Net Worth Comparison

BirdNole's Profile

Currency
United States Dollar - USD
Date Joined
6/5/2014
Salary Range
150,000 - 199,999
Occupation
Finance/Accounting
Age Range
40-44
Cost Of Living
Medium Cost Of Living (MCOL)
About Me
About to turn 41. Married - 1 steady income, wife is stay-at-home-mom and real estate agent/commission based so we'll get the occasional check from her - she'll start to work more once last kid gets into preK. I love this website. I'll just be putting personal financial context & goals below.

Salary by year (bonuses in [$brackets]):
2007 - $48k + [$0 - started in Sept]
2008 - $52k + [$1k annual + $500 spot]
2009 - $54k + [$0 - recession hit; promoted]
2010 - $59k + [$4.5k + $11k in employee referrals (2) + $3.5k retention]
2011 - $68k + [$5.5k + $4k in employee referral (1) - promoted]
2012 - $78k + [$3k PTO balance payout + $3k signing bonus - new job Jan]
2013 - $76k (new job Aug) + [$6.3k annual + $5k signing bonus + $1k spot]
2014 - $81k + [$7k annual bonus + $2.5k spot/post-busy season]
2015 - $95k + [$9.5k signing bonus - new job Jan]
2016 - $114k + [$3k sellback - promoted in Feb]
2017 - $117k + [$4k sellback]
2018 - $120k + [$0]
2019 - $124k + [$3k sellback]
2020 - $128k + [$7.3k sellback]
2021 - $144k + [$8.3k sellback - promoted in Sept]
2022 - $149k + [$8.6k sellback]
2023 - $170k + [$9.8k sellback - promoted in Oct]
2024 - $177k + [TBD]
Why I Joined
NetWorth IQ pooped the bed back in 2014
Best Financial Decision
I don't know if they are my best, but some good ones:

Focusing early in my retirement savings on making Roth contributions. I'm hovering around 50/50 on pre-tax v Roth balances as of 2024 because of this. My retirement savings was smaller earlier on, but heavy % of total on Roth for the 1st few years. ***Side note: I believe disclosing one's Pre-Tax v Roth % should be a field we can all fill out on the site b/c I think it's an important piece of context as to one's Retirement balance****

Feb 2020 to May 2020 during the pandemic (when the S&P was between 2,600-2,800), I performed about $35k in Roth conversions at depressed asset rates. Used increased child tax credits that year to pay the taxes on the conversions. To do those today would at the same tax rate would cost almost about double the price in taxes.

Doing a cash-out refi on my first quad/rental property. Essentially took out 100% of my original investment in it (while having to maintain a 70/30 LTV (i.e. keep at least 30% equity in it) and got a slightly lower rate, while still cash flowing around $800/month from it. The refi happened two weeks before the pandemic started, so used the ~$80k in proceeds to invest in my stock brokerage (which I really never did beyond ~$10k before) + really crank up my retirement contributions that year. I probably made ~$10-$15k in growth/income between 2020 & 2021 v if it just "sat" in equity. Also, gave me extra cash on hand to eventually purchase and renovate my 2nd quad a year later in 2021 (was approx. $91k to complete).

Coming up with a retirement contribution goal spreadsheet tracker in 2018. It really helped me focus on specific retirement contribution $ goals/methodology v. not really having a contribution goal each year per se. Really saw the impact around 2023 as our Retirement balances started to explode.

Staying heavy in stocks and ignoring bonds from 2019-2024. Dipping toe back in on the retirement side in 2024 as interest rates look like they won't be going up anymore and that they are paying 5-7%. Prob will still only have between 5-10% in bonds v 95-90% in equity for now. Credit to J.L. Collins and the Simple Path to Wealth.
Worst Financial Decision
In retrospect, prob being too conservative when first starting out of school. Wish I was more balanced with saving more for retirement/investing v. being so aggressive with my car loan paydown and emergency fund savings.

