Author Topic: The first 100k. How hard was it for you?  (Read 98395 times)

tpozywio

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Re: The first 100k. How hard was it for you?
« Reply #100 on: November 25, 2013, 05:15:42 PM »
Just hit 105k.  It wasn't especially hard, but it felt like it took a long time.   I'm hoping the next chunk goes a lot faster

ArcticaMT6

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Re: The first 100k. How hard was it for you?
« Reply #101 on: November 26, 2013, 01:06:02 PM »
Took me about 2 1/2 years to get back to 0 from being $100k in the hole.

The Taminator

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Re: The first 100k. How hard was it for you?
« Reply #102 on: November 26, 2013, 02:25:31 PM »
I'm not there yet. Hopefully next year or the year after. Currently I'm at about $70,000 in liquid assets. This was built up from zero in 2006 when I drained all my accounts to buy a house. So I'm increasing about $10,000 a year on an average salary. Since discovering MMM I've been working to increase my savings.

It wasn't hard to get to where I am. It was all auto-pilot in my RRSPs.

anastrophe

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Re: The first 100k. How hard was it for you?
« Reply #103 on: December 05, 2013, 10:02:11 AM »
I should not read these threads, they just make me feel bad.

The first 100k will bring us into positive net worth (combined, our student loans were $105k and we're nowhere near). This will probably take a total of 10 years.

After that I imagine it'll go much faster!

FIreDrill

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Re: The first 100k. How hard was it for you?
« Reply #104 on: December 05, 2013, 11:04:15 AM »
I'm not there yet but I hope to be before I graduate college :)

payitoff

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Re: The first 100k. How hard was it for you?
« Reply #105 on: December 07, 2013, 11:16:39 PM »
hope to get there someday too! congratulations!

would you recommend still putting towards 401k will paying off debt? or hold saving off altogether?

kolorado

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Re: The first 100k. How hard was it for you?
« Reply #106 on: December 09, 2013, 02:42:46 PM »
 It took almost 9 years for us to reach $100K in investments/savings(property excluded). We did this on a single income of less than $40K a year, with two kids,  two car payments and a mortgage. We hit it during the first little rebound after the 2008 crash. We just knuckled down even further and stored up cash while most everyone else was panicking. I sold stuff and banked that money too. We didn't stop investing during the crash. We kept putting money in as before.
It's really only as hard as you make it. With a higher range income one could do it in 3-4 years really comfortably. Or they could do in one year with extreme difficulty.
 Our shovel was pretty small so there was only so much we could put into savings in the first place. It's fairly obviously that raising a family on a small single blue-collar income is going to be challenging to stay disciplined and patient as an investor. But I am so glad we did.
 I just signed up for Mint today. Since reaching our first $100K, we had our third child, moved across the country into a much bigger house(with bigger expenses of course), and bought a new family car. I was quite delighted to see that even with all that our non-property net worth has gone up $180K. We're on track to double the first $100K in 5 years.

AccidentalMiser

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Re: The first 100k. How hard was it for you?
« Reply #107 on: December 09, 2013, 03:39:55 PM »
We cracked 100k in Dec 2011 (after 25 years of marriage and some really bad financial moves).  By Dec 2012, we were at 147k.  In Jan 2013, we found MMM.  At this time, we are just under 300k. 

It doesn't seem possible, but the numbers don't lie.  We've sharply cut our expenses and changed our lifestyle, keeping the meaningful stuff and ditching the rest.

As Churchill said, "If you're going through hell, keep going!"  Keep plugging, it'll all pay off someday. 

We haven't arrived yet, but I have confidence, for the first time in my life, that it's all going to work out.

gillstone

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Re: The first 100k. How hard was it for you?
« Reply #108 on: December 09, 2013, 04:17:16 PM »
Just did the math and it'll be just under a year before we are at 100k net worth (not including house and cars).  The upswing is that the next 100k isn't so far away and in 12 years we will hit FIRE even with an average return of under 7%.

