Author Topic: Progress for 20 something's  (Read 24492 times)

boarder42

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Re: Progress for 20 something's
« Reply #150 on: November 22, 2016, 08:24:59 AM »
26 y/o. I have been working full time for 3 years since 23. Student loans blasted a 28K crater in my NW but I finished paying that off within a year of finishing school.

IRA - 20K
Cash - 25K
Robinhood (stocks)- 15K
Old 401k - 7K (I left before the full 5/6 year vesting period so I only got to keep 20% of company match)
Current 401k - 12K
ESPP - 9K

NW - 88K

I'm going to keep car and house out of my NW calculation.
Going forward I will be putting a lot less money into my Robinhood account and more into my 401K.

I have been maxing out IRA every year since graduation and I hope to continue that tradition.
I am currently contributing 40% to my 401k so I can max it out for 2016. Next year I will continue to max out my 401k.

Hoping to reach $200K by 30!

just maxing 401k and IRA should easily get you to 200k by 30 in today dollars. actually 224k ... assuming the markets cooperate.
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Vertical Mode

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Re: Progress for 20 something's
« Reply #151 on: November 22, 2016, 11:05:34 AM »
28 y/o. Graduated 2010 into a crappy market for my field, so I picked up odd jobs for a year or so before landing an internship (which was my stepladder to my current job of 5+ years).

401(k)   = 64k
Roth      = 15k
Taxable = 50k
Cash     = 11k

My only debt is my current CC balance

NW = ~140k

Not in an especially lucrative field, so I expect it to be a deliberate march toward FIRE. Doesn't the tortoise win that race in the end, though? ;-)

Also, so many of you are way ahead of where I was in my younger 20's. Nice work :-)
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frugalfanny

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Re: Progress for 20 something's
« Reply #152 on: November 23, 2016, 08:28:14 AM »
I feel like I'm moving at tortoise pace here. Just found MMM last year. Since then I've made some changes and continue to tweak my spending and saving habits. I've considered myself a saver all my life, but MMM takes it to another level I didn't know existed.

Graduated in 2009 with -$52k in student loans and $5k in cash. Been working full time as a children's librarian since then. Seven years out of school I am 29 and these are my stats:

Cash: $15k
401a: $25k
457: $16k
Wealthfront: $5k (wedding money... but I'm hoping my family will pay for most of the wedding so I don't have to spend this.)
Pension value: $14k (if I left my job now and took the money, or $500 a month after age 62)

Student Loan: -$25K (paying $1333 a month on this)

Net Worth: $50k

I only have a few months left as a 20 something. :( I'm glad I could at least hit 50k before I turned 30. By some miracle (and careful planning) I think I will hit 75k next year.



boarder42

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Re: Progress for 20 something's
« Reply #153 on: November 23, 2016, 08:44:14 AM »
I feel like I'm moving at tortoise pace here. Just found MMM last year. Since then I've made some changes and continue to tweak my spending and saving habits. I've considered myself a saver all my life, but MMM takes it to another level I didn't know existed.

Graduated in 2009 with -$52k in student loans and $5k in cash. Been working full time as a children's librarian since then. Seven years out of school I am 29 and these are my stats:

Cash: $15k
401a: $25k
457: $16k
Wealthfront: $5k (wedding money... but I'm hoping my family will pay for most of the wedding so I don't have to spend this.)
Pension value: $14k (if I left my job now and took the money, or $500 a month after age 62)

Student Loan: -$25K (paying $1333 a month on this)

Net Worth: $50k

I only have a few months left as a 20 something. :( I'm glad I could at least hit 50k before I turned 30. By some miracle (and careful planning) I think I will hit 75k next year.

frugal in your name 5k is a ton for a wedding - also thats a pile sitting in cash if you had invested that 1 day prior to the election it would already have made you an extra 1k
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Verdandi

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Re: Progress for 20 something's
« Reply #154 on: November 23, 2016, 11:08:14 AM »
I just exited my 20s 4 months ago, so I'm posting to feel young again ;)

I definitely had a lot of progress, mainly during the last 2 years. I went from 20k networth when I was 20 to now:

15k savings
2 rentals, worth about 280k with a 75k mortgage
10k other  investments

During that time I put myself through 8 years of education and also spent a semester in Paris.
My (old) car was bought when I was 21 with cash.

I will keep going like this for another 2 years and then scale back on working to have kids. I want to have more time at home and for home projects and family. 5 years ago, I couldnt imagine that :-)

frugalfanny

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Re: Progress for 20 something's
« Reply #155 on: November 23, 2016, 11:33:16 AM »

frugal in your name 5k is a ton for a wedding - also that's a pile sitting in cash if you had invested that 1 day prior to the election it would already have made you an extra 1k

Boarder--I agree it is a ton. But for me planning a gathering for my family and friends is worth the loss of cash. We're renting out a camp with cabins where everyone can stay the night. Family is cooking, baking the cake, making decorations, etc. I think my family will actually pay for the venue and other costs so I won't have to spend it, but I want to be prepared if I need to pay and I don't have any credit cards to carry the bill. The 5k is invested in a Wealthfront account. If you have a suggestion for a better place to stash it that I could withdraw from in the next year let me know.




boarder42

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Re: Progress for 20 something's
« Reply #156 on: November 23, 2016, 11:34:26 AM »

frugal in your name 5k is a ton for a wedding - also that's a pile sitting in cash if you had invested that 1 day prior to the election it would already have made you an extra 1k

Boarder--I agree it is a ton. But for me planning a gathering for my family and friends is worth the loss of cash. We're renting out a camp with cabins where everyone can stay the night. Family is cooking, baking the cake, making decorations, etc. I think my family will actually pay for the venue and other costs so I won't have to spend it, but I want to be prepared if I need to pay and I don't have any credit cards to carry the bill. The 5k is invested in a Wealthfront account. If you have a suggestion for a better place to stash it that I could withdraw from in the next year let me know.

the latter comment was towards the 15k you have sitting in cash.  and there are much better places to put money than wealthfront.  vanguard being one of them.
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frugalfanny

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Re: Progress for 20 something's
« Reply #157 on: November 23, 2016, 11:51:11 AM »

the latter comment was towards the 15k you have sitting in cash.  and there are much better places to put money than wealthfront.  vanguard being one of them.

Gotcha--10k of the 15k is my 6 month emergency fund in CDs averaging only 1.3%... I know there's some debate about the necessity of an emergency fund. Would you recommend putting emergency fund money in Vanguard?

