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General Discussion => Throw Down the Gauntlet => Topic started by: 21runner on June 08, 2016, 10:33:50 AM

Title: Progress for 20 something's
Post by: 21runner on June 08, 2016, 10:33:50 AM
How are all of the 20 something's doing? Are you making steady progress towards your goals?

Here are my details at 25:

Cash savings - $28,000.00
Investments - $65,500.00
Home Value - $117,000.00
Debt (home loan only @ 3.35%) - $89,730.00

I feel fortunate to have accumulated the assets that I have with my lower income. Look forward to hearing from everyone else!
Title: Re: Progress for 20 something's
Post by: onlykelsey on June 08, 2016, 10:43:12 AM
I'm exiting my 20s shortly, so this is maybe more of a nostalgic post for me.

At 25 I had just started my post-grad school job and had a net worth of about -100K (not actually bad for putting myself through eight years of school!  Thanks, need-based financial aid in undergrad, and my law school's financial aid office.)

I'm now 29, and my (single) details are:

Cash savings - $8,000 (temporarily depleted, will put back up to ~15K)
Investments - $150,000
Home Value - $610,000
Debt (home loan @ 4.25% and HELOC at 3.4%) - $390,000
All in all, my net worth is approximately 355K.

It seems like you're counting your mortgage twice by listing low equity and then also a 90K debt.  Maybe I'm missing something?  I changed mine to "value" instead.

But I have an obscene income, so I actually could be doing a lot better.  Now that I have my wedding, roof assessment, down payment and student loan debt behind me, hopefully I can become more badass.
Title: Re: Progress for 20 something's
Post by: 21runner on June 08, 2016, 10:54:48 AM
I'm exiting my 20s shortly, so this is maybe more of a nostalgic post for me.

At 25 I had just started my post-grad school job and had a net worth of about -100K (not actually bad for putting myself through eight years of school!  Thanks, need-based financial aid in undergrad, and my law school's financial aid office.)

I'm now 29, and my (single) details are:

Cash savings - $8,000 (temporarily depleted, will put back up to ~15K)
Investments - $150,000
Home Value - $610,000
Debt (home loan @ 4.25% and HELOC at 3.4%) - $390,000
All in all, my net worth is approximately 355K.

It seems like you're counting your mortgage twice by listing low equity and then also a 90K debt.  Maybe I'm missing something?  I changed mine to "value" instead.

But I have an obscene income, so I actually could be doing a lot better.  Now that I have my wedding, roof assessment, down payment and student loan debt behind me, hopefully I can become more badass.

Thanks, I updated my original post. I'm also fortunate to have a Bachelor's Degree in Business and no student debt to go along with it. It sounds like you're doing great! I have some updates for the house planned (pretty minor for the most part) so my cash position will probably drop slightly. Also thinking about investing a portion of my emergency fund into my Roth IRA since it's earning pretty much 0% in my savings account (0.2%).
Title: Re: Progress for 20 something's
Post by: Mr.Bubbles on June 08, 2016, 02:28:07 PM
Ill jump in here, its always nice sticking with your age group.

25 (26 in a month) married, baby due in 5 weeks.

Cash savings-10k would be higer but we just finished agressivly paying off my wifes car
investments-5k
home value - 160k
debt- only the mortgage 129,852 @3.625%
Title: Re: Progress for 20 something's
Post by: TheInsuranceMan on June 08, 2016, 03:04:08 PM
Me, 28, DW 29
Two kids, 2 and 1 month

Cash Savings - $6k
Home Value - $55k
Mortgage remaining - $24k
Two cars, paid off
Debt - My student loans @ $17k ($5k @ 5.35%, the rest at 3.15%)
$4,500 15 month, 0% interest card that we JUST used.
Combined 40kish in retirement accounts
$83k net worth according to Mint

Both hold a bachelor's degree, and live in an extremely low cost of living area, with wages to match!
Title: Re: Progress for 20 something's
Post by: canuck_24 on June 08, 2016, 03:13:29 PM
I just turned 28, living in Northern Canada with my husband (29).

Cash savings (joint with husband) - $73k
Cash savings (not joint) - $73
Investments (not joint) - $43k
Debt - $0
No home yet (vying for jobs in a better area of the country before investing in a home).

Net worth = approx $152k (if all joint accounts are divided in equally between the two of us)

I'll pre-empt the comments that will likely ensue regarding not having a larger portion of the $146k in savings invested elsewhere:  Most of that is overseas where we were living for a few years, and we removed it from high interest accounts to transfer back to Canada - the exchange rate went down before we made the transfer, so now we are just waiting for a better exchange rate!  Once it is back in CAD, it can be reinvested.
Title: Re: Progress for 20 something's
Post by: Adge on June 08, 2016, 05:26:51 PM
I'll go ahead and be the first low NW 20-something to answer :)

29, single, no kids. I've had a savings account since I was about 6 and my net worth has always been above zero, but it's still not very high. Didn't start working full time until age 26 (not quite 3 years ago)- spent some time post-undergrad goofing off in various foreign countries, went to grad school in another foreign country, then came back to the states and moved to a LCOL area with a salary to match. Wouldn't change any of it for a higher NW number at the moment. That said, here's where I'm at:

Cash savings: $7500
401k: $5000
Car: worth around $10k, still owe $2500
No other debt, and the car will be paid off by the end of the year.
No house and no desire to own one yet, but I am working to beef up the cash savings as I can see that possibly changing in the next few years.

Title: Re: Progress for 20 something's
Post by: bridget on June 08, 2016, 05:31:41 PM
Hi, cohort! I'm 26, husband is 30. A healthy portion of our NW comes from him working starting around age 21, so some of my "stache" comes from money earned in someone else's 20s. :)

Cash savings - effectively zero; our checking account and credit card statements (to be paid in full on due date) are basically even. This is unusual, and due to extraordinarily high housing/moving costs that are thankfully temporary.
Investments - $137k
Home value - $170k
Debt - $77k (mortgage - and, the home just went under contract to sell, so all of the equity will turn into cold hard cash at the end of the month).

Net worth: ~$230k (add another 10k for the value of our car, if one is inclined to count that).
Title: Re: Progress for 20 something's
Post by: CanyonMan on June 08, 2016, 05:53:46 PM
26, male. Living in a high cost of living area.

Cash/savings: 18k
Taxable Investment: 22K
Retirement: 40K
Home Equity: 28K
---
Net worth: +/- 107K.

My sub 2-year goal is to get out of the PMI payments on the house. I'm only at 92% LTV, so almost 29K left to go. Once that's done I'll still have $192k in house debt, but the mortgage is at a low enough interest rate it doesn't make sense to pay it off faster.

My Long term goal is FIRE by 40, but I think I'll be ahead of that schedule. I also have a significant other who thinks the mustachian cult of personality is silly, but is very much on-board with reaching FI quickly so she can focus on a career path she deeply cares about, even if it's not fiscally beneficial.
Title: Re: Progress for 20 something's
Post by: athiker10 on June 08, 2016, 06:54:53 PM
I'm at a net worth of about $38k. No home, about $8500 in retirement accounts (I've upped my contributions this year!), ~$3k in taxable investments, $17k in savings/cash (For school, starting this fall) and $10k in a CD, planned for buying property). I should note I'm 29-so soon moving out of this cohort.
Title: Re: Progress for 20 something's
Post by: FIstateofmind on June 08, 2016, 08:52:57 PM
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Title: Re: Progress for 20 something's
Post by: EngineerYogi on June 08, 2016, 09:10:44 PM
27 y.o. here, married

Getting killed in home ownership right now bought for 115,000 with a VA loan in 2007, currently listed on the market for 115,000 but no movement yet :/ still owe 104,000
Joint investments 101k
savings 1.5k

New to mustachianism, but we each make roughly 90k per year, we hope to make quick work of retiring early.
Title: Re: Progress for 20 something's
Post by: akzidenz on June 08, 2016, 09:21:15 PM
this is both intimidating and inspiring. it's cool to see where you guys are (i'm younger than everyone that's posted so far) and i hope to be in a similar boat in a few years

22, single, just started working

401k$4k
roth IRA$3k
savings$10k
debt$0
net worth$17k
Title: Re: Progress for 20 something's
Post by: CanyonMan on June 08, 2016, 11:52:00 PM
this is both intimidating and inspiring. it's cool to see where you guys are (i'm younger than everyone that's posted so far) and i hope to be in a similar boat in a few years

22, single, just started working

401k$4k
roth IRA$3k
savings$10k
debt$0
net worth$17k

That's a good start! With zero debt you're doing much better than most people in our age range, and you're farther ahead than many mustachians (including myself) were at your age. 100K comes up really quickly when you put your mind to it.
Title: Re: Progress for 20 something's
Post by: FIstateofmind on June 09, 2016, 12:15:22 AM
this is both intimidating and inspiring. it's cool to see where you guys are (i'm younger than everyone that's posted so far) and i hope to be in a similar boat in a few years

22, single, just started working

401k$4k
roth IRA$3k
savings$10k
debt$0
net worth$17k

That's a good start! With zero debt you're doing much better than most people in our age range, and you're farther ahead than many mustachians (including myself) were at your age. 100K comes up really quickly when you put your mind to it.