2527

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Re: The first 100k. How hard was it for you?
« Reply #109 on: December 09, 2013, 05:10:29 PM »
Amazing!  I'm impressed.
It took almost 9 years for us to reach $100K in investments/savings(property excluded). We did this on a single income of less than $40K a year, with two kids,  two car payments and a mortgage. We hit it during the first little rebound after the 2008 crash. We just knuckled down even further and stored up cash while most everyone else was panicking. I sold stuff and banked that money too. We didn't stop investing during the crash. We kept putting money in as before.
It's really only as hard as you make it. With a higher range income one could do it in 3-4 years really comfortably. Or they could do in one year with extreme difficulty.
 Our shovel was pretty small so there was only so much we could put into savings in the first place. It's fairly obviously that raising a family on a small single blue-collar income is going to be challenging to stay disciplined and patient as an investor. But I am so glad we did.
 I just signed up for Mint today. Since reaching our first $100K, we had our third child, moved across the country into a much bigger house(with bigger expenses of course), and bought a new family car. I was quite delighted to see that even with all that our non-property net worth has gone up $180K. We're on track to double the first $100K in 5 years.

happy

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Re: The first 100k. How hard was it for you?
« Reply #110 on: December 10, 2013, 02:41:43 AM »
Quote
We haven't arrived yet, but I have confidence, for the first time in my life, that it's all going to work out.

Isn't that the nicest feeling?

b4u2

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Re: The first 100k. How hard was it for you?
« Reply #111 on: January 09, 2014, 12:41:31 PM »
Does a 401k count in this thread? I have been with the same company 15 years, 14 years eligible to contribute to 401k. I've always put enough in to get the company match here. My total today is $125k.

matchewed

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Re: The first 100k. How hard was it for you?
« Reply #112 on: January 09, 2014, 12:44:40 PM »
Of course. :)

Investing4Freedom

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Re: The first 100k. How hard was it for you?
« Reply #113 on: February 27, 2014, 05:09:27 PM »
I turned 30 earlier this year, and I just hit 100K within the past week.  It makes me feel great to look at Mint and see the net worth graph keep moving up!  To think that from years 22-24, I was living paycheck to paycheck, to have this kind of cushion really is exciting.  I've made a lot of changes (dropping cable, cheaper cell phone, curbing eating out so much) and realized that I made plenty of mistakes along the way, such as not contributing enough pretax income to 401k, purchasing a new car for an eight mile commute, and maintaining unnecessary excessive expenses.  I'm still looking to optimize a lot of things, but the momentum is building, and being a 'numbers-guy', seeing the dollars creep up proves I'm doing something right!

I'm shooting for less than 4 years for the next 100K!  Thanks everyone for the great posts, they are really helpful!

Cheddar Stacker

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Re: The first 100k. How hard was it for you?
« Reply #114 on: February 27, 2014, 05:21:35 PM »
I turned 30 earlier this year, and I just hit 100K within the past week.  It makes me feel great to look at Mint and see the net worth graph keep moving up!  To think that from years 22-24, I was living paycheck to paycheck, to have this kind of cushion really is exciting.  I've made a lot of changes (dropping cable, cheaper cell phone, curbing eating out so much) and realized that I made plenty of mistakes along the way, such as not contributing enough pretax income to 401k, purchasing a new car for an eight mile commute, and maintaining unnecessary excessive expenses.  I'm still looking to optimize a lot of things, but the momentum is building, and being a 'numbers-guy', seeing the dollars creep up proves I'm doing something right!

I'm shooting for less than 4 years for the next 100K!  Thanks everyone for the great posts, they are really helpful!

I took a similar path to you. Once I "saw the dollars creep up" as you put it and started to really focus, the trajectory changed quickly. It took a long time to get the first 100K, but only about 20 months after that to reach the $200K mark. It really starts climbing quickly once it gets going strong.

jhartt3

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Re: The first 100k. How hard was it for you?
« Reply #115 on: February 28, 2014, 09:46:13 AM »
Our current retirement savings is around 140k i'm not sure when we crossed the 100k mark.  but our next mark will be 250k.  and i'll track that.  i think we should cross that mark in Mid 2015 if you dont count the house.  counting the house we will cross it by may of this year.  we are 27 and 26 and have been working 4 years for me in May and 3 years for her this past january. 

Zoot Allures

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Re: The first 100k. How hard was it for you?
« Reply #116 on: February 28, 2014, 10:42:33 AM »
My Vanguard balance just hit $100K within the last week. Felt pretty great. 2013 was the first year that I maxed out both my 403(b) and my Roth IRA, and from now on I will do the same every year, and will probably open a taxable account on top of that.

