Gates, that’s a good post idea. I have posted about my history, but it’s probably long forgotten by now.

[...] and time again to declare my personal and blog goals for 2008.  As indicated by yesterdays Financial Goals for 2007 Report Card, last year was a success in terms of the goals that I set and what I was able to [...]

I don’t care if you make a million$ per year – you still have to save some of it to get to a million $ net worth!!

Mike

I didn’t get serious about money till I was 30…I spent my twenties traveling….maybe it might have been better to start saving earlier…but all in all no regrets….

Of course, I’m with FT here. He wants to make 1M by age 39. Even saving 25k/year for 10 years is only going to get him a quarter of that. Even with his current net worth of 250k, that’s a still a lot of headway to make.

Of course, Tim, I have written a little about money and savings here. I’ve even brought up the topic of income vs. savings on other blogs. And I think that there are two distinct sides here. On one hand FT’s goal is both challenging and achievable. On the other hand, FT’s goal is only visibly achievable b/c of his large family income.

If someone making 30k tried to accumulate 1M in 20 years, they’d obviously have to do something ridiculously creative or genuinely risky. FT looks like he’ll actually be able to accomplish his goal.

Of course, this is a self-fulfilling prophecy. Anyone capable of maintaining a high-traffic blog about the complex subject of personal finance likely has the intelligence to be worth more than the average salary. Anyone with the discipline and intellect required to maintain a blog of this caliber for a full year will inevitably be earning more than 20k (or even 30k) simply by those very virtues. If not now, then soon. Heck if you’re running a blog of this caliber and you’re not making 30k, send me a resume :)

The truth is here, that we’re joining FT well into his Million-Dollar Journey, but I don’t think that it’s fair to begrudge his goal or his successes. In fact, it may well be worth the while to reverse his situation and see what’s helped him make it this far.

How about it FT? You just set up the landscape for the next year, how about a rear-view on the last 10. What did you do to get your income level? Education? Extra work hours? How did the wife help? Hurdles for buying the income home? What did you “give up” in your 20’s? When did you get your first car? etc…

I’m sure you’ve done some of it, but a top 10 list of the smartest things you’ve done to date would be pretty cool :)

and congrats on your goals

Yes, the million dollar net worth will come eventually, but my goal is to have it in my thirties.

Plus, I think a million in net worth should be pretty straight forward at that income level. Is that the goal, or is it a million of actual cash so you can take it out of the bank and roll around in it on your bed and then deposit it again? ;)

I mean, for net worth just consider that at your income level you could probably buy a home at 250K fairly easily. Over 25 years assuming 2% appreciation and your mortgage will be paid off by then just the house alone will be 410K or so. That means doing nothing you’re already 40% of the way there just by living.

Also note that our income stated is our combined family income.

Is that after tax income stated there in the goal as was stated in the paragraph to follow, or was the goal stated based on gross income and the results stated on net income?

FP, yes, you are right. I would say that most of my holdings are Canadian equity with some US and Chinese equity exposure. I don’t track my asset/geographical allocation, but perhaps would be an interesting post.

Fantastic increase on the alternative income – MDJ must be doing well :)

Mike

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