Author Topic: Progress for 20 something's  (Read 17823 times)

bridget

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Re: Progress for 20 something's
« Reply #50 on: June 27, 2016, 04:23:29 PM »
Some of you have NW greater than my lifetime earnings at 29 :) Great job.

Though, I've got some to be proud of myself. My NW has steadily marched upwards, saving ~ three-quarters of my current salary, which itself has gone up 20% in the last year.

My NW might be just about evenly matched with my adult earnings to date; that's attributable to a second person. :) It would probably be more accurate if I represented just "my" 50% portion.

monstermonster

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Re: Progress for 20 something's
« Reply #51 on: June 27, 2016, 05:33:24 PM »
Age: 28, turning 29 next week
Debt: $0
Net worth: $17,000 (according to YNAB, may need to update for some brexit tanking of my 401K).

Single, no kids (don't want em). Next goal is to get to $25K networth by end of year, markets cooperating. $100K networth by 32.
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oily_stache

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Re: Progress for 20 something's
« Reply #52 on: June 30, 2016, 05:31:05 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.

RonMcCord

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Re: Progress for 20 something's
« Reply #53 on: June 30, 2016, 10:39:09 PM »
Age: 26
Debt: $0
Savings: $10,000
Investments: $0

I'd like to retire in my 40's but at the rate I'm going I won't even break $200K by then.  Trying to fix that.

tardis

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Re: Progress for 20 something's
« Reply #54 on: June 30, 2016, 11:04:10 PM »
23, single.

I finished my degree about 10 months ago and am currently doing a year in New Zealand and then heading back home to Canada in early 2017.  I was able to get through uni with a bit tucked away due to internships and parental help with tuition.  Some of the savings are essentially "unused" RESP funds and a gift from my parents intended for property downpayment or to remain invested.

Debt: $0
Savings: ~10K CAD/ 10K NZD
RRSP/TFSA: ~35K

Current income: ~50K NZD or about 35K USD.  There are some really impressive income numbers floating around here!


Tig_

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Re: Progress for 20 something's
« Reply #55 on: July 01, 2016, 08:07:20 PM »
28, single, HCOL, renter
Started working ~25, started saving ~26/27
Starting salary: 40k, currently: ~55k

Cash: 13.5k
Taxable: 7.3k
Retirement: 24.5k
SL: (8.9k)

NW: 36.4k

ocelot89

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Re: Progress for 20 something's
« Reply #56 on: July 09, 2016, 07:19:56 AM »
Age: 27

Cash on hand: $1.5k

Savings: $16k

Student Loan Debt: $71k

NW: - $53.5k

New to mustachianism. This is an improvement from two months ago when I started budgeting. Original plan was to put about 1/3 of my take-home income into repaying student loans (which is what I've been doing since May). But, this site has inspired me to up that to 1/2, so my next goal is to keep cutting expenses to get there. When my NW is a positive number, I want to start investing in index funds.

Congrats on everyone at or close to FIRE! And, if you're in your 20's and in a debt emergency like me, don't feel bad. Feel glad that you saw the light at an early age and can course-correct before it gets any worse.

McStache

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Re: Progress for 20 something's
« Reply #57 on: July 09, 2016, 11:41:02 AM »
25, HCOL, renter (3 years into working - tech related field)

401k: $61k
IRAs: $21k
HSA: $2k
Taxable: $50k
Cash: $7k
Debt: $0

Net worth: $141k

I found MMM/the concept of FI two years ago, and was already relatively frugal before that and came out of college without any student loans.  I'm hoping to hit $500k by the time I age out of this post, but it'll be a bit of a stretch.

Jupiter

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Re: Progress for 20 something's
« Reply #58 on: July 11, 2016, 05:10:19 AM »
I may seem quite ahead of most of you especially only being 22 but do note that I dropped out of high school at 17, work 3 minimum wage jobs totaling 75 hours a week and use forex signals as an investment (most here call it gambling). I also own an apartment in the greater region of Sydney that I'm paying off.

All below figures in AUD not USD and all earned through my own hands starting off with $0 in June 2012!

