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Savings challenge: $100k in five years.

 
Old 10-09-2013, 05:13 AM
  #51  
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Default Re: Savings challenge: $100k in five years.

Good Luck.

Any plans or milestones to transition some of your cash into more aggressive wealth generators (stocks, real estate, etc)? What plans do you have to preserve/insulate your savings when you reach your goal?
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Old 10-09-2013, 05:33 AM
  #52  
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Default Re: Savings challenge: $100k in five years.

if you can manage 250/month for housing needs for the next 5 years, my hats off to you then.

frigin cable tv bill is 250/month lol.
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Old 10-09-2013, 05:39 AM
  #53  
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Default Re: Savings challenge: $100k in five years.

Great thread. I try to save about half my check each time I get paid.

Each check the following bills are paid, or put into an account where they can be paid when due:

$450 mortgage/utilities
$235 car payment
$50 cell phone
$~400 to pay off my credit card

I throw the other ~$900 or so into my personal savings. I am vested to 10% in my 401k and have no other active investments. I've never had a specific amount of money to save towards, but this thread will help me achieve that, I think.

Thanks Brock!
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Old 10-09-2013, 05:46 AM
  #54  
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Default Re: Savings challenge: $100k in five years.

Originally Posted by E M P I R E View Post
if you can manage 250/month for housing needs for the next 5 years, my hats off to you then.

frigin cable tv bill is 250/month lol.
Derpina and I broke up a month ago. I've been real busy looking for a house, and sweating paying the down payment and all the associated bills myself. I can afford it, but I'm frugal as hell. I like having a fat savings account. Out of the blue, an old friend of mine called me up and was like, "Hey man, I heard you finally broke up with that stupid bitch. Do you need a place to stay?"

He converted the first floor of his house into an apartment a while ago. He said I could stay there as long as I want for $200/mo.



No girlfriend, rent and bills being $200/mo........ I should be able to save $100k in a few months lol.
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Old 10-09-2013, 06:02 AM
  #55  
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Default Re: Savings challenge: $100k in five years.

$450 mortgage?

mustbenice.jpg
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Old 10-09-2013, 06:18 AM
  #56  
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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.
Both of the companies that I have worked for that have had them have been set up the same.

You have a start date and an end date, your post-tax contribution is determined before it starts. Once the period is over they look at the stock price of the start AND end date, take which one is lower and you get it at 85% of that price. So even if the stock is lower on the end date you're still getting an instant 15%.
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Old 10-09-2013, 06:21 AM
  #57  
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Default Re: Savings challenge: $100k in five years.

Originally Posted by Tim2179 View Post
$450 mortgage?

mustbenice.jpg
As mentioned, I do that each check. I get paid twice a month (sometimes three depending on how the pay period/weeks fall), so $900 a month. My brother also contributes the same amount, and I have a roommate who kicks me $500.
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Old 10-09-2013, 07:04 AM
  #58  
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Default Re: Savings challenge: $100k in five years.

Best of luck AA, I hope you can make it happen.
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Old 10-09-2013, 07:06 AM
  #59  
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Default Re: Savings challenge: $100k in five years.

All I can say is thank god I saved a lot before I got married and had kids because they sure do make it harder to save big bundles of cash.

Not only that but a lot of savings goes in to a 403(b) for their college, 401k for my wife and I, EFT account fo hedging, brokerage account for gains and savings just for spur of the moment "oh ****," moments like when my wife had to go to the cardiologist.

Then there is my Ferrari fund which as I grow older seems like a ridiculous fund.
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Old 10-09-2013, 07:10 AM
  #60  
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Default Re: Savings challenge: $100k in five years.

Originally Posted by Knightsport View Post

Then there is my Ferrari fund which as I grow older seems like a ridiculous fund.
It is ridiculous. I'll take it. PM'd paypal info.
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Old 10-09-2013, 07:13 AM
  #61  
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Default Re: Savings challenge: $100k in five years.

Only ridiculous because I think about all that money and the other things I could do with it. Which are far more responsible and equitable.

F I'm old.
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Old 10-09-2013, 07:16 AM
  #62  
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Default Re: Savings challenge: $100k in five years.

Originally Posted by Knightsport View Post
Only ridiculous because I think about all that money and the other things I could do with it. Which are far more responsible and equitable.

F I'm old.
Hookers and blow?




You're only as old as you feel, bro.

lol, jk. You're old.
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Old 10-09-2013, 07:18 AM
  #63  
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Default Re: Savings challenge: $100k in five years.

I wonder Brock do you day dream about having a family, settling down and doing the holiday shuffle every year like I dream about cashing out and disappearing to Mykonos?

