Money Wins 💪💪

by J. Money -

money flexin'

Despite the madness all around us, life – and finances – move on for many of us :)

Here’s a smattering of people still winning out there and focused on the prize.

Keep going, everyone!!

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The $1 Million “Asset”-er

Hey there J$:

Some time ago we were chatting about milestones. I mentioned that our first milestone was to reach $1M in assets. You told me to let you know when we hit that milestone. Well, we hit it last week, so consider this your notification. <grin>

million dollar assets

Next milestone is $1M in our retirement, which should also be $1M for our net worth. Hopefully we will be there sooner rather than later.

Mr. SoS

I asked him what the bulk of the assets consisted of (real estate? stocks?), and here’s what he said:

“Here is the breakdown. The bulk is our retirement and our house. I will feel better when our retirement amount exceeds $1M and we have the option to sell the house and pay off the rest of our debts.”

mr sos net worth

Then when I asked how in the world his investments went UP in march (???), he told me to read his blog post ;) So that’s where I’ll now direct you too, lol –> Net Worth: 2020.04.01

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The Once Is Enough’er

2008 was brutal and forever damaging for me. I swore to myself I would NEVER go through that again.

Since then, I’ve paid off all my credit cards and debts (only mortgage and student loan left). I own my car outright. My credit cards are all paid off and ready to handle this emergency. I have savings in the bank, and investments I can tap if (and only if) it’s absolutely necessary for survival. I have a better job, one where I can actually pay all my bills and save a little too.

I made a decision to do everything I could to never be in that fear again. School, books, blogs (like this one!), tenacity – I couldn’t sit still until I felt secure. I sincerely hope that this year is a lesson for young people to save for a rainy day. You just never know when it will rain!

– M

In response to our post on whether you feel more prepared or not having lived through the 2008 mess?! (Most people seemed to be better off for it, while the rest of you ARE JUST WAY TOO YOUNG!!! ;))

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The Mortgage Payer Offer!

Hey!!!

Look at this beauty!

money board update

In the midst of this crazy COVID world, my husband and I paid off the mortgage!

Since having a nice dinner out wasn’t an option, we settled for a nice bottle of scotch and whiskey! We enjoyed a nice beverage in OUR HOME!

I just wanted to share this with someone. We weren’t sure who we’d tell, and now with people losing jobs we’re really not going to say anything. But I figured I could tell you! Lol. Stay safe!

– Kelly

You probably have no idea what that picture up there is, so read this post if you’re curious :) Her “money board” trick paid off!! Literally! –> Having a hard time paying off debt? Try a Money Board!!

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The Debt-Free Parent of The Year!

Thanks to following you and utilizing your Net Worth and Budget tools I am completely debt-free here in Richmond. Now I even have my 25-year-old daughter tracking her Net Worth each month also!

– Suzy

Here’s our page on all our (free) net worth and budget spreadsheets and templates if you’re needing a new one! –> Free Budget Templates & Spreadsheets

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The No Spend Year’er

Hi J$, your email came the day after my birthday, so I decided it could be a fun challenge at that, to not spend anything on my wants except what I already had set aside as of that moment. And what’s really interesting is, it’s sharpened my creativity about money, even in the last couple of days as I’ve thought about how to make my current money last a whole year now!

I’ve noticed another by-product as well: it’s made me more grateful when I do get to enjoy something for free that I would have otherwise just spent money on almost without thinking.

While I don’t think it’s overly sustainable for more than a year (I like eating out and giving gifts way too much to cut them out of my life completely), I think it will be really interesting to try this until my next birthday and see how I come out.

I estimated I could save over $2,000 just by cutting back to a bare-bones budget. Pretty crazy, eh? :D

– Rachael

Yes! Crazy AWESOME!! :)

One of the best things I ever did for my money too – and that was only 40 days of trying! (Gave up “shopping” for lent – mind blowing!!!).

Here’s a great article we recently featured if anyone’s thinking of trying it –> Our “No Spend” Year

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The Future Multi-(Multi!)-Millionaires

My husband has required financial check-ins with his retirement adviser through his job. The guy ran our numbers and said we’d have $15 million saved (just in retirement, no cash or other values) in 30 years at the rate we’re saving. And our savings rate isn’t even high for FI standards – we’ve fluctuated between 25-40% over the past four years and are currently on the low end. He said it was unreal and had to re-calculate a few times to be sure he didn’t have a typo.