It felt like it took a long time to get to 100K, in large part because I wasn't really saving aggressively until the last two years. And because of the poor market performance in January, my balance was stalled around 97-99K for weeks on end, even with new contributions. I was checking my balance every day, waiting for the magical sixth digit to appear so I could take a screenshot for posterity.

Onward!

Sparky

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Re: The first 100k. How hard was it for you?
« Reply #117 on: February 28, 2014, 11:41:07 AM »
I just passed the first 100k this month as well. I'll admit, it wasn't very hard for me at all, as I live incredibly cheap overall (high pay, extremely low expense lifestyle), but I have a habit of travelling for years a time and not working that much (maybe worked a year at best in the last 4 years). I would likely be FI if actually worked during that time, but seriously I'd rather be a global nomad than anything else!
« Last Edit: February 28, 2014, 11:44:04 AM by Sparky »

countdown

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Re: The first 100k. How hard was it for you?
« Reply #118 on: March 02, 2014, 12:37:02 AM »
Currently at $84k invested assets. This doesn't count pension or e-fund. Should hit $100k this year and I check my balance 2-3 times per month. Wish I could set it and forget it but I keep thinking about going pt while kiddies are young or just taking a sabbatical. I've been working full-time since 2005, but had 2 kids, paid off $23k undergrad and cash flowed grad school in hcol area, oh and paid for a cheapo wedding but sweet honeymoon.
Love the consistent responses about how much faster accumulation goes after $200k. Inspiring!

ascZend

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Re: The first 100k. How hard was it for you?
« Reply #119 on: March 02, 2014, 06:14:26 PM »
As of yesterday, I have officially exceeded 100K in total liquid assets, although it would've been several months earlier if counting property assets.  I recently turned 26 and started working in mid-2006, without any support at all after age 20 or a college degree (almost there). 

Considering that just over 5 years ago I was unemployed, alone, and on the brink of homelessness (with limited job experience or skills) during the worst economic crisis since The Great Depression, this milestone is a very gratifying and rewarding one for me.  After all the adversity I've had to overcome and the sacrifices I've had to make in order to get to this point, I can only hope that the next 100K comes a bit easier than the first.

“The first step towards getting somewhere is to decide you’re not going to stay where you are.” — J.P. Morgan

NinetyFour

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Re: The first 100k. How hard was it for you?
« Reply #120 on: March 02, 2014, 06:24:45 PM »
Nice job, ascZend!  Congrats!

Bigote

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Re: The first 100k. How hard was it for you?
« Reply #121 on: March 02, 2014, 06:48:20 PM »
You rock, ascZend. 

ascZend

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Re: The first 100k. How hard was it for you?
« Reply #122 on: March 02, 2014, 08:20:56 PM »
Thanks guys.  I really appreciate the support and encouragement.

payitoff

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Re: The first 100k. How hard was it for you?
« Reply #123 on: March 06, 2014, 12:34:37 PM »
are you contributing continously until earnings and capital reached 100k or did you contribute and stopped at a certain amount and watched it grow? if so how much and how long till it reached 100k?


congrats by the way!

spoonman

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Re: The first 100k. How hard was it for you?
« Reply #124 on: March 06, 2014, 09:05:25 PM »
I wouldn't say it was particularly hard, but the journey to 100K was very memorable.  I even remember some of the major market swings that affected the portfolio value.  The glow of having reached that milestone lasted for almost a month...then we were focused on our next goal =).

gobius

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Re: The first 100k. How hard was it for you?
« Reply #125 on: March 07, 2014, 03:05:45 AM »
I am at about $105K in liquid assets (not including a $15K lump-sum pension my employer is building for me, which will grow until I leave the company); plus I am buying a cheaper house and probably selling my current home ($30K in equity - $10K down payment on new house).  I came out of college 6 years ago with $45K in student loan debt and paid it off in 2 years, so my net worth has changed by $150K+ over 6 years.  Looking back, I could have made it much more quickly because I didn't contribute to my 401(k) for the first 21 months while I was paying off debt.  A lot of this time was after the 2008 market crash and many of my loans were variable-rate.  I feared that they would increase in interest rate (they slowly dropped from about 7% to 3% over 18 months or so) so I kept paying them off as quickly as I could.  This was before I knew much about investing.

