Author Topic: Progress for 20 something's  (Read 20495 times)

sufjork

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Re: Progress for 20 something's
« Reply #200 on: July 09, 2017, 08:17:24 PM »
My fiancÚ and I are just starting our journey to FIRE, and I love the idea of posting here as a baseline and then checking back in occasionally.

Me: 27, fiancÚ, 29. Live in HCOL area and both currently have low incomes. We don't have much saved at the moment, but we're working on making changes!

Savings account: 5k
IRA #1: 3.3k
IRA #2: 8.8k
401k: 0.5k (fiancÚ only recently started it)
Index fund: 11k (set up by my fiancÚ's father when he was sub-18 y/o)
Debt: 0, other than cc balances that we pay off in full every month
NW: 28.6k

We are working on getting a consistent savings rate and trying to get it as high as possible for our lower incomes. We're aiming for 25% but not sure if that's consistently possible right now. I recently changed my direct deposit to allocate 10% automatically to the savings account. I know it's not much but it's something - I also work at the company that provides this paycheck on a freelance basis so I never make the same amount, and am not comfortable with automatically contributing more at this point.

We are working on getting our savings account up to 7.5k, and then we will start actively contributing to our IRAs (we don't currently - this is old money rolled over from previous 401ks). I'm working on changing careers into a higher paying field so hopefully within a year I can start making significantly more money, and then we can begin savings a lot more every month.

I've enjoyed skimming through everyone else's posts. I love seeing where everyone is. I'm looking forward to catching up!
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sufjork

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Re: Progress for 20 something's
« Reply #201 on: July 09, 2017, 08:24:32 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?

Happy belated birthday! It's 7/9. Did you do it?!
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nnls

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Re: Progress for 20 something's
« Reply #202 on: July 09, 2017, 08:56:25 PM »
Age 28 - Australian

Superannuation - $87000 (this is an Aussie retirement account cant access until i am 60)

Outside of super
Shares - $22000
Cash - $10000

Mortgages
Property 1 - $252000
Property 2 - $415000

Value of houses
Property 1 -$320000
Property 2 - $470000

No other debt.

Its end of financial year here in Australia so I thought I would do an update. I have left the house values the same, I haven't got a valuation but prices haven't changed much here in the last year

Age 29 - Australian

Superannuation - $105171.51

Outside of super
Shares - $38910.65
Cash - $4000 (decided I needed less of a cash buffer and moved this into investments, )

Mortgages
Property 1 - $235780
Property 2 - $410711

Value of houses
Property 1 -$320000
Property 2 - $470000

No other debt.


MrMath

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  • Location: CA
Re: Progress for 20 something's
« Reply #203 on: July 10, 2017, 05:54:07 PM »
Just got a job as a math teacher!
Age:24
Here are my stats so far:
Roth IRA: 16,400
457b: 500
403b: 3200
Taxable Brokerage: 5100
Savings Account: 2000
Gold: 3 oz (around 4000)
Debt: -6500 (student loans that will be forgiven by teaching 5 yrs)

Net Worth: 24.200
Deducting 18k year in 403, 5500 in 457 and 8k in pension. If I have money left will move to Roth. Still figuring out my livable wage. Gross 48K.
Advice?

Update:

Age:25
Roth IRA: 22,240
Traditional IRA: 400
457b: 13,400
403b: 10,800
Taxable Brokerage: 5,500
Savings/checking account: 54,000 (inheritance, about to redistribute, just cleared)
Gold: 1 oz (around 1,200)
Debt: -6500 (student loans that will be forgiven by teaching 5 yrs)
Credit Cards: 200

Net Worth: 100,400
Deducting 18k year in 403, 18,000 in 457 and 8k(automatic) in pension.Also, $5,500 year to Roth.

Gross income 49K. Expenses ~ 500 month besides automatic deductions for  health, taxes, etc.
Going to live off of inheritance for a few years while I max out my retirement vehicles.
Advice?

afuera

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  • Age: 25
  • Location: Houston, TX
Re: Progress for 20 something's
« Reply #204 on: July 11, 2017, 06:59:10 AM »
I'm 24 and married (DH is 26). We are both engineers.
Checking + Online Savings: $70K
Retirement Accounts: $90K (tIRA-him=$31,400, rIRA-her=$6,700, 401K-her=48,800 HSA-her=2,300)
Taxable Accounts: $0
Debts: $0
NW: 160K

*Note: Our NW is about to plummet to about -$80K as we are buying a house with all of our cash from our online savings.