Also wish I knew what I now know about real estate investing - I would have been house hacking / buying a new place every year or two while I was single.
Current Investing Strategy
Max out my 401k and attempt to max Roth IRAs and wife's SEP/Solo401k. Goal to put at least $35k/year into Retirement until age 45 (increasing that target for inflation) which should provide a balance of $1M (assuming an average 8.5% return) by 43.5, and if I NEVER make contributions past 52, will leave me with ~ $4.6M at age 59 1/2 (assuming a graduated rate of return of 8.5% down to 6% - as I get closer to 60).

Keep Roth % of Total Retirement above 40%. 51% as of 2/2024.

Then,use the remaining to save up for Buy & Hold investment properties. Would like to accumulate a total 10 investment properties total averaging pre-tax cash flow of $175/unit in (currently 2 properties w/ 8 total units) in the next 7-10 years. Then, want to use all cF from that to pay off primary residence. Once that's done, systematically pay off each rental over a 10 year period. Would then give me a paid off house, and rentals cash flowing approximately $9k/month pre-tax with (conservatively) $1.7M in equity.
What tools do you use?
Excel
I need financial help with...
College Savings Goal:
Another goal is to fund $150k-$200k for each child's college/whatever through 529 - on track as of Nov 2023 - have a separate spreadsheet to project this. 2 kids.
Favorite Authors
Goals:

Try to have at least 40% of my retirement assets be Roth.

House Paid off = Age 57.5

Net Worth Goals (These were created Jan 2019):
$625k = Age 36.5 [Achieved in June 2019 (36)]
$750k = Age 37.5 [Achieved in May 2020 - (36)]
$900k = Age 39 [Achieved December 2020 - (Age 37)]
$1M = Age 40 [Achieved April 2021 - (Age 37)]
$1M (investments only) = Age 41 [Achieved November 2021 - (Age 38)]
$1.5M = Age 43.5 [Achieved November 2023 - (Age 40)]
$1M in Retirement accounts = Age 43.5
$2M = Age 47
$2M Retirement accounts = Age 50
$2.5M = Age 50
$3M = Age 52 [Semi-retire @ age 52/work on a contract basis/whatever and not have to save anymore to reach retirement goals ($4.6M in retirement funds by age 59.5)]
$3M Retirement accounts = Age 55
$4M = Age 56
$3.5M Retirement accounts = Age 59
$5M = Age 62

Stretch Goal of $12M in Total NW by Age 65

Home equity less than 12.5% of total net worth by Age 50. Will do this through contributing to other NW buckets (not by borrowing against the home/taking out equity). Speaks much more to wanting a higher % of total net worth being made up of investments than not paying down home mortgage.

Annual Goal - created in Jan 2024:
2024 YE Goal: $1.75M in Total Net Worth; $880k in Retirement.
Favorite Books
The Simple Path to Wealth - JL Collins
The Millionaire Next Door - Thomas Stanley
Total Money Makeover - Dave Ramsey (even though I've "graduated" from him, was really the book that focused me and gave me the initial framework to build wealth.
The Millionaire Real Estate Investor - Gary Keller

