Despite the madness all around us, life – and finances – move on for many of us :)
Here’s a smattering of people still winning out there and focused on the prize.
Keep going, everyone!!
The $1 Million “Asset”-er
Hey there J$:
Some time ago we were chatting about milestones. I mentioned that our first milestone was to reach $1M in assets. You told me to let you know when we hit that milestone. Well, we hit it last week, so consider this your notification. <grin>
Next milestone is $1M in our retirement, which should also be $1M for our net worth. Hopefully we will be there sooner rather than later.
– Mr. SoS
I asked him what the bulk of the assets consisted of (real estate? stocks?), and here’s what he said:
“Here is the breakdown. The bulk is our retirement and our house. I will feel better when our retirement amount exceeds $1M and we have the option to sell the house and pay off the rest of our debts.”
Then when I asked how in the world his investments went UP in march (???), he told me to read his blog post ;) So that’s where I’ll now direct you too, lol –> Net Worth: 2020.04.01
The Once Is Enough’er
2008 was brutal and forever damaging for me. I swore to myself I would NEVER go through that again.
Since then, I’ve paid off all my credit cards and debts (only mortgage and student loan left). I own my car outright. My credit cards are all paid off and ready to handle this emergency. I have savings in the bank, and investments I can tap if (and only if) it’s absolutely necessary for survival. I have a better job, one where I can actually pay all my bills and save a little too.
I made a decision to do everything I could to never be in that fear again. School, books, blogs (like this one!), tenacity – I couldn’t sit still until I felt secure. I sincerely hope that this year is a lesson for young people to save for a rainy day. You just never know when it will rain!
In response to our post on whether you feel more prepared or not having lived through the 2008 mess?! (Most people seemed to be better off for it, while the rest of you ARE JUST WAY TOO YOUNG!!! ;))
The Mortgage Payer Offer!
Look at this beauty!
In the midst of this crazy COVID world, my husband and I paid off the mortgage!
Since having a nice dinner out wasn’t an option, we settled for a nice bottle of scotch and whiskey! We enjoyed a nice beverage in OUR HOME!
I just wanted to share this with someone. We weren’t sure who we’d tell, and now with people losing jobs we’re really not going to say anything. But I figured I could tell you! Lol. Stay safe!
You probably have no idea what that picture up there is, so read this post if you’re curious :) Her “money board” trick paid off!! Literally! –> Having a hard time paying off debt? Try a Money Board!!
The Debt-Free Parent of The Year!
Thanks to following you and utilizing your Net Worth and Budget tools I am completely debt-free here in Richmond. Now I even have my 25-year-old daughter tracking her Net Worth each month also!
Here’s our page on all our (free) net worth and budget spreadsheets and templates if you’re needing a new one! –> Free Budget Templates & Spreadsheets
The No Spend Year’er
Hi J$, your email came the day after my birthday, so I decided it could be a fun challenge at that, to not spend anything on my wants except what I already had set aside as of that moment. And what’s really interesting is, it’s sharpened my creativity about money, even in the last couple of days as I’ve thought about how to make my current money last a whole year now!
I’ve noticed another by-product as well: it’s made me more grateful when I do get to enjoy something for free that I would have otherwise just spent money on almost without thinking.
While I don’t think it’s overly sustainable for more than a year (I like eating out and giving gifts way too much to cut them out of my life completely), I think it will be really interesting to try this until my next birthday and see how I come out.
I estimated I could save over $2,000 just by cutting back to a bare-bones budget. Pretty crazy, eh? :D
Yes! Crazy AWESOME!! :)
One of the best things I ever did for my money too – and that was only 40 days of trying! (Gave up “shopping” for lent – mind blowing!!!).
Here’s a great article we recently featured if anyone’s thinking of trying it –> Our “No Spend” Year
The Future Multi-(Multi!)-Millionaires
My husband has required financial check-ins with his retirement adviser through his job. The guy ran our numbers and said we’d have $15 million saved (just in retirement, no cash or other values) in 30 years at the rate we’re saving. And our savings rate isn’t even high for FI standards – we’ve fluctuated between 25-40% over the past four years and are currently on the low end. He said it was unreal and had to re-calculate a few times to be sure he didn’t have a typo.
Now, we won’t be working that long so our contributions will taper off before we reach that huge of a number, but still super cool to see what our hard work can do given enough time. Currently, I’m 28 and he’s 32 for reference.
Damn!! That’s incredible!! And in their 20s/20s no less! Though had to laugh out loud at the “not high for FI standards”, haha… only in our world is 25-40% considered low ;)
The 6 Year Mortgage Payer-Offer
I am mailing my LAST mortgage check today. Took a 30 year mortgage on a brand new home in 2013 and paying it off today. Never would I dream of paying off my home in 6 years. That is until I stopped being a consumer sucka, started working hard and stashing cash.
I know there’s a whole debate on rent or own, payoff mortgage or invest, or a multitude of opportunity cost situations out there. But personally, having ZERO debt, positive income, and a roof over my head for life… is priceless.
The man who knows himself best will always sleep better :) Helluva achievement man – big congrats again! (And keep those compliments rolling! lol…)
The $35k Debt Crusher
Hi J. Money,
I want to say thank you for inspiring me to pay off $35k in debt in~3 years. I know that’s not a lot, but when you’re earning $50-$60k annually it turns out to be a decent accomplishment.
Hell yeah that’s an accomplishment!! $35k is no small feat no matter how much you earn! Stand tall and be proud! :)
Huge congrats to all our winners here today – and those others hiding in the shadows keeping it humble over there ;)
I know it’s not easy and we’re all in different phases with this stuff, but EVERY win no matter how big or small should be cherished! It’s all better than how we used to be!!
Keep doing your thing 💪💪
Killer resources and apps:
- Best Budget Templates & Spreadsheets (FREE)— The best free budget templates from around the community! Including the ones I use :)
- Personal Capital* (FREE) — A great app to track your investments and net worth. You can see an in-depth review we did here from a millionaire who checks it daily 😂
- You Need a Budget (YNAB)* (FREE TRIAL, then $14.99/mo or $98.99/year) — One of the BEST budgeting methods in the space, with new users saving $600 on avg their first two months, and more than $6,000 over their first year! Check out my friend Vic’s review of YNAB here that went on to completely change his finances 💪
- Digit (FREE 6 mo. Trial, then $5/mo) — This is one of my favorite apps for automatically saving money, and I even came on board as an advisor I believed in them so much! You can see my full review on Digit here.
- Acorns* ($3-$5/mo) – Similar to Digit, this app helps you automatically INVEST money by rounding up all your transactions to the nearest dollar and then investing it right away for you. My full review of Acorns can be found here.
- Honey (FREE) — By far my favorite coupon service out there! Click the Honey button any time you're about to buy something online, and BOOM - any discounts it finds will be automatically applied at checkout. You can see my write up on them here.
- Credit Karma* (FREE) — An easy way to check and monitor your credit score AND report! See my full review of these guys here.
- My Favorite Blogs + Books < -- Click here to see all my other recommendations!