I still feel 21 but g'damnit the responsibilities are endless and I can't shake them. Like a bad conscience.
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Old 10-09-2013, 07:32 AM
  #64  
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Default Re: Savings challenge: $100k in five years.

Originally Posted by ActiveAero View Post
Reason #1 why I need to marry a Japanese girl. U.S. and Japan don't have the "marriage treaty" that most other first world countries have. Basically the U.S. and Japan don't really recognize each other's marriages from a legal standpoint so neither party can get the other's monies as long as they simply move back to their own country.
Yeah, and if you have kids and she decides to run with them back to the homeland, you'll never see them again.
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Old 10-09-2013, 07:55 AM
  #65  
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Default Re: Savings challenge: $100k in five years.

Originally Posted by jEromy View Post
100k?



I'm just trying to bust 2k right now
I hear you on this one. I just can't fathom how much some of you guys make. I worked at a bank for 3 years, so I saw a LOT of balances. I would honestly say that maybe 1 in 20 or 25 people had even 10k in their accounts. At least half the people there were paycheck to paycheck, with the occasional overdraft on a bad week.

It's no surprise that this thread is full of the "haves" of GDD, because no one who makes 11.00 an hour and has $450 in their account would come contribute here. We have the ballers like Knightsport, Kev2k10, shamoo, junior, dumpedSi etc.

It just boggles my mind how people can say without flinching how "easy" it is to just save 10s of thousands of dollars. I make OK money (70-75k a year) and I struggle mightily to even keep my 10k safety net in the bank. I do support a family of 4 and own a house, but still. If you have a family and still want to save money then you damn well better make 6 figures or more. I live frugal as hell. Have not bought new clothes in 6 years (year before my 5 year old was born). Wearing ratty old shoes. Haven't had a vacation in 15 years.

More power to you guys who have $$$ to wipe your *** with, but it just seems so out of reach for the normal guy on here. What are some steps to help the little guy get ahead? Not talking 400k and a house in the Hamptons, but it would be nice to be able to go spend $500 on clothes and not want to slit your wrist with guilt afterwards.
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Old 10-09-2013, 08:11 AM
  #66  
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Default Re: Savings challenge: $100k in five years.

Originally Posted by tw1tch View Post
I make OK money (70-75k a year) and I struggle mightily to even keep my 10k safety net in the bank. I do support a family of 4 and own a house, but still.
Leave your wife and kids, bro. You'll be GDD Thousandaire status in no time.


I'm single. No debt. No credit cards. No kids. College paid off. I have an amazing job where I make way more money than I should. Instead of buying a house or condo, I'm going to live in my friends shitty little downstairs apartment for $200/mo.

Why? So when I am married and have kids and a house, I'll have a shitload of money saved up.

Originally Posted by tw1tch View Post
it would be nice to be able to go spend $500 on clothes and not want to slit your wrist with guilt afterwards.
Pfffff....... I don't buy clothes unless they're 40% off in the clearance section. Save, save, save.
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Old 10-09-2013, 08:11 AM
  #67  
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Default Re: Savings challenge: $100k in five years.

Originally Posted by tw1tch View Post
I hear you on this one. I just can't fathom how much some of you guys make. I worked at a bank for 3 years, so I saw a LOT of balances. I would honestly say that maybe 1 in 20 or 25 people had even 10k in their accounts. At least half the people there were paycheck to paycheck, with the occasional overdraft on a bad week.

It's no surprise that this thread is full of the "haves" of GDD, because no one who makes 11.00 an hour and has $450 in their account would come contribute here. We have the ballers like Knightsport, Kev2k10, shamoo, junior, dumpedSi etc.

It just boggles my mind how people can say without flinching how "easy" it is to just save 10s of thousands of dollars. I make OK money (70-75k a year) and I struggle mightily to even keep my 10k safety net in the bank. I do support a family of 4 and own a house, but still. If you have a family and still want to save money then you damn well better make 6 figures or more. I live frugal as hell. Have not bought new clothes in 6 years (year before my 5 year old was born). Wearing ratty old shoes. Haven't had a vacation in 15 years.

More power to you guys who have $$$ to wipe your *** with, but it just seems so out of reach for the normal guy on here. What are some steps to help the little guy get ahead? Not talking 400k and a house in the Hamptons, but it would be nice to be able to go spend $500 on clothes and not want to slit your wrist with guilt afterwards.

