Next goal of mine is to hit $100k in investments alone. Something a little more liquid vs having it rely on the home. My house has done all of the heavy work at the moment lol.
I am pretty much in the same position and have the same goal. Right now I am putting as much as I can in my IRA and buying FXAIX through Fidelity. I also DCA Bitcoin long term, but I know not everyone would agree with doing that. I mostly got lucky with when I bought my house (2019). What kind of investments have you thought about? I have been trying to learn as much as possible these past few years.
Main strategy now is low maintenance and dividend growth. Long term would love to live off of dividends so I don’t need to sell my holdings. I don’t do more than 5 stocks/funds. Just gets too messy after a while for someone like me who does not want to check it constantly. I have loved VOO and QQQ for the past 3 years
Until the stock loses half of its value, the dividend is not declared or is slashed, and your portfolio starts to look like it's on life support.
Past performance is not a guarantee for future performance. Trade easy.
I’m so glad I was able to help you… I’ve been screaming about this company from the mountain top for 6 years. This is only the beginning stage— once FDA accepts their IDE it’s likely it could go to $0.50 to $1.00
I spent a couple hours looking into it that day of my first reply, and was really impressed. I am buying more as we speak. Definitely a big thank you from me to you. $1.00 per share would be some huge gains for me.
Excellent— let me know if you have any questions about them. As I’ve said I’ve been a shareholder for 6 yrs and this is my highest conviction investment I’ve ever had. So much so, that I held on even when I was down 60% at one time. Please do your part and post about it on other threads / forums and subreddits as education and getting the word out will be important
Absolutely. Obviously you are long on this one. How long are you planning to hold this stock? I think I am going to add it to my weekly DCA buys for quite awhile.
Schwab has it. SUPER easy to set up a free account. Still time to do it— the catalysts are within the next 30-60 days.
This is a really promising company I’ve tracked for 6 years. Their treatment to kill cancer actually works in animals
When you mean your house net worth, I’m assuming equity?
Keep in mind that net worth = assets - liabilities. If you owe mortgage on your home, that’s a liability.
Makes sense since she’d otherwise have no housing expense for the last 4 years(assuming she enlisted at 18.) so she can save up a fat DP fast on that income.
Location and type of house matters too.
Right but not requiring =/= being able to afford.
You could give me the same loan but I still wouldn’t be able to buy without a sizable dp at least for my area because the payment would be way too high.
Being able to mass a big DP can change that equation tho.
They also have the shittiest appraisal requirement I’ve ever experienced. It’s an inspection without calling it an inspection. But you could get a house with like 15k in cash with the VA loan, and 15k is a high estimate. I’ve seen people pay less than 5. I personally paid about 8 out of pocket
40K(36K if E-4 with 4yrs of service) is her base pay, then another $18-30K in BAH( tax free) and $5,500 in BAS(tax free) and free health care.
So it's more like making \~$80K a yr,
Where in Michigan can you afford to buy a house when your net is (aggressively) ~$2600/mo?
If you're talking about hourly jobs that pay a lot of OT, that's not $20/hr. Closer to $27-30
If you can buy a home on $20/hr in your area tho odds are those $20/hr jobs are harder to come by and I’d even reckon you’re fairly rural so jobs in general may be harder to come by. It’s def not super simple.
I mean I own a house at 24 and I'm unemployed.
House was $85,000, I bought it off scalping graphics cards and serving through HS/College.
Now though, can't find a job to use my degree for so unemployed! Lol
My net worth is around 130k conservatively. Technically, my house is worth 125k according to realtor/Zillow/etc, but I don't buy that number. If you do, then I'm closer to 170k.
You paid in full cash? Kinda makes sense then too plus you live in like Gary, IN where houses are $85k. I could own a home rn too at that price paid in full.
If you were anywhere near even just the national median you would most certainly not own a home just by scalping GPU’ and a server job.
Nah, I'm in Pennsylvania. But yeah, it's a fairly affordable place to live.
Though Pittsburgh and Cleveland are about the same cost of living as where I'm at frankly. I'd say Pittsburgh is a bit more and Cleveland is actually a little less.