Yeah, I was about to say good job! ^^
Title: Re: Progress for 20 something's
Post by: Zikoris on June 09, 2016, 09:15:53 AM
I'm 29, closing in on that BIG birthday in a few short months! I didn't get started on FIRE until right before I turned 25, but I've managed to do okay for myself so far - individual net worth of about 105K, all in investments except for a few hundred in my chequing and travel fund.

I have zero interest in buying a home, car, or anything else expensive, so it's a straight road from here to retirement.
Title: Re: Progress for 20 something's
Post by: Exenos on June 09, 2016, 09:25:08 AM
22 in UK here, living with partner of same age.

Put everything into purchasing a house in need of modernisation earlier this year. Rent would have been £1.1k a month here, mortgage is £1k (£600 equity), and been investing everything since purchase into renovating. Hoping to rent out a room next month for £500/m.

House Value: 280-290k
Mortgage: 213k
No debt, no pension, no investments yet, that all begins next month as house is now good enough to take in a tenant.

NW: 66-77K
Title: Re: Progress for 20 something's
Post by: Philociraptor on June 09, 2016, 09:26:55 AM
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).
Title: Re: Progress for 20 something's
Post by: onlykelsey on June 09, 2016, 09:27:48 AM
22 in UK here, living with partner of same age.

Put everything into purchasing a house in need of modernisation earlier this year. Rent would have been £1.1k a month here, mortgage is £1k (£600 equity), and been investing everything since purchase into renovating. Hoping to rent out a room next month for £500/m.

House Value: 280-290k
Mortgage: 213k
No debt, no pension, no investments yet, that all begins next month as house is now good enough to take in a tenant.

NW: 66-77K

Nice.  Out of curiosity, do you guys plan on having children?

I bought a small two-bedroom (before meeting husband) and always rented out my second room.  Now that we're expecting, I don't think I want to rent it out again, and am glad that I wasn't relying on that $1000 a month in income (as nice as it was to have!)  Just something to think about.  Honestly, I'm 3 months in to my pregnancy and could have had a roommate, but was afraid I'd be puking 10 times a day in our one bathroom, and didn't want to deal with it.  Still, I can't imagine having a newborn and a roommate.
Title: Re: Progress for 20 something's
Post by: Exenos on June 09, 2016, 09:50:39 AM
We do - but plan to get as close to FIRE as possible beforehand, but so many variables, so the plan may change a few times depending on what happens.

 I can't imagine still having a tenant afterwards though!
Title: Re: Progress for 20 something's
Post by: Hall11235 on June 10, 2016, 06:38:07 AM
this is both intimidating and inspiring. it's cool to see where you guys are (i'm younger than everyone that's posted so far) and i hope to be in a similar boat in a few years

22, single, just started working

401k$4k
roth IRA$3k
savings$10k
debt$0
net worth$17k

I think I got you beat, thoug definitely on the wrong side of the equation...
22, working for a year.

Company doesn't have a 401k yet, so...
Roth IRA: 3500, set to max out by year's end.
Savings: 1500 - My car just died (R.I.P Mighty Galant, you served me well), so I had to deplete my savings for a car. I drive a lot for work, so going carless was not an option.
Debt: 26000 - 17000 of which is student loans- I have put approximately 13000 towards since graduating last May. The remaining total is for the car. Fortunately, due to a good credit score, all loans have interest rates well under 5%.

Goal for 2016: Max out IRA, get cash savings to $3000 (basically 3 months survival money), and put another 5000 towards debts.
Title: Re: Progress for 20 something's
Post by: Rimu05 on June 10, 2016, 06:41:28 PM
24 years old

-44000 NW.

Woot woot. No worries, I am a happy person, I live frugally, I just got a job recently so I have started to save.

Goal is to save 5 grand for emergencies by August.
Title: Re: Progress for 20 something's
Post by: younggunner on June 11, 2016, 05:04:01 AM
25 year old


45k investments
23k savings accounts
5k vehicle
0 debt

Just sold my house that I owe 118k on for 209,999.  After fees and commissions I will be walking away with 70-80k.  I am then buying a property for 180k, with 20 percent down from the sale of the current house, I will then owe 144k on a property worth about 230-250k.  I bought my first house when I was 22 and basically lived in it for 4 years and flipped it, but I did have about 50k cash when I bought the house.
Title: Re: Progress for 20 something's
Post by: Basil on June 11, 2016, 09:47:44 AM
23, DH 24
Both working a year, LCOL area.

Cash: 4k
Investments: 53k

No debt, no house, no kids. We started investing in college, just whatever money we could make that we didn't absolutely need. That accounts for about half of our investments.
Title: Re: Progress for 20 something's
Post by: FausseBourgeoise on June 11, 2016, 10:44:41 AM
April 15 2015 - finish Master's degree and thesis defense with loan of 9700 and 0 interest -- 3300 is forgiven and paid off by the government due to high scholastic achievement
April 17 2015 - interview for dream job, continue working at non profit
April 18 2015 - call back from hiring committee; they are unanimously interested in me
August 1 2015 - start work at dream job, continue at non profit. Take first vacation ever of 3 weeks from non profit to go on trip of lifetime for friend's wedding and related to job and studies. No regrets.
November 2015 - pay off rest of loan in full the week before graduation. continue working 2 jobs. Net worth 3k.
March 2016 - tearful goodbye to non profit. Net worth 11k. Take on unheard of extra work at new job. Implement sweeping and dramatic changes by creating templates for things I've tried experimentally. Colleagues follow suit in astonishment. Still can't bring myself to believe I have this job title.

May 2016 - 16k in the bank, saving 50% of my take home pay and an additional 10% of my income is going toward company pension with match. I am over a decade younger than my colleagues and it's been made clear that there is ongoing work for me here as long as I want it.
Title: Re: Progress for 20 something's
Post by: akzidenz on June 11, 2016, 02:47:19 PM
thanks for the encouragement, all. i'll update towards the end of 2016 and i'm excited to see how much i can grow my net worth

made a tiny mistake and switched the #s for my roth IRA and cash savings…been prioritizing maxing my roth over having a huge savings fund, although this year i'll be able to do both

Goal for 2016: Max out IRA, get cash savings to $3000 (basically 3 months survival money), and put another 5000 towards debts.

best of luck with beating your student debt! super cool that you've gotten so much of it paid down in the last year.
Title: Re: Progress for 20 something's
Post by: Guava on June 15, 2016, 08:33:04 AM
I am 25 and about to be married in a few months. Until then, here is my contribution:

Cash savings - $31,000
Investments - $59,000
Real Estate Partnership Equity - $37,000
Home Value - $115,000.00
Mortgage Debt - $97,000
Non-mortgage Debt- $10,000

Total NW is around $136,000.

This year has mostly just been me trying to stay afloat, but I am on track to max both an IRA and 401k for the first time ever. My other goals are to pay for my wedding in cash, pay my grad school tuition in cash, and pay off my medical bills. It's nice to some other 20 somethings on here!
Title: Re: Progress for 20 something's
Post by: StartingEarly on June 15, 2016, 12:39:26 PM
Just turned 26 this spring. Net worth is around 130k plus I have a paid for motorcycle and Escape.
Title: Re: Progress for 20 something's
Post by: onlykelsey on June 15, 2016, 12:41:35 PM
We do - but plan to get as close to FIRE as possible beforehand, but so many variables, so the plan may change a few times depending on what happens.

 I can't imagine still having a tenant afterwards though!

I couldn't either, until I saw daycare costs in NYC.  I think we may try to keep the option of airbnb open for occasional cash from that bedroom, while keeping the flexibility to have one of us sleep in there or have house guests.  But at market rent, I could get probably 14K a year, which is nothing to sneeze at, or maybe 20K if I did airbnb and kept busy.
Title: Re: Progress for 20 something's
Post by: TheAnonOne on June 15, 2016, 12:50:41 PM
Age 25, (26 in a few weeks)

Net Worth ~ $310,000

Home ~ $130,000
Mort ~ -$65,000
Invest ~ $210,000

Few cars make up the difference.

Yearly spending 50-60 grand, working on getting this down... Looking at needing $1,625,000 for FIRE at this rate ill be around 35-40
Title: Re: Progress for 20 something's
Post by: CanyonMan on June 16, 2016, 11:48:54 AM
Age 25, (26 in a few weeks)

Wow. Mind sharing your field?
Title: Re: Progress for 20 something's
Post by: FIstateofmind on June 17, 2016, 12:26:07 AM
Yeah, it would be great to hear what fields the people with the higher NWs are in. My NW is mostly from scholarships and inheritance.
Title: Re: Progress for 20 something's
Post by: Zikoris on June 17, 2016, 08:09:24 AM
Yeah, it would be great to hear what fields the people with the higher NWs are in. My NW is mostly from scholarships and inheritance.

