In 2007 I started tracking my networth when it was at about $25k. While that seemed like a lot at the time (my income was about $50k) the concept of saving anything substantial, like more than six figures, still felt so foreign. Six years later, I’m actually about to hit the quarter-million mark in networth.
Even a year ago, it didn’t seem possible. Even now, it doesn’t. I’m at $244k as of Nov 1, which is still 6 months to my goal of $250k before 2014. But if the stock market / my individual stocks keep moving up, it is possible. What’s crazier to me is that if, somehow, next year, I can make a 10% return on my portfolio that is $25k in growth JUST from having $250k invested. Of course, 10% is not a sure thing and I could just as easily lose 10%, so I need to be careful. But I’m proud of myself — I’ll be 30 this month and I said by the time I turn 30 I want to have a quarter million dollars in the bank, and while it won’t be by the second I turn 30, it will prob be before New Years. I’ll count that. Plus, I even fit in a $3k, 2-week international trip without killing my goal.
The next BIG goal is $500k before I have kids. Well, that really depends on when I’m having kids. I still want to save $50k a year, but that means I won’t have kids until I’m 35 (I’d like to start earlier.) I want to start the kids thing at 32, I need to up the yearly saving. Really that’s three years of savings at an average of $83k per year. That’s a lot. I don’t think that’s possible. I mean, I could get another job and make a lot more money and then maybe it would be possible. But it is more likely I’ll make the same or less, and I’ll also end up moving in with my boyfriend and paying more in rent than what I pay with two roommates. So that goal is probably actually impossible. But I’ve hit my impossible goals before… three years of crazy frugality for $500k before kids? Well, it would be an amazing feat.