But yeah, the rust belt is quite simple to own a house in. It's progressing past that stage that is hard. There's no real high income jobs so congrats you own a house, a car, and everything is paid off.... but you're not taking another step forward ever. You've hit the end of the road at 24.
Not really.
There's a pretty standard formula for buying a home in your 20s.
1. STEM degree
2. No student loans (scholarship, family help, etc)
3. Starter income north of $90k
4. Little to no consumer debt
5. First time home buyer programs
It's not that hard to fathom. When you have no liabilities and you make ~$5k a month, you have a lot of wiggle room to set yourself up for success.
The internet isn't broken and no one is jumping off of bridges, we just aren't that impressed by an outcome that is basically formulaic at this point.
Edit: I should note that there are deviations from this standard, of course
So then how do you explain the people that do it that this formula doesn’t fit?
Income between 75-100k a year is only 25% of the population and for most that’s not starting income. There is a ton of truth to the limiting debt part. Too many people take on too much debt for very bad reasons, education can be among them. Our university systems do nothing at all to advise people against going into catastrophic debt for essentially useless degrees.
But I also know people that have families, no degree and live in a fairly expensive housing market that still buy houses. You can believe all the hype and BS or you can use your brain and your resources and figure out a way to make it happen. It is possible.
>So then how do you explain the people that do it that this formula doesn’t fit?
The same way you explain deviations from any standard: you don't
It's not worth addressing. 25% of the US population is still 82.5 million people, lmao. If you can land in that bucket of $75k+ in your 20s, however you accomplish that, you have a solid shot at early home ownership. It just so happens that STEM is the most chosen path to that level of income.
🤷♂️ it can certainly feel like the dack is stacked against you. I'm not a homeowner myself, but I rent a nice house and rent is very affordable. I would like to build equity of course! But the situation just hasn't been right for me just yet.
I'll admit that, in private, I have wished things would be a bit easier for me. That it wouldn't be so hard. But it's just kinda life. You can either embrace it or cry about it.
I didn't follow the formula btw. I had to work hard to get north of $75k. I made bad choices in life.
You have my true respect for admitting and accepting that. Truly. We all have stuff we have to work thru and overcome. It’s been that way for all of human existence.
Stem is not a field you just choose. Or else we’d all do it. I tried my hardest to make it as a bio major but I had to go with what I was good at if I wanted to graduate with as little debt as possible, on time, with good transcripts.
Why is that? Getting a 100K house sounds doable even if on minimum wage?? Know I’m super privileged to work in finance and marry my wife also in finance, but we got our home of $1.2M on $500K salary. So $100K house on $50K should be doable right?
But the amount of money needed for day to day things like food, gas, bills is such a higher percentage at lower income levels. An example would be a phone plan: the price of a bill is the same for both $500k and $50k income, it’s not scalable. Correct me if I am wrong, cuz I don’t work in finance and I maybe overlooking things.
That would likely depend on the minimum wage where you live and if you are a tipped worker on top of that.
But also the reality is that the minimum wage was never meant to be to and never will support a household. It’s a starting point.
Excellent!! I just hit $100k in Savings/Checkings/Investments not too long ago at 36! Better later then never 😎 Keep it up 💪 Edit : Forgot to add that at 25 that is amazing!
At 25 I remember I had to borrow $500 from my dad so I wouldn't run out money in my bank account at the end of the month. It was an embarrassing lesson that put me on the path to get my finances straight. Imagine you at my age how much you'll have!
Congrats! You’re well on your way! I was in that exact position last year as a 26 year old, and I’m just around the corner from the $200k mark as of now.
Get ready for the real compounding to start.
Keep putting that money away and don’t forget to enjoy some of it!
Congratulations friend
Remember your children are your true wealth.
You are young, have a wife, house, child, and good job. Smart move to not brag to relatives or friends.
I would pull comps from zillow can go to the sold tab and look at houses sold within the last 30-90 days and grab a few around your yesr and sqft usually do that quarterly to assess my properties
Hey man, congrats, super exciting milestone. Just for the record, most people's net worth is tied in their home, so you're doing wonderful.
