Part time work full time happiness
Re: Bon voyage
I just cracked quite a significant milestone. I hit more than $100k in assets.
So as of today my assets stand at $100,500. Less tiny credit card balance and student loan of $14,300 leaves me with $86,100 in net worth. But as my 0% interest student loan barely counts as debt, hitting 100k assets is a big deal for me.
In terms of saving rates I am not even going to post them. My flatmate has moved out so my rent has escalated and things are at a cross roads in terms of whether I am staying or going overseas and if I am staying whether I am staying in this flat. So I cant cut major expenses until significant decisions have been made.
But for now I am giving myself a huge round of applause for this significant milestone! It can only get easier from here. With compounding and what not!
So as of today my assets stand at $100,500. Less tiny credit card balance and student loan of $14,300 leaves me with $86,100 in net worth. But as my 0% interest student loan barely counts as debt, hitting 100k assets is a big deal for me.
In terms of saving rates I am not even going to post them. My flatmate has moved out so my rent has escalated and things are at a cross roads in terms of whether I am staying or going overseas and if I am staying whether I am staying in this flat. So I cant cut major expenses until significant decisions have been made.
But for now I am giving myself a huge round of applause for this significant milestone! It can only get easier from here. With compounding and what not!
Re: Bon voyage
Congrats! The first 100k is the hardest and is definitely worth celebrating.
I had similar problem with roommate moving out somewhat unexpectedly. I'm like deer frozen in headlights now. On one hand, it would be easy now to relocate, but on the other hand it's an opportunity to rent out his room on airbnb to make even more. I'm trying the second one, and just dumped a bunch of time and money on new paint furniture etc...
I had similar problem with roommate moving out somewhat unexpectedly. I'm like deer frozen in headlights now. On one hand, it would be easy now to relocate, but on the other hand it's an opportunity to rent out his room on airbnb to make even more. I'm trying the second one, and just dumped a bunch of time and money on new paint furniture etc...
Re: Bon voyage
Thanks for celebrating with me Cmonkey nitelight and JL13!
JL13 I was also actually thinking about doing the air bnb thing since It would seem odd to get a permanent flatmate now. Don't want to spend money on paint etc though. Maybe I will look into this soon.
JL13 I was also actually thinking about doing the air bnb thing since It would seem odd to get a permanent flatmate now. Don't want to spend money on paint etc though. Maybe I will look into this soon.
Re: Bon voyage
Its been a while since my last post. Its been a bit of a difficult time around making decisions. However I have now made a decision to stay where I am for at least another year. I havent really been tracking my expenses much as have been unable to control major costs until I made this decision. But I will start doing so again soon. My net worth has still been rising quite a bit due to ingrained frugal habits and my investments doing much better the last couple of months. I am ahead of forecasted expectations.
Assets $109,300
Less small credit card balance and student loan of $13k
Net worth $95,700
In the last 12 months since commencing my ERE plan I have increased net worth by $46k
Assets $109,300
Less small credit card balance and student loan of $13k
Net worth $95,700
In the last 12 months since commencing my ERE plan I have increased net worth by $46k
Re: Bon voyage
That is awesome! Nearly 4K per month.thrifty++ wrote:In the last 12 months since commencing my ERE plan I have increased net worth by $46k
I haven't ran the numbers on my first 12 months, as I'll hit it on June 30, but I think I am in that same neighborhood. Keep up the great work!
Re: Bon voyage
Thanks Cmonkey! Yes looking at it that way I am thinking how the hell did I increase if that much each month!
Re: Bon voyage
OK so my core costs have been out of control for a couple of months so I have not been making much progress.
However they are now stable once again so I can start to refocus myself.
Currently sitting at $111,200 assets and $11,900 liabilities (mostly 0% interest student loan) leaving net worth of $99,200.
The stock market seems to be on steroids at the moment which is nice.
Hopefully now in the coming months I should be able to resume more extreme saving and wealth growth.
However they are now stable once again so I can start to refocus myself.
Currently sitting at $111,200 assets and $11,900 liabilities (mostly 0% interest student loan) leaving net worth of $99,200.
The stock market seems to be on steroids at the moment which is nice.
Hopefully now in the coming months I should be able to resume more extreme saving and wealth growth.
Re: Bon voyage
Ok August turned out well. Assets of $114.5k less liabilities of $11.5K (mostly 0% interest student loan) leaving a net worth of $103k. Yay! I broke the $100k net worth milestone. First was hitting the the 100k assets milestone and now its net worth. Bring on 200k! Going to begin working on strategies to lift my savings rate higher.
Re: Bon voyage
Yahoo!!