The other 5k:
3500 Checking account balance, one months expenses ($1300 goes to paying down student loan debt)
1000 Savings Account balance
500 Christmas money

I thought I was frugal but compared to Mustachians I am a spendypants. I am aspiring to come over to the MMM side at my pace, which is slow. It's a learning process for me so thanks for the advice.



boarder42

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Re: Progress for 20 something's
« Reply #158 on: November 23, 2016, 12:15:39 PM »
i keep my E fund in vanguard. VTSAX i keep all of my soldiers invested.  i live leveraged out with credit cards basically.  at any given point in time what i owe on CC's(that are paid down each month) is about equal to whats in my bank account.  every other penny goes into VTSAX. you have to find your own confort level but 10k not invest is a lot over the course of your life.  if push comes to shove you can put expenses on a credit card and then sell some of the investment. But what if i have to sell at a loss.  history would tell us this is highly unlikely but you can play the game however you like.
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adizb

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Re: Progress for 20 something's
« Reply #159 on: January 04, 2017, 09:32:46 AM »
Haha and i thought i was doing ok.... I started saving less than two years ago,  right around the time i bought a brand new car. Yes.... and despite all the advice around me not to do it i honestly saw nothing wrong with it. Then, when i had seemingly all i wanted, i started to wonder what to do with the money next. After some more  bla bla bla i finally found this awesome community and MMM.

Started saving instead of spending  and here's how it looks.

Im 28, single with annual income of ~55k


Cash: ~4.5k (sold some stocks to finally pay off the car)

401k: ~15k (on track to max it )

tIRA:  ~5.6k

Debt: ~3k (car)



I noticed im gaining about 3k a month, currently sitting around 22k NW. Its funny if i think about it, its like ive been pulled out of the matrix. Oblivious to the fact there was another world out there. Now that ive found it i thought i was Neo, you know the one, but after reading all previous replies i realize im just a scrubby side character. As depressing as it sounds im still happy where im heading though =)

Happy New year! A little update from me on how i'm progressing:

Cash: ~ $0.3k
401k: ~ $23.3k
tIRA: ~ $5.0k  (decrease from last post, made some silly moves in the market...)
Taxable Account Investment: ~ $11.3k
Lending Club: ~ $0.8k
Debt:  $13k  (this is a loan from my parents, they just kept it in the bank so now im keeping it for them and get to earn some better return on it)

Net Worth is ~ $27.7k. Not a huge jump from my last reported amount but going up. I have also finished my full year of keeping track of my expenses and sad to say my savings rate was only 65%, i thought it would be closer to 70% but that's something i can work on this year. Definitely had some stupid purchases i can avoid. I've also paid off my car completely! Feels amazing not having to make payments. I predict my 2017 work income to drop a little as i've been told Q1 will no longer have working sundays (which is a nice chunk of money and a reason why i made 55k last year). Slow and steady... into FI!

realtormustachian

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Re: Progress for 20 something's
« Reply #160 on: January 04, 2017, 10:37:12 AM »
This is my first post but I'm super excited for a board like this! I'm kind of in the middle of the race gauntlets, not in enough debt for an emergency, and feel too far away to discuss concrete plans so this thread has spoken to me the most!

25, in a committed relationship with a converting mustachian 26
Just started Mustachianism in November 2016, but have read almost everything. Started saving early 2015.

Cash: $13.5k
Investments: $17.5k
House Value: $138k
Loan: $123k
Car Loan: $3k (paid off in July)
Just paid off student loans! (though not much to brag about because thanks to financial aid ~$4.5k)
NW: $43k
Goal for 2017: Increase NW to $100k

This year I'm focusing on maxing out my SEP and Roth IRA (realtor so self-employed), minimizing my spending, and throwing the remainder into my Vanguard and HSA to build up a healthy deductible budget.
Realtor in Atlanta, Harvard Grad, looking forward to pursuing whatever I can come up with.

ZagNation

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Re: Progress for 20 something's
« Reply #161 on: January 04, 2017, 01:48:54 PM »
Upon graduating in 2012, I began working for a fortune 100 retail corporation and knew I had to pay my dues at a warehouse. Needless to say, putting my degree to use was the first order of business followed by earning a higher salary. At the age of 26 I am less deserving of face punches but hey, we all have to begin somewhere right? Last year I experienced a 30% salary increase after leaving the HR world and securing a business intelligence analyst position. Equally notable is I paid off ~9K in consumer sucka credit card debt. Next on the chopping block is paying off my motorcycle and student loans by the end of 2017...

Salary Progression: 23K @ 9/1/12 --> 32K @ 10/1/13 --> 45K @ 10/1/14 --> 53K @ 7/1/15 --> 69K @ 8/1/16
Cash: $1K
401K: $6.2K
Motorcycle Loan: $4.1K
Student Loans: $17K
NW: -$14.2K

By this Thanksgiving I project my NW will be positive and I'll be debt free. 2018 will mark the year that I max out my 401K and I cannot wait until my 50% savings rate goes entirely towards increasing my NW as opposed to paying off debt. A stretch goal for myself is 100K NW by 30. Happy New Year all!

monstermonster

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Re: Progress for 20 something's
« Reply #162 on: January 04, 2017, 03:58:31 PM »
Well, I only have 6 months left of being in my 20's. Net worth is holding steady at $20,000, but unfortunately won't be going up much in the near future as I get my business off the ground that I started a few months back. My 10-hour-week side job is holding me steady but it isn't increasing my net worth by more than $100-200/month as that's about the max I can save off that income.

Goal is to increase my net worth by $12,000 before I'm out of my twenties (bday is 7/7). Think I can do it?
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OvertheRainbow

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Re: Progress for 20 something's
« Reply #163 on: January 23, 2017, 11:32:21 PM »
Man, I feel like such a slacker in this thread.

Just turned 25 years old. Here are my stats as of today:

Roth IRA- approx 12k
403b- approx 7k
457b- approx. 1k
PERS- approx. 23k
Cash- approx. 23k
ETA a RMD: - approx. 4k
No debt, a seven year old Honda. No home either.

My goal is to have 150k in retirement by age thirty, preferably 200k. 43k down, 57k more to go!

Time for an update:
Roth- approx 17.8k (maxed for 2017)
403b- approx 13.1k
457b- approx 2.6k
PERS- approx 26.6k
Cash- probably still 23k. I don't keep strict track over it
RMD- approx 5.3k

New goal: Have 30k in 403b and approx 8-9k in 457b by the end of this year.

Metric Mouse

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Re: Progress for 20 something's
« Reply #164 on: January 23, 2017, 11:36:34 PM »
Upon graduating in 2012, I began working for a fortune 100 retail corporation and knew I had to pay my dues at a warehouse. Needless to say, putting my degree to use was the first order of business followed by earning a higher salary. At the age of 26 I am less deserving of face punches but hey, we all have to begin somewhere right? Last year I experienced a 30% salary increase after leaving the HR world and securing a business intelligence analyst position. Equally notable is I paid off ~9K in consumer sucka credit card debt. Next on the chopping block is paying off my motorcycle and student loans by the end of 2017...