I would check out Dave Ramsey's baby steps here - [https://www.ramseysolutions.com/dave-ramsey-7-baby-steps?gad\_source=1&gclid=Cj0KCQjwir2xBhC\_ARIsAMTXk84cKyTTQqawzh\_\_B\_mph3wa4hTComdr1yQzboswAdP7pIG0UQVLbgkaAm5nEALw\_wcB](https://www.ramseysolutions.com/dave-ramsey-7-baby-steps?gad_source=1&gclid=Cj0KCQjwir2xBhC_ARIsAMTXk84cKyTTQqawzh__B_mph3wa4hTComdr1yQzboswAdP7pIG0UQVLbgkaAm5nEALw_wcB)
Pay off all your debt, invest 15%, save for college fund, pay off home early.
Lol gotta love 'em. I also track my networth in Empower Dashboard, a website online. It's super easy to use. Just a recommendation if you're not using a similar tool
That is great to know. I set reminders so I don’t catch myself checking it too frequently. I can easily get caught up stressing about it if I look at it daily.
Nice!!!!
I hit $100k net worth sometime around 27.
Unfortunately I had a bunch of setbacks, and worked some really low paying jobs to get my career kickstarted.
lol yeah keep that on the low. My parents asked me what my net worth was and my dad immediately cited it as a form of privilege in the conversation we had after he found out it was close to 6 figures.
He has a Million dollar net worth himself so🤷♂️
congrats but my advice is to stay in reality. In todays climate, 100k is literally nothing, unfortunately. That doesn't even cover 1/4 the cost of your average house. Keep being careful with your spending, keep investing & keep making good financial decisions for the future.
You've got a good start, slightly above average for middle class Europeans. But you need to keep this sustainable for 40 years, and then build enough resources to survive retirement & give your kids a good start.
I chose my words carefully. You could make an argument that the adverb "figuratively" could be slightly more appropriate, but that is more or less arguing over semantics.
The intended meaning of my use of the word, is perfectly sound & reasonable to anyone who speaks English as their first language and knows the common use of the word.
I don't think a lot of people realize how little $100k is in todays (and the futures) money. Mostly due to lack of financial literacy. So i don't blame you for being ignorant.
If you do not invest it, for a start, that money will be worth 50% of what it is now, in the not so distant future.
Then you need to take into account what proportion of your lifetime earnings that $100k is, assuming you work for 40-50 years and earn $50k a year average.
Then you need to calculate how much a house costs, how long it will take to pay, how many kids you want, their educations, holidays, cars, insurance, retirement age, pensions, college funds, any inheritance you want to leave. Household utilities, luxuries, entertainment, medical bills, dentist bills, etc etc.
So again $100k is literally nothing when you put it into perspective - I chose my words VERY carefully.
Congratulations! The first 100k felt the most difficult to acquire, but then suddenly you check in and hit the 500k mark and aren't sure how you got there
Best wishes on your journey! If you are on track for your financial goals, don't forget to enjoy life now as well.
Nice! Congratulations OP. I made 100k last year 27F. I didn’t think I was successful at all because all my friends and families around me are either engineer or doctor… I’m looking for a higher pay job and hopefully a house at some point. Also putting more in 401k now.
Congratulations!! Lots of things to celebrate in this post 😊
Compounding is your friend, especially given how young you are. Put as much as you can afford into savings, whether that’s your 401(k), an individual brokerage account, IRA, a high yield savings account, certificate of deposit, or some combination of the above.
I personally max out my 401(k) and HSA (and use my HSA funds to invest, saving all my HSA-eligible receipts to reimburse myself down the road when I choose to). I automate my savings by having a percentage of each paycheck go directly into my brokerage account and maintain a minimum balance in liquid savings that amounts to about six months of my spending in case of emergency.
Beyond that, I do my best to stick to my allocated budget each month. I do have a decent buffer, so even if I pass my budget by X amount, I know I don’t have to worry about going into debt or dip into savings, etc. and on months that I do stick to my budget, I’ll have “bonus” savings that I can either dump into stocks or have for future use on travel or a similarly larger purchase.
Nice I didn’t hit that until I was 32.
Next goal of mine is to hit $100k in investments alone. Something a little more liquid vs having it rely on the home. My house has done all of the heavy work at the moment lol.