Everyone has been posting updates so since its been about a year since I posted in this thread, I figured I would too!

Me-25, Hubs-27
Checking + Savings: $10K
Retirement Accounts: $175K
Taxable Accounts: $17K
Home Value: 332K
Mortgage: $265K
NW: 270K,  Stash: 192K
"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.

DarkandStormy

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  • Age: 28
  • Location: Columbus
Re: Progress for 20 something's
« Reply #205 on: July 11, 2017, 11:01:05 AM »
Just got a job as a math teacher!
Age:24
Here are my stats so far:
Roth IRA: 16,400
457b: 500
403b: 3200
Taxable Brokerage: 5100
Savings Account: 2000
Gold: 3 oz (around 4000)
Debt: -6500 (student loans that will be forgiven by teaching 5 yrs)

Net Worth: 24.200
Deducting 18k year in 403, 5500 in 457 and 8k in pension. If I have money left will move to Roth. Still figuring out my livable wage. Gross 48K.
Advice?

Update:

Age:25
Roth IRA: 22,240
Traditional IRA: 400
457b: 13,400
403b: 10,800
Taxable Brokerage: 5,500
Savings/checking account: 54,000 (inheritance, about to redistribute, just cleared)
Gold: 1 oz (around 1,200)
Debt: -6500 (student loans that will be forgiven by teaching 5 yrs)
Credit Cards: 200

Net Worth: 100,400
Deducting 18k year in 403, 18,000 in 457 and 8k(automatic) in pension.Also, $5,500 year to Roth.

Gross income 49K. Expenses ~ 500 month besides automatic deductions for  health, taxes, etc.
Going to live off of inheritance for a few years while I max out my retirement vehicles.
Advice?

Wow, nice!  If you find yourself with "extra savings" left over, I'd consider a taxable investment account if you're maxing out your retirement vehicles.  Yeah, it'll be taxed but it's the next best option unless you're going to buy a rental property or something like that.

amyj05

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  • Age: 29
  • Location: Southside Virginia
Re: Progress for 20 something's
« Reply #206 on: July 11, 2017, 11:11:00 AM »
I'll be 29 in less than 3 weeks. I'm married, no children. I'm a nurse and live in a LCOL area in the South.

Assets:
Checking: 4k
401k #1: 11k
401k #2: 300
IRA: 2.5k
House value: 71.5k

Debt:
House: 47k
Car: 9k

Total NW: $33,300

This thread has taken an interesting turn as far as asexuality is concerned. I don't think I should comment on it since I am not asexual, but I've enjoyed reading other people's thoughts about it. As far as NW is concerned, I'm pleasantly pleased with mine. I found MMM a little over a year ago and I've been working diligently to get the car paid off. Thankfully, I don't have any student loan or credit card debt and I plan on keeping it that way.

Almost exactly one year later and here are my stats:

Assets:
Checking: 5K
Savings: 1K
401K #1:17.2K
401K #2: 900
IRA: 2.7K
House Value: 71 K

Debt:
House: 44.3K

Total NW: $53,500

Not nearly as high as some people here, but I'm pleased with myself since I have a lower salary than most people posting here.
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Follow along on my venture to FI, y'all http://forum.mrmoneymustache.com/journals/small-town-nurse-trying-to-be-more-mustachian/

MrMath

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  • Location: CA
Re: Progress for 20 something's
« Reply #207 on: July 11, 2017, 05:11:04 PM »
I'll be 29 in less than 3 weeks. I'm married, no children. I'm a nurse and live in a LCOL area in the South.

Assets:
Checking: 4k
401k #1: 11k
401k #2: 300
IRA: 2.5k
House value: 71.5k


Debt:
House: 47k
Car: 9k

Total NW: $33,300

This thread has taken an interesting turn as far as asexuality is concerned. I don't think I should comment on it since I am not asexual, but I've enjoyed reading other people's thoughts about it. As far as NW is concerned, I'm pleasantly pleased with mine. I found MMM a little over a year ago and I've been working diligently to get the car paid off. Thankfully, I don't have any student loan or credit card debt and I plan on keeping it that way.

