plugginaway22
Well-Known Member
Joined: Jan 2, 2011 10:18:42 GMT -5
Posts: 1,661
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Post by plugginaway22 on Apr 16, 2021 6:51:23 GMT -5
Well this market must have everyone hitting lots of milestones! Since DH and I speak to absolutely no one about our financials it feels good to post here.
We are 60 and 61 (DH) and started to save later than most because I stayed home to raise 3 kids and DH was not a real high earner at that time. But we always lived pretty frugally and tried to put away as much as we could. We have been in the same 2000 sq ft home for over 25 years (it is paid off). I also found this board a long time ago and got lots of good info along the way. After I went back to work and kids flew the nest, we really were able to make progress. My company is being bought out and I will be retiring this year. DH is unsure about how long he will work. Thankfully our expenses are very low compared to many people I know.
Retirement 882k
HSA 26k
Cash 88k
Stocks 8k
House 280k
RE inv 10k
cars 40k
Total Assets 1,334,000
Total Liability 11,000 (3% car loan)
Networth 1,323,000
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ners
Junior Associate
Joined: Dec 23, 2010 16:21:18 GMT -5
Posts: 6,647
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Post by ners on Apr 30, 2021 20:07:39 GMT -5
April 30, 2021
Cash $19,672.92
Retirement $182,639.32
House $80,000.00
Car $3,850.00
Stock $6,922.11
HSA 6109.58
Total Assets $299,193.93
Liabilities
Mortgage $54,448.90
Helco $11,911.71
Car $6,315.64
TL $72,676.25
Net Worth $226,517.68
Another nice increase due to the market.
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,332 
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Post by Rukh O'Rorke on May 1, 2021 10:22:19 GMT -5
Can you explain how that works? I keep hearing about this, but no clue what that means or if I could try to do it? Thanks!! I can try! First, not all 401k plans will allow you to do this. The plan needs to allow after tax contributions and allow in service withdrawals. There’s a total limit for 401k contributions that was $57,000 (plus catchup I think if old enough) for 2020. This includes the $19,500 that is pretax plus employer contributions. If you haven’t met the limit, and your plan allows it, you can put in more money that is after tax. Then, if you have in service withdrawals, you can withdraw just the after tax money plus any earnings without leaving the company. This lets you pull the money out of the 401k and have it directly deposited into a Roth IRA account while the earnings are tiny. This is the part Fidelity took care of so I’m not sure on the details or technical terms but they seemed to know exactly what we wanted and it was easy. You do have to pay tax on the earnings. Then it continues just as a Roth IRA account would. There are some slight variations, but this is the version that we did. I’m a little iffy on the details because it’s not what I was doing but.... If you don’t have in service withdrawals but have after tax contributions, you could still make after tax contributions and then when you leave the company you could roll the after tax money and earnings to a Roth IRA. This would work best if you were planning on leaving the company soon and didn’t end up with a lot of earnings that would be taxed. You’d have to research this yourself but I know I read something about it! One thing that I did not see much about and am a little confused on.... It looks like even if your plan is a safe harbor plan, so that Highly Compensated Employees are not limited on their pretax contributions, you may still be limited on after tax contributions. So far no excess contributions have been returned to us. 🤞 Thank you so much for this info..... I guess my first stop is to enquire with HR if this is possible? or how does one know? |
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,332
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Post by Rukh O'Rorke on May 1, 2021 10:25:38 GMT -5