Salary Progression: 23K @ 9/1/12 --> 32K @ 10/1/13 --> 45K @ 10/1/14 --> 53K @ 7/1/15 --> 69K @ 8/1/16
Cash: $1K
401K: $6.2K
Motorcycle Loan: $4.1K
Student Loans: $17K
NW: -$14.2K

By this Thanksgiving I project my NW will be positive and I'll be debt free. 2018 will mark the year that I max out my 401K and I cannot wait until my 50% savings rate goes entirely towards increasing my NW as opposed to paying off debt. A stretch goal for myself is 100K NW by 30. Happy New Year all!

Oooh... what kind of motorcycle?
Give me one fine day of plain sailing weather and I can mess up anything.

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ZagNation

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Re: Progress for 20 something's
« Reply #165 on: January 25, 2017, 01:28:28 PM »
Upon graduating in 2012, I began working for a fortune 100 retail corporation and knew I had to pay my dues at a warehouse. Needless to say, putting my degree to use was the first order of business followed by earning a higher salary. At the age of 26 I am less deserving of face punches but hey, we all have to begin somewhere right? Last year I experienced a 30% salary increase after leaving the HR world and securing a business intelligence analyst position. Equally notable is I paid off ~9K in consumer sucka credit card debt. Next on the chopping block is paying off my motorcycle and student loans by the end of 2017...

Salary Progression: 23K @ 9/1/12 --> 32K @ 10/1/13 --> 45K @ 10/1/14 --> 53K @ 7/1/15 --> 69K @ 8/1/16
Cash: $1K
401K: $6.2K
Motorcycle Loan: $4.1K
Student Loans: $17K
NW: -$14.2K

By this Thanksgiving I project my NW will be positive and I'll be debt free. 2018 will mark the year that I max out my 401K and I cannot wait until my 50% savings rate goes entirely towards increasing my NW as opposed to paying off debt. A stretch goal for myself is 100K NW by 30. Happy New Year all!

Oooh... what kind of motorcycle?

That would be a brand new leftover 2014 Kawasaki Ninja 300. Have been an avid motorcycle fan for as long as I can remember and it was a graduation present to myself (more debt, yes I know). If I could go back in time knowing what I know now, I would still purchase Scarlett as the elation and pure joy I receive riding is worth the price of admission.

l2jperry

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Re: Progress for 20 something's
« Reply #166 on: January 25, 2017, 06:11:31 PM »
Just turned 26 today... and I am starting to feel old!

425k Investments
75k cash
NW right around 500k.

Yes I know that's a lot of cash, but I'm looking to getting into rentals.

Single, and a small business owner. (Ecommerce)... I do have an associates degree from local college. I don't own a house.


Saskatchewstachian

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Re: Progress for 20 something's
« Reply #167 on: January 26, 2017, 08:34:02 AM »
Just turned 26 today... and I am starting to feel old!

425k Investments
75k cash
NW right around 500k.

Yes I know that's a lot of cash, but I'm looking to getting into rentals.

Single, and a small business owner. (Ecommerce)... I do have an associates degree from local college. I don't own a house.

Well done JP, very impressive for a single income earner. One of the big things about the associated degree is that you can get into the workforce a couple years earlier than the Bachelor's route and it's obviously paid off for you.

Raenia

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Re: Progress for 20 something's
« Reply #168 on: January 26, 2017, 09:26:29 AM »
Found MMM last year, but I've had decent savings habits since graduating.  Still struggling to feel like I'm making progress, though, I always feel like there should be something I can do right now to do better ;)  I'm 27.

Cash Savings: 5k Emergency Fund
Retirement Accounts: 18k (401k and tIRA)
Investments: 80k
Debt: 0

Bumbles8

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Re: Progress for 20 something's
« Reply #169 on: January 27, 2017, 04:34:24 PM »
22, out of university since May.  Engineer in LCOL area

From last month:

Bank: ~7200
Roth: ~3000
401k:  ~8700  (I do not count match because it is not vested yet)
Debt: 12k   (loan)

Roughly 7k net worth

The good news:  I realized today I increase my net worth about ~$2500 a month.
    Hoping this year I add 30k to my net worth.
    Goal currently is to add 100k within 3 years

Metric Mouse

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Re: Progress for 20 something's
« Reply #170 on: January 27, 2017, 04:52:27 PM »
Upon graduating in 2012, I began working for a fortune 100 retail corporation and knew I had to pay my dues at a warehouse. Needless to say, putting my degree to use was the first order of business followed by earning a higher salary. At the age of 26 I am less deserving of face punches but hey, we all have to begin somewhere right? Last year I experienced a 30% salary increase after leaving the HR world and securing a business intelligence analyst position. Equally notable is I paid off ~9K in consumer sucka credit card debt. Next on the chopping block is paying off my motorcycle and student loans by the end of 2017...

Salary Progression: 23K @ 9/1/12 --> 32K @ 10/1/13 --> 45K @ 10/1/14 --> 53K @ 7/1/15 --> 69K @ 8/1/16
Cash: $1K
401K: $6.2K
Motorcycle Loan: $4.1K
Student Loans: $17K
NW: -$14.2K

By this Thanksgiving I project my NW will be positive and I'll be debt free. 2018 will mark the year that I max out my 401K and I cannot wait until my 50% savings rate goes entirely towards increasing my NW as opposed to paying off debt. A stretch goal for myself is 100K NW by 30. Happy New Year all!

Oooh... what kind of motorcycle?

That would be a brand new leftover 2014 Kawasaki Ninja 300. Have been an avid motorcycle fan for as long as I can remember and it was a graduation present to myself (more debt, yes I know). If I could go back in time knowing what I know now, I would still purchase Scarlett as the elation and pure joy I receive riding is worth the price of admission.

Nice! I haven't had a chance to buzz around on the 300. They seem like just about everything one would need.
Give me one fine day of plain sailing weather and I can mess up anything.

MustacheMathTM

Metric Mouse

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Re: Progress for 20 something's
« Reply #171 on: January 27, 2017, 04:53:06 PM »
Just turned 26 today... and I am starting to feel old!

425k Investments
75k cash
NW right around 500k.

Yes I know that's a lot of cash, but I'm looking to getting into rentals.

Single, and a small business owner. (Ecommerce)... I do have an associates degree from local college. I don't own a house.

Nice. I'd wish you good luck, but you've clearly go things figured out very well!
Give me one fine day of plain sailing weather and I can mess up anything.

