$100,000 in principal by Age 30 2006 Recap

$100,000 in principal by Age 30 2006 Recap

I just realized I never checked in on my progress for 2006 for my $100,000 by age 30 goal.  I know I was ahead of schedule, but figured it would do me good to get a detailed list of goals vs actuals.  Plus it will make it easier for me to keep track of my progress in 2007


The gameplan

Year

Age

Roth IRAs

Traditional 401k

Roth 401k

Total Contributions

2004

24.5

$6,000

$1,146

$0

$7146

2005

25.5

$8,000

$8,268

$0

$16,268

2006

26.5

$8,000

$0

$9,380

$17,380

2007

27.5

$8,000

$0

$11,424

$19,424

2008

28.5

$10,000

$0

$9,710

$19,710

2009

29.5

$10,000

$0

$10,281

$20,281

Totals

30

$50,000

$9,432

$40,795

$100,227

The Actuals

Year

Age

Roth IRAs

Traditional 401k

Roth 401k

Total Contributions

2004

24.5

$6,000

$1,146

$0

$7146

2005

25.5

$8,000

$8,268

$0

$16,268

2006

26.5

$8,000

$0

$10,592

$18,592 (+$1,212)

2007

27.5

$750

$505

$2050

$3,305

Totals

27

$24,750

$9,919

$12,648

$45,311

As you can see I’m currently a little head of schedule and right on track for this year, although I plan on surpassing this year’s goal by a couple thousand dollars due to the fact that I’m making more money and I’m contributing to a Traditional 401k instead of a Roth 401k so it’s easier and my tax liability is higher.  I know in the grand scheme of things this goal really does nothing for me as it’s just a short term milestone, but so far I haven’t translated this into a real life retirement goal (IE I need to get to $$$ so I can retire comfortably), but it’s been a fun goal for me and I think it definitely has me pointed in the right direction.

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