Comments on: Net Worth Report – Numero Uno!

By: Simone

Simone — Sat, 24 Oct 2020 00:41:11 +0000

In reply to Joel. Thanks so much, Joel.

By: Joel

Joel — Sun, 11 Oct 2020 20:56:36 +0000

Thanks DG. Yes I got the same advice from Fidelity (broker for my HSA) – you’re right – I can contribute $3550 this year, even though I only have the plan for 3 months. The catch is I have to be fully enrolled through 2021 in a HDHP. If I screw this up, I’ll have to pay penalty when I file my 2021 tax return. Looking forward to hearing more healthcare tips from you Dragon Guy!!

By: Joel

Joel — Sun, 11 Oct 2020 20:53:09 +0000

In reply to Simone. Love your intentional living theme and message on your site. Looking forward to following you and Sean's progress too! Cheers Simone!

By: Dragon Guy

Dragon Guy — Sun, 11 Oct 2020 20:02:42 +0000

Very nice report. Just be careful with the HSA contributions. Since you haven’t been in the plan for the full year, you can still contribute the full amount ($3,550), but you have to be be in an HSA eligible HDHP all of next year as well. Otherwise the IRS would only allow a prorated contribution for this year and would tack on a 10% penalty for any overages. This was based on research I have previously done, so not sure if it has changed!

By: Simone

Simone — Sun, 11 Oct 2020 12:41:32 +0000

In reply to Simone. “You’ll be at 500k sooner than you think.”

By: Simone

Simone — Sun, 11 Oct 2020 12:40:41 +0000

I love a net worth breakdown. Thanks for sharing. We are on a missing to get rid of all debt (all on real estate) and maybe even retire early. You’ve at 550k sinner than you think. Best wishes!

By: Joel

Joel — Sat, 10 Oct 2020 14:38:26 +0000

In reply to theFool.

If I had to pick a number, I’d say it’s about $2M, + or – 500k. The reason it’s not a specific answer is because we’re still figuring out what our future annual expenses are going to be. My wife and I are 33/35, and today’s expenses are much different than what they’ll be 10,20 or 30+ years from now. Healthcare is a huge variable, and so is having kids which we’re still figuring out.

By: Joel

Joel — Sat, 10 Oct 2020 14:12:42 +0000

In reply to Matt @ OMB. Thanks Matt. It's a little weird having this information out there. But, I think over time it will help others. It's definitely a long game. :) Have a great weekend!

By: theFool

theFool — Sat, 10 Oct 2020 10:42:47 +0000

What is your final goal for a number to retire and live off of?

By: Matt @ OMB

Matt @ OMB — Sat, 10 Oct 2020 03:45:06 +0000

Thanks for sharing Joel, I’ve shared these in the past but I’m up in the air about sharing myself. Glad you took the risk. Slow and steady!