Total Money: $209,039
Bank Account: $1467 (only for paying bills)
Forex Balance: $117,691
Property Equity: $89,881
Property Loan Left: $495,000

Note that things will SLOW DOWN at the end of this year as I drop down to one job (my dream job but crap pay, barely $100 per week when you start). I will also be moving away from damn expensive Sydney (my silly 1 bedroom unit in the greater region of Sydney worth almost $600,000 for less than 50 square metres!) to the greater region of Hobart, where I will spend $200,000ish to buy a house with a decent amount of land outright and invest the rest while living frugally and working my dream job.

Although I've earned over $50,000 (total gained minus losses) in the past 2 years with forex I will be ditching it as I feel eventually my "luck" will run out. I have nothing in shares so I'll put what I have left over after buying the house into a wide range of shares and build them up over time (holding and keeping to collect dividends).

I'm single and plan to stay single for as long as possible which is easy as an Asexual.
« Last Edit: July 11, 2016, 05:11:58 AM by Jupiter »

athiker10

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Re: Progress for 20 something's
« Reply #59 on: July 11, 2016, 11:33:44 AM »
I may seem quite ahead of most of you especially only being 22 but do note that I dropped out of high school at 17, work 3 minimum wage jobs totaling 75 hours a week and use forex signals as an investment (most here call it gambling). I also own an apartment in the greater region of Sydney that I'm paying off.

All below figures in AUD not USD and all earned through my own hands starting off with $0 in June 2012!

Total Money: $209,039
Bank Account: $1467 (only for paying bills)
Forex Balance: $117,691
Property Equity: $89,881
Property Loan Left: $495,000

Note that things will SLOW DOWN at the end of this year as I drop down to one job (my dream job but crap pay, barely $100 per week when you start). I will also be moving away from damn expensive Sydney (my silly 1 bedroom unit in the greater region of Sydney worth almost $600,000 for less than 50 square metres!) to the greater region of Hobart, where I will spend $200,000ish to buy a house with a decent amount of land outright and invest the rest while living frugally and working my dream job.

Although I've earned over $50,000 (total gained minus losses) in the past 2 years with forex I will be ditching it as I feel eventually my "luck" will run out. I have nothing in shares so I'll put what I have left over after buying the house into a wide range of shares and build them up over time (holding and keeping to collect dividends).

I'm single and plan to stay single for as long as possible which is easy as an Asexual.

That is impressive! Also, fistbump from a DemiAce. (With a partner)

Jupiter

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Re: Progress for 20 something's
« Reply #60 on: July 11, 2016, 09:40:10 PM »
Yay, I love coming here and having people not only understand what "asexual" means, but also meeting other Asexuals here too. Lol, the grammar in that sentence I just wrote was awful...

I've always thought more young Asexuals would be more drawn to start saving young vs non-Asexuals. Anyway, nice to meet you here ;)

Metric Mouse

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Re: Progress for 20 something's
« Reply #61 on: July 11, 2016, 09:51:31 PM »
I've always thought more young Asexuals would be more drawn to start saving young vs non-Asexuals.

Interesting thought...
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bridget

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Re: Progress for 20 something's
« Reply #62 on: July 12, 2016, 11:04:49 AM »
Yay, I love coming here and having people not only understand what "asexual" means, but also meeting other Asexuals here too. Lol, the grammar in that sentence I just wrote was awful...

I've always thought more young Asexuals would be more drawn to start saving young vs non-Asexuals. Anyway, nice to meet you here ;)

Because one is less likely to throw money around trying to impress potential dates, you mean? Stands to reason. Peacocking can get expensive.

Metric Mouse

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Re: Progress for 20 something's
« Reply #63 on: July 12, 2016, 11:10:20 AM »
Yay, I love coming here and having people not only understand what "asexual" means, but also meeting other Asexuals here too. Lol, the grammar in that sentence I just wrote was awful...

I've always thought more young Asexuals would be more drawn to start saving young vs non-Asexuals. Anyway, nice to meet you here ;)

Because one is less likely to throw money around trying to impress potential dates, you mean? Stands to reason. Peacocking can get expensive.