April 30, 2021 Cash $19,672.92 Retirement $182,639.32 House $80,000.00 Car $3,850.00 Stock $6,922.11 HSA 6109.58 Total Assets $299,193.93 Liabilities Mortgage $54,448.90 Helco $11,911.71 Car $6,315.64 TL $72,676.25 Net Worth $226,517.68 Another nice increase due to the market. so close to that 300k asset milestone! hope it happens on Monday, or very soon after. I personally am extremely motivated by milestones, and make all kinds of little schemes to acheive them.  Milestones for individual accounts, types of accounts, total, etc. You are also going to be quickly closing in on a third of million as your next milestone!  I also love to conceptualize things in terms of millions. |
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Post by minnesotapaintlady on May 1, 2021 17:54:42 GMT -5
Update for May. Mortgage - $86,647
CC debt - $0
Total Debt $86,647
Cash and Savings - $74,561
529s - $66,254
Retirement - $727,565
House - $300,000
Total Assets $1,168,380
Net Worth $1,081,733 (increase of $38,922 since 4/1/21)
Observations from the past month. Zillow has my house at 400K without the adjoining 10 acres which is probably worth another 60-80K. I'm not bumping up my 300K estimate though because I'm skeptical of it's accuracy and I sure hope taxable value doesn't jump up next year as well.  Another revelation I had was DS registered for freshman classes last year with 70K in his college savings between his 529 and UTMA (35K each). He has a year down (paid for anyhow...still not officially done) and has 94K in his accounts!  I did have him take out the $3500 subsidized loan they offered so he wouldn't have to tap the UTMA investments yet, but still... |
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alabamagal
Junior Associate
Joined: Dec 23, 2010 11:30:29 GMT -5
Posts: 8,149
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Post by alabamagal on May 2, 2021 13:50:20 GMT -5
So I do my net worth monthly and include the value of my cars. I do a quick check on KBB every month. I have cheap older cars, typically go down a bit every month. Last month cars were about $3k and $5k. When I checked on Friday, they both went up $2k! Used car boom?  |
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buystoys
Junior Associate
Joined: Mar 30, 2012 4:58:12 GMT -5
Posts: 5,650
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Post by buystoys on May 2, 2021 14:35:47 GMT -5
So I do my net worth monthly and include the value of my cars. I do a quick check on KBB every month. I have cheap older cars, typically go down a bit every month. Last month cars were about $3k and $5k. When I checked on Friday, they both went up $2k! Used car boom?[img src="https://i239.photobucket.com/albums/ff155/JiminiChristmas/ymamsmiles/idunno.gif" class="smile" alt=" ![]() " src="//storage.proboards.com/forum/images/smiley/huh.png"] Yes, there is here anyway. When I traded in my car, they gave me such a good price I didn't even haggle. Their lot was almost empty. The sales guy said they couldn't get stock in fast enough. Anything on the lot was there for 30 days or less for the most part. |
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tcu2003
Senior Member
Joined: Dec 31, 2010 15:24:01 GMT -5
Posts: 4,958
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Post by tcu2003 on May 2, 2021 15:03:49 GMT -5
April 2021 Update:
ASSETS:
Checking/Savings: $139k
House: $428k
Retirement: $1.797M
Brokerage: $5k
529s: $63.5k
Company Stock: $208k
DEBTS:
Company Stock Loan (to shareholder I'm buying stock from, at 0.52% for 7 years): $175k
Total NW: $2,466,800
We're up about 5% since last month.
As usual, the list above excludes our cars, which are worth around $30k combined, but I leave them out because we're unlikely to sell, and need them to get to/from work, kids schools, etc. in the land of suburbia.
I also contested or property values this past month (we received our annual assessments, and based on the price our neighbors 2 doors down sold at in December - almost exact same square footage, lot size, bedroom/bathroom - our value is high). Once I hear back later this month/beginning of next, I plan to adjust our house value to match - either way, it's going up fairly significantly as I've kept it what it was valued at when we bought nearly 7 years ago.
Basement remodel is still underway - DH is trucking along, so that will also impact our house value next year as he pulled permits, so it's all on the up-and-up.