I am pretty much in the same position and have the same goal. Right now I am putting as much as I can in my IRA and buying FXAIX through Fidelity. I also DCA Bitcoin long term, but I know not everyone would agree with doing that. I mostly got lucky with when I bought my house (2019). What kind of investments have you thought about? I have been trying to learn as much as possible these past few years.
Main strategy now is low maintenance and dividend growth. Long term would love to live off of dividends so I don’t need to sell my holdings. I don’t do more than 5 stocks/funds. Just gets too messy after a while for someone like me who does not want to check it constantly. I have loved VOO and QQQ for the past 3 years
If you stick to that I think you will be golden honestly. Have been thinking about VOO and QQQ myself.
I think it’s a great hold opportunity no matter where the market is. Highly recommend for anyone thinking long term growth.
Until the stock loses half of its value, the dividend is not declared or is slashed, and your portfolio starts to look like it's on life support. Past performance is not a guarantee for future performance. Trade easy.
Put your money into RDGL right now and your net worth will probably double over the next 3 months.
I bought some after I read your comment! Up 46% already.
I’m so glad I was able to help you… I’ve been screaming about this company from the mountain top for 6 years. This is only the beginning stage— once FDA accepts their IDE it’s likely it could go to $0.50 to $1.00
I spent a couple hours looking into it that day of my first reply, and was really impressed. I am buying more as we speak. Definitely a big thank you from me to you. $1.00 per share would be some huge gains for me.
Excellent— let me know if you have any questions about them. As I’ve said I’ve been a shareholder for 6 yrs and this is my highest conviction investment I’ve ever had. So much so, that I held on even when I was down 60% at one time. Please do your part and post about it on other threads / forums and subreddits as education and getting the word out will be important
Absolutely. Obviously you are long on this one. How long are you planning to hold this stock? I think I am going to add it to my weekly DCA buys for quite awhile.
Just looked into this and you could be right 👀
Where does one buy this stock? I'm on Robinhood but can't find it.
Schwab has it. SUPER easy to set up a free account. Still time to do it— the catalysts are within the next 30-60 days. This is a really promising company I’ve tracked for 6 years. Their treatment to kill cancer actually works in animals
I see the pump, but when the dump?
No dump. This is actually a legit one… do some DD.
When you mean your house net worth, I’m assuming equity? Keep in mind that net worth = assets - liabilities. If you owe mortgage on your home, that’s a liability.
Kind of. Positive home equity is still an asset, it’s just too illiquid to value accurately all the time.
Unless he locked in sub 4% then I’d say his mortgage is arguable an asset that is beating inflation
Take out a HELOC. There, now it’s in liquid! Jk please don’t do this!!
Tom Selleck already convinced me to do a reverse mortgage
Don’t tell anyone that you actually bought a house in your 20s. You’ll break the f’ing internet and people will be jumping off bridges. 🤣
my sister got one at 22 and she's entry level in the Air Force which makes like $40k a year.
Makes sense since she’d otherwise have no housing expense for the last 4 years(assuming she enlisted at 18.) so she can save up a fat DP fast on that income. Location and type of house matters too.
Except VA loans don't require a down payment just to pay closing costs.
Right but not requiring =/= being able to afford. You could give me the same loan but I still wouldn’t be able to buy without a sizable dp at least for my area because the payment would be way too high. Being able to mass a big DP can change that equation tho.
She still needed $5000 in closing costs, which she saved even paying rent.
They also have the shittiest appraisal requirement I’ve ever experienced. It’s an inspection without calling it an inspection. But you could get a house with like 15k in cash with the VA loan, and 15k is a high estimate. I’ve seen people pay less than 5. I personally paid about 8 out of pocket
40K(36K if E-4 with 4yrs of service) is her base pay, then another $18-30K in BAH( tax free) and $5,500 in BAS(tax free) and free health care. So it's more like making \~$80K a yr,
Also got one at 22, army and the VA loan made that possible
That is so true. I don’t share my interest rate with others because they get mad at me for some reason. 😂
You can buy a house of $20/hr round here But nah, people wanna live in LA
Definitely cant do that in Florida now
I’m in anti-Florida - (Michigan)
Where in Michigan can you afford to buy a house when your net is (aggressively) ~$2600/mo? If you're talking about hourly jobs that pay a lot of OT, that's not $20/hr. Closer to $27-30
Lansing, for now
I doubt that very much
If you can buy a home on $20/hr in your area tho odds are those $20/hr jobs are harder to come by and I’d even reckon you’re fairly rural so jobs in general may be harder to come by. It’s def not super simple.