Is peacocking a major money drain for so many people? I took it to mean they inferring asexuals are naturally more frugal than others? A car addiction or preference for travel could easily out weigh going out for drinks a few times a month with another person...
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bridget

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Re: Progress for 20 something's
« Reply #64 on: July 12, 2016, 11:27:28 AM »
Yay, I love coming here and having people not only understand what "asexual" means, but also meeting other Asexuals here too. Lol, the grammar in that sentence I just wrote was awful...

I've always thought more young Asexuals would be more drawn to start saving young vs non-Asexuals. Anyway, nice to meet you here ;)

Because one is less likely to throw money around trying to impress potential dates, you mean? Stands to reason. Peacocking can get expensive.

Is peacocking a major money drain for so many people? I took it to mean they inferring asexuals are naturally more frugal than others? A car addiction or preference for travel could easily out weigh going out for drinks a few times a month with another person...

Well, I certainly can't speak to how Jupiter meant the comment. And as a not asexual person, I would not want to opine on whether asexual people have fundamentally different spending personalities in general, outside of the difference in sexual desire. (I'd guess not, because people are people, but again, not my Area of Expertise).

But yes, I think peacocking is VERY expensive :) Don't just think of the money one spends on actual dates or gifts purchased for partners (which can definitely add up), think also of all the money people spend cultivating an exciting and sexy image designed to attract others. Especially for 20-somethings who still hang a lot of their self-worth on their sexual attractiveness to other people. Hell, I'm long married to a person who is not at all picky about how I look, and I *still* spend a good amount of time and money on makeup, skincare, haircare, exercise, clothing, waxing, etc., all aimed at making myself look hot. I spend money on cocktails and coffee as a social lubricant to get to know people better and facilitate flirting. I tend to go places where there will be other young people doing this sort of peacocking (bars, concerts, sporting events), where we all peer pressure each other into being profligate spenders. And I'm not even single! It's maddening.

ETA: I think plenty of people also buy fancier cars and rent fancier apartments than they otherwise would to cultivate this image, so it can extend to big-ticket items as well. Sex (and marketing that equates consumption with better sexual outcomes) is a pretty powerful motivator, even if in your logic brain you know that spending $10k more on a car =/= more sex.
« Last Edit: July 12, 2016, 11:30:32 AM by bridget »

CmFtns

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Re: Progress for 20 something's
« Reply #65 on: July 12, 2016, 01:29:41 PM »
age 25 been out of college going at it for a little over 1 year

around $30-40k in home equity and $30k in investment
Conservatively around $60k in NW


GF is 26 has no debt and around $40K in investments
NW around $40k
"the only efficient way to get there is on the front of the wave" -MMM

amyj05

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Re: Progress for 20 something's
« Reply #66 on: July 12, 2016, 02:20:04 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.
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PencilThinStash

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Re: Progress for 20 something's
« Reply #67 on: July 12, 2016, 03:27:10 PM »
Recently turned 26. Single. Fairly LCOL area.

18k - Traditional IRA
16k - Taxable Vanguard account
6k - Savings

No debt. If you don't count the paid off car or the cash in checking (it's all allocated to bills already, so I don't), it comes out to roughly 40k.



Interesting how you can compare yourself to "real life" friends/peers and feel like a financial badass... then the minute you start comparing to some of the higher net worth people on this forum, you suddenly fall way behind the curve.

Perspective is a funny thing. Motivating as hell, though.

athiker10

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Re: Progress for 20 something's
« Reply #68 on: July 12, 2016, 03:40:10 PM »
Yay, I love coming here and having people not only understand what "asexual" means, but also meeting other Asexuals here too. Lol, the grammar in that sentence I just wrote was awful...

I've always thought more young Asexuals would be more drawn to start saving young vs non-Asexuals. Anyway, nice to meet you here ;)

Because one is less likely to throw money around trying to impress potential dates, you mean? Stands to reason. Peacocking can get expensive.

Is peacocking a major money drain for so many people? I took it to mean they inferring asexuals are naturally more frugal than others? A car addiction or preference for travel could easily out weigh going out for drinks a few times a month with another person...