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TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
Posts: 28,363
Mini-Profile Name Color: e619e6
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Post by TheOtherMe on May 2, 2021 15:57:26 GMT -5
So I do my net worth monthly and include the value of my cars. I do a quick check on KBB every month. I have cheap older cars, typically go down a bit every month. Last month cars were about $3k and $5k. When I checked on Friday, they both went up $2k! Used car boom?[img src="https://i239.photobucket.com/albums/ff155/JiminiChristmas/ymamsmiles/idunno.gif" class="smile" alt=" ![]() " src="//storage.proboards.com/forum/images/smiley/huh.png"] Yes, there is here anyway. When I traded in my car, they gave me such a good price I didn't even haggle. Their lot was almost empty. The sales guy said they couldn't get stock in fast enough. Anything on the lot was there for 30 days or less for the most part. There is here also. I have new car fever and can pay cash. No I'm not taking advantage of the 0% interest offer for 6 years if I do it. Once nephew goes home, I will go check out what they actually have in stock because if I can't get a car I like, there is no point of doing it. I want some more of the comforts, like push the button to open the trunk. |
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bean29
Senior Associate
Joined: Dec 19, 2010 22:26:57 GMT -5
Posts: 10,278
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Post by bean29 on May 2, 2021 17:01:21 GMT -5
I want a new car too, but I figure to wait until inventory is more normal.
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saveinla
Junior Associate
Joined: Dec 19, 2010 2:00:29 GMT -5
Posts: 5,296
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Post by saveinla on May 2, 2021 19:01:02 GMT -5
I can try! First, not all 401k plans will allow you to do this. The plan needs to allow after tax contributions and allow in service withdrawals. There’s a total limit for 401k contributions that was $57,000 (plus catchup I think if old enough) for 2020. This includes the $19,500 that is pretax plus employer contributions. If you haven’t met the limit, and your plan allows it, you can put in more money that is after tax. Then, if you have in service withdrawals, you can withdraw just the after tax money plus any earnings without leaving the company. This lets you pull the money out of the 401k and have it directly deposited into a Roth IRA account while the earnings are tiny. This is the part Fidelity took care of so I’m not sure on the details or technical terms but they seemed to know exactly what we wanted and it was easy. You do have to pay tax on the earnings. Then it continues just as a Roth IRA account would. There are some slight variations, but this is the version that we did. I’m a little iffy on the details because it’s not what I was doing but.... If you don’t have in service withdrawals but have after tax contributions, you could still make after tax contributions and then when you leave the company you could roll the after tax money and earnings to a Roth IRA. This would work best if you were planning on leaving the company soon and didn’t end up with a lot of earnings that would be taxed. You’d have to research this yourself but I know I read something about it! One thing that I did not see much about and am a little confused on.... It looks like even if your plan is a safe harbor plan, so that Highly Compensated Employees are not limited on their pretax contributions, you may still be limited on after tax contributions. So far no excess contributions have been returned to us. 🤞 Thank you so much for this info..... I guess my first stop is to enquire with HR if this is possible? or how does one know? It is usually spelled out in your 401K Plan document. If you go to your 401K website, ideally it should be there and it will give you all the rules. You may have to check it with a fine tooth comb. |
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aricia
Junior Member
Joined: May 18, 2011 13:36:32 GMT -5
Posts: 170
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Post by aricia on May 3, 2021 8:40:48 GMT -5
Rukh O'RorkeYes, I would check the plan document. For DH’s plan, it was obvious on the website that you could opt for after tax contributions but to verify in service withdrawals, I read the plan documents. It says “You may withdraw after-tax contributions for any reason at any time, but only once in any six-month period.” The six months is specific to this plan, just need to be aware that you may be limited on frequency. His plan also has a $25 charge for the rollover, also plan specific, but something to consider. Some plans allow an in plan rollover where you can keep the money in the 401k but move it from the after tax bucket to the Roth bucket, so you can look for language regarding that as well. DH’s doesn’t offer this. I was working on my taxes and the mega back door Roth is considered a rollover. (The regular back door Roth is a conversion.) So you want to use the withdrawal option to complete a direct rollover. You don’t want to actually withdraw the money and then contribute it to your Roth. Unless you’re going to quit your job soon, then you have other options.