I only recently bumped my 401(k) contribution even more; I've been contributing 6% (enough for employer match) until now.  I also bought a home in late 2009 and kept paying extra on it for 3 years rather than investing most of my extra cash.  I've always lived relatively mustachian (well, since college) but had I decided to invest earlier on I probably would have reached $100K NW at least a year ago; probably 2 years ago if I wouldn't have paid extra on the house.  If all goes well I will hopefully reach $200K in liquid assets in 2 years, depending on what I do with my houses. 

So in short, the first $100K probably took way longer than the next $100K will unless I leave my job.  Sure, compounding will help some, but for me the difference will be mostly due to 1) higher salary, 2) learning about investing, and 3) contributing a higher percentage of pre-tax money.

I'm 29 and my fiance is 26.  I didn't include her NW as it's pretty low, but steadily growing.  No kids so not as impressive as some on here.

gobius

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Re: The first 100k. How hard was it for you?
« Reply #126 on: March 07, 2014, 03:16:48 AM »
And when I say I have been mustachian since college, I mean mostly that I don't tend to buy a lot.  However, I (until recently) used to eat out a lot and I have never had a garden or anything.  I also drive pretty far to work.  My savings rate has mostly been over 40% without including 401(k) or home equity (now my post-tax rate is about 60% w/o home equity, thanks in large part to this blog).

Bateaux

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Re: The first 100k. How hard was it for you?
« Reply #127 on: March 07, 2014, 09:15:46 PM »
Saving now is all around easier.  In the early 90s we didn't have Internet in our homes.  At that time to invest you called or corresponded by mail.  One of my first was the Berger 100 fund.  I liked the commercials.   Soon I moved to Vanguard and invested more.  I maxed my 401k haven't looked back.
Still it took years to invest the first 100k.  Now moving past 1M makes 100k seem so small 20 years into my investments.   It's still a big number from nothing.  Invest more and get there faster.

Melody

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Re: The first 100k. How hard was it for you?
« Reply #128 on: March 07, 2014, 11:53:24 PM »
If I don't hit it this month I may not hit it until about July or August, thanks to a planned holiday which will push me to a zero% savings rate for a few months. Hope I make it!!! It's been slower coming than originally planned because I upgraded my car (not included in my net worth)... still at 1 Jan 2011 (just over three years ago) I stood at minus $20,500 (student loan debt and credit card debt offset by a meager retirement fund) and this month I am likely to hit $99-ish grand (retirement accounts, savings etc) that's incredible progress! I hit $100k some time ago if I count my employee stocks ($12K) which are yet to vest - the only hurdle is to stay at the company (all stocks will vest within the next 1.5 years, so it's more of a 'when" than an "if" as I won't be FIRE any time in the next 1.5 years and I don't see my self leaving.) Yay for persistence!

TomTX

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Re: The first 100k. How hard was it for you?
« Reply #129 on: March 08, 2014, 09:58:18 AM »
Huh. I just added it up and my personal retirement accounts do total just over $100k.  I'm also 8.5 years into a pension plan* - I'd have to check with the wife to find out what her retirement plans add up to. I suspended 401(k) this year, as I get no matching and need to rebuild cash reserves (lots of medical expenses) - I'm hoping that I can slam it into high gear next year and lower AGI enough to qualify for the Earned Income Tax Credit.

These accounts are somewhat lower than they could be, as we decided to accelerate the house payoff when we refinanced. $75K left on the mortgage, scheduled to be paid off in ~7 years. Interest rate is only 2.5%, so I don't see accelerating it further.


* Vested (@ 2.3% of pay x years)  I just need to live long enough or (age + years of service) enough to start drawing. If I work another 16 years, I can start drawing.

Elaine

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Re: The first 100k. How hard was it for you?
« Reply #130 on: March 12, 2014, 11:09:41 AM »
Wow, some of the <25 people are impressive.  I'm a single 25 year old guy, started in the workforce at 23 and have ~30k in net worth but still wish I had found out about MMM earlier.  I made $60k and save about 25-30k a year so I'm hoping to hit 100k by 2015 or 2016!