Well, I certainly can't speak to how Jupiter meant the comment. And as a not asexual person, I would not want to opine on whether asexual people have fundamentally different spending personalities in general, outside of the difference in sexual desire. (I'd guess not, because people are people, but again, not my Area of Expertise).

But yes, I think peacocking is VERY expensive :) Don't just think of the money one spends on actual dates or gifts purchased for partners (which can definitely add up), think also of all the money people spend cultivating an exciting and sexy image designed to attract others. Especially for 20-somethings who still hang a lot of their self-worth on their sexual attractiveness to other people. Hell, I'm long married to a person who is not at all picky about how I look, and I *still* spend a good amount of time and money on makeup, skincare, haircare, exercise, clothing, waxing, etc., all aimed at making myself look hot. I spend money on cocktails and coffee as a social lubricant to get to know people better and facilitate flirting. I tend to go places where there will be other young people doing this sort of peacocking (bars, concerts, sporting events), where we all peer pressure each other into being profligate spenders. And I'm not even single! It's maddening.

ETA: I think plenty of people also buy fancier cars and rent fancier apartments than they otherwise would to cultivate this image, so it can extend to big-ticket items as well. Sex (and marketing that equates consumption with better sexual outcomes) is a pretty powerful motivator, even if in your logic brain you know that spending $10k more on a car =/= more sex.

I would agree there. I'm not asexual (I vary) and can't speak for jupiter, but I definitely eat out a whole lot less when I'm not dating someone. I assume this will shift a little when I move in with my partner sometime in the next year as it'll be easier to eat in, but eating out/getting take out is a nice way to set some date time aside for just us, so my restaurant costs have gone up. Being ace and non-desirous of a partnership certainly makes the presentation or pricey parts of dating disappear. (Although there's eating out with friends/etc and people can care about appearance without wanting a romantic/sexual relationship)

Anyways, I am also glad to not be alone in the ace spectrum on this forum. :)

BORN SAVER

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Re: Progress for 20 something's
« Reply #69 on: July 13, 2016, 10:56:20 AM »
I'm currently 23 years old

debt:10k (car loan)
savings: 11k
invenstments: 0
NW: 1k
 
Plan:
*I knocked out my 18k school loan in a little over a year and was very excited.
*Im going to start investing about $100 buck a month into either a roth ira or low cost index fund
*I'm saving up for a rental property something from 80 to 125k probably and will live in 1 units to reduce my expenses and hopefully make a little money if possible. Hopefully with in the next 6 months to a year (my girl friend will be splitting this with me) 
*I currently save 46% of my take home pay and hope to get it to 75% in the next 3 years.
*After i get the rental property paid off I want to diversify my money between some more investment properties and low cost index fund.
*I'm shooting to retire by 40 at the latest.

afuera

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Re: Progress for 20 something's
« Reply #70 on: July 13, 2016, 12:54:53 PM »
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.
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onlykelsey

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Re: Progress for 20 something's
« Reply #71 on: July 13, 2016, 01:05:08 PM »
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.

Not plummet, just take a different form!

Frugal_NYC

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Re: Progress for 20 something's
« Reply #72 on: July 13, 2016, 02:02:01 PM »
Just turned 26, M, NYC.  Still live with 3 roommates/friends, plan to move in with S.O. @ year-end

Cash $17K
Brokerage $50K
Roth $27K
401K $67K

Total: $160-170K

Would like to buy a property within 5 years but NYC-area real estate is scary.  To anyone starting fresh out of school, cannot stress importance of maxing out 401k/IRAs if you have no debt.  I wasn't focused on this for the first couple years and the money tends to wander away if you don't put it in these "lock boxes"...you will also be surprised at how much you can add from you paycheck without hurting your take-home much

Also, roommates have been a fantastic help for me.  I much prefer living with friends to single and splitting costs 4 ways has relieved a ton of financial stress.  There is nothing wrong with being a long-term renter in a high COL area, just don't increase your standard of living every single year.

Derrian

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Re: Progress for 20 something's
« Reply #73 on: July 13, 2016, 02:37:14 PM »
Age: 26
Profession: Public school teacher
Area: Boston

Cash: 11k (not including EF)
Taxable: 15k
Roth: 9k
403b/457/tIRA: 55k

NW: 90k


Good_Juju

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Re: Progress for 20 something's
« Reply #74 on: July 13, 2016, 06:54:42 PM »
I feel behind reading all of these responses.