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Lizard Queen
Senior Associate
103/2024
Joined: Jan 17, 2011 22:19:13 GMT -5
Posts: 14,659
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Post by Lizard Queen on May 26, 2021 11:28:45 GMT -5
I guess we're at about $750k now. Market gains plus no commuting or daycare costs. Update from this 9-1-2020 post. Current NW ~ $870,000. House went up a bit (valued around $200k now, owe very little), my income pretty much doubled as of 2-01-21, and I'm working on maxing the 457 account ($19,500), for the first and probably only time of my life. Turning 50 next year, so it will be harder to do. I'm looking at buying a newer van, so will take a hit if that happens. ETA. The van is a no-go for now. Currently in the body shop, previously had 2 accidents, and went to auction after it failed emissions test in NY. The idea was to get less potential problems with a newer vehicle, not more. Closing in on $900k--possibly tomorrow (unless the market takes a dive). DH's ESOP is way up, and my payday is tomorrow. |
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azucena
Junior Associate
Joined: Jan 17, 2011 13:23:14 GMT -5
Posts: 5,939
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Post by azucena on May 27, 2021 7:16:56 GMT -5
Put together all of our numbers for our first fin planner visit next week. We're closing in on a net worth of $950k. Pretty stinkin' exciting!
My Jan numbers weren't as accurate bc I was missing a couple of DH's retirement accounts. I didn't realize they were so spread out and that a couple of them have really grown.
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Ava
Senior Member
Joined: Jan 30, 2011 12:23:55 GMT -5
Posts: 4,298
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Post by Ava on May 27, 2021 8:53:36 GMT -5
Assets
Condo- $80,000 per Zillow
Car- $16,000- per Kelley Blue Book
Cash Savings Account- $8,000
HSA- $24,000
Retirement Accounts- $212,000
Total Assets- $340,000
Liabilities
Mortgage- $52,000
Car Loan- $15,000
Student Loan- $77,000
Total Liabilities- $144,000
Total Net Worth- $196,000
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tcu2003
Senior Member
Joined: Dec 31, 2010 15:24:01 GMT -5
Posts: 4,958
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Post by tcu2003 on May 28, 2021 20:58:49 GMT -5
Update from this 9-1-2020 post. Current NW ~ $870,000. House went up a bit (valued around $200k now, owe very little), my income pretty much doubled as of 2-01-21, and I'm working on maxing the 457 account ($19,500), for the first and probably only time of my life. Turning 50 next year, so it will be harder to do. I'm looking at buying a newer van, so will take a hit if that happens. ETA. The van is a no-go for now. Currently in the body shop, previously had 2 accidents, and went to auction after it failed emissions test in NY. The idea was to get less potential problems with a newer vehicle, not more. Closing in on $900k--possibly tomorrow (unless the market takes a dive). DH's ESOP is way up, and my payday is tomorrow. Do you mind if I PM you some questions on the ESOP? |
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Lizard Queen
Senior Associate
103/2024
Joined: Jan 17, 2011 22:19:13 GMT -5
Posts: 14,659
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Post by Lizard Queen on May 28, 2021 21:25:29 GMT -5
Closing in on $900k--possibly tomorrow (unless the market takes a dive). DH's ESOP is way up, and my payday is tomorrow. Do you mind if I PM you some questions on the ESOP? Sure, I can ask my DH and see what he knows. I don't really know that much about it myself. |
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ArchietheDragon
Junior Associate
Joined: Jul 7, 2014 14:29:23 GMT -5
Posts: 6,380
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Post by ArchietheDragon on May 28, 2021 22:31:58 GMT -5
Closing in on $900k--possibly tomorrow (unless the market takes a dive). DH's ESOP is way up, and my payday is tomorrow. Do you mind if I PM you some questions on the ESOP? I know all ESOPs are different, but I work for an esop as well. Feel free to message me any questions. |
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Post by minnesotapaintlady on May 29, 2021 11:05:20 GMT -5
Jumping the gun and pretending it's Tuesday and the mortgage has posted. Nothing else is going to change significantly between now and then.