I don't know if we count as "higher NWs", but we have a combined net worth of just under 200K and work as a administrative assistant and office clerk/receptionist.
Title: Re: Progress for 20 something's
Post by: onlykelsey on June 17, 2016, 08:16:34 AM
Yeah, it would be great to hear what fields the people with the higher NWs are in. My NW is mostly from scholarships and inheritance.

I'm not sure if mine counts as higher net worth given the fact that I'm about to close out my 20s, but I'm a lawyer who started work at 25 four years ago, so I think it's "higher" given the six digit loan burden I paid off.  I work in NYC at an international law firm.
Title: Re: Progress for 20 something's
Post by: Philociraptor on June 17, 2016, 08:20:00 AM
Yeah, it would be great to hear what fields the people with the higher NWs are in. My NW is mostly from scholarships and inheritance.

Our net worth at 26 should be higher than $108k, but I made terrible, emotional decisions when it came to college and racked up $100k of student loans. We have very healthy incomes though as a supply chain coordinator ($72k/yr, mechanical engineering degree from private university) and process engineer ($63k+bonus/year, biology degree from state school). Our net worth has risen $6.8k per month since we got married in May 2014.
Title: Re: Progress for 20 something's
Post by: bridget on June 17, 2016, 11:23:38 AM
For the past eight years, I have been an undergraduate student, law student, state law clerk, associate attorney in a mid-size to small market, and federal law clerk. I will soon be an attorney at a large firm, which will likely cause our NW to get a lot larger before I hit 30. During that time, husband has been a logistics & operation planner for a shipping terminal, an undergraduate student, and a software developer.

Because we staggered the "student" times, we were fortunate to avoid student loans; if either of us had a big loan to pay off, our NW would be a lot lower.
Title: Re: Progress for 20 something's
Post by: 2Birds1Stone on June 17, 2016, 11:39:55 AM
Mr. 2B1S - 29
Mrs. 2B1S - 25

Combined Net Worth - ~$250k
Combined Income - ~$200k projected for 2016

We both work in sales, when we first started dating in 2011 we made $56k/yr, by 2014 $70k/yr, 2015 $140k/yr, this year projected $200k+
Title: Re: Progress for 20 something's
Post by: MrMoneyAbsent on June 24, 2016, 08:08:08 AM
Just found MMM a couple months ago, but here we go:

Age: 21 (Wife 26)
Cash: ~7k (closings costs and some construction materials for the new house + EF)
Investments: 4.5K
Debt: (Me: 1k student loan & 2k dumb car loan) (Wife: 20k student loan)

I make 50k and she makes about 10-15k part time stay at home mom (but really more like $30,000 if you counted the child care we aren't paying!)

In a couple days our debt will include a $120,000 home.
Title: Re: Progress for 20 something's
Post by: t5inside on June 24, 2016, 08:38:49 AM
Just signed up here, I've been YNAB'ing and saving hard for the last year. I'm 28/single and current snapshot looks like:

Cash Savings - $9,000
Investments (Retirement and RSUs) - $74670
Home Value - $277000
Mortgage - $205000
Other Debt - $0
Other assets - $26,000
Net Worth (as reported by YNAB) - $181279

Of course, my investments are lower after today, but I only update their balances at the end of each month.

Last year's goal was paying off all consumer debt (just a car really, it's my weak point, but it's a Volt and I'll drive the wheels off it). This year's goal is emergency fund, hitting retirement hard (20% to 401k and maxing Roth). Any extra will be put onto the mortgage.

Title: Re: Progress for 20 something's
Post by: boarder42 on June 24, 2016, 09:36:46 AM
29 married

NW just crossed 500k yesterday (obvioulsy wont be there after close today)

invested assets - 362k
house - 533k
mortgage - 350k
i dont count my vehicles in NW

we gross over 150k - we're both engineers - could increase this by 30k if she'd just come work for my company - also due to ESOP we'd cut the 2 years off we added by moving to a mcmansion
save over 100k
plan to FIRE by 2024 - moved back 2 years due to mcmansion purchase but its been totally worth it.
Title: Re: Progress for 20 something's
Post by: onlykelsey on June 24, 2016, 09:39:18 AM
29 married

NW just crossed 500k yesterday (obvioulsy wont be there after close today)

invested assets - 362k
house - 533k
mortgage - 350k
i dont count my vehicles in NW

we gross over 150k - we're both engineers - could increase this by 30k if she'd just come work for my company - also due to ESOP we'd cut the 2 years off we added by moving to a mcmansion
save over 100k
plan to FIRE by 2024 - moved back 2 years due to mcmansion purchase but its been totally worth it.

Nice.  I think not putting both of your employment eggs in one basket is probably a smart move, though.
Title: Re: Progress for 20 something's
Post by: boarder42 on June 24, 2016, 09:59:01 AM
29 married

NW just crossed 500k yesterday (obvioulsy wont be there after close today)

invested assets - 362k
house - 533k
mortgage - 350k
i dont count my vehicles in NW

we gross over 150k - we're both engineers - could increase this by 30k if she'd just come work for my company - also due to ESOP we'd cut the 2 years off we added by moving to a mcmansion
save over 100k
plan to FIRE by 2024 - moved back 2 years due to mcmansion purchase but its been totally worth it.

Nice.  I think not putting both of your employment eggs in one basket is probably a smart move, though.

its not when the opportunity cost is crazy.  the place i work is nuts(on the compensation side) and we're looking at a 5 year horizon very little reason not to see this continue.  we are a diversified engineering firm so she would work for another division that essentially operates as its own company.
Title: Re: Progress for 20 something's
Post by: onlykelsey on June 24, 2016, 10:03:36 AM
29 married

NW just crossed 500k yesterday (obvioulsy wont be there after close today)

invested assets - 362k
house - 533k
mortgage - 350k
i dont count my vehicles in NW

we gross over 150k - we're both engineers - could increase this by 30k if she'd just come work for my company - also due to ESOP we'd cut the 2 years off we added by moving to a mcmansion
save over 100k
plan to FIRE by 2024 - moved back 2 years due to mcmansion purchase but its been totally worth it.

Nice.  I think not putting both of your employment eggs in one basket is probably a smart move, though.

its not when the opportunity cost is crazy.  the place i work is nuts(on the compensation side) and we're looking at a 5 year horizon very little reason not to see this continue.  we are a diversified engineering firm so she would work for another division that essentially operates as its own company.

My husband is in tech, and I am a corporate attorney.  I like the diversification. Of course if he wanted to do tech work for a law firm, there are 100 other functionally equivalent firms in the city he could apply to.
Title: Re: Progress for 20 something's
Post by: boarder42 on June 24, 2016, 11:32:47 AM
29 married

NW just crossed 500k yesterday (obvioulsy wont be there after close today)

invested assets - 362k
house - 533k
mortgage - 350k
i dont count my vehicles in NW

we gross over 150k - we're both engineers - could increase this by 30k if she'd just come work for my company - also due to ESOP we'd cut the 2 years off we added by moving to a mcmansion
save over 100k
plan to FIRE by 2024 - moved back 2 years due to mcmansion purchase but its been totally worth it.

Nice.  I think not putting both of your employment eggs in one basket is probably a smart move, though.

its not when the opportunity cost is crazy.  the place i work is nuts(on the compensation side) and we're looking at a 5 year horizon very little reason not to see this continue.  we are a diversified engineering firm so she would work for another division that essentially operates as its own company.

My husband is in tech, and I am a corporate attorney.  I like the diversification. Of course if he wanted to do tech work for a law firm, there are 100 other functionally equivalent firms in the city he could apply to.

there isnt anything even remotely close to where i work anywhere in our city.  people try.  i've actually interviewed with them.  their ability to actually be an ESOP and share profit even is laughable. 
Title: Re: Progress for 20 something's
Post by: motiv8ed on June 26, 2016, 07:50:32 PM
Age 26, wife is 27

Cash: 22k
Investments: 122k
Home Value: 240k
Mortgage Debt (Only Debt): 116k

In all, NW is about 278k. We both are in the tech field, and we actually work at the same place. Still working on getting the carpooling down.
Title: Re: Progress for 20 something's
Post by: ariapluscat on June 27, 2016, 11:36:11 AM
22 years, single, and 0 kids. 2 cats though!

I have $7,000 cash savings.
I have $0 in student debt.
I have $1000 in credit card debt, for monthly expenses and a new computer purchase.
I have $0 in investment.

Now that I have paid off my student debt I want to start saving towards investment.
Title: Re: Progress for 20 something's
Post by: aetherie on June 27, 2016, 11:57:43 AM
I'm 24 and fiance is 23. Both software engineers in a HCOL area - combined salary ~$160k. No kids yet and still renting.

Cash: $12k
Investments (retirement accounts): $129k
Investments (taxable): $99k
Debt: $0
Total net worth: $240k
Title: Re: Progress for 20 something's
Post by: TheAnonOne on June 27, 2016, 12:55:28 PM
Age 25, (26 in a few weeks)

Wow. Mind sharing your field?