Now, we won’t be working that long so our contributions will taper off before we reach that huge of a number, but still super cool to see what our hard work can do given enough time. Currently, I’m 28 and he’s 32 for reference.

Damn!! That’s incredible!! And in their 20s/20s no less! Though had to laugh out loud at the “not high for FI standards”, haha… only in our world is 25-40% considered low ;)

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The 6 Year Mortgage Payer-Offer

Funny today’s post is about housing as I was going to thank my three favorite people today…again (J$, MMM, ERE) for leading me to the path of freedom.

I am mailing my LAST mortgage check today. Took a 30 year mortgage on a brand new home in 2013 and paying it off today. Never would I dream of paying off my home in 6 years. That is until I stopped being a consumer sucka, started working hard and stashing cash.

I know there’s a whole debate on rent or own, payoff mortgage or invest, or a multitude of opportunity cost situations out there. But personally, having ZERO debt, positive income, and a roof over my head for life… is priceless.

– Brian

The man who knows himself best will always sleep better :) Helluva achievement man – big congrats again! (And keep those compliments rolling! lol…)

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The $35k Debt Crusher

Hi J. Money,

I want to say thank you for inspiring me to pay off $35k in debt in~3 years. I know that’s not a lot, but when you’re earning $50-$60k annually it turns out to be a decent accomplishment.

-Dylan

Hell yeah that’s an accomplishment!! $35k is no small feat no matter how much you earn! Stand tall and be proud! :)

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Huge congrats to all our winners here today – and those others hiding in the shadows keeping it humble over there ;)

I know it’s not easy and we’re all in different phases with this stuff, but EVERY win no matter how big or small should be cherished! It’s all better than how we used to be!!

Keep doing your thing 💪💪

{ 8 comments… read them below or add one }

1 Donna Korzun May 14, 2020 at 8:31 am

I have been following you for a number of years and thank goodness I did. We ramped up our savings in 2013 after i was diagnosed with Parkinson’s disease My husband worked as long as he could for the insurance. He retired in August of 2019 simply due to me not being able to manage alone for 8 plus hours. I am happy to say we made it to the million $ club awhile ago. Thank goodness! Now we will spend time with each other and make the most of those precious days. Frugally of course :)

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2 J. Money May 14, 2020 at 9:42 am

That is so wonderful to hear :)

And may there be many more of these precious days to come for you two!

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3 J May 14, 2020 at 10:31 am

I missed these posts. Congratulations to everyone for accomplishing their goals! I can especially relate to those who paid off their homes. As of July 2019, my husband and I made our last payment and were mortgage free (and the timing couldn’t have been better given the pandemic). It has been great to not have to worry about losing the roof over our heads, something I ALWAYS had to worry about as a kid. A lot of my motivation to get more serious about my finances was rooted in the 2008 recession, and it is my hope that those who are just starting out in their adult life will see stories like these and know that small efforts on their part now really do matter.

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4 J. Money May 14, 2020 at 4:32 pm

Amen on that…

Doesn’t seem like much in the day to day grind but it all adds up!! What a blessing y’all have given yourselves now to enjoy and be thankful for! Congrats!! Your kid-self would be so proud of you right now!! :)

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5 Caro May 14, 2020 at 11:02 am

Dylan, $35k is not a lot? $35k is huge! But what is really ginormous is shifting your mindset and consumption habits from buying things you can’t afford to living within your means. Charles Dickens was right when he described it as moving from misery to happiness.

“Annual income twenty pounds, annual expenditure nineteen nineteen and six , result happiness.
Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery”

Congratulations!

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6 J. Money May 14, 2020 at 4:33 pm

Haha… nice grab w/ that Dickens quote! Can’t say I’ve heard of that one before! :)

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7 Mr. SoS May 30, 2020 at 10:41 am

Hey bro. Things have been so crazy lately. I just now saw that you shared our $1M in Assets “Money Win” and for that I thank you. Our life has been so much better since we started blogging about money. We do not have many people that read our blog, but just holding ourselves accountable and having written goals makes all the difference. Thank you again for talking me into it. One of these days I will shake your hand and buy a beverage for you while we chat about money or whatever else strikes our fancy.

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8 J. Money June 1, 2020 at 9:29 am

Yes please!!

Can’t get better than good people and beer :)

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