Mortgage - $85,543
CC debt - $0
Total Debt $85,543
Cash and Savings - $60,972
529s - $66,555
Retirement - $735765
House - $300,000
Total Assets $1,163,292
Net Worth $1,077,749 (decrease of $3,984 since 5/1/21) Bought a car, that's why the dip this month otherwise it would have been positive.
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tcu2003
Senior Member
Joined: Dec 31, 2010 15:24:01 GMT -5
Posts: 4,958
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Post by tcu2003 on May 29, 2021 20:48:37 GMT -5
Thanks Archie and mililizard - sent you both a PM.
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Lizard Queen
Senior Associate
103/2024
Joined: Jan 17, 2011 22:19:13 GMT -5
Posts: 14,659
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Post by Lizard Queen on May 30, 2021 10:13:50 GMT -5
Thanks Archie and mililizard - sent you both a PM. I will get back to you after we get back on the road later this afternoon. |
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ners
Junior Associate
Joined: Dec 23, 2010 16:21:18 GMT -5
Posts: 6,647
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Post by ners on May 31, 2021 12:17:35 GMT -5
May 31, 2021
Assets
Cash $19,710.58
Retirement $183,503.47
House $80,000.00
Car $3,700.00
Stock $6,935.04
HSA $6686.41
Total Assets $300,535.50
Liabilities
Mortgage $54,308.48
Helco $11,726.69
Car $5,913.91
TL $79,149.08
Net Worth $228,586.42
Slight increase of net worth.
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tcu2003
Senior Member
Joined: Dec 31, 2010 15:24:01 GMT -5
Posts: 4,958
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Post by tcu2003 on May 31, 2021 22:17:34 GMT -5
May 2021 Update:
ASSETS:
Checking/Savings: $143.5k
House: $512.7k
Retirement: $1.798M
Brokerage: $5k
529s: $63.4k
Company Stock: $208k
DEBTS:
Company Stock Loan (to shareholder I'm buying stock from, at 0.52% for 7 years): $175k
Total NW: $2,345,300
We're up over 3% since last month, but that's basically all home value. I've ignored all the gains on our house since we purchased it almost 7 years ago, but we appealed our property tax assessment and partially won, so I figured I should probably update it to at least the assessed value.
As usual, the list above excludes our cars, which are worth around $30k combined, but I leave them out because we're unlikely to sell, and need them to get to/from work, kids schools, etc. in the land of suburbia.
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,332
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Post by Rukh O'Rorke on Jun 2, 2021 10:24:43 GMT -5
| April 2 2021 | June 2 2021 | | 401k and rollovers | $1,304,844.84
| $1,282,158.98
| | Roth | $197,893.19
| 187,127.73
| | Other: EF, ESOP, HSA | $49,159.49
| 49,362.64
| | Total |
$1,551,897.52
| $1,518,649.35
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Down nearly 35k, despite constant additions, and the dividend stocks doing well. It is what it is. Just trying to roll with it - and the daily grind of work to keep shovling more in - in hopes of a better tomorrow! |
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Lizard Queen
Senior Associate
103/2024
Joined: Jan 17, 2011 22:19:13 GMT -5
Posts: 14,659
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Post by Lizard Queen on Jun 10, 2021 13:14:05 GMT -5
Update from this 9-1-2020 post. Current NW ~ $870,000. House went up a bit (valued around $200k now, owe very little), my income pretty much doubled as of 2-01-21, and I'm working on maxing the 457 account ($19,500), for the first and probably only time of my life. Turning 50 next year, so it will be harder to do. I'm looking at buying a newer van, so will take a hit if that happens. ETA. The van is a no-go for now. Currently in the body shop, previously had 2 accidents, and went to auction after it failed emissions test in NY. The idea was to get less potential problems with a newer vehicle, not more. Closing in on $900k--possibly tomorrow (unless the market takes a dive). DH's ESOP is way up, and my payday is tomorrow. My DH calc'd today: $915k woohoo! We discussed throwing a party when we got $1M, getting those giant gold dollar sign necklaces from the dollar store for everyone. |