I'm 25 and paid for 6 years of school with loans, scholarships, and grants. I graduated last may with $31,000 of debt. I've been chugging away at it and am looking at having my 2016 Roth IRA funded and my loans paid off next summer.

$15,000 debt
$6800 checking
$6000 401k
$3500 car

NET: $1300
« Last Edit: July 28, 2016, 09:33:55 AM by Good_Juju »

Derrian

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Re: Progress for 20 something's
« Reply #75 on: July 14, 2016, 06:03:49 AM »
Paying off that much debt in such a short span of time is impressive! Keep it up!

Good_Juju

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Re: Progress for 20 something's
« Reply #76 on: July 14, 2016, 07:21:30 AM »
Paying off that much debt in such a short span of time is impressive! Keep it up!

Thank you! I can't wait to have the debt paid off. Actually the amount I'm including for my checking is what I'm getting paid tomorrow and it should be the first time that I will stay in the green for net worth after paying rent and other bills. That is exciting in itself.

boarder42

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Re: Progress for 20 something's
« Reply #77 on: July 16, 2016, 12:43:25 PM »
I'm currently 23 years old

debt:10k (car loan)
savings: 11k
invenstments: 0
NW: 1k
 
Plan:
*I knocked out my 18k school loan in a little over a year and was very excited.
*Im going to start investing about $100 buck a month into either a roth ira or low cost index fund
*I'm saving up for a rental property something from 80 to 125k probably and will live in 1 units to reduce my expenses and hopefully make a little money if possible. Hopefully with in the next 6 months to a year (my girl friend will be splitting this with me) 
*I currently save 46% of my take home pay and hope to get it to 75% in the next 3 years.
*After i get the rental property paid off I want to diversify my money between some more investment properties and low cost index fund.
*I'm shooting to retire by 40 at the latest.

A Roth IRA is an account a low cost index fund is something you can buy in multiple types of accounts. You should do some more reading at jl Collins site to strengthen your investing knowledge. That's not an either or it could be a both but you should also understand whether or not Roth is the correct account

Investing order should be.

1 401k up to match
2 hsa salary deduct if available
3 max ira or Roth IRA depending on your tax situation and retirement goals
4 max 401k.

And in all these accounts you should be investing the money in low cost index funds
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monstermonster

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Re: Progress for 20 something's
« Reply #78 on: July 16, 2016, 12:51:08 PM »
2 hsa salary deduct if available
I don't think the hsa salary deduct is #2 always simply because
1) many people can't afford to go on a high deductible plan because of high cost medical issues (i.e. my medication costs $33,000/year)
2) a Roth is more flexible by a long shot than an HSA
3) if you're in a lower income threshold the HSA doesn't qualify for the savers credit but the Roth does
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boarder42

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Re: Progress for 20 something's
« Reply #79 on: July 16, 2016, 12:59:51 PM »
2 hsa salary deduct if available
I don't think the hsa salary deduct is #2 always simply because
1) many people can't afford to go on a high deductible plan because of high cost medical issues (i.e. my medication costs $33,000/year)
2) a Roth is more flexible by a long shot than an HSA
3) if you're in a lower income threshold the HSA doesn't qualify for the savers credit but the Roth does

Yes of course there are exceptions but that is the general order for most around here. Most of my point was around the red flags that the poster said Roth OR low cost index. That's not an either or
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monstermonster

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Re: Progress for 20 something's
« Reply #80 on: July 16, 2016, 01:03:35 PM »
2 hsa salary deduct if available
I don't think the hsa salary deduct is #2 always simply because
1) many people can't afford to go on a high deductible plan because of high cost medical issues (i.e. my medication costs $33,000/year)
2) a Roth is more flexible by a long shot than an HSA
3) if you're in a lower income threshold the HSA doesn't qualify for the savers credit but the Roth does

Yes of course there are exceptions but that is the general order for most around here. Most of my point was around the red flags that the poster said Roth OR low cost index. That's not an either or

Agreed on that front. Just making sure the HSA exceptions were noted for posterity on this thread.