Software (.NET) consulting <-that's the kicker

Started at 18/19 so I really have probably more to compare with people who are 29 to 33
Title: Re: Progress for 20 something's
Post by: HydroJim on June 27, 2016, 01:10:24 PM
Just turned 20. 2 more years of undergrad left. Been making decent money with internships.

Roth IRA: $14k.
401k: $300
Savings: $4k
No Debt. Yay for scholarships!

Title: Re: Progress for 20 something's
Post by: JZinCO on June 27, 2016, 01:16:43 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.
Title: Re: Progress for 20 something's
Post by: bridget 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.
Title: Re: Progress for 20 something's
Post by: monstermonster 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.
Title: Re: Progress for 20 something's
Post by: oily_stache 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.
Title: Re: Progress for 20 something's
Post by: RonMcCord 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.
Title: Re: Progress for 20 something's
Post by: tardis 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!

Title: Re: Progress for 20 something's
Post by: Tig_ 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
Title: Re: Progress for 20 something's
Post by: ocelot89 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.
Title: Re: Progress for 20 something's
Post by: McStache 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.
Title: Re: Progress for 20 something's
Post by: Jupiter 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.
Title: Re: Progress for 20 something's
Post by: athiker10 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)
Title: Re: Progress for 20 something's
Post by: Jupiter 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 ;)
Title: Re: Progress for 20 something's
Post by: Metric Mouse 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...
Title: Re: Progress for 20 something's
Post by: bridget 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.
Title: Re: Progress for 20 something's
Post by: Metric Mouse 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...
Title: Re: Progress for 20 something's
Post by: bridget 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.
Title: Re: Progress for 20 something's
Post by: CmFtns 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
Title: Re: Progress for 20 something's
Post by: amyj05 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.
Title: Re: Progress for 20 something's
Post by: PencilThinStash 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.
Title: Re: Progress for 20 something's
Post by: athiker10 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. :)
Title: Re: Progress for 20 something's
Post by: BORN SAVER 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.
Title: Re: Progress for 20 something's
Post by: afuera 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.
Title: Re: Progress for 20 something's
Post by: onlykelsey 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!
Title: Re: Progress for 20 something's
Post by: Frugal_NYC 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.
Title: Re: Progress for 20 something's
Post by: Derrian 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

Title: Re: Progress for 20 something's
Post by: Good_Juju 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
Title: Re: Progress for 20 something's
Post by: Derrian 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!
Title: Re: Progress for 20 something's
Post by: Good_Juju 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.
Title: Re: Progress for 20 something's
Post by: boarder42 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
Title: Re: Progress for 20 something's
Post by: monstermonster 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
Title: Re: Progress for 20 something's
Post by: boarder42 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
Title: Re: Progress for 20 something's
Post by: monstermonster 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.
Title: Re: Progress for 20 something's
Post by: boarder42 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.
Title: Re: Progress for 20 something's
Post by: lyson15 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.
Title: Re: Progress for 20 something's
Post by: jorjor 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.
Title: Re: Progress for 20 something's
Post by: bayestheorem 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
Title: Re: Progress for 20 something's
Post by: boarder42 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?
Title: Re: Progress for 20 something's
Post by: bayestheorem 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.
Title: Re: Progress for 20 something's
Post by: Gadea32 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
Title: Re: Progress for 20 something's
Post by: amyj05 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.
Title: Re: Progress for 20 something's
Post by: Murse 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 ;)
Title: Re: Progress for 20 something's
Post by: kickel 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
Title: Re: Progress for 20 something's
Post by: boarder42 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.
Title: Re: Progress for 20 something's
Post by: kickel 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.
Title: Re: Progress for 20 something's
Post by: boarder42 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.
Title: Re: Progress for 20 something's
Post by: kickel 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.
Title: Re: Progress for 20 something's
Post by: CmFtns 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.
Title: Re: Progress for 20 something's
Post by: boarder42 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.
Title: Re: Progress for 20 something's
Post by: Cwadda 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.
Title: Re: Progress for 20 something's
Post by: boarder42 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.
Title: Re: Progress for 20 something's
Post by: hm13hm13 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
Title: Re: Progress for 20 something's
Post by: TWStandley on August 15, 2016, 11:22:55 AM
28, Married, One Child.  Wife and I both work decent paying full-time jobs.  Live in a high cost area.  Not as frugal as I would like us to be but not horrible either.

The PLUSES:
Cash: $25k
Car Value: $24K
Investments: $120K (401ks, Roth IRA)
Pension: $10K
Home Value: $389K

THE MINUSES:
Car Loan: $15K @0.9%
Mortgage: $334K @ 4.1%
Current Credit Card Balance (pay off monthly): $1K

Net worth approximately $215K
Title: Re: Progress for 20 something's
Post by: boarder42 on August 15, 2016, 11:39:37 AM
28, Married, One Child.  Wife and I both work decent paying full-time jobs.  Live in a high cost area.  Not as frugal as I would like us to be but not horrible either.

The PLUSES:
Cash: $25k
Car Value: $24K
Investments: $120K (401ks, Roth IRA)
Pension: $10K
Home Value: $389K

THE MINUSES:
Car Loan: $15K @0.9%
Mortgage: $334K @ 4.1%
Current Credit Card Balance (pay off monthly): $1K

Net worth approximately $215K

you need to REFI that mortgage.  should easily get a no cost REFI in the 3's right now.  I'm closing at the end of the month to 3.25% on a 30 year.
Title: Re: Progress for 20 something's
Post by: UKMustache on August 16, 2016, 03:58:51 AM
I'm 27 and my wife is 28.

We only discovered MMM about 18 months ago, it makes me sick thinking about how much money we squandered beforehand!

Positive

Negative

Net worth - £42,820

We're in a much better position than we were just a couple of years ago (lots of debt, overdrafts, credit cards, loans for no particular purpose, etc).

The mortgage interest rate is high, we couldn't borrow from the mainstream lenders at the time though because my income was sporadic and didn't match the lending checks brought in after the last recession (UK). 

We should be able to remortgage next year (when the early repayment penalty percentage drops) and if rates remain stable there are deals available around 2%

Now we have our shit together, we should be able to double our net worth in the next 2 years.
Title: Re: Progress for 20 something's
Post by: Good_Juju on August 16, 2016, 10:13:45 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.

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.

Most people don't contribute to a Roth here? My plan after I finish killing my student loans is to keep my 401k at the company match, start contributing to a Roth account, and save up for a down payment on a house. The Roth plan is just because that is what is recommended on the personal finance subreddit....but I do like the flexibility it offers for taking money out. I'd love to hear your opinion on it.
Title: Re: Progress for 20 something's
Post by: afuera on August 16, 2016, 11:49:51 AM
If you are in a high tax bracket now and expect to be in a lower tax bracket in retirement, then traditional is the way to go.
If you are in a lower tax bracket now or think that in general taxes are going to be much higher regardless of tax bracket when you retire, get a Roth.
Personally, I have a Roth and my husband has a Traditional (his is much bigger due to a rollover from an old 401K).
Title: Re: Progress for 20 something's
Post by: boarder42 on August 16, 2016, 01:33:48 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.

Most people don't contribute to a Roth here? My plan after I finish killing my student loans is to keep my 401k at the company match, start contributing to a Roth account, and save up for a down payment on a house. The Roth plan is just because that is what is recommended on the personal finance subreddit....but I do like the flexibility it offers for taking money out. I'd love to hear your opinion on it.

thats not the mustachian way to do it as most here are in higher brackets now than they will be in retirement.  I do it for 2 reasons. 1 my income makes me ... but 2 its part of my plan for withdrawals on the 5 year gap til my roth ladder kicks in.
Title: Re: Progress for 20 something's
Post by: CmFtns on August 16, 2016, 02:30:53 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.

Most people don't contribute to a Roth here? My plan after I finish killing my student loans is to keep my 401k at the company match, start contributing to a Roth account, and save up for a down payment on a house. The Roth plan is just because that is what is recommended on the personal finance subreddit....but I do like the flexibility it offers for taking money out. I'd love to hear your opinion on it.

I have the ability to put 5500 into an IRA and I can do that Roth (After-Tax) or Traditional (Pre-Tax). I choose to lower my tax burden now as much as possible by choosing a traditional IRA. I do this because I plan to not pay taxes or pay very low taxes during retirement by keeping my income very low and use the roth conversion ladder to get all of that money out of pre-tax accounts without paying taxes on them.

This is the plan that many people on this forum plan to take if they are making incomes in the mid-high 5 figures right now and are planning to retire on $20k-30k/yr
Title: Re: Progress for 20 something's
Post by: Guava on August 22, 2016, 08:32:35 PM
Today was a discouraging day for me.  My MIL more or less laughed at my idea to FIRE within 20 years, my own mother admitted she had doubts,  and worst of all, my SO has doubts too. Especially if we have kids. I figured someone here would understand this feeling when everyone doubts you. How do you pick yourself up and get back in the FIRE mindset?
Title: Re: Progress for 20 something's
Post by: Herbert Derp on August 22, 2016, 10:48:12 PM
I'm 25 years old, single. Been working for four years.

