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Challenge! 60 Days Left! |
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thewh00sel  United States. Apr 01 2012 14:57. Posts 2734 | | |
Well this month had a rough start but ended up being respectable. Here's a snapshot of how I'm doing overall, stacked up next to how March went.
My hourly was $17 lower than my average has been so far this year, which I attribute to running poorly on the weekends during March Madness when the games were great and then the games being sub par on the weekdays in between. If I can get in 160 hours per month for April and May at my current hourly I would finish up around 67k. To get to 100k I need 691.45 more hours at the current hourly. If I expect to achieve that number by the end of May I will need to average about 190 per hour for the next 2 months...Nothing a little run-good can't cure.
Regardless, I am satisfied with the amount of hours I got in this month. I managed to take 2 days off per week in-keeping with my schedule and felt like I had a really good work-life balance for the month and am looking forward to maintaining my schedule for April.
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Budget Stuff.
Now that the month's over I can add to my previous post that my savings rate (Expenses/Income after taxes) for the year is now 49.57% (-30% Jan, 70% Feb, 50% Mar). My goal for the end of the year is to have a 65% savings rate as an average and, as the expenses get lower, hope to improve on that next year. With a 65% savings rate and non-changing expenses you will be "retired" in 17 years assuming nothing saved up. With an 80% savings rate you can retire in 5.5 years. I'm hoping to clear 80% over the next 3-5 years so I can just be done doing stuff. Or bink a WSOP event and be done this year  .
TA TA FOR NOW
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| A government is the most dangerous threat to man’s rights: it holds a legal monopoly on the use of physical force against legally disarmed victims. - Ayn Rand | |
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TheGuru Sweden. Apr 01 2012 15:10. Posts 532 | | |
I'm a bit puzzeled by the "being done" approach but very well done so far!
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| There is no such thing as luck. There is only adequate or inadequate preparation to cope with a statistical universe. - Robert A. Heinlein (Time Enough for Love) | |
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Highcard Canada. Apr 01 2012 16:43. Posts 5428 | | |
explain this retiring thing more yo
are you basing this off making $200k a year? |
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| I have learned from poker that being at the table is not a grind, the grind is living and poker is how I pass the time | |
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NewbSaibot United States. Apr 01 2012 20:51. Posts 4946 | | |
24k gross monthly income playing midstakes live poker. Not too shabby. |
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| bye now | Last edit: 01/04/2012 20:51 |
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RICHI8 United States. Apr 02 2012 00:41. Posts 1341 | | |
I don't know about this percentage saving thing in regards to retirement. If its a percentage it is based on a salary which will vary. If I were you I would put together a bit more comprehensive of a retirement plan as opposed to using percentages. |
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thewh00sel United States. Apr 02 2012 18:29. Posts 2734 | | |
| | On April 01 2012 15:43 Highcard wrote:
explain this retiring thing more yo
are you basing this off making $200k a year? |
It's just a simple equation of expenses divided by net income. If you can save a high percentage of your pay (say 80%) and intend on having the same or less expenses after you retire then the amount of years you need to work with 0 savings to start is 5.5. This assumes a 5% increase every year on your savings and a 4% withdrawal rate after you retire.
Example: you save 80% of your pay and live on 20k a year. That means you made 100k and saved 80 of it. If you repeat that process for 2 years you'll have saved 172.2k (80*1.05=84+80=164*1.05) and after 5 years you'll be at 464.15k and after another 6 months you'll have 516,754. At that point you can withdraw 4% per year for 20,670.16 and since you are making 5% per year as a safe estimate, you will be making money while you're retired. Obviously real-world numbers are higher but I used 100k and 20k bc it was an easy example. Hope that helps clear things up.
Obv as a poker player I can't predict what my savings rate will be, but I can control how much my expenses are which is why I am trying to lower them a lot right now. Maybe for my next blog post I'll break down my expected expenses for the future and show how much actual cash I'll need to save to retire. Keeping track of your savings percentage seems like a much simpler and equally effective method though. |
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| A government is the most dangerous threat to man’s rights: it holds a legal monopoly on the use of physical force against legally disarmed victims. - Ayn Rand | |
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