Author Topic: The first 100k. How hard was it for you?  (Read 98422 times)

Pooperman

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Re: The first 100k. How hard was it for you?
« Reply #150 on: September 26, 2014, 08:26:18 AM »
Everyone is making me feel poor! I'm only 24, so I guess that's part of it. Only been out of school for a bit over a year. Had a job for 8 months out of school and then was unemployed for 5 months (zeroing out my e-fund). Got a better job that I've been doing for 3 months now (401k starts in a week or two).  Rebuilt a lot of the e-fund and back-filled some investing into a ROTH IRA. Net Worth is now about $11k. I found MMM a month into this job; so with higher salary, the $100k should be quicker. Estimated time: 3-4 years.

matchewed

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Re: The first 100k. How hard was it for you?
« Reply #151 on: September 26, 2014, 09:35:56 AM »
Everyone is making me feel poor! I'm only 24, so I guess that's part of it. Only been out of school for a bit over a year. Had a job for 8 months out of school and then was unemployed for 5 months (zeroing out my e-fund). Got a better job that I've been doing for 3 months now (401k starts in a week or two).  Rebuilt a lot of the e-fund and back-filled some investing into a ROTH IRA. Net Worth is now about $11k. I found MMM a month into this job; so with higher salary, the $100k should be quicker. Estimated time: 3-4 years.

Don't compare yourself to others. :)

It will leave you feeling either lacking in comparison to others (just a form of keeping up w/ the Joneses), or holier/better than thou. Both are not that awesome. Much more awesome to be your own measuring stick and watch yourself progress and become more badass.

Chrissy

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Re: The first 100k. How hard was it for you?
« Reply #152 on: September 26, 2014, 09:44:36 AM »
The first 100K took me 11.5 years; I was 31.  The second 100K took me 5.9 years; I was 36.  It would be lovely to hit 300K by the time I'm 40, and at this pace it seems likely... we'll see. 

The velocity of money is no joke!


boarder42

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Re: The first 100k. How hard was it for you?
« Reply #153 on: September 26, 2014, 10:20:04 AM »
First 100k took about 3 years.  2nd 100k looking like 1.5 years.  this is combined retirement accounts of my wife and I.  total networth should hit 300k by 4.5 years as well. 

rubybeth

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Re: The first 100k. How hard was it for you?
« Reply #154 on: September 26, 2014, 10:46:43 AM »
It wasn't 'easy' but we did finally reach the $100k net worth goal this May. We each still had one year of school left when DH and I got married in 2008, and each had student loans. We had close to $54k in debt in 2009 when we finished school. We paid off the debt in September 2013, and have been contributing to various retirement accounts and savings, plus replaced our old beaters for more reliable used cars. No mortgage helps. What's really cool is getting out of debt and seeing the net worth just grow like crazy since most of our savings is on auto pilot. We're at close to $120k now at the end of September, only four months after reaching $100k. Growth on investments helps a lot.

Pooperman

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Re: The first 100k. How hard was it for you?
« Reply #155 on: September 26, 2014, 12:58:20 PM »
Everyone is making me feel poor! I'm only 24, so I guess that's part of it. Only been out of school for a bit over a year. Had a job for 8 months out of school and then was unemployed for 5 months (zeroing out my e-fund). Got a better job that I've been doing for 3 months now (401k starts in a week or two).  Rebuilt a lot of the e-fund and back-filled some investing into a ROTH IRA. Net Worth is now about $11k. I found MMM a month into this job; so with higher salary, the $100k should be quicker. Estimated time: 3-4 years.

Don't compare yourself to others. :)

It will leave you feeling either lacking in comparison to others (just a form of keeping up w/ the Joneses), or holier/better than thou. Both are not that awesome. Much more awesome to be your own measuring stick and watch yourself progress and become more badass.

I meant it in only a good way :). It inspires me to know others have already done it and that it is possible! A little competition never hurt anyone; and it can keep one motivated too.

Jessa

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Re: The first 100k. How hard was it for you?
« Reply #156 on: September 26, 2014, 01:20:50 PM »
If my current holdings and savings rate stay exactly the same, no gains/losses in the investments and no pay raises or optimizations of savings, it will take me until the first paycheck of September 2015. Assuming some growth in the market, more like late spring.

Starting from age 25, when I first got a job that offered a 401k, to probably 35, so I'll say 10 years for the first $100k. It was very hard, mostly because I made very little money until I was in my late 20's. Looking back, there are definitely things I could've done differently to have gotten there by now, but only the last 3-4 years where I really had enough to save a lot more than I did. I fully expect the next $100k to be much quicker.

mustachemayhem

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Re: The first 100k. How hard was it for you?
« Reply #157 on: September 27, 2014, 06:07:21 PM »
I think i hit 100k around 24. I starting working when i was 16 so 8 years. It's now 4 years later and I'm about 2 months away from 250k. It was a lot harder than i thought it would be mainly because of the stock market crash right as i was getting going.

