Remember when I made a goal to have $100k in savings by the end of 2010? That seems like a billion years ago, and financially speaking, it was. While on one hand I can’t believe how fast time is flying, on the other I’ve lived about three lives between now and the end of 2009.
When 2009 was ending, I was working a job paying $60k per year. So working through the numbers, it seemed impossible to reach my goal of saving ~$50k in 2010… even if I was going to be extremely frugal. I figured I’d save as much as possible, but deep down felt my goal of hitting $100k in networth was just not going to happen.
Fast forward two months… I get laid off from my job and things are really looking bleak, at least in terms of my savings goals. I fall into a deep depression, start questioning what on earth I’m doing with my life, and after applying for a few hundred jobs start thinking about applying to work at the mall.
Then the skies parted. I landed not one – but two really solid jobs. A six month contract, paid hourly, at a large, global company and a freelance job on the side. Instead of losing a lot of money due to being laid off, I managed to make more than I had any year yet within the six months I was working my contract job. Part of that time I was traveling for work — so all my expenses were paid for as well, which meant I was able to save quite a lot.
The contract job didn’t last… long story short, the product I was working on wasn’t very good, so the company decided to shut our department down and had no need to keep me on as a contractor. By that time, however, the company I was doing some freelance work for was taking off, and able to hire me full time. I’m not making as much as I was at the large company, but I’m much happier working for a company with a product I believe in. Plus, I do have stock options which could one day be worth a lot more than any salary — though that is, of course, unlikely.
The chart above is a bit inaccurate because I’m both owed money and owe money… I owe on my freelance income as I haven’t paid tax on it yet, but I think I still broke the $100k networth mark in 2010.
It’s so strange to have $100k in the bank (/my investments.) It’s a lot of money, but then again, it doesn’t seem like that much. The houses I want around here are $2.5 million… and even the basic houses are $1 million — I guess until I have $500k in savings I’ll still feel a bit hopeless when it comes to money.
As far as 2011 goes, I’d like to end 2011 with $150k in networth. I wish I could aim for $200k, but that’s just not realistic given my salary. I’ll be updating on this goal as the year goes along. Once my taxes are done in April I’ll have a better idea just how much more I need to save this year to hit that goal.
It’s interesting looking at how much I’ve saved since Feb 2009…