We're (almost) twins! I'm 26, entered workforce at 23 and have about 30k too. We also save close to the same amount each year and we make the same salary! I personally can't wait to reach 50k. For me it's easier to have smaller goals (50k, 75k, 100k, 125k, etc). It makes me feel like I'm covering more ground and keeps me motivated.

AJDZee

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Re: The first 100k. How hard was it for you?
« Reply #131 on: March 28, 2014, 11:49:54 AM »
I calculated a few weeks ago, with my automatic savings deposits, and if the market gives an average return in 2014, I will hit $100k at the end of December, (in non-home equity investments)

I found MMM in June 2013, and after working for about 5 years I had about $30k.

So I'd say that's some pretty great progress in 10 months!
One day I'm going to calculate how much more wealthy this blog has made "future me"

For now, I feel like I'm on the cusp of starting to feel the compounding effect, and I'm very much looking forward to it.

zolotiyeruki

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Re: The first 100k. How hard was it for you?
« Reply #132 on: March 29, 2014, 01:31:56 PM »
It wasn't very hard for us, honestly--my last employer matched dollar for dollar up to 6%, and if you did 6%, they chipped in an extra percent.  On top of that, we were maxing out both my and my wife's Roth IRAs, so our savings rate was probably around 30% of gross.  We probably hit $100k of liquid assets by the time we were 5 years out of college.  It was easier then--our PITI was only about $1000/mo and we didn't have as many kids :)

Of course, then I took a new job with a significant pay cut and we bought a bigger house (for our growing brood), so our savings rate is way down :(.  But I love my job now, and the commute is at worst half as long (and at best 120 times(!) shorter), and that makes it totally worth it.

LakewoodStache

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Re: The first 100k. How hard was it for you?
« Reply #133 on: April 02, 2014, 06:18:29 AM »
I just logged in to Mint this AM to see where am I at.  I'm still tracking towards my first 100k.

Luckily I don't have negative net worth.

I took care of that a few years ago. 

Right now I have 68k in investments/savings/cash and 12.7k in student loans. 

The student loans are about to get the concrete shoes over this summer.  It'll take three months.

I'll drop another $12,271 in to my 401k to top me up for the year.  That brings me to 80k. 

Then I'll bring it home with another ~$25,000 dollars in savings/investment account contributions this year plus a $5,500 contribution to my IRA.

I should reach the 100k milestone in net worth by Jan 1st of 2015. 

A quick glimpse of the 2015 is $17,500 in to the 401k, $5,500 into the IRA and then $54,000 worth of contributions to savings and investment accounts.  All told a $77,000 potential haul in 2015.

That would push me close to the $200,000 net worth mark in 2015.  Hopefully 2016 would put me past the quarter of a million dollar milestone. 

Just around the corner, really.  I gotta hold the wheel steady and keep on 'stachin.

Writing this post keeps me focused and firmly planted in the reality that I CAN DO this!

DjinnTonic

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Re: The first 100k. How hard was it for you?
« Reply #134 on: April 02, 2014, 01:03:09 PM »
To me, getting to $100K was not too difficult.  It just took some time and automatic investing.  I calculate my networth based up liquid cash/stock assets and my equity in my rental property.  I had a good start after graduating with no debt from a very inexpensive university back in 2002 with good financial aid and a handful of small scholarships.  I commissioned in the military that same year and began contributing 10% to my TSP (military 401K with no match) and to mutual fund accounts.  I bought a rental property (100% financied) in 2005, that basically pays for itself through rent.  I passed $100K in late 2007, right after my marriage to my wife.  My networth dropped after paying for a marriage ceremony for her family and the 2008 market downturn.  I still contributed to my automatic investment strategy, pretending the money just didn't exist.  This kept the money away from my somewhat of a "spender" wife.  In August of 2013, my networth was just over $198K.  Unfortunately, I found out my wife was not staying faithful to me, so I divorced her in December this last year.  Through the divorce I lost about $45K in networth.  I then discovered MMM, and have turned my focus on financial independence.  From my calculations, I've learned that I now save roughly 61% of my post-tax take-home pay.  I know that I can still cut more and I anticipate putting all of my future pay raises toward financial independence.  Mid last month (March 2014), my networth is back up to $178K.  I anticipate being 100% retirement ready in 8.5 years. 