Almost exactly one year later and here are my stats:

Assets:
Checking: 5K
Savings: 1K
401K #1:17.2K
401K #2: 900
IRA: 2.7K
House Value: 71 K

Debt:
House: 44.3K

Total NW: $53,500

Not nearly as high as some people here, but I'm pleased with myself since I have a lower salary than most people posting here.

Nice! You got the car paid off. About 20K in a year is a good chunk if your salary is low. As a nurse, it can't be too low, though, right? Good job, and keep it up!

nnls

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  • Location: Perth, AU
Re: Progress for 20 something's
« Reply #208 on: July 11, 2017, 06:58:34 PM »

Gross income 49K. Expenses ~ 500 month besides automatic deductions for  health, taxes, etc.
Going to live off of inheritance for a few years while I max out my retirement vehicles.
Advice?

Dont have any advice sorry, but might be a good idea to post a case study or in your own thread, I am sure plenty of people on here would be able to help.

oily_stache

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Re: Progress for 20 something's
« Reply #209 on: July 11, 2017, 07:58:12 PM »
First post!
Age 28, 29 in less than a month
Single

Assets
Condo $340k
Car ~$4k
Investments ~ $80k
Retirement Funds ~ $60k
Cash ~15k
No debt/mortgage

Pretty much at the $500k  NW mark. Lived at home through school (undergrad +grad) and saved scholarship and internship money during school. Started full time job in 2012 (~$100k/year + bonus - pre tax). Lived mostly a MMM lifestyle prior to finding MMM. Currently at about 70% post tax save rate, expecting FI in 5-8 years depending on market/FI definition, but maybe sooner if I can find a MrsMM.

Since updates are flying, here's mine.
Age 29, 30 in less than a month, and won't be part of this thread anymore.
Less single and dropping hints about MMM.

Assets
Condo $340k (HCOL)
Car ~$3.5k (2005)
Taxable Investments ~ $245k
Retirement Funds ~ $99k (work match/personal)
Cash ~176k (DCA into index funds)
No debt/mortgage

Total NW ~$855k ... The large NW increase is due to inheritance ~250k and continued aggressive savings rate around 78%, another raise, plus market returns. It would seem FI is much closer now (likely within a year or two depending on the market and various calculations). RE is on my mind most days at work but I don't know if I'll do it ASAP or wait OMY.

DarkandStormy

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  • Age: 28
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Re: Progress for 20 something's
« Reply #210 on: July 12, 2017, 07:03:41 AM »
Age: 28, male.  Engaged, no kids, one dog.

Assets:
Checking Account: ~$3k
HSA (old): $685
HSA (new) non-investment portion (required): $1k
Cash: $4,685

Roth IRAs: $61,446 (old 401k was a Roth 401k that I rolled over plus maxing out annual contributions
Traditional IRA: $14,848
401(k): $1,142 (just started)
HSA (investments): $497
Taxable Investments: $19,339
Investments: $97,272

Car: '16 Prius C (whoops! wish I had found MMM before this purchase) ~$11,200
House: ~$340K

Total Assets: $453,157

Liabilities

Mortgage: $300,600
Car Loan (@ 0.9%): $14,900

Total Liabilities: $315,500

Net Worth: $137,657

WildJager

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  • Age: 31
    • Can't complain.
Re: Progress for 20 something's
« Reply #211 on: July 12, 2017, 09:09:00 AM »
I'm 31, but my wife is 29 so I'll use that to eek into this thread.  :)

My IRA: $82,690
Her IRA: $83,533
My 401k: $163,871
Her 401k: $145,424
Taxable investments: $776,290

NW: 1,251,756

No home equity.  We rent since we currently move a lot.  Eventually we'll probably buy a house once we FIRE and settle down, but that will come after some traveling.  I don't bother factoring in other physical assets, and we keep savings pretty trim for unexpected expenses (usually around $2,500).  We're both pilots and at this point bring in around $180,000 per year.  FIRE is in 2021 when our contracts expire.