Will add more after looking through my bookshelf...
Last Login
6/17/2024
Budget
View Budget
Net Worth Entries
All values shown in USD ($)
2024 - June $2,598,997 $880,291 $1,718,706
2024 - May $2,579,759 $880,291 $1,699,468
2024 - April $2,530,006 $882,161 $1,647,845
2024 - March $2,561,148 $876,752 $1,684,396
2024 - February $2,529,267 $878,907 $1,650,360
2024 - January $2,487,130 $878,960 $1,608,170
2023 - December $2,467,555 $878,667 $1,588,888
2023 - November $2,414,017 $880,161 $1,533,856
2023 - October $2,342,321 $882,209 $1,460,112
2023 - September $2,485,569 $1,008,667 $1,476,902
2023 - August $2,703,680 $1,218,309 $1,485,371
2023 - July $2,710,525 $1,218,999 $1,491,526
2023 - June $2,659,725 $1,220,605 $1,439,120
2023 - May $1,985,985 $588,382 $1,397,603
2023 - April $1,977,429 $589,380 $1,388,049
2023 - March $1,947,975 $590,812 $1,357,163
2023 - February $1,935,438 $592,829 $1,342,609
2023 - January $1,926,884 $595,533 $1,331,351
2022 - December $1,882,950 $594,783 $1,288,167
2022 - November $1,906,806 $594,339 $1,312,467
2022 - October $1,858,752 $596,445 $1,262,307
2022 - September $1,835,809 $598,066 $1,237,743
2022 - August $1,876,604 $602,066 $1,274,538
2022 - July $1,876,639 $603,692 $1,272,947
2022 - June $1,792,368 $604,192 $1,188,176
2022 - May $1,826,932 $604,692 $1,222,240
2022 - April $1,811,555 $603,437 $1,208,118
2022 - March $1,831,890 $605,215 $1,226,675
2022 - February $1,801,705 $605,153 $1,196,552
2022 - January $1,762,650 $603,373 $1,159,277
2021 - December $1,799,436 $603,973 $1,195,463
2021 - November $1,752,859 $610,019 $1,142,840
2021 - October $1,753,794 $612,746 $1,141,048
2021 - September $1,719,964 $614,032 $1,105,932
2021 - August $1,751,050 $611,342 $1,139,708
2021 - July $1,708,650 $611,596 $1,097,054
2021 - June $1,461,331 $434,175 $1,027,156
2021 - May $1,453,882 $434,939 $1,018,943
2021 - April $1,443,479 $435,702 $1,007,777
2021 - March $1,416,330 $438,240 $978,090
2021 - February $1,396,825 $436,440 $960,385
2021 - January $1,368,311 $436,320 $931,991
2020 - December $1,350,876 $436,358 $914,518
2020 - November $1,324,338 $436,049 $888,289
2020 - October $1,260,733 $436,708 $824,025
2020 - September $1,260,193 $437,208 $822,985
2020 - August $1,270,512 $439,191 $831,321
2020 - July $1,245,250 $439,966 $805,284
2020 - June $1,224,100 $440,042 $784,058
2020 - May $1,217,481 $440,508 $776,973
2020 - March $1,165,162 $455,500 $709,662
2020 - February $1,096,222 $369,739 $726,483
2020 - January $1,117,930 $369,083 $748,847
2019 - December $1,107,327 $369,737 $737,590
2019 - November $1,085,268 $369,949 $715,319
2019 - October $1,065,432 $369,968 $695,464
2019 - September $1,053,169 $371,004 $682,165
2019 - August $1,045,035 $372,104 $672,931
2019 - July $1,044,132 $371,741 $672,391
2019 - June $1,034,431 $372,184 $662,247
2019 - May $991,222 $371,771 $619,451
2019 - April $1,003,212 $372,370 $630,842
2019 - March $982,183 $372,973 $609,210
2019 - February $973,633 $373,957 $599,676
2019 - January $960,770 $374,180 $586,590
2018 - December $927,985 $374,773 $553,212
2018 - September $938,000 $379,670 $558,330
2018 - June $893,201 $380,630 $512,571
2018 - March $877,170 $383,296 $493,874
2017 - December $853,176 $382,909 $470,267
2017 - June $804,385 $392,051 $412,334
2016 - December $478,469 $134,472 $343,997
2016 - June $437,944 $138,073 $299,871
2015 - December $403,850 $145,201 $258,649
2015 - June $388,800 $141,466 $247,334
2014 - December $219,050 $8,000 $211,050
2014 - June $166,353 $1,000 $165,353
2013 - December $143,160 $1,400 $141,760
2013 - June $129,600 $0 $129,600
2012 - December $117,550 $900 $116,650
2012 - June $100,850 $1,500 $99,350
2011 - December $79,250 $1,000 $78,250
2011 - June $71,560 $600 $70,960
2010 - December $55,000 $0 $55,000
2010 - June $39,990 $0 $39,990
2009 - December $32,975 $400 $32,575
2009 - June $29,865 $1,350 $28,515
2008 - November $20,145 $4,900 $15,245
2008 - August $17,300 $9,022 $8,278
2007 - September $7,200 $8,700 ($1,500)