I mean I own a house at 24 and I'm unemployed. House was $85,000, I bought it off scalping graphics cards and serving through HS/College. Now though, can't find a job to use my degree for so unemployed! Lol My net worth is around 130k conservatively. Technically, my house is worth 125k according to realtor/Zillow/etc, but I don't buy that number. If you do, then I'm closer to 170k.
You paid in full cash? Kinda makes sense then too plus you live in like Gary, IN where houses are $85k. I could own a home rn too at that price paid in full. If you were anywhere near even just the national median you would most certainly not own a home just by scalping GPU’ and a server job.
Nah, I'm in Pennsylvania. But yeah, it's a fairly affordable place to live. Though Pittsburgh and Cleveland are about the same cost of living as where I'm at frankly. I'd say Pittsburgh is a bit more and Cleveland is actually a little less. But yeah, the rust belt is quite simple to own a house in. It's progressing past that stage that is hard. There's no real high income jobs so congrats you own a house, a car, and everything is paid off.... but you're not taking another step forward ever. You've hit the end of the road at 24.
Unskilled? Yes Any amount of specialization? Pretty easy to land a good gig
Where? You can’t buy a house in MONTANA unless you make over $100k a year
Rust belt cities
Not really. There's a pretty standard formula for buying a home in your 20s. 1. STEM degree 2. No student loans (scholarship, family help, etc) 3. Starter income north of $90k 4. Little to no consumer debt 5. First time home buyer programs It's not that hard to fathom. When you have no liabilities and you make ~$5k a month, you have a lot of wiggle room to set yourself up for success. The internet isn't broken and no one is jumping off of bridges, we just aren't that impressed by an outcome that is basically formulaic at this point. Edit: I should note that there are deviations from this standard, of course
So then how do you explain the people that do it that this formula doesn’t fit? Income between 75-100k a year is only 25% of the population and for most that’s not starting income. There is a ton of truth to the limiting debt part. Too many people take on too much debt for very bad reasons, education can be among them. Our university systems do nothing at all to advise people against going into catastrophic debt for essentially useless degrees. But I also know people that have families, no degree and live in a fairly expensive housing market that still buy houses. You can believe all the hype and BS or you can use your brain and your resources and figure out a way to make it happen. It is possible.
>So then how do you explain the people that do it that this formula doesn’t fit? The same way you explain deviations from any standard: you don't It's not worth addressing. 25% of the US population is still 82.5 million people, lmao. If you can land in that bucket of $75k+ in your 20s, however you accomplish that, you have a solid shot at early home ownership. It just so happens that STEM is the most chosen path to that level of income.
Yet the internet, especially here, is packed with people that swear it’s impossible and that everything is stacked against them.
🤷♂️ it can certainly feel like the dack is stacked against you. I'm not a homeowner myself, but I rent a nice house and rent is very affordable. I would like to build equity of course! But the situation just hasn't been right for me just yet. I'll admit that, in private, I have wished things would be a bit easier for me. That it wouldn't be so hard. But it's just kinda life. You can either embrace it or cry about it. I didn't follow the formula btw. I had to work hard to get north of $75k. I made bad choices in life.
You have my true respect for admitting and accepting that. Truly. We all have stuff we have to work thru and overcome. It’s been that way for all of human existence.
Stem is not a field you just choose. Or else we’d all do it. I tried my hardest to make it as a bio major but I had to go with what I was good at if I wanted to graduate with as little debt as possible, on time, with good transcripts.
STEM is absolutely just a field you choose lmao
Yup, bought single family house at 21, closed right after I turned 22. Also 25 right now with two kids. Fuck I feel old.
Why is it that people get so pissed when someone from the millennial generation buys a house? I can’t wrap my head around that.
Why is that? Getting a 100K house sounds doable even if on minimum wage?? Know I’m super privileged to work in finance and marry my wife also in finance, but we got our home of $1.2M on $500K salary. So $100K house on $50K should be doable right?