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aricia
Junior Member
Joined: May 18, 2011 13:36:32 GMT -5
Posts: 170
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Post by aricia on Jul 1, 2021 12:20:11 GMT -5
7/1/2021
Me and DH, early 40s, 2 kids
DH’s income $190,000 base plus bonus
Assets:
House: $300,000
Cash: $300,000
I bonds: $195,000
Brokerage: $95,000
401k/IRAs: $1,270,000
HSA: $30,000
529s: $70,000
Cars (4): $35,000
Net worth: $2,295,000
Added extra to the taxable account, didn’t significantly increase the amount of cash. 👍
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Post by minnesotapaintlady on Jul 1, 2021 13:43:11 GMT -5
Mortgage - $84,437 CC debt - $0 Total Debt $84,437Cash and Savings - $58,565 529s - $67,336 Retirement - $748,116 House - $300,000 Total Assets $1,174,043Net Worth $1,089,606 (increase of $11,857 since 6/1/21) Might cut back to reporting every few months instead. There's no big milestones on the horizon anyhow. Less exciting.  |
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buystoys
Junior Associate
Joined: Mar 30, 2012 4:58:12 GMT -5
Posts: 5,650
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Post by buystoys on Jul 1, 2021 15:17:47 GMT -5
Ages: 57/64 Retired on disability
| Dec 31, 2020
| Mar 30, 2021
| Jun 30, 2021
| Sep 30, 2021
| Dec 31, 2021
| | IRA/Roth | $1016K | $1021K
| $1087K
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| | Cash | $86K
| $100K
| $98K
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| House value
| $165K
| $209K
| $209K
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| Rental value
| $100L
| $100K
| $100k
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| House Mortgage
| -$-80k
| $-78K
| $-83k
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| Total
| $1.287m
| $1.352m
| $1.412M
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DH pension: $12.5k DH SSDI: $21k Me SSDI: $30k We are refinancing the house because we got a really low interest rate for a 15 year mortgage. We had 20 years left on our mortgage. The payment is almost the same. I'm not increasing the house or rental value even though Zillow and Realtor.com both have them as worth more. The bulk of the increase is from the stock market. |
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tcu2003
Senior Member
Joined: Dec 31, 2010 15:24:01 GMT -5
Posts: 4,958
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Post by tcu2003 on Jul 1, 2021 21:10:36 GMT -5
June 2021 Update:
ASSETS:
Checking/Savings: $144,962
House: $512.7k
Retirement: $1.859M
Brokerage: $5.5k
529s: $66.8k
Company Stock: $208k
DEBTS:
Company Stock Loan (to shareholder I'm buying stock from, at 0.52% for 7 years): $175k
Total NW: $2,623,332
We're up over 2.4% since last month, which is basically all market gains. DH is *this* close to having 2 commas in his 401k account (he's been at the same employer from college, so his entire retirement savings except for the Roth IRA is in the one 401k, which makes it easy).
As usual, the list above excludes our cars, which are worth around $30k combined, but I leave them out because we're unlikely to sell, and need them to get to/from work, kids schools, etc. in the land of suburbia.
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plugginaway22
Well-Known Member
Joined: Jan 2, 2011 10:18:42 GMT -5
Posts: 1,661
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Post by plugginaway22 on Jul 2, 2021 7:07:05 GMT -5
Mid April 2021 7/1/21
Retirement 882k 917k
HSA 26k 28k
Cash 88k 95k
Stocks 8k 8k
House 280k 280k
RE inv 10k 10k
3 cars 40k 40k
Total Assets 1,334,000 1,378.000
Total Liability 11,000 (3% car loan) 7,500
Networth 1,323,000 1,370,500
We are up thanks to current contributions and market numbers. Looks like my last paycheck/bonus will be in late August/early September.
There is light at the end of this tunnel!
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