2016 summary of finances

[msomnipotent]

Some concerning statements there, for sure. Do you think he was intentionally lying about the balance or did he just really not know what he had?

It's so important for couples to sit down regularly and go over the finances. Now that I have the 2016 numbers, I'll sit down with my wife and show them to her so she sees how we're doing and knows what has changed, good and bad, during the year. And we don't only do that once a year. We have "financial dates" periodically.

I don't think he was lying. He just thinks he knows more about money than he actually does and then tries to ignore his mistakes, which has so far got us into quite a bit of trouble. Every time I think he has finally learned his lesson, he manages to pull something else. Dare I say that I think at least his eyes have been opened after this retirement fund drama, but who knows. Now that I have his account logins, the only thing left for him to damage is the employee stock grants. I'm just not counting them as income.

I have also tried to do quarterly updates, but it took a very long time to get his log-in info. I had to ask periodically for about 2 years, and then nag the hell out of him daily for 3 months straight. He is just one of those people that if it isn't important to him, he isn't going to do anything about it. And why should it be important when he thinks we are doing great?

You will see me on the news if he changes his passwords.

[Outdoorsygal]

The competition?

Yes. I'd like to have comradery with another couple who lives about an hour away so we aren't both fishing in the same small pond

[Outdoorsygal]

Well... it's not the wisest choice for storing cash.

1. Fire.
2. Flood.
3. Tornado.
4. Robbery. (When you're out, they take 30 minutes to break it open.)
5. Depreciates even faster than 1.25% CDs.

1. Fire- Safe is fireproof
2. Flood- God promised Noah that wouldn't happen again. Remember the rainbow as our sign??
3. Tornado- I live in California
4. Safe is in the wall. Almost impossible to know it is there unless you have intricate information prior
5. If the banks go bust, then it will not depreciate at all. Got to diversify


6. <---I'll add #6. EARTHQUAKE!! Now with this natural disaster, I could certainly be screwed!

[AJ444]

I really had two overall goals for the year:

1. Goal was to save 130k, we ended up saving 132k.

2. Goal is to be on track to have 5 million net worth by 55 in today's dollars, currently on track for 7.6 million in today's dollars.

[Nutria]

1. Fire- Safe is fireproof

No. It's fire resistant to a specified temperature and for a specified time.

2. Flood- God promised Noah that wouldn't happen again. Remember the rainbow as our sign??

Given how many floods there are every year, you have GOT to be joking.

4. Safe is in the wall. Almost impossible to know it is there unless you have intricate information prior

Famous last words.

5. If the banks go bust, then it will not depreciate at all. Got to diversify

6. <---I'll add #6. EARTHQUAKE!! Now with this natural disaster, I could certainly be screwed!

And you live in California. Not too wise.

[Outdoorsygal]

No. It's fire resistant to a specified temperature and for a specified time.

I did not know that!

Given how many floods there are every year, you have GOT to be joking.

I thought I added the to the end of that. But anyhow, that has NEVER happened here that I am aware of.

WOW....even now with the invent of computers, you STILL believe history cannot repeat itself? Those are some darn thick sunglasses

And you live in California. Not too wise.

LOL ain't that the truth. I need to move but our 25 yr old son won't consider it. He's all we have

[Nutria]

I thought I added the to the end of that.

The meaning doesn't always translate...

WOW....even now with the invent of computers, you STILL believe history cannot repeat itself? Those are some darn thick sunglasses

If the feds fail to prop up the FDIC, then the country's in such bad shape that $20k of 2017 dollars in the safe won't help much.

I need to move but our 25 yr old son won't consider it. He's all we have

That makes me sad. Very, very sad.

[LivingAlmostLarge]

Increased our networth by $41k. Extremely happy considering that we only started having income in August. In 2015 we had a negative net worth of $54k. Not bad since we moved and stopped having income in August as well. A year. We are down overall $120k NW with our move from a peak in June 2015 and December 2016 but I'm pretty happy with everything and some of it was due to losing in the stock market, moving and closing costs on sale of a home.

My goal this 2017 will be the same old same old. Save 401k and IRA Maximum and ESA for 2 kids. So $18k, $11k, $4k. Ideally I'd like to save $110k and increase our net worth by $150k stretch goal. We'll see how things shake out.

[StormRichards]

I crunched our data and our Net Worth increased $115,844 with our home completely excluded from the calculation. All but about $3k was an increase in our retirement accounts with the rest in savings.

[Goldy]

Dec 2015 - $958,149
Dec 2016 - $1,229,319 Increase of $271k

We had a great year relocating to a LCOL area, selling the house for 50k more than expected, and crossed the two comma mark. This is the first time our NW has increased more than our salary and I suspect it will really start to snowball now.

[terri77]

Savings (retirement & cash) increased by $80k.

Paid off $3k in mortgage loan, $3k in student loans, and $3k on car loan.

[rennigade]

I crunched our data and our Net Worth increased $115,844 with our home completely excluded from the calculation. All but about $3k was an increase in our retirement accounts with the rest in savings.

But Storm...you wont be able to touch that money until 59.5. Have you thought about selling it all, taking massive penalties then and dumping it in real estate so you're not a slave to the system? lol

[StormRichards]

But Storm...you wont be able to touch that money until 59.5. Have you thought about selling it all, taking massive penalties then and dumping it in real estate so you're not a slave to the system? lol

lol

Nope, it is too late for that. I already suffer from Stockholm syndrome

[Jluke]

But Storm...you wont be able to touch that money until 59.5. Have you thought about selling it all, taking massive penalties then and dumping it in real estate so you're not a slave to the system? lol

Not 100% true...

"Did you realize that there is a provision within the Internal Revenue Code that allows you to start taking distributions from your 401(k) plan before you reach age 59½? This little-known section of the code, §72(t)(2)(A)(v) to be exact, can be a real dandy if you happen to fit the requirements."

[Nutria]

Not 100% true...

"Did you realize that there is a provision within the Internal Revenue Code that allows you to start taking distributions from your 401(k) plan before you reach age 59½? This little-known section of the code, §72(t)(2)(A)(v) to be exact, can be a real dandy if you happen to fit the requirements."

This?

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions

Separation from Service
the employee separates from service during or after the year the employee reaches age 55 (age 50 for public safety employees of a state, or political subdivision of a state, in a governmental defined benefit plan)