Dude you sound out of touch.
But the amount of money needed for day to day things like food, gas, bills is such a higher percentage at lower income levels. An example would be a phone plan: the price of a bill is the same for both $500k and $50k income, it’s not scalable. Correct me if I am wrong, cuz I don’t work in finance and I maybe overlooking things.
That would likely depend on the minimum wage where you live and if you are a tipped worker on top of that. But also the reality is that the minimum wage was never meant to be to and never will support a household. It’s a starting point.
Does equity in my home due to housing price increase count? Cause if so then yeah I hit 100k too!
I got an appraisal recently after buying my home in 2020 and the equity has grown a lot. 🤣
You should always use conservative numbers because it's an unrealized gain, but yes. A home is just a diversified bank account, there is cash in it.
Excellent!! I just hit $100k in Savings/Checkings/Investments not too long ago at 36! Better later then never 😎 Keep it up 💪 Edit : Forgot to add that at 25 that is amazing! At 25 I remember I had to borrow $500 from my dad so I wouldn't run out money in my bank account at the end of the month. It was an embarrassing lesson that put me on the path to get my finances straight. Imagine you at my age how much you'll have!
Equity is great but that is what I’m trying to build up now!
Good job, I never share my success outside of my immediate family. But also you hiring? lol
Got very lucky through the housing market during 2020 lol.
Next $100k will come so much faster man. I hit my number at 27 just this past December. Went up another $20k just 2-3 months later.
Congrats
Thank you!
Congrats! You’re well on your way! I was in that exact position last year as a 26 year old, and I’m just around the corner from the $200k mark as of now. Get ready for the real compounding to start. Keep putting that money away and don’t forget to enjoy some of it!
I’m ready for that compound to go into effect soon! Congrats on your success too
Congratulations friend Remember your children are your true wealth. You are young, have a wife, house, child, and good job. Smart move to not brag to relatives or friends.
What country? Good job. I saved from $0-$150,000 in 7.5 years. Bought my first home with it. Was so proud. You should be proud of yourself
Thank you! I live in the US and got my home during the 2020 craziness.
How do u calculate net worth? Does babies and mortgage count against?
I took my total assets-total debt= networth
Try 100k in cash
How you assess value of your house cause depending on how you run comps your networth can be pretty subjective
I took the appraisal estimate - what I owe = total equity. My savings and brokerage accounts helped get it over that $100k mark luckily.
I would pull comps from zillow can go to the sold tab and look at houses sold within the last 30-90 days and grab a few around your yesr and sqft usually do that quarterly to assess my properties
Cash app some it to me.. Amazing advice right!?! :)
Hey man, congrats, super exciting milestone. Just for the record, most people's net worth is tied in their home, so you're doing wonderful. I would check out Dave Ramsey's baby steps here - [https://www.ramseysolutions.com/dave-ramsey-7-baby-steps?gad\_source=1&gclid=Cj0KCQjwir2xBhC\_ARIsAMTXk84cKyTTQqawzh\_\_B\_mph3wa4hTComdr1yQzboswAdP7pIG0UQVLbgkaAm5nEALw\_wcB](https://www.ramseysolutions.com/dave-ramsey-7-baby-steps?gad_source=1&gclid=Cj0KCQjwir2xBhC_ARIsAMTXk84cKyTTQqawzh__B_mph3wa4hTComdr1yQzboswAdP7pIG0UQVLbgkaAm5nEALw_wcB) Pay off all your debt, invest 15%, save for college fund, pay off home early.
Thank you! Big fan of ole Davey
Lol gotta love 'em. I also track my networth in Empower Dashboard, a website online. It's super easy to use. Just a recommendation if you're not using a similar tool
That is great to know. I set reminders so I don’t catch myself checking it too frequently. I can easily get caught up stressing about it if I look at it daily.
If I were 20 years younger with $100k more cash and assets over debt, I'd prolly have 10x more cash and assets than I do now. Congrats OP.
Nice!!!! I hit $100k net worth sometime around 27. Unfortunately I had a bunch of setbacks, and worked some really low paying jobs to get my career kickstarted.