MustacheMathTM

akzidenz

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Re: Progress for 20 something's
« Reply #172 on: February 04, 2017, 04:41:50 PM »
401k$4k
Roth IRA$10k
Emergency fund$3k
Net worth$17k
401k$12.5k(+$8.5k)
Roth IRA$12.5k(+$2.5k)
Emergency fund$9.5k(+$6.5k)
Taxable investments$3k(new)
Net worth$37.5k(+$20.5k)

Some unfortunate roadbumps that led to me pulling from my emergency fund, and unfortunately my savings rate dipped

401k$20.5k(+$8k)
Roth IRA$15.5k(+$3k)
Emergency fund$4k($5.5k, but $2.5k was a security deposit)
Taxable investments$9k(+$6k)
Net worth$49k(+$11.5k)

This net worth doesn't include money that I have in my checking account. If I include that, my actual net worth is more like $50k.

LuxuryIsADrug

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Re: Progress for 20 something's
« Reply #173 on: February 04, 2017, 11:18:46 PM »
Canadian. 27, male, single.

Debt: -$35,500 @ 5.1%
Investments: $24,000

NW: -$11,500

76 Days later:

Canadian. 27, male, single.

Debt: -$30,900 @ 5.1%
Investments: $27,850

NW: -$75

This averages to $150/day. Sadly, this is not sustainable (83% savings rate). At my current income I could probably max out around $100/day when including my workplaces matching plan. Interestingly, that comes out to a 55% savings rate.

« Last Edit: February 04, 2017, 11:32:37 PM by LuxuryIsADrug »

kissthesky

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Re: Progress for 20 something's
« Reply #174 on: February 05, 2017, 01:29:01 PM »
Great to see other young mustachians here! Most friends my age think I'm nuts.

27 years old, F
Statistician @ tech company
HCOL area

Cash: $45k
Brokerage: $130k
401ks: $180k
IRAs: $40k
HSA: $15k
Home cost - mortgage: $100k (although value has gone up by ~50k since I bought it)

Net worth: ~$510k

Excited that I hit the 500k milestone last month! Just gotta keep going... we can do it :)

frugalwitch

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Re: Progress for 20 something's
« Reply #175 on: February 05, 2017, 01:52:38 PM »
Canadian, Female, 27 years old, teacher.

Current NW : ~ 72k

Cash: 1k (EF)
Brokerage : 2k
Pension fund: 29k
Car : 10.4k
Home value: 120k
Rental condo: 100k

Personal loan: 11k @ 0%
Home mortgage: 108k
Rental condo mortgage: 71k

I contribute 620$/month in my pension fund and trying to put 650$ per month into my debt/TFSA for 2017.

Fish Sweet

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Re: Progress for 20 something's
« Reply #176 on: February 06, 2017, 01:22:54 PM »
I'm 26, living in an extremely HCOL & car heavy area, and working a job that pays alright, but there's not much of a career path for.   On the plus side, I've got a lot of roommates, haha, I love where I live, and I'm on the slow and steady path toward FIRE.

Debt: $0!  Lucky enough to have gotten through undergrad living on apples and eggs, grants, scholarships, and enough parental assistance to never take out loans.
Cash: 13k
Investments: ~83k, split between Vanguard and a family broker I used before I knew any better. 
Vehicle: I drive a 15 yo beat ass Infiniti, a graduation gift from my dad.   Planning on driving it into the ground if I possibly can, but it's worth maaaybe 2k on a good day, and I wouldn't bet on it.

~95-100k at the moment, which is a nice feeling.  I'm hoping to break 125k this coming year, and really push to save as hard as I can and maybe find something in the way of a side hustle to speed up my savings!

BCpuppy

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Re: Progress for 20 something's
« Reply #177 on: February 12, 2017, 12:41:42 PM »
27, married

Cash 49,000 (lg portion is savings for my grad school tuition)
Investments 25,000
House worth 270,000

Debt: 65000 (under 3% student loans from my husband schooling)
240000 mortgage

Net worth:~40,000

Not horrible considering our net worth was -140,000 just a year and half ago

Philociraptor

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Re: Progress for 20 something's
« Reply #178 on: February 13, 2017, 01:57:52 PM »
I'll add in some data. 26, married. Below are our joint numbers:

Cash Savings - $9,688
Investments - $137,942
Home Value - $139,000
Debt - $177,836 ($104k house, $9k car, $64k student loans)
Net Worth - $108,794

House was purchased for $110k 4 years ago, car was purchased pre-MMM and will be downsized soon, student loans started right around $100k 5 years ago (private school is expensive when your parents make a lot of money but didn't save any for your college).

Quoting myself to show progress. Now I'm 27.6, wife is 27.7, married 2.7 years. Combined numbers:

Cash savings - $2,000
Investments - $201,469
Home Value - $139,000
Debt - $162,328
Net Worth - $180,141

MrStash

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Re: Progress for 20 something's
« Reply #179 on: February 13, 2017, 04:34:49 PM »
27 year old here.

$34,417 in 401ks (some roth some traditional, all over the place in multiple accounts)
$22,162 in taxable Vanguard account
$3,636 in different savings accounts plus HSA
$63,775 in house equity (assuming I get $200,000 out of it after selling costs, this is conservative as the house is worth about $220,000)
$123990 total assets

Minus $21,016 car loans on two vehicles

$102,974 total NW

Not included day to day bank accounts and vehicle values.

At age 30 I'm hoping to be over $250,000 NW and $135,000 invested assets.

pattycakepdx

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Re: Progress for 20 something's
« Reply #180 on: February 16, 2017, 09:46:34 AM »
Turning 28 today! Husband is 28 as well.

My 401(k) from former employer $51,750
My 403(b) at current job             $17,000
Hubs 401(k)                                $10,000
Investments                                  $6,000
Debt (Hubs student loans)          $30,000

Total NW                                     $54,750

We have pretty minimal cash savings right now since we're trying to get his student loans paid off pretty aggressively. Once those are paid (should be no later than April 2018!), we'll focus on bulking up investments and cash savings to save a down payment for a house.

MrMath

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Re: Progress for 20 something's
« Reply #181 on: March 18, 2017, 03:19:06 PM »
If you are looking to retire early, I would look into maxing your 457 as those funds can be used at any time (after separating from your employer) without a tax penalty, unlike a 403b or traditional IRA.

Thanks! I missed that before. Rearranged contributions. Here's an update:
403b: 8,600
457b: 6,600 (now maxxing out, although less desirable options and fees)
Checking: 3,000
Gold: 1 oz 1,230
Taxable:5,350
Roth: 20,520
Savings: 300
Student Loans: -6600 ( forgiven in 5 yrs of teaching)

Net Worth 39,000 (+13500 since OCT)
« Last Edit: March 18, 2017, 03:40:47 PM by MrMath »

realtormustachian

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Re: Progress for 20 something's
« Reply #182 on: April 03, 2017, 05:27:08 PM »
This is my first post but I'm super excited for a board like this! I'm kind of in the middle of the race gauntlets, not in enough debt for an emergency, and feel too far away to discuss concrete plans so this thread has spoken to me the most!

