$100,000 by Age 30 Report Update (Feb 2006)

$100,000 by Age 30 Report Update (Feb 2006)

As you may know I decided earlier this month to set a goal for myself to save $100,000 in principal by the time I am 30. This is a pretty ambitious goal seeing as I have less than 4 years before the goal is suppose to be met and am not even a third of the way there.

As for checkups on this goal I probably won’t do a separate report for this every month as really it’s just tracking principal deposits into my retirement accounts and after the Roth IRA deposits at the beginning of this year there won’t be much excitement, just the bi-weekly 401k contributions. I will probably just do periodic checkups every quarter to coincide with my opportunities to up my 401k contribution percentage.

Year

Age

Roth IRAs

Traditional 401k

Roth 401k

Total Contributions

2004

24.5

$6,000

$1,146.68

$0

$7146.68

2005

25.5

$8,000

$8,268.10

$0

$16,268.10

2006

26.5

$8,000

$0

$1,230.28

$9,230.28

Totals

26.5

$22,000

$9,432.78

$1,230.28

$32,645.06

As I alluded to earlier there won’t be much excitement for the rest of the year – which isn’t necessarily a bad thing when it comes to retirement savings. Slow and methodical is the way to go, you won’t necessarily gain much by scrutinizing your progress every day/week/month/year. Just set a process up and forget about it. Really other than an occasional bump up to my 401k contribution percentage I plan to achieve this goal without really doing much on my part.

[Tags]Saving, Financial Goals, $100,000 By Age 30[/Tags]

Comments are closed.