For me, the motivation came from making a list of things I can do right now to reduce my expenses. Seeing the list was all I needed to get started.
For me, the motivation came from making a list of things I can do right now to reduce my expenses. Seeing the list was all I needed to get started.
Re: Bon voyage
Thanks CMonkey! Yes I have made a list of things. Problem for me is being time poor. The strategies take time to execute properly. So I am going to incorporate them one at a time as I get time.
Re: Bon voyage
Congrats on the milestone! I'm very much excited to break "the hardest $100k."
Re: Bon voyage
Thanks Flip! Yes its nice to be there. Looks like you wont be too far behind at the rate your NW is growing.
Feb update
Time for an update I suppose.
Assets are sitting at around $134.5k. Liabilities (mainly student loan) are around $6k. Leaving net worth of $128.5k.
My savings have been progressing well. I have made improvements due to some new practices. I have decided to consume only alcohol that I produce (unless on special occasions at a bar) and it only costs me about $1 a litre to make. So big savings made there.
I have also been cutting my own hair, Only two haircuts in but I have saved myself $45 already after deducting the peanuts cost of the hair clippers and scissors. Mens haircuts where I live are ridiculously expensive. I had such trepidation at the thought of cutting my own hair but now I will never go back. It is another ERE type thing which has a multiplicity of benefits, not just cost saving. I have found that I actually cut my hair better than barbers do. I think because I know my hair better than they do. Also once my hair starts looking crap I now have the confidence to just do a snip here and there when I am getting ready. The result is my hair is now always looking awesome!
I have also been saving on food by occassionally buying big bags of dried beans, rice, onions and tofu at Chinese stores for peanuts and using that as a key meal base. I have also been exchanging labour at community gardens in exchange for taking some of the produce for free. So food costs have come down a fair bit.
Assets are sitting at around $134.5k. Liabilities (mainly student loan) are around $6k. Leaving net worth of $128.5k.
My savings have been progressing well. I have made improvements due to some new practices. I have decided to consume only alcohol that I produce (unless on special occasions at a bar) and it only costs me about $1 a litre to make. So big savings made there.
I have also been cutting my own hair, Only two haircuts in but I have saved myself $45 already after deducting the peanuts cost of the hair clippers and scissors. Mens haircuts where I live are ridiculously expensive. I had such trepidation at the thought of cutting my own hair but now I will never go back. It is another ERE type thing which has a multiplicity of benefits, not just cost saving. I have found that I actually cut my hair better than barbers do. I think because I know my hair better than they do. Also once my hair starts looking crap I now have the confidence to just do a snip here and there when I am getting ready. The result is my hair is now always looking awesome!
I have also been saving on food by occassionally buying big bags of dried beans, rice, onions and tofu at Chinese stores for peanuts and using that as a key meal base. I have also been exchanging labour at community gardens in exchange for taking some of the produce for free. So food costs have come down a fair bit.
Re: Bon voyage
Things are coming along ok.
Assets are now $138.5k and liabilities are around $6k (mainly student loan) leaving net worth of around $132.5k.
From tomorrow I am able to reduce the rent for my room in a shared place by quite a bit. So this should help to enhance my savings rates.
Assets are now $138.5k and liabilities are around $6k (mainly student loan) leaving net worth of around $132.5k.
From tomorrow I am able to reduce the rent for my room in a shared place by quite a bit. So this should help to enhance my savings rates.
Last edited by thrifty++ on Tue May 02, 2017 2:17 pm, edited 1 time in total.
Re: Bon voyage
How come you don't pay off that student loan?
Re: Bon voyage
@Cmonkey - because it is zero percent interest as long as I dont leave the country for more than 6 months. So it would be foolish to pay more than the 12% mandatory minimum that is deducted from my pay.
Debt Free Me
I have paid off the last of my student loan!! So I have crossed off one more milestone. All that now remains is assets. My net worth is currently sitting at around $162k.
Well I think this is the first time since 18 years of age that I have been debt free. And certainly the first time I have assets at the same time as being debt free.
Its nice to feel the liberation of having all my money to myself. Assets should begin to pile up much more quickly now that I am no longer putting 12% of my income into a student loan.
Well I think this is the first time since 18 years of age that I have been debt free. And certainly the first time I have assets at the same time as being debt free.
Its nice to feel the liberation of having all my money to myself. Assets should begin to pile up much more quickly now that I am no longer putting 12% of my income into a student loan.
Re: Bon voyage
Sweeeeeeeeeeeeeeeeeeeeeet!
How many years expenses have you saved up? Personally the numeric value of assets interest me a lot less.
How many years expenses have you saved up? Personally the numeric value of assets interest me a lot less.