Sometimes people fail to start Roths early and they lose out on the 5-year ladder.
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Re: Progress for 20 something's
« Reply #81 on: July 16, 2016, 01:56:34 PM »
2 hsa salary deduct if available
I don't think the hsa salary deduct is #2 always simply because
1) many people can't afford to go on a high deductible plan because of high cost medical issues (i.e. my medication costs $33,000/year)
2) a Roth is more flexible by a long shot than an HSA
3) if you're in a lower income threshold the HSA doesn't qualify for the savers credit but the Roth does

Yes of course there are exceptions but that is the general order for most around here. Most of my point was around the red flags that the poster said Roth OR low cost index. That's not an either or

Agreed on that front. Just making sure the HSA exceptions were noted for posterity on this thread.

Sometimes people fail to start Roths early and they lose out on the 5-year ladder.

I don't understand what you mean on the 5 year ladder front a Roth ladder can be started at any time. It's not really necessary to already have a funded Roth to use the ladder as a retirement tool. And not knowing the posters income and tax situation a Roth may not be the best bet either.
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lyson15

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Re: Progress for 20 something's
« Reply #82 on: July 22, 2016, 09:03:57 AM »
Still in school, so here it is:

Savings - $3200
Debts - $9000 (2700 @ 2,9% and 6300 @ 4,2%)

Still one year of school before I graduate.

Goal is to keep my debts under 11k until May 2017 (graduation date). The  repay the debt in 1-2 years depending how long it takes me to find a job and how much it pays.

jorjor

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Re: Progress for 20 something's
« Reply #83 on: July 22, 2016, 10:07:49 AM »
I'm 28, wife is 31. Both have jobs, though mine provides a bulk of the income. Our combined married stats are:

Cash (net of CC balance paid off monthly): $16k
Investments: $202k
Home value: $495k-ish (could argue for more looking at recent sales in the neighborhood, but let's leave it at that)
Loans (mortgage): $377k
______
Net worth: $335k

Spent (and saved) like a normal consumer through most of our 20s. We put some (not enough) money into retirement, and paid off student loans (mine were about $23k, can't remember my wife's balance). Found MMM at the beginning of last year, and had a net worth of $140k at the time. It's been a good 18 months, and we're still working to do better.
« Last Edit: July 22, 2016, 10:09:29 AM by jorjor »

bayestheorem

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Re: Progress for 20 something's
« Reply #84 on: July 22, 2016, 11:00:54 AM »
Just turned 20 last week, entering first year of university in the UK, dropped out of first year of a different degree last year so I'm behind a couple of years university-wise

Cash: 27k
Debt: 0 (paid last year's tuition and expenses with side hustle income and hopefully can do the same going forward)
Money from side hustle I lent to family that is to be repaid when I graduate: 80k

Net worth: 107k

Seems crazy, but in a way I'm hoping to FIRE out of university if the numbers add up
« Last Edit: July 22, 2016, 11:04:52 AM by bayestheorem »

boarder42

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Re: Progress for 20 something's
« Reply #85 on: July 22, 2016, 01:52:24 PM »
Just turned 20 last week, entering first year of university in the UK, dropped out of first year of a different degree last year so I'm behind a couple of years university-wise

Cash: 27k
Debt: 0 (paid last year's tuition and expenses with side hustle income and hopefully can do the same going forward)
Money from side hustle I lent to family that is to be repaid when I graduate: 80k

Net worth: 107k

Seems crazy, but in a way I'm hoping to FIRE out of university if the numbers add up

whats your side hustle and are you making them pay you back in interest?
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bayestheorem

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Re: Progress for 20 something's
« Reply #86 on: July 22, 2016, 05:08:51 PM »
Just turned 20 last week, entering first year of university in the UK, dropped out of first year of a different degree last year so I'm behind a couple of years university-wise

Cash: 27k
Debt: 0 (paid last year's tuition and expenses with side hustle income and hopefully can do the same going forward)
Money from side hustle I lent to family that is to be repaid when I graduate: 80k

Net worth: 107k

Seems crazy, but in a way I'm hoping to FIRE out of university if the numbers add up

whats your side hustle and are you making them pay you back in interest?