What I noticed, and I'm sure it happens to others, is that when my salary has increased I've slowly added things I buy - or buy 'bigger' things that negate the salary increase. So while I make *very* good money for my age, I spend more on things I don't particularly need. If I was still living like I was when I made $60k a year and was saving $5k a year then I'd have oodles in the bank. The problem is when you make $120k a year and spend it like you make $120k a year.
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Old 10-09-2013, 08:13 AM
  #68  
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Default Re: Savings challenge: $100k in five years.

You're lucky, Brody. When I had my first kid I was in debt and making $12 an hour. It was really rough times for a while there. I've never had anything nice, so it's not like I am having to give up on much. What I really want is to have money for when I am older. I have no problem living frugal now, but when I am 60 years old I don't want to have to decide which Walmart I should be a front door greeter at in order to afford my medicine lol.
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Old 10-09-2013, 08:15 AM
  #69  
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Default Re: Savings challenge: $100k in five years.

Originally Posted by TheMuffinMan View Post
What I noticed, and I'm sure it happens to others, is that when my salary has increased I've slowly added things I buy - or buy 'bigger' things that negate the salary increase. So while I make *very* good money for my age, I spend more on things I don't particularly need. If I was still living like I was when I made $60k a year and was saving $5k a year then I'd have oodles in the bank. The problem is when you make $120k a year and spend it like you make $120k a year.
I've lived like I was making 20k a year for my whole life. If I was single with no kids I would be able to bank 30k a year. I do see Brocks plan as being very possible. If you have kids and a Wife you might as well forget about saving 100k. 15k or 20k is more reasonable. I could save some $$ if I made more cut backs, but I don't want my kids growing up missing out on everything because dad was a cheap bastard.
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Old 10-09-2013, 08:17 AM
  #70  
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Default Re: Savings challenge: $100k in five years.

Originally Posted by tw1tch View Post
What I really want is to have money for when I am older.
Considering multiple retirement vehicles ftw.
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Old 10-09-2013, 08:19 AM
  #71  
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Default Re: Savings challenge: $100k in five years.

Originally Posted by xtrac1 View Post
Considering multiple retirement vehicles ftw.
I have a pension thru work, but that's it. No 401k or Roth. It's hard to save money when you are barely making ends meet. Once my Wife goes back to work I may start a Roth. Never been too keen on 401k, but that may be due to the fact I am an idiot.

I do know for a fact my house will be paid off, so that's a good way to live. No mortgage is a good first step to a happy retirement, for those of us who will be allowed to retire.
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Old 10-09-2013, 08:23 AM
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Default Re: Savings challenge: $100k in five years.

Originally Posted by tw1tch View Post
I hear you on this one. I just can't fathom how much some of you guys make. I worked at a bank for 3 years, so I saw a LOT of balances. I would honestly say that maybe 1 in 20 or 25 people had even 10k in their accounts. At least half the people there were paycheck to paycheck, with the occasional overdraft on a bad week.

It just boggles my mind how people can say without flinching how "easy" it is to just save 10s of thousands of dollars. I make OK money (70-75k a year) and I struggle mightily to even keep my 10k safety net in the bank.
As to point 1, my checking account is definitely paycheck to paycheck. I don't float much in there at all. I put my large reserves into my savings account and I need to get off my *** and make a Roth IRA. But point is, look at my checking account stubs and I'm poor, look at my savings account stubs and I'm doing well.

As to point 2, this thread isn't about having $100k in emergency savings. Apparently it's about having $100k in 401k holdings, stocks, cash, etc. More of a net worth thread. Though no one has brought up real estate so I assume we're not including any equity from there.
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Old 10-09-2013, 08:25 AM
  #73  
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Default Re: Savings challenge: $100k in five years.

Sounded to me like it was to aquire 100k in liquid assets, seeing as Brock doesn't plan to buy a house and use that towards his 100k goal.
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Old 10-09-2013, 08:36 AM
  #74  
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Default Re: Savings challenge: $100k in five years.

Man......where's the GDD broke status crew thread when you need it

Good for you guys, though. Takes discipline, luck, help, skill, knowledge to do that.

Between house, utilities, wife, kid, expenses, I'm broke.

Damn I need a raise!
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Old 10-09-2013, 08:40 AM
  #75  
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Default Re: Savings challenge: $100k in five years.

Originally Posted by tw1tch View Post
Sounded to me like it was to aquire 100k in liquid assets, seeing as Brock doesn't plan to buy a house and use that towards his 100k goal.
I don't consider stocks, 401ks and retirement plans liquid at all. Liquid is cash and savings.

Try to touch your 401k and you're going to be taxed at your current rate (20-30% for most people), as well as a early deduction penalty of 10% unless you're over the retirement age.
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