25, in a committed relationship with a converting mustachian 26
Just started Mustachianism in November 2016, but have read almost everything. Started saving early 2015.

Cash: $13.5k
Investments: $17.5k
House Value: $138k
Loan: $123k
Car Loan: $3k (paid off in July)
Just paid off student loans! (though not much to brag about because thanks to financial aid ~$4.5k)
NW: $43k
Goal for 2017: Increase NW to $100k

This year I'm focusing on maxing out my SEP and Roth IRA (realtor so self-employed), minimizing my spending, and throwing the remainder into my Vanguard and HSA to build up a healthy deductible budget.

Wanted to submit an update a quarter later :) It's been a slow quarter for real estate but I've cut down a ton on my spending. We eat out maybe once a month, I cook dinner/re-heat old meals the rest of the time and no more buying lunch at work! I've cut my monthly spending by $1200/month so once I get into the meat of the season I should be able to save very quickly!

Cash: $6.5k
Investments: $26.5k
House Value: $138k
Loan: $122k
Car Loan: $1.5k (paid off in July)
NW: $46.5k

So no huge increase in NW because of depleted savings (feast or famine:), but good work toward paying down debts and getting more money into my investments.
Realtor in Atlanta, Harvard Grad, looking forward to pursuing whatever I can come up with.

Cwadda

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Re: Progress for 20 something's
« Reply #183 on: April 06, 2017, 11:51:18 AM »
Update

Cash: $27k (going to a house downpayment)
Roth: $30k
Debt: $7k

NW: $50k

FrozenBits

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Re: Progress for 20 something's
« Reply #184 on: April 06, 2017, 12:28:56 PM »
End of Q1 Update.  I'll hit 30 in 2020 so I have 3 years.

End Of
2014-Q1:                $55,471
2014-Q2:                $78,319            (+22,848)
2014-Q3:                $84,251            (+5,932)
2014-Q4:                $106,801          (+22,550)
2015-Q1:                $126,464          (+19,663)
2015-Q2:                $145,996          (+19,532)
2015-Q3:                $151,957          (+5,961)
2015-Q4:                $203,486          (+51,529)
2016-Q1:                $217,931          (+14,445)
2016-Q2:                $233,784          (+15,853)
2016-Q3:                $255,000          (+21,216)
2016-Q4:                $276,375          (+21,375)
2017-Q1:                $306,936          (+30,561)


Current:                  $307,450

Rough breakdown of assets:
Investments   = 243,800
Home Equity   = 48,000
Cash               = 15,000


The stretch goal for 2017 is to break 300k invested with a total NW of around 375k which would give us a 100k increase in 2017. 

MikeW

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Re: Progress for 20 something's
« Reply #185 on: April 07, 2017, 06:18:19 AM »
Coming up on 25. Single no kids.

Current Status
401k: 36k
Roth IRA: 13.5k
Taxable accounts: 43k
Cash: 44k (Way too much... currently investment house hunting)
HSA: 2.3k
Debt: 0
Currently own my condo and co-own an investment home outright. Both are cash positive.
Also own a small fleet of cars and motorcycles outright.

Room for improvement:
Frills spending; everything from trips abroad to packing lunch
Lifestyle creep ~20k/year - I would like to fully rent out my condo and try living in a van to re-baseline
Vehicles are all non-mustachian and typically depreciating money pits however they're one of my few passions

Summary:
NW excluding vehicles: 279k
FIRE target is 2028 / 35 years old

bb11

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Re: Progress for 20 something's
« Reply #186 on: May 10, 2017, 03:37:35 PM »
Coming up on 25. Single no kids.

Current Status
401k: 36k
Roth IRA: 13.5k
Taxable accounts: 43k
Cash: 44k (Way too much... currently investment house hunting)
HSA: 2.3k
Debt: 0
Currently own my condo and co-own an investment home outright. Both are cash positive.
Also own a small fleet of cars and motorcycles outright.

Room for improvement:
Frills spending; everything from trips abroad to packing lunch
Lifestyle creep ~20k/year - I would like to fully rent out my condo and try living in a van to re-baseline
Vehicles are all non-mustachian and typically depreciating money pits however they're one of my few passions

Summary:
NW excluding vehicles: 279k
FIRE target is 2028 / 35 years old
One wonders how you can save up $279k by 25 years old? Of course you're not even the most ambitious of those on this thread, but I'm assuming in many of these cases there has been major family assistance. Not that people need to be apologizing for that, but I do think it'd be helpful and less discouraging to others to provide some context in these extreme cases. Most 25 year olds haven't made more than $150k or so in their lifetime, let alone $300k, and you're saying you SAVED that amount. Pretty mind-blowing. It means you either 1. had family help, 2. Finished school at a young age AND got an incredible job paying $120k+ immediately, or 3. got lucky (or perhaps found something undervalued?) with a property value increase, stock IPO, or other investment that exploded in value.

Unless you have some fabulous tips that are not even being shared on MMM, I think it's fair to note that these results are not replicable without extreme external events.

To share with the thread, I'm 28 and have $185k in investments, $5k in 0% debt. I graduated at 23 so got a bit of a late start there, but lived rent-free for 2 years with my dad and then kept expenses low (see my journal in sig for details). During my 4 years of work experience I made between $50-80k, and for the last two years spent $15-16k annually. For the last 9 months I've had very little income as I'm getting a free graduate degree to boost future income and open up additional opportunities.

afuera

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Re: Progress for 20 something's
« Reply #187 on: May 11, 2017, 07:48:42 AM »
Coming up on 25. Single no kids.

Current Status
401k: 36k
Roth IRA: 13.5k
Taxable accounts: 43k
Cash: 44k (Way too much... currently investment house hunting)
HSA: 2.3k
Debt: 0
Currently own my condo and co-own an investment home outright. Both are cash positive.
Also own a small fleet of cars and motorcycles outright.

Room for improvement:
Frills spending; everything from trips abroad to packing lunch
Lifestyle creep ~20k/year - I would like to fully rent out my condo and try living in a van to re-baseline
Vehicles are all non-mustachian and typically depreciating money pits however they're one of my few passions

Summary:
NW excluding vehicles: 279k
FIRE target is 2028 / 35 years old
One wonders how you can save up $279k by 25 years old? Of course you're not even the most ambitious of those on this thread, but I'm assuming in many of these cases there has been major family assistance. Not that people need to be apologizing for that, but I do think it'd be helpful and less discouraging to others to provide some context in these extreme cases. Most 25 year olds haven't made more than $150k or so in their lifetime, let alone $300k, and you're saying you SAVED that amount. Pretty mind-blowing. It means you either 1. had family help, 2. Finished school at a young age AND got an incredible job paying $120k+ immediately, or 3. got lucky (or perhaps found something undervalued?) with a property value increase, stock IPO, or other investment that exploded in value.

