know if you are a foot ball fan. I save quite a bit as well. I was half asking because well I may be in those shoes and rather you figure out what to do for me
Well part of this will be seeing where the "failures" in the savings plan occur.
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Old 10-08-2013, 08:54 PM
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Default Re: Savings challenge: $100k in five years.

ps. I will use the parts and business and all that to fuel the savings but my goal is to add a separate hundred thousand.
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Old 10-08-2013, 09:07 PM
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Default Re: Savings challenge: $100k in five years.

100k?



I'm just trying to bust 2k right now
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Old 10-08-2013, 09:19 PM
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Default Re: Savings challenge: $100k in five years.

How old are you though? If you don't have a job with decent income or some capital to start off with, it makes it much harder to compound

My ways of stacking have become more and more challenging. Too many people have learned my business over the years but honestly there's a **** ton of money out there, you have to chase it though.
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Old 10-08-2013, 09:44 PM
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Default Re: Savings challenge: $100k in five years.

Should be easy. I did it without even trying and also have no kids just like you. Good luck.
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Old 10-08-2013, 09:46 PM
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Default Re: Savings challenge: $100k in five years.

Originally Posted by DumpedSi View Post
In on this. I'll try to do the same. In 2010 I peaked at have 107k cash. After hitting my goal I wanted to add 50k in my account each year but lost my drive and now sitting well below what I had but I'll try seriously try to join you on this.

Bills are as followed

1407 mortgage payment
200ish car insurance
100 for heating and electric
35 cellular ( straight talk ftw)
200 month groceries

I make less than 50k/year through work but I've got a parts business and probably between 100-200k worth of parts and cars. I really lost my drive due to chaos in my life but recently got back on my grind.

Also, having that kind of money is nothing. Having 100k felt no different than having 10k. Maybe a little more of a security blanket but for the most part I lived the same and couldn't just go out and buy something extravagant because I wanted it.

Anyway, good luck to you and I hope you make it
Same. More of a security blanket but I still live simple and watch my spending.....sometimes lol.
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Old 10-08-2013, 09:52 PM
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Default Re: Savings challenge: $100k in five years.

Originally Posted by rota92 View Post
100k in the bank? Ballin.

Trying to get laid in your Aunts house? No comment.


I think you can do it, Brock. Will be interesting to watch.
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Old 10-09-2013, 03:43 AM
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Default Re: Savings challenge: $100k in five years.

I thought this was going to be about saving $100k cash money post-tax.

If we're just talking about having $100k between savings / stocks and retirement accounts then that's easy?

I only contribute enough to max my employer matching on my 401k, which is 5% of my salary and my company puts in their 2.5%. They don't put in anymore whether I go to 6 or 7% so I stop at 5%.

I'd recommend maxing the 401k then putting the post tax money into a Roth IRA. You can't deduct it from your taxes, but you can ALWAYS get to that money tax-free, at least the contribution part. So you get to reap the benefits of compound gains, yet can still get to it as easily as liquid savings. Win-win.

GL on your goals. Though I agree with some of the "live it up" mentalities in here... I have a feeling I'm going to cave and buy a nice sports car sometime in the next 2-3 years. I'll get more enjoyment out of that in my 30s than 50s
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Old 10-09-2013, 04:24 AM
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Default Re: Savings challenge: $100k in five years.

I think it's a great goal. I'm in the same boat. In the last 3 years I went from 15 grand in debt to >70k in the green, not including my roth ira. It hasn't been easy, but having a job that pays well helps and being busy making money and living on a budget is the key to making it all happen.

My first goal was to eliminate debt and that took discipline and time...After that it was save 20k, then 50k, now I'm shooting for 100k within the next 2 years. I already am looking out even further to see how to reach 200k and then some. I've made this all happen even while being married and being bread winner...My wife is back in school to become a nurse and I know when she starts working we will surely reach 150k being that we don't plan on having kids for at least another 5-7 years.

Bottom line is live below your means...It no doubt feels balling not to have to worry about making credit card payments anymore or loan payments. I may not be rich but i honestly feel like I've developed a sense that its possible if you play your cards right early in life. Good luck!
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