Cash: $2,000
Investments: $324,000
Condo: $230,000
Debt: $0

Total net worth: $555,000


Today was a discouraging day for me.  My MIL more or less laughed at my idea to FIRE within 20 years, my own mother admitted she had doubts,  and worst of all, my SO has doubts too. Especially if we have kids. I figured someone here would understand this feeling when everyone doubts you. How do you pick yourself up and get back in the FIRE mindset?

Just roll your eyes at them and move on. Kids are only expensive if you want them to be. Prove to yourself that you can live within a certain budget (take kids into account), as well as save enough money to be FI on said budget. Once you reach that point, the math pretty much proves itself. If you can't prove those numbers, then maybe you should have doubts.
Title: Re: Progress for 20 something's
Post by: FrozenBits on August 23, 2016, 12:51:29 AM
Married ages 26/23.

Total investments = 200k
Home equity = 48k
Cash = 2k

Total Net Worth = 250k

Combined yearly income of about 140k gross.  Spending is about 50k.  We are able to tax shelter about 62k per year so that really helps keep the tax bill low.   Our NW has been increasing at a rate of 80-100k per year for the last couple years now.

Sent from my SM-G935F using Tapatalk

Title: Re: Progress for 20 something's
Post by: HarelLevy1 on August 23, 2016, 03:13:02 AM
Young one here. Age 21 living in Israel and single living with parents.
Been working for 8 months at a minimum wage job.
Our currency here is NIS and not $.

Cash: 55,000NIS
Retirement Account: 5,500NIS
Debt: 0
Inv. Portfolio: None at the moment.

Its been almost a year since discharge from army and soon will start Bachelor Degree (Software engineer).
Age 20: 0 Net Worth
Age 21: 60,500NIS Net Worth.

Happy to see all 20's working hard to achieve their goals!

Title: Re: Progress for 20 something's
Post by: VladTheImpaler on August 23, 2016, 04:25:50 AM
I'm exiting my 20s shortly, so this is maybe more of a nostalgic post for me.

At 25 I had just started my post-grad school job and had a net worth of about -100K (not actually bad for putting myself through eight years of school!  Thanks, need-based financial aid in undergrad, and my law school's financial aid office.)

I'm now 29, and my (single) details are:

Cash savings - $8,000 (temporarily depleted, will put back up to ~15K)
Investments - $150,000
Home Value - $610,000
Debt (home loan @ 4.25% and HELOC at 3.4%) - $390,000
All in all, my net worth is approximately 355K.

It seems like you're counting your mortgage twice by listing low equity and then also a 90K debt.  Maybe I'm missing something?  I changed mine to "value" instead.

But I have an obscene income, so I actually could be doing a lot better.  Now that I have my wedding, roof assessment, down payment and student loan debt behind me, hopefully I can become more badass.

You must live in a HCOL city for a "small two bedroom" to be worth $610,000
Title: Re: Progress for 20 something's
Post by: onlykelsey on August 23, 2016, 07:34:04 AM
I'm exiting my 20s shortly, so this is maybe more of a nostalgic post for me.

At 25 I had just started my post-grad school job and had a net worth of about -100K (not actually bad for putting myself through eight years of school!  Thanks, need-based financial aid in undergrad, and my law school's financial aid office.)

I'm now 29, and my (single) details are:

Cash savings - $8,000 (temporarily depleted, will put back up to ~15K)
Investments - $150,000
Home Value - $610,000
Debt (home loan @ 4.25% and HELOC at 3.4%) - $390,000
All in all, my net worth is approximately 355K.

It seems like you're counting your mortgage twice by listing low equity and then also a 90K debt.  Maybe I'm missing something?  I changed mine to "value" instead.

But I have an obscene income, so I actually could be doing a lot better.  Now that I have my wedding, roof assessment, down payment and student loan debt behind me, hopefully I can become more badass.

You must live in a HCOL city for a "small two bedroom" to be worth $610,000

Yup, NYC.
Title: Re: Progress for 20 something's
Post by: use2betrix on August 23, 2016, 11:52:47 AM
28 - M - married (wife doesn't work, I travel for work and she comes with)
Cash - 66k
Investments - 114k

Not too bad but insanely petty given my income. I've came a long ways in the last 18 months though. Really no reason I shouldn't be at 400k+ except for years of consumer suckerism. Still struggling with it some, but getting better.
Title: Re: Progress for 20 something's
Post by: SuperSaver on August 24, 2016, 09:38:10 AM
Recently turned 26. Cohabitation with Fiance. Making approx $78k combined a year since late 2014.

Cash: approx $5,000 (its fairly low now as we are paying cash for our wedding and refilling emergency fund from our move)
Investment: $10,137.25 in 401k with company match.
Home Value: $123,000 just bought in April. Saving hundreds  on rent and building equity. MCOL but our condo is literally less than a third the cost of the average house in our zip code. Super low crime area that is flanked by fancy neighborhoods. Pretty much in love with our area.
Car: $7,000 a paid off Yaris we share.

Liabilities
House: $116,908.
Student Loans: approx $54,000 (paid off $32,000+ since Dec 2012 when I graduated)

Net worth: ($25,770.75) Negative but, we're happy with our progress. We will have student loans paid off in 4-5 years and the mortgage in 9-10 if we don't get any raises...
Title: Re: Progress for 20 something's
Post by: icemodeled on August 24, 2016, 07:40:05 PM
I am 28, married, no kids.

Cash savings - $30000
Investments - $1500
Home Value - $130000
Debt - $0

Yikes I hate seeing so little in investments but we just switched my IRA to Vangaurd and are taking it seriously now. I didn't know much about it before - investing - and plan to max out my IRA this year. Also want to open an IRA for my husband to start investing in. Definitely are focus now. We also are on track now of saving 50% of income, which we will continue to try and raise. Overall.. I guess it's ok for my age but still wish we had more invested.
Title: Re: Progress for 20 something's
Post by: boarder42 on August 25, 2016, 06:11:15 AM
I am 28, married, no kids.

Cash savings - $30000
Investments - $1500
Home Value - $130000
Debt - $0

Yikes I hate seeing so little in investments but we just switched my IRA to Vangaurd and are taking it seriously now. I didn't know much about it before - investing - and plan to max out my IRA this year. Also want to open an IRA for my husband to start investing in. Definitely are focus now. We also are on track now of saving 50% of income, which we will continue to try and raise. Overall.. I guess it's ok for my age but still wish we had more invested.



what about 401ks?
Title: Re: Progress for 20 something's
Post by: monstermonster on September 04, 2016, 12:48:31 PM
This is my big success of the week, my FICO score from Citi:

(http://i.imgur.com/WH2DAyV.png)
Title: Re: Progress for 20 something's
Post by: boarder42 on September 05, 2016, 03:18:55 PM
Just be aware that isn't your actual score.  Your real one is typically lower
Title: Re: Progress for 20 something's
Post by: PerpetualWanderlust on September 07, 2016, 10:15:16 AM
25, single. I was laid off in 2015 and went almost 8 months without work. With that being said, I have about 120k in savings in total.

The negatives: I rent, and a pretty high cost place as well. Around 850 bucks a month, including utilities and Internet anservice basic cable. Was trigger shy on buying, considering I was laid off from my last job. Gonna rent for at least a year. Also, I have a girlfriend who is pretty frugal, but it still forces me to pay for food/drive around whenever we hang out.

The positives: car is fully paid off and running well. I don't drink, and I don't belong to a gym. I live only 10 minutes from my job

Title: Re: Progress for 20 something's
Post by: VladTheImpaler on September 07, 2016, 12:39:24 PM

The negatives: I rent, and a pretty high cost place as well. Around 850 bucks a month, including utilities and Internet anservice basic cable. Was trigger shy on buying, considering I was laid off from my last job. Gonna rent for at least a year.

$850/month doesn't seem like HCOL.
Is it a 1 bed or 2 bed apartment?
I'm assuming 1bed/1 bath?

I rent a 2/2 and split it with a really easy roommate.
Title: Re: Progress for 20 something's
Post by: OvertheRainbow on September 07, 2016, 10:38:39 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!
Title: Re: Progress for 20 something's
Post by: TheAnonOne on September 13, 2016, 11:15:48 AM
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!