Unless you have some fabulous tips that are not even being shared on MMM, I think it's fair to note that these results are not replicable without extreme external events.

To share with the thread, I'm 28 and have $185k in investments, $5k in 0% debt. I graduated at 23 so got a bit of a late start there, but lived rent-free for 2 years with my dad and then kept expenses low (see my journal in sig for details). During my 4 years of work experience I made between $50-80k, and for the last two years spent $15-16k annually. For the last 9 months I've had very little income as I'm getting a free graduate degree to boost future income and open up additional opportunities.

It bothers me that whenever younger members share high NW numbers there is always someone saying that they must have had family help in complainy-pants sorta way.
I'm 25.  I received a sports scholarship which covered most of my tuition and engineering scholarships covered almost all the rest.  I had multiple on-campus jobs and summer internships that paid well before I could legally drink.  Graduated at 22 (took me 5 years so not early) and got a job making close to 90K and some minimal SLs (cheap state college) which hubs and I paid off in 6 months.  NW is around 240K and we spent ludicrous amounts of money before we found MMM (i.e. fancy-ass wedding, Mercedes, etc).  There are still many people on this forum that are doing better than me at a younger age and it doesn't discourage me.  It motivates me.

Its true that I won the birth lottery. Its that it is much easier accruing money as DINKs.  Its true that a lot of people get some help from their parents (mine helped me cover rent and some spending money each month).  But I think it goes against the spirit of this forum to discount all younger members that are making great progress by saying they had "major family assistance".  The success of others is only discouraging to you if you try and compare their situation to yours.  We all have a different path to follow on our jouney to FIRE and I would appreciate it if you didn't downgrade others accomplishments because their path looks different than yours.

One of the best things I have ever read on this forum was when LWTG said:
I realized early on that "Keeping up with the MMMers" would not make me any happier (or successful) than "keeping up with the Jones".
Don't try to keep up with the MMMers.  Don't try to keep up with the other "20 something's".  Just try to improve your own situation and use these threads for motivation instead of treating them like a competition.

"The price of anything is the amount of life you exchange for it" - Henry David Thoreau

6/2017: INV-3.4x, NW-5.0x
Projected FIRE date: 2025
Journal.

bb11

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Re: Progress for 20 something's
« Reply #188 on: May 11, 2017, 11:05:18 AM »
Coming up on 25. Single no kids.

Current Status
401k: 36k
Roth IRA: 13.5k
Taxable accounts: 43k
Cash: 44k (Way too much... currently investment house hunting)
HSA: 2.3k
Debt: 0
Currently own my condo and co-own an investment home outright. Both are cash positive.
Also own a small fleet of cars and motorcycles outright.

Room for improvement:
Frills spending; everything from trips abroad to packing lunch
Lifestyle creep ~20k/year - I would like to fully rent out my condo and try living in a van to re-baseline
Vehicles are all non-mustachian and typically depreciating money pits however they're one of my few passions

Summary:
NW excluding vehicles: 279k
FIRE target is 2028 / 35 years old
One wonders how you can save up $279k by 25 years old? Of course you're not even the most ambitious of those on this thread, but I'm assuming in many of these cases there has been major family assistance. Not that people need to be apologizing for that, but I do think it'd be helpful and less discouraging to others to provide some context in these extreme cases. Most 25 year olds haven't made more than $150k or so in their lifetime, let alone $300k, and you're saying you SAVED that amount. Pretty mind-blowing. It means you either 1. had family help, 2. Finished school at a young age AND got an incredible job paying $120k+ immediately, or 3. got lucky (or perhaps found something undervalued?) with a property value increase, stock IPO, or other investment that exploded in value.

Unless you have some fabulous tips that are not even being shared on MMM, I think it's fair to note that these results are not replicable without extreme external events.

To share with the thread, I'm 28 and have $185k in investments, $5k in 0% debt. I graduated at 23 so got a bit of a late start there, but lived rent-free for 2 years with my dad and then kept expenses low (see my journal in sig for details). During my 4 years of work experience I made between $50-80k, and for the last two years spent $15-16k annually. For the last 9 months I've had very little income as I'm getting a free graduate degree to boost future income and open up additional opportunities.

It bothers me that whenever younger members share high NW numbers there is always someone saying that they must have had family help in complainy-pants sorta way.
I'm 25.  I received a sports scholarship which covered most of my tuition and engineering scholarships covered almost all the rest.  I had multiple on-campus jobs and summer internships that paid well before I could legally drink.  Graduated at 22 (took me 5 years so not early) and got a job making close to 90K and some minimal SLs (cheap state college) which hubs and I paid off in 6 months.  NW is around 240K and we spent ludicrous amounts of money before we found MMM (i.e. fancy-ass wedding, Mercedes, etc).  There are still many people on this forum that are doing better than me at a younger age and it doesn't discourage me.  It motivates me.

Its true that I won the birth lottery. Its that it is much easier accruing money as DINKs.  Its true that a lot of people get some help from their parents (mine helped me cover rent and some spending money each month).  But I think it goes against the spirit of this forum to discount all younger members that are making great progress by saying they had "major family assistance".  The success of others is only discouraging to you if you try and compare their situation to yours.  We all have a different path to follow on our jouney to FIRE and I would appreciate it if you didn't downgrade others accomplishments because their path looks different than yours.

One of the best things I have ever read on this forum was when LWTG said:
I realized early on that "Keeping up with the MMMers" would not make me any happier (or successful) than "keeping up with the Jones".
Don't try to keep up with the MMMers.  Don't try to keep up with the other "20 something's".  Just try to improve your own situation and use these threads for motivation instead of treating them like a competition.

I'm simply advocating for some context to the numbers. For example, I have a friend who inherited $3,000,000 when he was 25. If he posted here saying "$3,000,000 net worth, 25 yo, HCOL area" without any context it really does nothing for you. And I didn't say family help was the only option, I posted 3 plausible scenarios.

In your case you had family help, graduated with a great job, and it still took 2 people to get to $240k by age 25. That context might help some younger members understand why your networth is 10x theirs, even if spending patterns are similar. I think it's very helpful to clarify how these situations occurred. It doesn't take away from the fact that you're doing great.

In my case i had some great fortune too. Went to community college for free, and then when I transferred to a 4 year my parents' low income qualified me for free tuition. I worked through much of college too so only graduated with $11k in debt. Now I'm getting a grad degree at a great university with a full scholarship plus stipend. For more than 2 years I worked 2 jobs, even with a very stable full-time corporate gig. I don't feel bad about those things at all, but it does clarify how I got here today.

afuera

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Re: Progress for 20 something's
« Reply #189 on: May 11, 2017, 12:15:41 PM »
I don't have an issue with you advocating for more context but you didn't say that.

