Author Topic: 100k networth by year end :)  (Read 2449 times)

Lis

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100k networth by year end :)
« on: March 09, 2017, 02:19:43 PM »
I will hit a net worth of $100k by the end of the year.

I'm 27 with just under 5 years professional years. After graduating college, I had -$26k to my name ($20k student loan, $6k car loan from my grandmother - it was more but she forgave it). I was fortunate that my parents allowed me to live with them for about a year. I didn't figure out this whole investing thing until mid-2013, but even before I discovered MMM I hated debt. Every extra penny went to the car debt first (my grandmother eventually forgave the rest, proud of what I was doing but wanting me to put that extra money I was giving her towards my student loans). I started my second job in 2013 which offered a 401k, and I put in the bare minimum to get the match. I started a Roth IRA with Vanguard in 2014, paid off my student loan in 2015, and bought my co-op 2016. I maxed out my Roth IRA in 2016 (after taking money out of it to help purchase the co-op, not the brightest thing but noob didn't know how many extra expenses there would be), and came very close to maxing out my 401k. In 2017, I have plans for maxing out my 401k by year end and my Roth IRA by September. Right now my income perfectly covers my investments and necessary purchases (though I daresay I could tighten the belt a bit in some categories), but I'm excited to think that in the next year or too I'll have more than $23,500 to invest.

I'm an extremely hard worker, but I have to acknowledge my luck and privilege. I started out in the hole, but no where near as much debt as some of my peers. My parents refused rent, and even though I still did chores and picked up the occasional grocery tab, my expenses my first year were extremely low. I managed to find a city like (and city paying) job outside of the city, so I'm able to live in a not so ridiculously HCOL area (still HCOL, but not as bad).

Some of you hit 100k way earlier. Many of you have faced much more difficult odds. I'm nothing special here, but I'm still very proud of myself. One friend (in her mid 30s) claims that 401ks are a waste of money. My boss has admitted to having little savings outside of the company 401k. One coworker constantly laments about the price of groceries, yet calls the furrier (sp?) to... fur her fur coat every six months.

Mustachianism to me is about finding a quality of life that you're happy with at the lowest financial cost. Some of you would see my budget and scoff, and that's okay. Some of you could comment "well, you'd be at $150k if you did x..." and that's okay too. I've found my balance and happiness, and I think that's the most badass thing you could do.

dividendman

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Re: 100k networth by year end :)
« Reply #1 on: March 09, 2017, 03:19:10 PM »
The first 100k is the hardest!

OthalaFehu

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Re: 100k networth by year end :)
« Reply #2 on: March 09, 2017, 08:38:13 PM »
Thumbs up Lis, 100 to 200 will seem way easier.
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Full Beard

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Re: 100k networth by year end :)
« Reply #3 on: March 13, 2017, 06:43:37 PM »
Way to go Lis!
If you don't like where you are, move.  You are not a tree.

B L I S S

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Re: 100k networth by year end :)
« Reply #4 on: March 24, 2017, 09:16:59 AM »
But you didn't do it yet...




Joking, that's awesome! My projections say I will hit that around age 27 too if all goes normally. Even though it's an arbitrary goal, hitting 6 figures will feel so good.

Feefers

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Re: 100k networth by year end :)
« Reply #5 on: April 05, 2017, 07:42:50 PM »
Way.to.go! It's good to see some other youngins' on the blog with similar achievements. 26 and just hit the 100k mark myself! I'm excited for the ease from 100 to 200! Good luck!!

TheAnonOne

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Re: 100k networth by year end :)
« Reply #6 on: April 06, 2017, 03:38:41 PM »
Way.to.go! It's good to see some other youngins' on the blog with similar achievements. 26 and just hit the 100k mark myself! I'm excited for the ease from 100 to 200! Good luck!!
Heh, it's not really any faster, but it FEELS faster for some reason.

We are working from 400 to 500 right now (26 years old as well) and it isn't going any faster but for some reason the stress is lower.

I think its more of a "been there done that" thing...

Obviously, compound interest helps at some point, but it's really minimal until the high 100s

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natb2347

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Re: 100k networth by year end :)
« Reply #7 on: April 06, 2017, 07:17:30 PM »
Great job. You shouldn't have to apologize for your story. Everyone's is different and working hard as best you know how and seeing rewards for that are to be celebrated and something to be proud of. You're thankful for help you've been given which shows that they raised you learn the value of money as they did so they could help you and you could eventually help yourself!  What more can you ask for?

I'm wondering though if you count mortgage and car as part of your net worth? I am close myself but only because of my house. I'm tempted to only go off of my 401k and other small investment funds. But that will be depressing!!  Maybe I'll wait until I hit 100k all together and then scale back to investments without house and car. Womp.

Lis

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Re: 100k networth by year end :)
« Reply #8 on: April 07, 2017, 09:18:15 AM »
I'm wondering though if you count mortgage and car as part of your net worth? I am close myself but only because of my house. I'm tempted to only go off of my 401k and other small investment funds. But that will be depressing!!  Maybe I'll wait until I hit 100k all together and then scale back to investments without house and car. Womp.

I do count my mortgage and home value in my net worth, but not the car. KBB value puts my car at ~$7000, but honestly I have no idea how much it's really worth. My appraisal for my coop is just about a year old (happened last April) so I know that's a fairly close number. I plan on driving that car into the ground (which will hopefully not be for many more years to come), whereas I will sell the coop eventually.

My numbers *right now* are:
NW w/o car: $87k
NW w/ car: $94k(ish)
Investments: $57k

Exflyboy

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Re: 100k networth by year end :)
« Reply #9 on: April 07, 2017, 10:41:59 AM »
Excellent.... Keep going. You have a long time line so low cost stock index funds is where you want to be.. like 100% stocks.

I only started saving when I was 36 years old with a mortgage of -$140k. Paid it off by 42

At the recent peak of the market our NW not including the value of the house (probably $4 to 500k).. was $2.2M and I'm 55 now.

So 19 years to go from minus $140k to +$2.2M..

I look back and am just floored by what is possible!


economist

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Re: 100k networth by year end :)
« Reply #10 on: April 12, 2017, 09:00:22 AM »
Wow, you and I are right around the same place financially. I'm 26, 4 years out of college, had 40k in student loans which is now 15k. Between two HSAs, two 401ks, and a Roth IRA, I've got around 75k, so a NW of 60k. I was fortunate to avoid car loans since I sort of inherited a 2001 Buick from my grandpa.

I'm currently looking at buying a house which could change things, but there's a good chance I'll be around 100k by the end of the year, if things go well.

Congrats!

SwordGuy

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Re: 100k networth by year end :)
« Reply #11 on: April 24, 2017, 05:09:22 PM »
Each $100,000 growth goes faster than the one in front of it!   You're now on the right side of compounding growth!  Woot!