Risk-free matched betting/casino bonus grabbing is a big part of it. Buying and selling furniture is another one. And lastly just spotting loopholes in companies' offers that end up with a positive NPV if not just straight up free stuff. You'd be surprised how often I've been able to make a few grand from thinking up a way to exploit a loophole. Yeah I guess it could be seen as unethical, but I get some free money/items and the company gets a lesson in how not to run offers! And nope, no interest. I guess I'll be 'losing out' on value but it's family so no big deal.

Gadea32

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Re: Progress for 20 something's
« Reply #87 on: August 11, 2016, 01:19:29 PM »
23 year old male

Emergency fund: $3.2K
Roth IRA: $700

Graduated from college with no debt. Hoping to double my income in next couple of years. Currently making ~$2,000/ Month. If anyone has tips for boosting my income i would appreciate it

amyj05

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Re: Progress for 20 something's
« Reply #88 on: August 12, 2016, 08:42:53 AM »
If anyone has tips for boosting my income i would appreciate it

IMHO, the best way to boost income is by getting a part-time job and/or working a side hustle in addition to your full-time job. If you have good customer service skills, waiting tables/bartending are good part-time jobs.
If you're interested in a great, easy way to earn free gift cards, visit this site and sign up http://www.swagbucks.com/refer/Amyj05 - I also get a referral bonus. Thank you!

Follow along on my venture to FI, y'all http://forum.mrmoneymustache.com/journals/small-town-nurse-trying-to-be-more-mustachian/

Murse

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Re: Progress for 20 something's
« Reply #89 on: August 12, 2016, 09:38:44 AM »
Age- 24 single
Income- about 76k base (guesstimated around 80k after differentials included)

Experience- about a year as a RN

Financials-
42k in investments,
About 2500 out to friends for loans (will avoid this in the future)
No debt of any kind (other then CC debt that gets paid off monthly)

I just paid 3500$ this month for tuition , I expect to pay around 4500$ more to complete my bachelors.

My girlfriends age- 24
Her financials-
Income-38k base+commissions (sales) 3 months experience
around 1k in savings
6k car loan
18k student loans

We are working on it ;)

kickel

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Re: Progress for 20 something's
« Reply #90 on: August 12, 2016, 10:13:17 AM »
There are some impressive incomes in this thread. Anyways my NW

26, Single, HCOL, Renting with 3 roommates, Income $52,000

Retirement: 26,625
Taxable: 64,410
Cash: 9,965
Debt: 0

Total NW: 101,000
« Last Edit: August 12, 2016, 10:14:58 AM by kickel »

boarder42

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Re: Progress for 20 something's
« Reply #91 on: August 12, 2016, 10:40:27 AM »
There are some impressive incomes in this thread. Anyways my NW

26, Single, HCOL, Renting with 3 roommates, Income $52,000

Retirement: 26,625
Taxable: 64,410
Cash: 9,965
Debt: 0

Total NW: 101,000

thats a pile sitting in taxable with that income compared to retirement.
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kickel

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Re: Progress for 20 something's
« Reply #92 on: August 12, 2016, 11:48:30 AM »
There are some impressive incomes in this thread. Anyways my NW

26, Single, HCOL, Renting with 3 roommates, Income $52,000

Retirement: 26,625
Taxable: 64,410
Cash: 9,965
Debt: 0

Total NW: 101,000

thats a pile sitting in taxable with that income compared to retirement.

I know, before I really knew what I was doing back when I was 18ish, I just put everything into taxable, and picked certain stocks. It's worked out well, as I've owned a few winning stocks and have sold out at the right time. Hence why it's so large in comparison. but since turning 23 I've been maxing out my Roth IRA, and putting in slightly more than matching into my 401k. Looking to drive those accounts up more going forward.

boarder42

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Re: Progress for 20 something's
« Reply #93 on: August 12, 2016, 12:16:02 PM »
There are some impressive incomes in this thread. Anyways my NW

26, Single, HCOL, Renting with 3 roommates, Income $52,000

Retirement: 26,625
Taxable: 64,410
Cash: 9,965
Debt: 0

Total NW: 101,000

thats a pile sitting in taxable with that income compared to retirement.