"I'm assuming in many of these cases there has been major family assistance."

That is assuming context instead of asking for it.

I would argue that most people get some form of family help when they are going to college whether that be great guidance, a free place to stay, or financial help.  I wouldn't classify any of that as "major family assistance".  Your other two options were graduate early (I didn't, actually took a year longer than the degree program) or get lucky with stock or real estate (didn't do any of that either).  It did take two incomes to get where we are today but DH was also unemployed for ~a year and we spent 30K+ on our wedding and another 30K+ on a car along with a lot of other unnecessary spending before we discovered MMM.

I think it's fair to note that these results are not replicable without extreme external events.

I don't think it is fair to say that. My life hasn't had any extreme external events.  There are a lot of people on the forums and that I know IRL who were in the same situations with the same opportunities that I did. Writing off other's accomplishments because in your mind they are "extreme cases" doesn't do anyone any good.

How about next time you say something along the lines of "Awesome MikeW!  That's soooper impressive for your age!  How did you accomplish that?" instead of going on about how their post is discouraging to others and they must have had so much help or gotten really lucky.  It just sounds like all the complainy-pants comments on the Mustaschianism Around The Web articles.
"The price of anything is the amount of life you exchange for it" - Henry David Thoreau

6/2017: INV-3.4x, NW-5.0x
Projected FIRE date: 2025
Journal.

bb11

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Re: Progress for 20 something's
« Reply #190 on: May 11, 2017, 01:28:13 PM »
Quote
I don't have an issue with you advocating for more context but you didn't say that.

That is what I'm saying. One of the easiest ways people can get overwhelmed and give up when they're trying to make life changes is to feel like they have so much to do that it's impossible. $270k for one person at age 25 is in that territory IMO, and I think context on how it was achieved would help.

Quote
I would argue that most people get some form of family help when they are going to college whether that be great guidance, a free place to stay, or financial help.  I wouldn't classify any of that as "major family assistance".

There's a big difference between some good guidance (which many people don't get by the way, many parents are giving horrific advice), and paying full freight and living expenses for someone to go to a good school. All I said was it should be acknowledged, not condemned. Someone who gets everything paid for probably gets a $50k head-start in net worth, and they're more likely to be in a strong position for a good job.

Quote
It did take two incomes to get where we are today but DH was also unemployed for ~a year and we spent 30K+ on our wedding and another 30K+ on a car along with a lot of other unnecessary spending before we discovered MMM.

I'm not taking anything away from you. You're doing phenomenal. However, you did graduate with a great job that is not normal for young people ($90k, which is almost double the national average: http://time.com/money/collection-post/3829776/heres-what-the-average-grad-makes-right-out-of-college/), had scholarships and help, and you're still not near the post I was referencing. You've saved $120k per person, while the post I referenced was $270k. I think it's fair to ask how it was done in your case, let alone the other post. And how you did it was great! There is nothing wrong with clarifying.

Quote
I don't think it is fair to say that. My life hasn't had any extreme external events.  There are a lot of people on the forums and that I know IRL who were in the same situations with the same opportunities that I did. Writing off other's accomplishments because in your mind they are "extreme cases" doesn't do anyone any good.

I didn't write them off. You are not near the post I was referencing in terms of money saved for 1 person, and most times that is because of an external event. You also got a job which probably only 5% of college graduates get financially, and college graduates themselves are already an upper end subset of all young people. The majority of 25 year olds don't even have college degrees. So yeah, your career is an outlier. Most people hang around others with similar career/social status, so it's not surprising many of your friends are in similar situations (many of mine are too, and I actually have a similar networth trajectory to you when you factor in that I'm not married; if my partner and I got married now we would be at $350-400k networth at age 28). So I hope you don't normalize our situation to being fairly normal and attainable. It's really not. I think explaining how we got there is helpful to others.

Quote
How about next time you say something along the lines of "Awesome MikeW!  That's soooper impressive for your age!  How did you accomplish that?" instead of going on about how their post is discouraging to others and they must have had so much help or gotten really lucky.  It just sounds like all the complainy-pants comments on the Mustaschianism Around The Web articles.

You're right, I should have phrased it better and less confrontationally. We are hijacking the thread, so how about just concluding with "Context is helpful, particularly if you're on the extremely high end. We are on a site to learn anyway, so the success stories should be the first ones to share details"?

Herbert Derp

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Re: Progress for 20 something's
« Reply #191 on: May 13, 2017, 12:01:11 AM »
One wonders how you can save up $279k by 25 years old? Of course you're not even the most ambitious of those on this thread, but I'm assuming in many of these cases there has been major family assistance. Not that people need to be apologizing for that, but I do think it'd be helpful and less discouraging to others to provide some context in these extreme cases. Most 25 year olds haven't made more than $150k or so in their lifetime, let alone $300k, and you're saying you SAVED that amount. Pretty mind-blowing. It means you either 1. had family help, 2. Finished school at a young age AND got an incredible job paying $120k+ immediately, or 3. got lucky (or perhaps found something undervalued?) with a property value increase, stock IPO, or other investment that exploded in value.

Unless you have some fabulous tips that are not even being shared on MMM, I think it's fair to note that these results are not replicable without extreme external events.

To share with the thread, I'm 28 and have $185k in investments, $5k in 0% debt. I graduated at 23 so got a bit of a late start there, but lived rent-free for 2 years with my dad and then kept expenses low (see my journal in sig for details). During my 4 years of work experience I made between $50-80k, and for the last two years spent $15-16k annually. For the last 9 months I've had very little income as I'm getting a free graduate degree to boost future income and open up additional opportunities.

I'm 26, single, and just passed $700K net worth. I hope to reach $1MM at 28. I graduated from college at 21 with a high paying job. This would put me in your second category.

The only help from my family that I got was that my dad paid for my degree--at a completely unremarkable public university. Before college, I went to one of the worst public school systems in my state. Until I got my current job, I spent my entire life living in a lower-class Rust Belt neighborhood, i.e. "the hood." My parents never encouraged me to perform well academically or set career goals for myself. They pretty much took a hands-off approach to parenting and let me choose my own path in life.

So unless you count paying for my undergrad, I did not receive "major family assistance." I just happen to be intelligent and self-motivated, plus I chose a good career path. I also choose to spend less than $6K / year. Most people could have ended up in my situation if they were smart enough and made the same choices as me. Just choose to study one of the college majors with the highest starting salary and make sure you dedicate yourself to learning the skills you need to get hired by a top company upon graduation. Success isn't completely up to chance, it can be engineered.
« Last Edit: May 13, 2017, 12:22:49 AM by Herbert Derp »

YogiKitti

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Re: Progress for 20 something's
« Reply #192 on: May 13, 2017, 09:50:59 AM »
How are you able to spend less than 6k a year?

