Comments on: $1 Million by 2017. What’s Your Financial Goal?

By: Pinyo

Pinyo — Sat, 23 Jan 2010 01:35:19 +0000

@Jill – This probably won’t happen as planned — I am about 2 years behind schedule. About 3.5 months ago, I got a job offer in Virginia and moved from NY. However, I am still paying all of NY house expenses for my parents who stayed behind. In the mean time, my wife and I bought a house in VA. So the money that normally go toward investments are now going toward house payments.

Also, not to mention that we have not average 10% gain in the stock market for the past few years. If anything, we went backward.

By: Jill

Jill — Fri, 22 Jan 2010 01:23:03 +0000

Hey Pinyo – I just ran across this and was wondering if you would share an update on how you’re doing!

By: intrigued

intrigued — Fri, 27 Mar 2009 14:44:03 +0000

I am tired of thinking it is time to do “thinkers think and doers do. but if thinkers dont do and doers dont think then its just something else talkers talk about.” it has never been more clearer I am a smart man but growing up i never had someone to guide me i have had a rough life. I will be going back to school, but have been so afraid because i have a bad criminal background and when i am done with school who would trust me. I will be taking business managment. My entrepneur spirit has been tugging at my mind and heart for sometime now. I thank you so much for showing me your journey i will take everything you have said into account. Honest opinion: Do you think a Person with my background and my debt can get out and become successful and provide all i never had for my 2 wonderful boys and wife? regardless i am embarking on this journey regardless of my situations and outcomes just would like some assurence. thank you

By: Pinyo

Pinyo — Tue, 17 Mar 2009 00:45:52 +0000

@MV – Thank you. Yes, I should update the plan, and I will…thank to your encouragement. In term of changes, here what I would do.

1. Adjust long-term return on investment to 8% instead of 10%
2. Assuming 16 more years to go, start the portfolio at 20% fixed-income and increase this ratio by 5% per year so that I’ll be 100% fixed by the time he’s ready to get into college.
3. Lower the long-term return on investment by approximately 0.2% for each 5% increment in fixed-income — assuming 100% fixed-income returns approximately 4%

It’s not perfect, but I think this is closer to reality than the original plan.

By: MV

MV — Mon, 16 Mar 2009 22:15:07 +0000

I’m really glad to see your blog and the blogs linked to your site.. I found it as I was trying to invest for education for my 3 yr old son. Have been reading other links from then on.. Please keep up the good work.. and thank you.

It would be great if you could update plan for your son’s education. These days with nothing fetching a good return, how do you suggest to proceed.

By: Pinyo

Pinyo — Fri, 14 Mar 2008 16:16:48 +0000

@Double Journey – Thank you. Good luck to you as well.

@David – Not at all. The 10% was based on historical performance of S&P500. It might be a little optimistic considering the weakness that started since year 2000. If I miss my target at the end of 2008, I will most likely revise my plan to reach the $1 million mark.

Good idea about adjusting contribution up each year.

By: David Carter

David Carter — Fri, 14 Mar 2008 15:37:01 +0000

I don’t mean to be rude or anything, but 10% is pretty optimistic. I think you should up your contributions each year as well. Maybe by say 3%, the going rate of inflation, otherwise I think it might be hard to hit 1Mill in 2017. I hope ur a good investor! gl

By: Double Journey

Double Journey — Sun, 25 Nov 2007 19:00:02 +0000

Good Luck to you in your journey. I have similar goals. I am a few years younger and have a little bit more saved, but hope to get to a million in relatively short order. I plan to get there like you, saving diligently and investing wisely. For a little fun however, I took some money aside and am going to “try and get rich quick”. I’m talking about it on my blog. We will see how that goes.

By: Pinyo

Pinyo — Tue, 06 Nov 2007 14:20:10 +0000

@Tommy – welcome to Moolanomy. Great to hear. I am sure you can do it, as long as you have a SMART plan.

@Ruth – You’re welcome. Yeah, leaving a job is always a sweet sorrow, but if you can do it, why not.

Trust me, you are not a freak — I think PF bloggers cover the whole gamut — rich/poor, spendy/frugal, in debt/financially free, etc.

I read Your Money or Your Life. I will have to take a look at others. My reading list is quite long.

By: Ruth

Ruth — Sun, 04 Nov 2007 23:35:21 +0000

Thanks–and I’m flattered! I would be happy to be a guest writer sometime if I can find a way to be honest without revealing too much about myself. One problem with my plan is that if my employer found out that I’m itchin’ to leave it would cause a lot of bad feelings. You’d think people would be happy for you . . . and they would be, on the one hand. On the other hand, they’d be sad/hurt. It’s also harder to argue for raises if they know you’re trying to retire early . . . although again it’s your money so it shouldn’t matter. But it does.

BTW, when I lived on the West Coast in my early 20s I lived on $425 a month, and I was quite happy. So now living on $16k feels luxurious! But it depends on what you’re used to, how you feel about yourself, and even who your friends are. I hope all these PF blogs help “freaks” like me know that we’re not alone, and we’re not crazy!

Lastly, anyone looking for more inspiration: Thoreau, “The Good Life” by the Nearings, “Your Money or Your Life,” and “A Reasonable Life” all have been very helpful to me.