Money Guy-Multi-Millionaire Milestones
Money Guy-Multi-Millionaire Milestones
// Money Guy Multi Millionaire Milestones //
The First 100K
Your Money Is Saving Harder Than You Do
$1M Net Worth
$1M Liquid Net Worth
Your Money Is Working Harder Than You Do
Reaching Financial Independence
We’ve made a few adjustments to the Money Guy Multi Millionaire Milestones toward our financial goals based on our lifestyle.
// Nomad FI Multi-Millionaire Milestones //
The First 100K
Your Money Is Saving Harder Than You Do
$250K in Taxable Account*
Fully Pay Off Mortgage And Become Debt Free*
$1M Liquid Net Worth
Your Money Is Working Harder Than You Do
Reaching Financial Independence
$250K in Taxable Account is our staple. Based on the individual marginal tax rate, the threshold is at 18.2K. LITO would give us another 3K, so 21K of realized capital gains are tax free. We allocate these gains to pay off our mortgage.
Others prefer to continue paying rent when retired, but we would prefer to own our home outright. Many people that we know are currently paying about 750-800/fortnightly or about 40K+ in rent annually, and we’d prefer to pay off our mortgage instead. We’ll continue to focus on contributing more money into our Offset Account to lower our interest payables. The current mortgage interest as of to-date is at 6.79%. Our net savings from salary, market returns, dividends and franking credits from our investment account, and tax savings will all be contributing to the Offset Account. Goal is to fully pay off our mortgage within 5 years.
$1M Liquid Net Worth would also include our Offset Account as our account currently can Redraw. This would allow for us to lower our mortgage interest payables, as well as give us the flexibility to withdraw funds as needed especially when the market has a correction and we can dollar cost average in our portfolio. However, if the mortgage interest rates become lower, we can further utilize our funds.