Herbert Derp

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Re: Progress for 20 something's
« Reply #193 on: May 13, 2017, 01:37:42 PM »
How are you able to spend less than 6k a year?

Read my journal, I've documented my lifestyle and expenses over the last few years:
https://forum.mrmoneymustache.com/journals/herbert-derp's-frugal-adventures/
« Last Edit: May 13, 2017, 01:41:52 PM by Herbert Derp »

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Re: Progress for 20 something's
« Reply #194 on: May 13, 2017, 02:15:59 PM »
One wonders how you can save up $279k by 25 years old? Of course you're not even the most ambitious of those on this thread, but I'm assuming in many of these cases there has been major family assistance. Not that people need to be apologizing for that, but I do think it'd be helpful and less discouraging to others to provide some context in these extreme cases. Most 25 year olds haven't made more than $150k or so in their lifetime, let alone $300k, and you're saying you SAVED that amount. Pretty mind-blowing. It means you either 1. had family help, 2. Finished school at a young age AND got an incredible job paying $120k+ immediately, or 3. got lucky (or perhaps found something undervalued?) with a property value increase, stock IPO, or other investment that exploded in value.

Unless you have some fabulous tips that are not even being shared on MMM, I think it's fair to note that these results are not replicable without extreme external events.

To share with the thread, I'm 28 and have $185k in investments, $5k in 0% debt. I graduated at 23 so got a bit of a late start there, but lived rent-free for 2 years with my dad and then kept expenses low (see my journal in sig for details). During my 4 years of work experience I made between $50-80k, and for the last two years spent $15-16k annually. For the last 9 months I've had very little income as I'm getting a free graduate degree to boost future income and open up additional opportunities.

I'm 26, single, and just passed $700K net worth. I hope to reach $1MM at 28. I graduated from college at 21 with a high paying job. This would put me in your second category.

The only help from my family that I got was that my dad paid for my degree--at a completely unremarkable public university. Before college, I went to one of the worst public school systems in my state. Until I got my current job, I spent my entire life living in a lower-class Rust Belt neighborhood, i.e. "the hood." My parents never encouraged me to perform well academically or set career goals for myself. They pretty much took a hands-off approach to parenting and let me choose my own path in life.

So unless you count paying for my undergrad, I did not receive "major family assistance." I just happen to be intelligent and self-motivated, plus I chose a good career path. I also choose to spend less than $6K / year. Most people could have ended up in my situation if they were smart enough and made the same choices as me. Just choose to study one of the college majors with the highest starting salary and make sure you dedicate yourself to learning the skills you need to get hired by a top company upon graduation. Success isn't completely up to chance, it can be engineered.

Awesome. That sounds like a tremendous success story, and congratulations!! I ccertainly agree that success is not completely up to chance, though I do think circumstances dictate many of our choices. I definitely consider a paid for undergrad degree to be a huge leg up (we're usually talking in excess of $40k if not more that many kids don't receive at all), but of course that alone would not get you near $700k at 26. I am going to comment on your journal so I can follow along.

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Re: Progress for 20 something's
« Reply #195 on: May 13, 2017, 07:28:56 PM »
Awesome. That sounds like a tremendous success story, and congratulations!! I ccertainly agree that success is not completely up to chance, though I do think circumstances dictate many of our choices. I definitely consider a paid for undergrad degree to be a huge leg up (we're usually talking in excess of $40k if not more that many kids don't receive at all), but of course that alone would not get you near $700k at 26. I am going to comment on your journal so I can follow along.

Thanks! By the way, I read through your journal a bit and it looks like you are already in the final phases of that section that I highlighted in bold. By all accounts, you are on track to graduate from your MBA program and start a lucrative career. Pretty soon, you could easily be earning more money than me. I don't think it was by happenstance or family ties that you ended up on this path--you had to choose it for yourself.
« Last Edit: May 13, 2017, 07:30:33 PM by Herbert Derp »

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Re: Progress for 20 something's
« Reply #196 on: May 13, 2017, 09:22:54 PM »
Of course! While I have been very fortunate (my parents were always broke but had the foresight/ability to put me in great schools growing up, I wanted to keep playing baseball in college so stayed at home and went to junior college for free instead of taking on mounds of debt, I for whatever reason have never had trouble delaying gratification, I stumbled upon MMM and other ER sites when exploring how to use a 401k at my first job, I happen to be very good at standardized tests and some random coincidences I think gave me legs up in getting work experience at high profile companies which led to the full scholarship MBA, etc) for almost every person it's a mix of good luck and hard work that leads to success.

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Re: Progress for 20 something's
« Reply #197 on: May 14, 2017, 05:43:11 AM »
It means you either 1. had family help, 2. Finished school at a young age AND got an incredible job paying $120k+ immediately, or 3. got lucky (or perhaps found something undervalued?) with a property value increase, stock IPO, or other investment that exploded in value.

Or 4. Started a business.

I didn't get into business until age 26, but a couple of my friends started at 19 right out of high school, and at age 22, and 23, are both running businesses doing a few mil in sales a year.

Customers don't know or care how old you are. They just want a good product or service that satisfies their wants/needs.

A successful business with huge sales and growth can be started at any age.
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Re: Progress for 20 something's
« Reply #198 on: May 14, 2017, 04:19:06 PM »
It means you either 1. had family help, 2. Finished school at a young age AND got an incredible job paying $120k+ immediately, or 3. got lucky (or perhaps found something undervalued?) with a property value increase, stock IPO, or other investment that exploded in value.

Or 4. Started a business.

I didn't get into business until age 26, but a couple of my friends started at 19 right out of high school, and at age 22, and 23, are both running businesses doing a few mil in sales a year.

Customers don't know or care how old you are. They just want a good product or service that satisfies their wants/needs.

A successful business with huge sales and growth can be started at any age.

Oh that's true, that is another way to do it. Probably the most common way along with family money, but the latter is out of your control.

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Re: Progress for 20 something's
« Reply #199 on: July 09, 2017, 02:44:59 PM »
It means you either 1. had family help, 2. Finished school at a young age AND got an incredible job paying $120k+ immediately, or 3. got lucky (or perhaps found something undervalued?) with a property value increase, stock IPO, or other investment that exploded in value.

Or 4. Started a business.

I didn't get into business until age 26, but a couple of my friends started at 19 right out of high school, and at age 22, and 23, are both running businesses doing a few mil in sales a year.

Customers don't know or care how old you are. They just want a good product or service that satisfies their wants/needs.

A successful business with huge sales and growth can be started at any age.

I definitely forget path number 4 often. Having just read "The 4-Hour Workweek", this has never felt more true, though.

Lots of inspiration to be had on this thread. Having just entered the last year of being a 20-something, thanks to you all for the reminder to make it count. Trying to hit 250k by 30!
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