You have 66k in investments/cash already. Adding 84k to that in 5 years should be a cakewalk, that's only $16,800 a year or $1,400 a month. That's assuming you get no growth, dividends, inheritance, or windfalls in that time.
Title: Re: Progress for 20 something's
Post by: Yokan on September 13, 2016, 03:04:22 PM
It's really encouraging to see everyone on the same path. Currently 28, married:

Assets:
Cash $30k
Investments $313K
House: $126k (sales price less projected sales credits)

Liabilities
Credit Card current balances $2.2K

Networth
$466-467K
Title: Re: Progress for 20 something's
Post by: monstermonster on September 15, 2016, 04:16:37 PM
The negatives: I rent, and a pretty high cost place as well. Around 850 bucks a month, including utilities and Internet anservice basic cable. Was trigger shy on buying, considering I was laid off from my last job. Gonna rent for at least a year.
Renting is a positive generally when it comes to mustachian net worth. Check out JCollinsNh's work on the subject. (http://jlcollinsnh.com/2012/02/23/rent-v-owning-your-home-opportunity-cost-and-running-some-numbers/)
Title: Re: Progress for 20 something's
Post by: catwoman106 on September 16, 2016, 01:13:39 PM

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.

So true.

26 here as well, husband is 29.

Just finished paying off 50k of debt, mostly student loans. Live in HCOL area in CA.

401k - 31k
Roth IRA - 1k
Cash Savings - 6k
Investments - 25k

No debt, don't count cars as NW

Joint NW: 63k

No kids yet, but baby on the way.

Also - noticed, debt pay off and savings rate skyrocketed once married. Having a partner and being motivated together really helps. Easier to be accountable and to say no to outside parties. We're currently saving 70-80% after tax income. Discovered MMM last year.
Title: Re: Progress for 20 something's
Post by: Metric Mouse on September 16, 2016, 03:42:28 PM
The negatives: I rent, and a pretty high cost place as well. Around 850 bucks a month, including utilities and Internet anservice basic cable. Was trigger shy on buying, considering I was laid off from my last job. Gonna rent for at least a year.
Renting is a positive generally when it comes to mustachian net worth. Check out JCollinsNh's work on the subject. (http://jlcollinsnh.com/2012/02/23/rent-v-owning-your-home-opportunity-cost-and-running-some-numbers/)

As often as this is repeated, it seems so few people know this fact. Even fewer seem to take it to heart, based on all of the 'pay off my house?' threads here...
Title: Re: Progress for 20 something's
Post by: YogiKitti on September 19, 2016, 01:47:31 AM
Nice to see others doing so well!

Age: 23 married
NW: $110,000
debt: 0

In the next year we will quit our jobs, move so Mr. YK can start school, and I will start my career.
Title: Re: Progress for 20 something's
Post by: druth on September 23, 2016, 03:19:04 PM
Age 26

Good:
41k in investments
2k cash
180k Home value

Bad:
-9k Student Loans (2.75%!)
-156k Mortgage (4%+PMI)

NW: 58k
Started at -10k when I finished college 2 years ago, so I'm happy with my progress.  My boyfriend pays me rent right now which helps a lot, and I'm planning to get some rental properties going within the next couple years.  It definitely has helped me so far that we are in a good market and my house value went up by 7%(conservative estimate, Zillow says 9%!) since I bought it a year ago...  They are building a fancy ass soccer stadium near my house and demoing an old shopping mall into a new park/theater/fancy restaurants for the stadium so I expect this will only continue! yay!
Title: Re: Progress for 20 something's
Post by: druth on September 23, 2016, 03:39:40 PM
The negatives: I rent, and a pretty high cost place as well. Around 850 bucks a month, including utilities and Internet anservice basic cable. Was trigger shy on buying, considering I was laid off from my last job. Gonna rent for at least a year.
Renting is a positive generally when it comes to mustachian net worth. Check out JCollinsNh's work on the subject. (http://jlcollinsnh.com/2012/02/23/rent-v-owning-your-home-opportunity-cost-and-running-some-numbers/)

As often as this is repeated, it seems so few people know this fact. Even fewer seem to take it to heart, based on all of the 'pay off my house?' threads here...

I think it really depends on your market and lifestyle.

It's pretty easy to run the numbers and figure out what the most advantageous decision is.  I do think too many people just assume home buying is best without confirming their biases though.  It's certainly not a "fact" that renting is better though.
http://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html

As an example, my NW is currently about 10k higher than it would be had I not bought a house just a year ago.
Title: Re: Progress for 20 something's
Post by: monstermonster on September 24, 2016, 10:47:14 AM
The negatives: I rent, and a pretty high cost place as well. Around 850 bucks a month, including utilities and Internet anservice basic cable. Was trigger shy on buying, considering I was laid off from my last job. Gonna rent for at least a year.
Renting is a positive generally when it comes to mustachian net worth. Check out JCollinsNh's work on the subject. (http://jlcollinsnh.com/2012/02/23/rent-v-owning-your-home-opportunity-cost-and-running-some-numbers/)

As often as this is repeated, it seems so few people know this fact. Even fewer seem to take it to heart, based on all of the 'pay off my house?' threads here...

I think it really depends on your market and lifestyle.

It's pretty easy to run the numbers and figure out what the most advantageous decision is.  I do think too many people just assume home buying is best without confirming their biases though.  It's certainly not a "fact" that renting is better though.
http://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html

As an example, my NW is currently about 10k higher than it would be had I not bought a house just a year ago.
I of course agree that when it comes to any investment as narrow as a single structure on a single piece of land in a single neighborhood, personal finance is personal and there's no guarantees.

However, I'd recommend that $10K gain over a year isn't where the downsides of owning (repair, opportunity cost of that down payment in the market,  selling costs, mortgage interest payments, low liquidity) come into play - especially in an upward trend in the economy. You can't liquidate that net worth easily or use it to pay your expenses, and you can only realize that "gain" when you sell - by which the market may have changed and for which you will pay a substantial fee (or "expense ratio".) Your anecdote does not indicate a trend nor does it indicate, even for you, that long-term wealth will be primarily determined by owning your home. However, I hope that owning does make sense for you in the long-term.

Right now, the Rent Vs Buy calculator says I should Buy because my city's housing market has gone ape-shit and my rent has doubled in the past three years. However, the buying market is so hot and dominated by out-of-state cash buyers that I believe it currently defies the "buy low, sell high" rule. It's like everyone's already forgotten 2008.
Title: Re: Progress for 20 something's
Post by: clarkfan1979 on September 24, 2016, 11:27:39 AM
In a few years, when you want to move, instead of selling your house, try to hang onto the asset and rent it. It will make a huge difference on your net worth statement when you are 40.

Title: Re: Progress for 20 something's
Post by: Metric Mouse on September 25, 2016, 07:53:43 AM
In a few years, when you want to move, instead of selling your house, try to hang onto the asset and rent it. It will make a huge difference on your net worth statement when you are 40.

Yes. If one house is a poor choice, multiple houses is clearly the answer! :D  Because renting a house always makes money... MustacheMath!
Title: Re: Progress for 20 something's
Post by: monstermonster on September 25, 2016, 09:02:49 AM
In a few years, when you want to move, instead of selling your house, try to hang onto the asset and rent it. It will make a huge difference on your net worth statement when you are 40.

Yes. If one house is a poor choice, multiple houses is clearly the answer! :D  Because renting a house always makes money... MustacheMath!
Oof. Owning rental homes has made a HUGE difference in the net worth of my SO, however, that was once he 1) had a lot of liquid cash assets because his business got sold and 2) because he bought the properties to rent out so he made the calculations for that, rather than for SFH.

 His "disaster house" is a house he unfortunately still owns and rents out. He bought when he was in college because "it made sense at the time" (this was 2007) between bad tenants, vacancy, repairs, being a remote landlord 1.5 hours away, a market that fell apart in CollegeTown, a property manager who ended up stopped fixing things or sending rent to him (that he's had to take to court), and the initial interest rates on the home, it's all been a disaster.

Buying a house for the qualities you want in a SFH is totally different than properties you are trying to make an income off of. There's very different calculations. (http://affordanything.com/2012/01/25/income-property/) Most people don't buy into a SFH by calculating the going rate in the local rental market and their buying process does not include the types of calculations you should do for a rental. If you are considering moving "up" (or even "down" since this is MMM) in house and renting out your owned house, make sure the house actually meets the criteria that you would follow to invest in the property on its own merits, not just based on the "sunk cost" of owning the home. Also decide if you really want the "not passive" income of owning properties - you need to be willing to take the cut on your investment (much higher than expense ratios) of a property manager, or have the skills, tools, and flexibility to handle maintenance, emergencies, and turnover for your property.

Landlording isn't for everyone and the people who lose at it are the people who don't go into it with their head on straight with the numbers.
Title: Re: Progress for 20 something's
Post by: Metric Mouse on September 25, 2016, 08:05:49 PM
In a few years, when you want to move, instead of selling your house, try to hang onto the asset and rent it. It will make a huge difference on your net worth statement when you are 40.

Yes. If one house is a poor choice, multiple houses is clearly the answer! :D  Because renting a house always makes money... MustacheMath!
Oof. Owning rental homes has made a HUGE difference in the net worth of my SO, however, that was once he 1) had a lot of liquid cash assets because his business got sold and 2) because he bought the properties to rent out so he made the calculations for that, rather than for SFH.

