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Something possessed me to pull out my file of financial spreadsheets tonight. This file dates back to October 1992 when I had handwritten records that later transitioned to computer generated reports. At first, they were updated weekly, then monthly, then less often than that. Reviewing the numbers was like opening a financial time capsule of our lives.
These reports strictly tally our financial holdings - savings, checking, money market, stocks, and bonds (including mutual funds). It doesn't include other assets like our house, cars, etc. The reports also list our debts but I'll leave that part out of this post.
We were married on July 12, 1992.
The first report is from 10/15/92. Total assets = $8,195.21.
We first hit 5 figures on 2/14/93 with $10,098.46.
The next milestone was on 12/12/93 with $25,064.02.
We bought our house in spring of 1994 so on 5/1/94 we were back down to $11,720.47.
I finished residency and started in practice in July 1993.
By 12/12/93 we were back up to $32,502.16.
9/3/95 we broke 50K with $51,039.00.
5/17/98 we passed 100K with $104,912.72.
Then 150K on 12/31/99 with $152,896.84.
And 200K on 11/14/03 with $200,761.12.
300K came just over 2 years later on 2/10/06 with $300,096.47.
We peaked on 5/6/08 with $400,810.10.
Then came the crash.
On 12/31/08, we were down to $280,208.22.
But we didn't panic and run screaming for the exit.
We hung in there.
On 12/31/09, we were back up to $395,673.33.
We hit a new all time high soon after that despite the crash.
We topped 500K sometime in early 2012. I don't know exactly when.
But by 12/31/12, we were at $578,177.09.
And as of last week, we were at $634,130.87.
To add to the story, I also have a record of what % of income we were saving starting in 2001. I don't seem to have it recorded before then. The dates are when we upped the percentage.
5/01 - 10% of take home
1/02 - 12% of take home
1/03 - 12% of gross (all subsequent numbers are % of gross)
1/04 - 13%
1/05 - 16%
1/06 - 17%
7/07 - 18%
7/08 - 19%
1/09 - 20%
7/09 - 21%
7/10 - 22%
7/11 - 23%, which is where we remain today.
We started our lives together with next to nothing. Of that $8,000 in 10/92, a few thousand was from wedding presents and that was 3 months after we got married. The total was considerably lower on our wedding day. With careful spending and dedicated saving, our holdings have grown and grown through up markets and down markets, through debt repayment (over 100K in student loans for one thing), through buying our home, having a child, owning a few cars along the way, home repairs, medical bills, travel, parties, charitable giving, and everything else that life has brought us (or thrown at us). We've been able to steadily increase the percentage of income being set aside for savings from well below the recommended 15% of gross to well above it.
For those just starting out, don't get discouraged. Do what you can. Increase it as you are able. And just keep at it. Over time, it really does add up. Compounding is a wonderful thing.
These reports strictly tally our financial holdings - savings, checking, money market, stocks, and bonds (including mutual funds). It doesn't include other assets like our house, cars, etc. The reports also list our debts but I'll leave that part out of this post.
We were married on July 12, 1992.
The first report is from 10/15/92. Total assets = $8,195.21.
We first hit 5 figures on 2/14/93 with $10,098.46.
The next milestone was on 12/12/93 with $25,064.02.
We bought our house in spring of 1994 so on 5/1/94 we were back down to $11,720.47.
I finished residency and started in practice in July 1993.
By 12/12/93 we were back up to $32,502.16.
9/3/95 we broke 50K with $51,039.00.
5/17/98 we passed 100K with $104,912.72.
Then 150K on 12/31/99 with $152,896.84.
And 200K on 11/14/03 with $200,761.12.
300K came just over 2 years later on 2/10/06 with $300,096.47.
We peaked on 5/6/08 with $400,810.10.
Then came the crash.
On 12/31/08, we were down to $280,208.22.
But we didn't panic and run screaming for the exit.
We hung in there.
On 12/31/09, we were back up to $395,673.33.
We hit a new all time high soon after that despite the crash.
We topped 500K sometime in early 2012. I don't know exactly when.
But by 12/31/12, we were at $578,177.09.
And as of last week, we were at $634,130.87.
To add to the story, I also have a record of what % of income we were saving starting in 2001. I don't seem to have it recorded before then. The dates are when we upped the percentage.
5/01 - 10% of take home
1/02 - 12% of take home
1/03 - 12% of gross (all subsequent numbers are % of gross)
1/04 - 13%
1/05 - 16%
1/06 - 17%
7/07 - 18%
7/08 - 19%
1/09 - 20%
7/09 - 21%
7/10 - 22%
7/11 - 23%, which is where we remain today.
We started our lives together with next to nothing. Of that $8,000 in 10/92, a few thousand was from wedding presents and that was 3 months after we got married. The total was considerably lower on our wedding day. With careful spending and dedicated saving, our holdings have grown and grown through up markets and down markets, through debt repayment (over 100K in student loans for one thing), through buying our home, having a child, owning a few cars along the way, home repairs, medical bills, travel, parties, charitable giving, and everything else that life has brought us (or thrown at us). We've been able to steadily increase the percentage of income being set aside for savings from well below the recommended 15% of gross to well above it.
For those just starting out, don't get discouraged. Do what you can. Increase it as you are able. And just keep at it. Over time, it really does add up. Compounding is a wonderful thing.
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