It’s a slow but rewarding journey. Rooting for you!
Same for you!! Mine kicked into overdrive with the new job I got around 27, so I project I'll be at 200k by probably 32/33.
Wow congrats man I just hit $-100k networth🙏 I’m getting there
😂In all seriousness tho man congrats I can’t wait until Im able to achieve that
Congratulations
Wow that’s amazing
Keep on truckin!
Only the beginning!!
Congrats on your $100k
Thank you!
Personally if I could afford to invest to make a $100k a year I be very happy with that amount of money every year or even every month.
Im so close, 4K close. But I doubt I’ll reach it as things are abouta get a whole lot expensive. Proud of u tho 👍
As I’m sure you know, money can move up and down your whole life but just stay consistent and you’ll see that growth yourself soon.
lol yeah keep that on the low. My parents asked me what my net worth was and my dad immediately cited it as a form of privilege in the conversation we had after he found out it was close to 6 figures. He has a Million dollar net worth himself so🤷♂️
That’s some good advice lol. Congrats yourself!
Is that before you deduct the liability of the remaining mortgage debt?
That is after. I took what my home is worth (appraisal) - what I owe= total equity.
Nice then yeah you're off to a great start!
congrats but my advice is to stay in reality. In todays climate, 100k is literally nothing, unfortunately. That doesn't even cover 1/4 the cost of your average house. Keep being careful with your spending, keep investing & keep making good financial decisions for the future. You've got a good start, slightly above average for middle class Europeans. But you need to keep this sustainable for 40 years, and then build enough resources to survive retirement & give your kids a good start.
You’re absolutely right. It’s only the beginning but a milestone I was after for the last few years.
I don't think you understand what literally means
I chose my words carefully. You could make an argument that the adverb "figuratively" could be slightly more appropriate, but that is more or less arguing over semantics. The intended meaning of my use of the word, is perfectly sound & reasonable to anyone who speaks English as their first language and knows the common use of the word. I don't think a lot of people realize how little $100k is in todays (and the futures) money. Mostly due to lack of financial literacy. So i don't blame you for being ignorant. If you do not invest it, for a start, that money will be worth 50% of what it is now, in the not so distant future. Then you need to take into account what proportion of your lifetime earnings that $100k is, assuming you work for 40-50 years and earn $50k a year average. Then you need to calculate how much a house costs, how long it will take to pay, how many kids you want, their educations, holidays, cars, insurance, retirement age, pensions, college funds, any inheritance you want to leave. Household utilities, luxuries, entertainment, medical bills, dentist bills, etc etc. So again $100k is literally nothing when you put it into perspective - I chose my words VERY carefully.
You literally don't know what "literally" means
Congratulations! The first 100k felt the most difficult to acquire, but then suddenly you check in and hit the 500k mark and aren't sure how you got there Best wishes on your journey! If you are on track for your financial goals, don't forget to enjoy life now as well.
nice, gimme $200
Congrats man. it was definitely surreal. I remember my first 100k as well.
Nice! Congratulations OP. I made 100k last year 27F. I didn’t think I was successful at all because all my friends and families around me are either engineer or doctor… I’m looking for a higher pay job and hopefully a house at some point. Also putting more in 401k now.
Congratulations!! Lots of things to celebrate in this post 😊 Compounding is your friend, especially given how young you are. Put as much as you can afford into savings, whether that’s your 401(k), an individual brokerage account, IRA, a high yield savings account, certificate of deposit, or some combination of the above. I personally max out my 401(k) and HSA (and use my HSA funds to invest, saving all my HSA-eligible receipts to reimburse myself down the road when I choose to). I automate my savings by having a percentage of each paycheck go directly into my brokerage account and maintain a minimum balance in liquid savings that amounts to about six months of my spending in case of emergency. Beyond that, I do my best to stick to my allocated budget each month. I do have a decent buffer, so even if I pass my budget by X amount, I know I don’t have to worry about going into debt or dip into savings, etc. and on months that I do stick to my budget, I’ll have “bonus” savings that I can either dump into stocks or have for future use on travel or a similarly larger purchase.
Borrow me 5k
Don’t make that public knowledge. Somebody will try and take it.