 His "disaster house" is a house he unfortunately still owns and rents out. He bought when he was in college because "it made sense at the time" (this was 2007) between bad tenants, vacancy, repairs, being a remote landlord 1.5 hours away, a market that fell apart in CollegeTown, a property manager who ended up stopped fixing things or sending rent to him (that he's had to take to court), and the initial interest rates on the home, it's all been a disaster.

Buying a house for the qualities you want in a SFH is totally different than properties you are trying to make an income off of. There's very different calculations. (http://affordanything.com/2012/01/25/income-property/) Most people don't buy into a SFH by calculating the going rate in the local rental market and their buying process does not include the types of calculations you should do for a rental. If you are considering moving "up" (or even "down" since this is MMM) in house and renting out your owned house, make sure the house actually meets the criteria that you would follow to invest in the property on its own merits, not just based on the "sunk cost" of owning the home. Also decide if you really want the "not passive" income of owning properties - you need to be willing to take the cut on your investment (much higher than expense ratios) of a property manager, or have the skills, tools, and flexibility to handle maintenance, emergencies, and turnover for your property.

Landlording isn't for everyone and the people who lose at it are the people who don't go into it with their head on straight with the numbers.

Thank you for laying out both sides of the equations clearly. The mantra of 'rent out the current house', while popular, does require actual calculation to ensure it is economically wise.
Title: Re: Progress for 20 something's
Post by: OvertheRainbow on September 28, 2016, 09:09:57 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!

You have 66k in investments/cash already. Adding 84k to that in 5 years should be a cakewalk, that's only $16,800 a year or $1,400 a month. That's assuming you get no growth, dividends, inheritance, or windfalls in that time.

I sure hope so. I usually don't like to count cash as I may end up using that in case of an emergency. I don't plan on touching Roth, 457 or 403b unless things are really dire.
Title: Re: Progress for 20 something's
Post by: nnls on September 28, 2016, 10:35:32 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.



Title: Re: Progress for 20 something's
Post by: Katsumi on September 29, 2016, 02:57:40 PM
27 here, married with one child and one dog, spouse does not work.

Assets:
$69,000 in retirement accounts
$32,000 in cash or equivalents ($11,000 is earmarked for ROTH's next year)
$180,000 Home value
Two vehicles - I do not count these in my NW calcs, although they are paid off and worth approximately $25k combined

Liabilities:
$102,000 Mortgage @ 3%

NW: $179,000, not including car values.

 Not quite where I would like to be, and, reading through some of these posts I feel like I have some catching-up to do!
Title: Re: Progress for 20 something's
Post by: adizb on September 29, 2016, 07:01:20 PM
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 =)
Title: Re: Progress for 20 something's
Post by: VladTheImpaler on September 29, 2016, 07:19:46 PM
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 =)
I love your sense of humor about it.
Some Mustachians, act like they have never made any mistakes...especially the young ones lol. (It can get nauseating after a while).
Your experience about feeling like Neo coming out of the matrix mirrors my own.
Kudos! Keep it up man.
Title: Re: Progress for 20 something's
Post by: boarder42 on September 30, 2016, 08:05:28 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 =)
I love your sense of humor about it.
Some Mustachians, act like they have never made any mistakes...especially the young ones lol. (It can get nauseating after a while).
Your experience about feeling like Neo coming out of the matrix mirrors my own.
Kudos! Keep it up man.

if i laid out what we owned on here i'd get banned that said we're going to work around 13 long years to be able to afford it all forever.
Title: Re: Progress for 20 something's
Post by: akzidenz on October 02, 2016, 12:19:34 AM
this is both intimidating and inspiring. it's cool to see where you guys are (i'm younger than everyone that's posted so far) and i hope to be in a similar boat in a few years

22, single, just started working

401k$4k
roth IRA$10k
emergency fund$3k
debt$0
net worth$17k

here's where i am four months later:

401k$12.5k(+$8.5k)
roth IRA$12.5k(+$2.5k)
emergency fund$9.5k(+$6.5k)
taxable investments$3k(new)
debt$0
net worth$37.5k(+$20.5k)

i'm averaging a 69% savings rate month-to-month, which feels good but i want to do better. i'm living at home right now and so have 0 rent costs, but there are so many gaping holes and unnecessary expenses in my budget that i could cut down (no rent but i'm still spending $2k a month??? i'm pretty ashamed to own up to it)
Title: Re: Progress for 20 something's
Post by: MrMath on October 02, 2016, 12:58:42 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?


Title: Re: Progress for 20 something's
Post by: Derrian on October 02, 2016, 07:39:10 AM
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.
Title: Re: Progress for 20 something's
Post by: boarder42 on November 15, 2016, 06:16:02 AM
well i was hoping to exit this thread at 400k invested.  i will be exiting at 398.4k invested total NW at 541k. as today i turned 30.  7years til FI!!
Title: Re: Progress for 20 something's
Post by: Saskatchewstachian on November 15, 2016, 06:57:24 AM
Ou a thread I can contribute to! Let me just pull up my tracking spreadsheet to grab the numbers!

DW and I are 25y.o. DINK's living in a HCOL area. Although I think most of Canada would be considered HCOL vs the states (although that's a debate for another thread)

Gross Income ~240k but due to very high taxes this works out to ~11k/month
Cash - 10k
Invested 100k
Home - 380k
Mortgage - (287k at 2.89%)
Debt (car at 0%) - (2.7k)

Total NW - 200k

DW and I only found MMM about 6 month ago and since then have boosted out savings rate over 50%. This year alone we are on track to add 84k to our NW (not counting investment returns). This large income is unfortunately temporary as long as I am working away and will drop in a year. Our current plan has us at a 600k NW at 30 and 1.25M by 35 and retire at 40 with ~2M. Who knows what will all happen between now and then though but for the time being we are laying the foundation by plowing about 7-8k per month in the NW and all of this while paying cash for DW's Master's over 2 years (about 20k).

Title: Re: Progress for 20 something's
Post by: 2Birds1Stone on November 15, 2016, 07:21:27 AM
Mr. 2B1S - 29
Mrs. 2B1S - 25

Combined Net Worth - ~$250k
Combined Income - ~$200k projected for 2016

We both work in sales, when we first started dating in 2011 we made $56k/yr, by 2014 $70k/yr, 2015 $140k/yr, this year projected $200k+

5 months and ~$50k later we are sitting at $300k net worth combined. Still 29/25 years old respectively.

Title: Re: Progress for 20 something's
Post by: Supernumerary on November 22, 2016, 12:37:08 AM
Nice thread. Great to get some perspective on how others in a similar situation are doing.

Me and my GF are just starting out. We are 27 and 26 respectively, both newly graduated engineers within Industrial Design and Product Development. Found this site a few years ago, but the mindset has been with us from before, although reading here has strengthened us.

We are just starting out at our entry level jobs as engineers, and as such are both expecting an increase in income of about 10% within 6-12 months.

The details:

Combined Income: $80k/yr
Combined Investments: $39k
Combined Retirement Accounts: $14k
Apartment Value: $409k

Mortgage: $297k @ 0.82% interest
Additional Loan: $49k @ 0.82% interest
Combined Student Loans: $83k @ 0.6% interest

The additional loan was needed in order to be able to buy instead of rent. The market where we live is balanced in a way that heavily benefits buying over renting, and the cost of owning, including mortgage costs, is just about half that of renting.

This all results in a combined NW of $34k, which we are happy for seeing as we are both just emerging from university. It's difficult to assess how we are performing so far, but it seems we are maintaining right around 65% SR.
Title: Re: Progress for 20 something's
Post by: LuxuryIsADrug on November 22, 2016, 02:05:12 AM
Canadian. 27, male, single.

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

NW: -$11,500
Title: Re: Progress for 20 something's
Post by: happychineseboy on November 22, 2016, 08:13:53 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!
Title: Re: Progress for 20 something's
Post by: boarder42 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.
Title: Re: Progress for 20 something's
Post by: Vertical Mode 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 :-)
Title: Re: Progress for 20 something's
Post by: frugalfanny 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.
Title: Re: Progress for 20 something's
Post by: boarder42 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
Title: Re: Progress for 20 something's
Post by: Verdandi 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 :-)
Title: Re: Progress for 20 something's
Post by: frugalfanny 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.

Title: Re: Progress for 20 something's
Post by: boarder42 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.
Title: Re: Progress for 20 something's
Post by: frugalfanny 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.
Title: Re: Progress for 20 something's
Post by: boarder42 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.
Title: Re: Progress for 20 something's
Post by: adizb 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!
Title: Re: Progress for 20 something's
Post by: realtormustachian 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.
Title: Re: Progress for 20 something's
Post by: ZagNation 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!
Title: Re: Progress for 20 something's
Post by: monstermonster 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?
Title: Re: Progress for 20 something's
Post by: OvertheRainbow 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.
Title: Re: Progress for 20 something's
Post by: Metric Mouse 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?
Title: Re: Progress for 20 something's
Post by: ZagNation 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 (http://pictures.topspeed.com/IMG/crop/201311/kawasaki-ninja-300-s-3_800x0w.jpg) as the elation and pure joy I receive riding is worth the price of admission.
Title: Re: Progress for 20 something's
Post by: l2jperry 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.