On a separate note, it is such a pleasure to be able to discuss investing and financial independence with people!!!  Most of my coworkers are afraid of even talking about money.  It definitely is still a major social taboo topic with most Americans.  I get so excited by the subject though, and it's been tough to not have anyone to discuss it with.

quilter

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Re: The first 100k. How hard was it for you?
« Reply #135 on: April 02, 2014, 01:25:55 PM »
I have a little ledger book where we have a record of our income and net worth starting in 1976 when we married. 401k was not even in existence until the late seventies, as way back then most companies still had good pensions. Luckily we invested as soon as dh's company offered them in the early eighties, since we all know what happened to pensions, although in the beginning you could only contribute a few thousand dollars. Considering our starting salaries as a nurse and engineer were just over $20,000 combined, it took almost 15 years to get to $100,000 net worth.

So keep these records. You will smile when you look back on them.
« Last Edit: April 02, 2014, 01:31:00 PM by quilter »

CarDude

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Re: The first 100k. How hard was it for you?
« Reply #136 on: April 02, 2014, 05:46:36 PM »
It doesn't seem possible, but the numbers don't lie.  We've sharply cut our expenses and changed our lifestyle, keeping the meaningful stuff and ditching the rest.

That's the key.

iris lily

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Re: The first 100k. How hard was it for you?
« Reply #137 on: April 03, 2014, 08:40:31 AM »
As of yesterday, I have officially exceeded 100K in total liquid assets, although it would've been several months earlier if counting property assets.  I recently turned 26 and started working in mid-2006, without any support at all after age 20 or a college degree (almost there). 

Considering that just over 5 years ago I was unemployed, alone, and on the brink of homelessness (with limited job experience or skills) during the worst economic crisis since The Great Depression, this milestone is a very gratifying and rewarding one for me.  After all the adversity I've had to overcome and the sacrifices I've had to make in order to get to this point, I can only hope that the next 100K comes a bit easier than the first.


This is brilliant! yay, you!

When I was 26 I had about, umm, well, maybe $2,000. (that's a long time ago so it would be more in today's dollars) but still, not a lot. But the key for me is that I never had debt except for 5 year period wher eI had a mortgage. If you don't feed The Enemy, Mr. Interest, it's easy to see the money pile up.
« Last Edit: April 03, 2014, 08:43:58 AM by iris lily »

dorkus619

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Re: The first 100k. How hard was it for you?
« Reply #138 on: April 07, 2014, 08:04:17 AM »
If you don't feed The Enemy, Mr. Interest, it's easy to see the money pile up.

So true and I see the light now! But back in '07 I bought my first house. I was only 19 and I had no clue what I was getting into. I just had grown up with the notion ingrained in my head, 'don't throw away money by renting - buy a home and earn equity!'
Welp that does not work when you finance 100% and then the market crashed. Instead, I'm paying mountains of cash to evil Mr. Interest and his friend Mr. Mortgage Insurance. Oh and I'm at -$48k equity.

So my 100k is far off in the distance. But I keep chugging along saving what I can and I hope the market turns up and I can get some raises to propel me forward!

rescuedog

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Re: The first 100k. How hard was it for you?
« Reply #139 on: April 07, 2014, 03:01:59 PM »
First $100k was very hard for me.  I had a very low wage job out of college, I got married in my 20s, put my (now ex) husband through school and paid cash for it, so every cent was going to that.  I even had student loans I was paying off too.  Then we divorced (thankfully!) and he took half of my retirement.  So I kind of had a dent at the age of 31, but luckily it wasn't a huge amount.  Things could have been worse.  It was just a small blip in the grand scheme of life.  I was not left in the hole after this.

Now I am remarried, 37 years old, have since acquired a Master's in Engineering (with a nicer salary), and my husband and I have more than made up for it.  We will be approaching $1 million before I turn 40.  Wahoo!!!  After the first $100k the milestones come faster.
« Last Edit: April 07, 2014, 03:38:36 PM by rescuedog »

mbk

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Re: The first 100k. How hard was it for you?
« Reply #140 on: April 07, 2014, 03:21:36 PM »
Now I am remarried, 37 years old, and my husband and I have more than made up for it.  We will be approaching $1 million before I turn 40.  Wahoo!!!  After the first $100k the milestones come faster.
Thats an impressive turnaround.

rescuedog

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Re: The first 100k. How hard was it for you?
« Reply #141 on: April 07, 2014, 03:39:37 PM »
Thats an impressive turnaround.

