Just Hit 100k Net Worth but feeling like a millionaire

[24forMore]

Hi All,

Just wanted to share my little success. I learned about FIRE and index investing as I started my career at age 24.5. I turned 26 last month and I checked my net worth yesterday - $100,692. Woohoooooooo

Breakdown:
Savings - 31.5k (Saving for a down-payment for property / emergency fund
Checkings - 4.5k
457(b) - 33.5k
Roth IRA - 19k
Brokerage - 12k

This year I plan to contribute the max to my 457b, and I've only contributed 1k to my Roth IRA (since I've been saving up for Down-payment), but I will likely shift and try to max that out too. Whatever is leftover will either be saved (I'll stop at 40k savings), or I'll put it into the brokerage.

I'm proud of where I'm at. I owe a lot to my parents who paid for my university, and I'm living with them right now which means rent and most of my groceries are being covered. I am extremely fortunate, but I'll likely be moving out sometimes in the next 6-12 months which will slightly slow down the speed of my financial progress.

Thanks.

[Dicey]

Congratulations!

[Evildunk99]

Off to a great start, nice work!

[maizefolk]

Way to go! At 26 I was worth a grand total of $11,365 so you're off to nearly 10x the start I was.

[RWD]

Congrats! My net worth was negative at age 26. Wish I had started maxing my 401k then!

[StarBright]

Congrats!!!

A lot of people say they really notice their savings take off (ie. their money makes money) once they hit the 100k mark. I absolutely found that to be true and I bet you will too.

Great job.

[24forMore]

[/quote]

Congratulations!

Thank You.

Off to a great start, nice work!

Why Thank you.

Way to go! At 26 I was worth a grand total of $11,365 so you're off to nearly 10x the start I was.

Thank you for sharing. I'm trying to get so far ahead in this game that by the time I have a family, I can slow down if needed. I hope to have a stache that's rolling on its own by the time I have a family.

Congrats! My net worth was negative at age 26. Wish I had started maxing my 401k then!

I was only planning on contributing about 15k to my 457(b) this year since I'm also saving cash on the side. Now that I hit this milestone, I just changed my contribution percentage to 100% for the next couple paychecks to max out my 457. I feel like I need to keep the sprint going while I'm still living at home.
I appreciate you sharing your net worth at 26 - it makes me stop and feel a deep sense of gratitude to my parents. This good start is not due to anything that I've done, it's due to my parents prioritizing my financial life while taking a hit to theirs.

Congrats!!!

A lot of people say they really notice their savings take off (ie. their money makes money) once they hit the 100k mark. I absolutely found that to be true and I bet you will too.

Great job.

Well I sure dang hope so. I hope to be a millionaire by next May.... or a couple of Mays from now. Thanks for the well wishes.

[jrhampt]

Very nice.  I was also still negative at 26.  At 31 too, actually.

[24forMore]

Very nice.  I was also still negative at 26.  At 31 too, actually.

It's all good, progress is just putting one foot in front of the other while moving in the right direction.




ALSO: Yesterday was one of those special days for me, where the universe says that things will just go your way.

I just received word that I got a job I applied for and went through 4 rounds of interviews for. Starting next August and it should be a raise of 10-15k. Life is really somethin right now.

[Loren Ver]

That's great news. 

The dollars you put in today will work a lot harder for you than the dollars you put in later.  Put those little guys to work!

And give your parents lots of hugs!  And yourself a pat on the back.  You could be blowing through the money instead of taking advantage of the situation to build a better tomorrow.  Good team effort.

Loren

[JAYSLOL]

Congrats!  $100k is a huge milestone, especially in your 20s. 

[former player]

Very nice.  I was also still negative at 26.  At 31 too, actually.

It's all good, progress is just putting one foot in front of the other while moving in the right direction.




ALSO: Yesterday was one of those special days for me, where the universe says that things will just go your way.

I just received word that I got a job I applied for and went through 4 rounds of interviews for. Starting next August and it should be a raise of 10-15k. Life is really somethin right now.

Purely anecdotal, of course, but there does seem to be a trend on this forum of people getting their finances in good MMM order and then other good things happening in their lives.  Coincidence?  Getting one's finances fixed puts one in a position to take advantage of opportunities that come along?  Or perhaps that getting one's finances in order gives one the confidence to go out and make other good things happen in the world?  Whichever, congratulations on the new job.

[24forMore]

That's great news. 

The dollars you put in today will work a lot harder for you than the dollars you put in later.  Put those little guys to work!

And give your parents lots of hugs!  And yourself a pat on the back.  You could be blowing through the money instead of taking advantage of the situation to build a better tomorrow.  Good team effort.

Loren

Well I'm not much of a hugger. I made chicken drumsticks on the smoker for them yesterday. That's kind of like a hug right?

Congrats!  $100k is a huge milestone, especially in your 20s. 

Making me feel all good and stuff. Thank you.

Very nice.  I was also still negative at 26.  At 31 too, actually.

It's all good, progress is just putting one foot in front of the other while moving in the right direction.




ALSO: Yesterday was one of those special days for me, where the universe says that things will just go your way.

I just received word that I got a job I applied for and went through 4 rounds of interviews for. Starting next August and it should be a raise of 10-15k. Life is really somethin right now.

Purely anecdotal, of course, but there does seem to be a trend on this forum of people getting their finances in good MMM order and then other good things happening in their lives.  Coincidence?  Getting one's finances fixed puts one in a position to take advantage of opportunities that come along?  Or perhaps that getting one's finances in order gives one the confidence to go out and make other good things happen in the world?  Whichever, congratulations on the new job.

Understanding that I didn't have to make 200k a year to become a millionaire was an unbelievable realization. Getting an investing plan together and making some decent progress towards the goal has absolutely made me more confident. Maybe that confidence was picked up in my job interviews. Who knows. All I know is that this guy has got a sweet new job.
Thank you.

[Zamboni]

Congrats! That is awesome, and at this rate you will be a millionaire pretty fast.

[EfficiencyNerd]

Congrats! Checking my spreadsheets, I hit $100k a couple months after my 27th birthday. It took me ~2.5 years to get the first $100k, another 1.5 years to get $200k, and I'm now 7 months later I'm at $267k gunning for $300k. I did get married last year though, which accelerated my/our savings (although we're about to have a kid, and expect to buy a house at some point, so both of those will also change things).

The first $100k is definitely the hardest. It's important to keep at it, but you'll find the money starts to pile up faster and faster. My initial projections were to be FI around age 45. Then a couple years ago I figured I could maybe there by 40, if I really worked at it. Right now based on my spreadsheet I'm projecting FI at age 36 which seems crazy.... Keep making small improvements to your budget, socking away money, and let the snowball turn into an avalanche and carry you down the mountain. You got this!