Title: Re: Progress for 20 something's
Post by: Saskatchewstachian 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.
Title: Re: Progress for 20 something's
Post by: Raenia 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
Title: Re: Progress for 20 something's
Post by: Bumbles8 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
Title: Re: Progress for 20 something's
Post by: Metric Mouse 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 (http://pictures.topspeed.com/IMG/crop/201311/kawasaki-ninja-300-s-3_800x0w.jpg) 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.
Title: Re: Progress for 20 something's
Post by: Metric Mouse 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!
Title: Re: Progress for 20 something's
Post by: akzidenz 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.
Title: Re: Progress for 20 something's
Post by: LuxuryIsADrug 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.

Title: Re: Progress for 20 something's
Post by: kissthesky 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 :)
Title: Re: Progress for 20 something's
Post by: frugalwitch 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.
Title: Re: Progress for 20 something's
Post by: Fish Sweet 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!
Title: Re: Progress for 20 something's
Post by: BCpuppy 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
Title: Re: Progress for 20 something's
Post by: Philociraptor 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
Title: Re: Progress for 20 something's
Post by: MrStash 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.
Title: Re: Progress for 20 something's
Post by: pattycakepdx 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.
Title: Re: Progress for 20 something's
Post by: MrMath 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)
Title: Re: Progress for 20 something's
Post by: realtormustachian 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.
Title: Re: Progress for 20 something's
Post by: Cwadda on April 06, 2017, 11:51:18 AM
Update

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

NW: $50k
Title: Re: Progress for 20 something's
Post by: FrozenBits 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. 
Title: Re: Progress for 20 something's
Post by: MikeW 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
Title: Re: Progress for 20 something's
Post by: bb11 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.
Title: Re: Progress for 20 something's
Post by: afuera 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.

Title: Re: Progress for 20 something's
Post by: bb11 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.
Title: Re: Progress for 20 something's
Post by: afuera 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.
Title: Re: Progress for 20 something's
Post by: bb11 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"?
Title: Re: Progress for 20 something's
Post by: Herbert Derp 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.
Title: Re: Progress for 20 something's
Post by: YogiKitti on May 13, 2017, 09:50:59 AM
How are you able to spend less than 6k a year?
Title: Re: Progress for 20 something's
Post by: Herbert Derp 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/
Title: Re: Progress for 20 something's
Post by: bb11 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.
Title: Re: Progress for 20 something's
Post by: Herbert Derp 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.
Title: Re: Progress for 20 something's
Post by: bb11 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.
Title: Re: Progress for 20 something's
Post by: CargoBiker 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.
Title: Re: Progress for 20 something's
Post by: bb11 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.
Title: Re: Progress for 20 something's
Post by: Vertical Mode 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!
Title: Re: Progress for 20 something's
Post by: sufjork on July 09, 2017, 08:17:24 PM
My fiancé 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, fiancé, 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 (fiancé only recently started it)
Index fund: 11k (set up by my fiancé'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!
Title: Re: Progress for 20 something's
Post by: sufjork 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?!
Title: Re: Progress for 20 something's
Post by: nnls 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.

Title: Re: Progress for 20 something's
Post by: MrMath 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?
Title: Re: Progress for 20 something's
Post by: afuera 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
Title: Re: Progress for 20 something's
Post by: DarkandStormy 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.
Title: Re: Progress for 20 something's
Post by: amyj05 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.
Title: Re: Progress for 20 something's
Post by: MrMath 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!
Title: Re: Progress for 20 something's
Post by: nnls 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.
Title: Re: Progress for 20 something's
Post by: oily_stache 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.
Title: Re: Progress for 20 something's
Post by: DarkandStormy 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
Title: Re: Progress for 20 something's
Post by: WildJager 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. 
Title: Re: Progress for 20 something's
Post by: Northstar on August 17, 2017, 07:20:21 PM
Age : 27  Soon to be engaged, 0 kids 2 dogs

Liquid assets: $436,000

Stocks : $10,000

Realestate rental value: $575,000 (owe 85k on a commercial property with a partner)

Personal home value: $165,000 (owe 76k at 2.75%, will pay it off prior to retiring)

Business market value if I were to sell quickly : ~ $250,000

Net worth of around $1,025,000 currently, if I were to sell my business I'd be around 1.25M

NO IRA or retirement I just opted to put it all into realestate so I could control it more,  and all my properties purchased With sizeable equity capture and ROI are 20-24% so didn't feel to bad for not having traditional retirement

Vehicle ran through my company so no personal debt there, aiming to FIRE 2019 at aroind 1.5M to draw down on with around 60k passive income.

Title: Re: Progress for 20 something's
Post by: RockytopinDC on August 22, 2017, 08:05:47 PM
Age: 27

Engaged

Assets:

401K+Roth IRA: $131,000
Cash: $48,000

Liabilities:

Student Loans: $44K

Net worth: $135,000
Title: Re: Progress for 20 something's
Post by: DarkandStormy on August 23, 2017, 08:10:56 AM
Cash: $48,000

Student Loans: $44K

May I ask why?  Is the cash for a down payment on a house?  If not, it seems odd to sit on that much cash with your loan balance.
Title: Re: Progress for 20 something's
Post by: CanyonMan on August 23, 2017, 12:33:02 PM
1-year (ish) update.

Cash/savings: 20k
Taxable Investment: 35K
Retirement + IRA: 70K
HSA: 1K
Home Equity: 132K (Massive jump due to appreciation)
---
Net worth including house: +/- 258K. (140% increase over June 2016)
Net worth without house: +/- 126K. (58% increase over June 2016)

Completed 2016 goal: Successfully got out of PMI via a refi to take advantage of home appreciation. (Went from 92% LTV to 62% LTV on paper overnight). When paired with the lower interest rate (3.75 vs 4.25) the payback period for the upfront costs was <6 months.

Long term goal: Still looking at a worst-case scenario of FIRE at 40, but more realistically it's going to be 36ish at the current rate. A job change would likely shorten the time frame drastically because of the low pay of my current position (Relative to other similar jobs in the area) but I've got some serious Stockholm syndrome going on with my employer. We'll see what the next year brings though.

26, male. Living in a high cost of living area.

Cash/savings: 18k
Taxable Investment: 22K
Retirement: 40K
Home Equity: 28K
---
Net worth: +/- 107K.

My sub 2-year goal is to get out of the PMI payments on the house. I'm only at 92% LTV, so almost 29K left to go. Once that's done I'll still have $192k in house debt, but the mortgage is at a low enough interest rate it doesn't make sense to pay it off faster.

My Long term goal is FIRE by 40, but I think I'll be ahead of that schedule. I also have a significant other who thinks the mustachian cult of personality is silly, but is very much on-board with reaching FI quickly so she can focus on a career path she deeply cares about, even if it's not fiscally beneficial.
Title: Re: Progress for 20 something's
Post by: amyj05 on August 31, 2017, 09:43:25 AM


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!



I'm only an LPN, not an RN and I work at a doctor's office, which is the lowest paying job for a nurse. I worked in a nursing home (which is typically the highest paying job for LPNs) when I first finished school, but it was rather overwhelming. I traded in the higher paycheck for less stress and nights/weekends/holidays off.
Title: Re: Progress for 20 something's
Post by: Cwadda on August 31, 2017, 10:33:44 AM
I'm on the lower end compared to most folks here. Low earner between 2 jobs, one that pays $30k/yr and the other pays $10k/yr.

Age: 23, single, no kids, no pets
Salary: $40k/yr. No retirement benefits.
Roth IRA: $35k
SEP IRA: $1k
Cash: $6k
House: Worth $360k

Liabilities:
Personal loan $9k
Mortgage: $343k

NW: ~$50k
Title: Re: Progress for 20 something's
Post by: FrozenBits on September 12, 2017, 06:31:17 PM
Well, a lot has happened since I posted here last.  Both of us will be jobless in 2 weeks!  Ok, I'll only be jobless for a week but still.  I accepted a telecommute position that will be based out of Washington State.  The job is a little bump financially for my salary but we will lose my spouse's decent income for a while.  Meaning the amazing growth that we have seen these last 4 years will come to a drastic halt for a while.  We are getting things packed up and ready to move across the country shortly after I begin my position with the new company.  I really have no clue what the next couple months will have in store for us financially, but it should be hella fun!

Updated numbers since my last post are below.  I doubt we will hit our 375k NW goal for the end of the year but it appears we may hit the 300k Investment goal (at least briefly) thanks to this crazy market.



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)
2017-Q2:                $332,258          (+25,332)

Current:                  $351,042

A rough breakdown of assets:
Investments   = 297,800
Home Equity   = 48,000
Cash               = 5,242