Thanks! :)

samburger

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Re: The first 100k. How hard was it for you?
« Reply #142 on: April 09, 2014, 09:56:12 AM »
I feel like the 100k mark is a million years away. It's heartening to read everyone's stories!

I started working 7 months ago, and if all goes as planned, we'll hit 100k in cash/investments within three years, four if things aren't as smooth as we hope.

nawhite

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Re: The first 100k. How hard was it for you?
« Reply #143 on: April 10, 2014, 02:46:17 PM »
I should not read these threads, they just make me feel bad.

The first 100k will bring us into positive net worth (combined, our student loans were $105k and we're nowhere near). This will probably take a total of 10 years.

After that I imagine it'll go much faster!

Don't feel bad you'll get there! We actually just got to $0 NW in January from -$170k in May 2010. We're aiming for +$170k by the end of 2017.

Cut your spending, see if you can increase your income, make smart choices, and be a little lucky and it will go away faster than you think.

B L I S S

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Re: The first 100k. How hard was it for you?
« Reply #144 on: April 13, 2014, 08:25:08 AM »
I can't wait to join the first $100k group.
I mean the real, positive, $100k, not the 'increased net worth by $100k'.
I'll start working this year once I graduate; I'm hoping by 2017/18 I achieve that milestone!

Katnina

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Re: The first 100k. How hard was it for you?
« Reply #145 on: April 14, 2014, 02:15:53 AM »
I think it took me around 4 years to get to 100k in my retirement accounts.  I made full contributions with partial matches the first 3 years out of college, then switched jobs and the new company did full matches.  I had bought my apartment when started working (in 2003) and put nearly all savings other than 401k into paying down the mortgage (I'm very debt averse).  Luckily, I graduated college debt free thanks to the generosity of my parents, so I started out at 0 net worth, not negative when I graduated.  The first 100k was definitely the hardest, congrats on reaching that milestone!  It snowballs quickly if you don't succumb to lifestyle creep :). 

dan@themadrealworld

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Re: The first 100k. How hard was it for you?
« Reply #146 on: April 17, 2014, 01:53:14 PM »
That first 100k is pretty hard.  Most of my progress towards 100K came from savings from my job. If you happened to own a home and values rose a lot that would be a big help.

Now I have rental properties and even when I don't work, the net worth keeps rising. Over $270k right now.  Such a great feeling.  It keeps increasing at a faster and faster pace too although it still feels slow sometimes. 

Suit

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Re: The first 100k. How hard was it for you?
« Reply #147 on: April 21, 2014, 07:53:59 PM »
I love this thread! I'm still working on my first $100k in cash and investments but hope to hit it by the end of the year. I'm glad to know that it isn't easy, that'll make it so much sweeter when I get there! (I'll still be negative net worth for another year or so after due to student loans :( )

Trimatty471

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Re: The first 100k. How hard was it for you?
« Reply #148 on: September 25, 2014, 10:05:30 PM »
It took me 15 years of working to reach $100K in 401 (k) investing. 
In the beginning I only invested enough to get the 3% match and I invested conservatively.  About 4 years ago I switched to aggressive and eventually increased to 8% of my salary.

I think in total I may have reached $100K sooner via taxable investments, cash, Roth IRA and etc. but I was not paying attention.
Obstacles was the 5 years paying off my student loans while saving for a down payment on a house.

I always been a saver and somewhat frugal ex: take public transportation, but there is room for improvement.

UnleashHell

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Re: The first 100k. How hard was it for you?
« Reply #149 on: September 26, 2014, 04:20:47 AM »
100k was about 7/6 years
200k another 4 years
300k 18 months
400k 14 month

that's net worth.. I do have more than that in gross and I'm counting the house as I paid cash for it!!
I still have some debt and am eliminating that at the moment - once that's done we should be climbing at 100K a year pretty soon  - and more .. until I pull the plug on this work lark.....


as you see... its hard to start with but the people reading this and are just starting out have a huge advantage...knowledge... I got there through saving some.. you can get there faster through saving loads.... and not being as ignorant as I was