$100,000 in principal by Age 30 – 2007 year end recap
I figured this would be a good time to check up on my $100,000 by age 30 goal. I have a feeling that I’m actually falling behind on this one as I know I have over $3,000 in Roth IRA deposits that I am behind on. I’m pretty sure I have the money to make the deposits and they will likely be deposited in the next couple weeks, but unfortunately they will not make this report.
The whole idea of this goal was to make sure that I was in a good situation in regards to my retirement planning. You can go ahead and read the original post here, but idea was to give myself an aggressive savings goal that would have me well on my way in my retirement planning. You can see where I currently stand vs my original plan below.
|
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 |
$4750 |
$13,852 |
$2050 |
$20,652 |
|
Totals |
28.5 |
$28,750 |
$22,761 |
$12,648 |
$62,658 |
As you can see I’m currently a little head of schedule. Part of this is due to me switching jobs and making a lot more money and contributing to a traditional 401k, instead of a Roth 401k. So it actually looks like this goal is going to end up being pretty easy for me in the end. In fact by my calculations – I’ll probably beat it by $5,000 or $10,000 dollars. That bad news is I can’t raise it any higher because I’m already planning on maxing out my 401k and IRA contributions going forward so there is not anywhere else to contribute money into.
I’m actually a little disappointed here as up until this year I really really had to push myself financially to meet my goals and stay on track. I had to live incredibly frugal and spent hours and hours studying, learning, and finding new ways to save or make money. Now with my new job things are coming way too easily and I need to find new ways to challenge myself.
Look for a new series of goals early next year dealing with finding ways to retire early. I’ve always sort of envisioned myself changing career paths in my late 30s or early 40s and I think it’s time I start concentrating on the financial feasibility of such a goal. In the meantime I’ll keep updating my little chart on this goal, but for the most part assuming I don’t lose my job or become financial irresponsible – it is in the bag.