I know, before I really knew what I was doing back when I was 18ish, I just put everything into taxable, and picked certain stocks. It's worked out well, as I've owned a few winning stocks and have sold out at the right time. Hence why it's so large in comparison. but since turning 23 I've been maxing out my Roth IRA, and putting in slightly more than matching into my 401k. Looking to drive those accounts up more going forward.

why not max your 401k and sell off some of your taxable.
PM me about how to save 6% on your annual grocery Bill!

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kickel

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Re: Progress for 20 something's
« Reply #94 on: August 12, 2016, 12:26:18 PM »
Mostly because it doesn't make sense, it's good to have all three types of accounts. Roth, 401k, and Taxable. The taxable makes sense for big purchases since you'll only see a 15% capital gains tax. the 401k is great for when I'm 59.5. While the Roth will be ideal in my 40's so I figure make the taxable large so I can use it as more or less a safety net or if I decide to make a large purchase like a house, or other type of investment.

CmFtns

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Re: Progress for 20 something's
« Reply #95 on: August 12, 2016, 08:55:40 PM »
Mostly because it doesn't make sense, it's good to have all three types of accounts. Roth, 401k, and Taxable. The taxable makes sense for big purchases since you'll only see a 15% capital gains tax. the 401k is great for when I'm 59.5. While the Roth will be ideal in my 40's so I figure make the taxable large so I can use it as more or less a safety net or if I decide to make a large purchase like a house, or other type of investment.

Depends on how you plan to spend later in life... Most people here max every penny allowed into pre-tax, put zero in Roth, and everything else in taxable and plan to use different methods to use pre tax money like the Roth conversion ladder method.
"the only efficient way to get there is on the front of the wave" -MMM

boarder42

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Re: Progress for 20 something's
« Reply #96 on: August 15, 2016, 07:48:16 AM »
Mostly because it doesn't make sense, it's good to have all three types of accounts. Roth, 401k, and Taxable. The taxable makes sense for big purchases since you'll only see a 15% capital gains tax. the 401k is great for when I'm 59.5. While the Roth will be ideal in my 40's so I figure make the taxable large so I can use it as more or less a safety net or if I decide to make a large purchase like a house, or other type of investment.

yeah madfientist has a whole post on withdrawal strategies and even taking the 10% penalty from a pre tax account and not using the roth ladder or SEPP 72t to get at your pre tax savings is still much better than just investing in taxable accounts.
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Cwadda

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Re: Progress for 20 something's
« Reply #97 on: August 15, 2016, 08:05:10 AM »
Age 22, single. Fresh out of college.

$25k retirement
$15k cash (going towards house downpayment)
$5k car
$0 debt

NW $40k

Pretty crazy how some people already have a quarter mill at my age.

boarder42

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Re: Progress for 20 something's
« Reply #98 on: August 15, 2016, 08:13:18 AM »
Age 22, single. Fresh out of college.

$25k retirement
$15k cash (going towards house downpayment)
$5k car
$0 debt

NW $40k

Pretty crazy how some people already have a quarter mill at my age.

thats pretty rare. even your case is pretty rare.  what you have is about where i was coming out of college and (with a wife) we will ahve a half a Mil by this time next year. You found this place at a great time since you can map out your whole life and where you will live around it.
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hm13hm13

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Re: Progress for 20 something's
« Reply #99 on: August 15, 2016, 08:23:43 AM »
Me: 29 yr old Electrical Engineer   Fiance: 29 yr old Mechanical Engineer
2 Kids: Age 3 and 1

Cash: $23K
Investments: $138.5K   (Her 401K: $115.5K, Her IRAs: $12.5K, Her HSA: $5K, His IRA: $5.5K)
Primary Home Value: $586.5K      Primary Home Mortgage Remaining: $366K @ 3.5%
Rental Property Value: $228K       Rental Property Mortgage Remaining: $49K @ 3.5%
His Student Loan Debt: $15K

NW: $546K