What's your "number"?

[Anonymous]

Anonymous wrote:

Anonymous wrote:This q is for working people only ... please no sidetracking observations from the trust fund crew. What's the total net worth target you're aiming for or which would satisfy your savings goal and cause you to retire? What are you hoping to cover with that number?

My number is $6mm. Hope to cover three kids' college. Retirement for DS and myself. Vacation home ideally. Would like to pass on a few hundred thousand per kid.

5-6 million is our plan. Hoping to retire before 60. All depends on what the market does in the next 10-12 years.

And this would be w/ a paid off house and a kid out of college w/ no debt.

[Anonymous]

Can someone provide some advice on how to save that much? We're 35 and have a HHI of 350. We just started contributing to our 401Ks this year. How do we save 5 million by 65? Thanks.

[Anonymous]

3 million...

[Anonymous]

Anonymous wrote:Can someone provide some advice on how to save that much? We're 35 and have a HHI of 350. We just started contributing to our 401Ks this year. How do we save 5 million by 65? Thanks.

Save $100k a year. Invest wisely. You should hit $5mm in 30 years unless markets do nothing for the whole period.

[Anonymous]

Anonymous wrote:Can someone provide some advice on how to save that much? We're 35 and have a HHI of 350. We just started contributing to our 401Ks this year. How do we save 5 million by 65? Thanks.

Put about 1/3 of that away every year. Can I ask why you are in your mid-30s with a HHI like that and haven't started saving for retirement?

Our number is around $2.2M with house paid off and college fund established. I'm hoping for a bit more with additional savings, working 3 or 4yrs more until DS heads off to college, instead of retiring when he's still in HS. Amazed and awed by those of you who expect to reach $10-25M, then again you out-earn me now so I really shouldn't be that surprised!

[Anonymous]

This thread is completely depressing. It makes me wonder again if we should ask jeff to make a separate money thread for the crazy rich so that normal people can discuss normal issues without getting sidetracked with this kind of bullshit.

[Anonymous]

$4-5 million. Will be done with college shortly so not counting that in savings. Already own the second house but have a mortgage on it which I expect to have paid off at 65.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can someone provide some advice on how to save that much? We're 35 and have a HHI of 350. We just started contributing to our 401Ks this year. How do we save 5 million by 65? Thanks.

Put about 1/3 of that away every year. Can I ask why you are in your mid-30s with a HHI like that and haven't started saving for retirement?

Our number is around $2.2M with house paid off and college fund established. I'm hoping for a bit more with additional savings, working 3 or 4yrs more until DS heads off to college, instead of retiring when he's still in HS. Amazed and awed by those of you who expect to reach $10-25M, then again you out-earn me now so I really shouldn't be that surprised!

450,000 in student loan debt between the two of us.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can someone provide some advice on how to save that much? We're 35 and have a HHI of 350. We just started contributing to our 401Ks this year. How do we save 5 million by 65? Thanks.

Save $100k a year. Invest wisely. You should hit $5mm in 30 years unless markets do nothing for the whole period.

Make a spreadsheet. Use these columns:

Starting Balance - Deposits this Year - 7% Inflation Per Year Ending Balance

Use a formula to start at age 35 and then figure out how many years and how much you have to save to get your ending balance to whatever you want...

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can someone provide some advice on how to save that much? We're 35 and have a HHI of 350. We just started contributing to our 401Ks this year. How do we save 5 million by 65? Thanks.

Save $100k a year. Invest wisely. You should hit $5mm in 30 years unless markets do nothing for the whole period.

Invest in the market? Mutual funds/etfs? Or in other things?

[Anonymous]

Anonymous wrote:This thread is completely depressing. It makes me wonder again if we should ask jeff to make a separate money thread for the crazy rich so that normal people can discuss normal issues without getting sidetracked with this kind of bullshit.

Umm, don't read it if it depresses you. But, not everyone's number has to be multimillions. Your number might be $500k or $200k or you might not have a number. Doesn't mean others shouldn't be allowed to discuss their retirement goals in the "Money" forum.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can someone provide some advice on how to save that much? We're 35 and have a HHI of 350. We just started contributing to our 401Ks this year. How do we save 5 million by 65? Thanks.

Save $100k a year. Invest wisely. You should hit $5mm in 30 years unless markets do nothing for the whole period.

Invest in the market? Mutual funds/etfs? Or in other things?

Yes to all. You should probably go with a diversified basket of index funds - mostly US equities, but with a chunk of international and emerging markets indexes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can someone provide some advice on how to save that much? We're 35 and have a HHI of 350. We just started contributing to our 401Ks this year. How do we save 5 million by 65? Thanks.

Save $100k a year. Invest wisely. You should hit $5mm in 30 years unless markets do nothing for the whole period.

Invest in the market? Mutual funds/etfs? Or in other things?

Yes to all. You should probably go with a diversified basket of index funds - mostly US equities, but with a chunk of international and emerging markets indexes.

Interesting. So when people talk about what they have saved for retirement, it's 401K + extra money they pump into the market, and this is how they get to 5 million? I'm assuming you can't count your house - you have to live somewhere so presumably you arent going to sell it in retirement until possibly the very end of life if you go into a home.

[Anonymous]

Poor by DCUM standards, above average by the rest of US. HHI of around $110K. Late 30s/early 40s. Expect to need 2M and part tuition for 2 kids. Currently have $500K not including value of house.

[Anonymous]

We'll probably sell our house. We can't pay off the mortgage before we retire because we bought it in our late 40s and the mortgage is too high to pay when we aren't working. We'll probably sell and downsize.