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RSSSmashing Through My 2006 Net Worth Goal
Back in December 2005, I set a 2006 net worth goal of $262,000.
I was a bit conservative on setting my net worth goal as I knew I would be making big purchases such as a new home, engagement ring, and temporary assignment expenses. However, do largely to investment gains, I have blown through this net worth goal within the last couple of months.
Now I am thinking I should try and finish the year strong - I started 2006 with a net worth of $206,900 and am hoping I can get to $306,900 by the end of the year. Improving my net worth by $100k in 12 months would certainly be a huge psychological milestone.
If I could add $100k to my net worth every year from here on out, that means I would get to my financial goal in about 17 more years - not great, but certainly manageable.
It is within reach.
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Comments (14)
You can do it!
Posted by D | October 30, 2006 9:39 AM
Congrats man! Good luck reaching your EOY goal.
Posted by EMS | October 30, 2006 9:50 AM
Hey 2mil,
Awesome work! I wish I could add a cool $100k to my net worth! I've only really been tracking it for a couple of months, but looking back I would say mine will increase about $30k... so, you're giving me a number to aim for!
NG
Posted by NLG | October 30, 2006 10:33 AM
Congratulations! I hope one day as well I can say my net worth is in the $100K. Thanks for doing this website. It inspired me to get my act together.
Posted by The Frugal Law Student | October 30, 2006 10:50 AM
Rock and roll 2million. I like your quote:
"If I could add $100k to my net worth every year from here on out, that means I would get to my financial goal in about 17 more years - not great, but certainly manageable."
Not great. Heh.
Congrats on the engagement though. 2 incomes should provide a lot of help toward the ole nest egg.
Posted by Binary Dollar | October 30, 2006 11:25 AM
Congrats for the achievements! That's exactly why everybody should have a goal.
100K by the end of this year? It's certainly doable given a strong market (fourth quarter is uaually good).
Posted by Sun | October 30, 2006 1:00 PM
Congratulations on the achievement of your goal. You must realize though that the stock market has been doing really well in the last half of the year. The first half was so-so, but it has really taken off lately. My portfolio is looking pretty nice as well. As far as gaining 100k every year, that would be really nice! Again, congratulations and best of luck in the future.
Posted by David B. | October 30, 2006 1:09 PM
Congrats, 300K is a major milestone.
I think you'll find it a lot easier to gain 100k in net worth in years 16 and 17 of your goal :-).
I've been reading for some time. I'm trying to remember, did you say that you earned some kind of vesting or milestone pension for being at your company for 5 years or something? Was that a windfall that helped you smash through your expectations?
I'm curious to see how you set next years expenses with the wedding factored in.
Posted by Lazy Man and Money | October 30, 2006 2:35 PM
You bet - I vested in my cash balance pension in August - it was around $17k. That certainly helped for the year, but I had several one-time expenses this year that should ofset that.
Well now that I think about it I will always have one time expenses - net year it will be the wedding/honeymoon, the year after a new house, the year after a new car and problaby some kids, etc. Hopefully I will also have some ontime windfalls to ofset those one time expenses.
Posted by 2 million | October 30, 2006 3:03 PM
Awesome ! keep it up...aim higher. Keep inspiring.
Posted by Golbguru | October 30, 2006 3:11 PM
That's awesome. I'm going to be hoping that I can increase my net worth in '07 by 25K and I think that might be a bit optimistic. Getting into the financial frame of mind is harder than I thought it would be.
Congrats!
Posted by Matt | October 30, 2006 4:08 PM
Thanks for all the positive comments! Im suprised no one pointed out that my 2006 net worth goal was not very ambitious considering my 2005 progress.
Posted by 2 million | October 30, 2006 4:15 PM
Congrats....as one previous poster noted,
the market HAS been doing pretty well lately.
When it goes down, though, don't let that
derail your plans....seeing one's net worth
decrease is demoralizing, but you just have to
keep in mind that the market would be that much
better a deal. Adding up my net worth, I always
leave off the latest gains, knowing they could
be (temporarily) illusory.
Keep up the good work.
Posted by Harm | October 30, 2006 5:48 PM
Congrats! I am newish to your blog and new to the world of personal finance, but am setting aside 2007 as the Year of the Finances in my life. Time to get it all together.
What I'm wondering about is what you are like in your day to day life with regard to money. Do you pack lunches? Do you only shop for clearance items? How have you changed since setting your 2mil goal? I definitely like your big picture thinking, but find myself curious about how the small things add up for you.
Posted by janet | October 30, 2006 7:24 PM