Financial Goal: $100k by 30

[maat55]

Originally Posted by jIM_Ohio

I have two boys.

If they wear prom dresses, it better be halloween
my wife was in about 10 weddings before ours, so she has plenty of bridesmaid dresses which would work whether it was halloween or not.
I will happily pay for the weddings if they are age 23 or older. I will be retired then (I hope) and even if Bride is supposed to pay, I am game for paying for the wedding. Sports car only if they turn out to be the gerber baby or other child star. Honda works- they better learn to live with it.

DW told me, I didn't want to know how much she spent on our girls. So I didn't ask. You have so much in front of you, enjoy it if you can.

[Beccagold]

Originally Posted by project15

So back on topic?

Jim, my actual EXPENSES are $3900 a month which comes out to $46800 per year. By the time I'm 29, going by your 3X rule, my goal would be $140k. I'm fairly positive that won't happen and I would rather stick to a goal that I think I can make rather than a multiplication of my age and expenses.

Also, the flaw in that thinking would be if I make $100k ($70k take home) a year, but my yearly expenses are really only $30k. By 29, I should have $90k (30k * 3X), but I'm really able to put away $40k per year. So by the time I'm 29 in 4 years, I would have saved $160,000.

However, if I make $100k ($70k take home) a year, and my yearly expenses are $60k. By 29, I should now have $180k ($60k * 3X), but I'm only able to put away $10k per year. By the time I'm 29 in 4 years, I would have only save $40,000 and miserably failed to reach my goal.

Going based on expenses doesn't seem like a good general rule of thumb. Now if you did something that factored income into the equation such as (income - expenses) * age * X, that might be a little better.

I think it's great that you have a goal! They say people who write down their goals are much more likely to achieve them!

Funny thing, is that when I was 25 my goal was to EARN $100k/year by the time I was 30. Never gave a thought about my net worth until around then, either.

Best of luck with all of your goals!!!