I crunched the numbers when i was 19 and expected to have 360k by 25 and ended up at 100k. I'm hoping for fi in the next 2 years (primary and rental home will be payed off (hopefully rental house will be sold)).


lexie2000

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Re: The first 100k. How hard was it for you?
« Reply #158 on: September 28, 2014, 10:17:47 AM »
On the one hand I don't remember it being "hard"; on the other hand I didn't pay attention to when it happened.  I know we hit 50K in liquid assets about 4-5 years into our careers starting out with salaries of $13K and $16K annually (1981).  We lived off of DH's income and saved mine.  We put 1/2 down on our first home and kept 1/2 for an EF.   At the same time we were both contributing the max percentage allowed in our 401ks (actually it was a taxable profit sharing program which was later converted into a 401k), but I don't remember when our liquid assets and 401k balances hit $100K.

TonyPlush

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Re: The first 100k. How hard was it for you?
« Reply #159 on: September 28, 2014, 03:28:48 PM »
Age 24. Current net worth: $71K. I expect to hit $100K in a little over a year, just before I turn 26.

I've been saving and investing since I was a teenager. I now make about $60K a year and am able to invest around $20K annually.

I've always been frugal, and finding ERE then MMM has put me in an even better spot financially.
« Last Edit: September 28, 2014, 03:33:18 PM by TonyPlush »

fb132

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Re: The first 100k. How hard was it for you?
« Reply #160 on: September 29, 2014, 05:59:11 AM »
I am 32 and still haven't hit 100K$, I am currently at 57K$, but in 2012, I still have a spreadsheet with my net worth totalling 14K$ at the time,so it went up by 43K$ in 2 years and a half, but now that I discovered this website, I am hoping I will reach 100K$ in less than 2 years. I figure the first 100K$ is the hardest, but then it becomes easier after hitting that mark (mainly due to compounding interest unless the market tanks).

Btw, this is my first month starting Money mustache, so I did ok, just before that, I expect to be better now with what I know about being Mustachian bad ass.
« Last Edit: September 29, 2014, 06:00:59 AM by fb132 »

BC_Goldman

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Re: The first 100k. How hard was it for you?
« Reply #161 on: April 08, 2017, 11:30:34 PM »
I passed 100k in investments on April 1 this year after my company match for 2016 was deposited. Counting from when I started working to then was about 17.5 years. That's partially because I paid for three trips through college and didn't start seriously saving until I found MMM in 2014(?) right before I was laid off. Six weeks from now I will hit the next vesting milestone in my 401k which will add another 20% of the employer contributions to my total.

I hit 100k net worth (not counting residence) earlier this year but I'm focusing on growing the investment number. I expect the numbers should grow a lot faster with my higher savings rate. Almost half of what I have is from the last 2.5 years.  Last year I just managed to cap my 401k contributions and this year is on track to repeat more comfortably. Barring major changes/downturns I think i can make 200k by the end of 2020.

hettie1

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Re: The first 100k. How hard was it for you?
« Reply #162 on: April 10, 2017, 01:26:28 PM »
First 100k took EIGHT YEARS....feels like forever! The first 6 years we were paying off school loans and paying for a house down payment and saved only a small percent towards retirement...but the last two years we discovered MMM and got serious quick!  We're anticipating going from 100K to 1 million in just 8 more years.  I wish we had gotten serious earlier, but better late than never!

MandyM

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Re: The first 100k. How hard was it for you?
« Reply #163 on: April 11, 2017, 06:56:12 AM »
Since this thread was recently revived, I went back to see my original post. This was 3.5 years ago and I had just passed $200K...I passed $500K back in Feb! Holy moly!

Congrats! I was just celebrating the $200K mark, but was doing so by myself because it felt strange to tell anyone. I was glad to see your post so I could join in:)

I'm not quite sure how long it took to get to $100K, but it was definitely longer than 2 years. I was always a saver, but I was also putting money into real estate here and there, which I'm not counting in my $200K, plus I was doing a few dumb things like buying new cars and going to the spa. I'm guessing it was something like 10 years.


Pooperman

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Re: The first 100k. How hard was it for you?
« Reply #164 on: April 11, 2017, 07:01:19 AM »
DW and I are about to hit the 100k mark (probably 31/5/2017). This will have taken us 34 months, just under 3 years, from ~0 -> 100k.

Here's me from 2.5 years ago being pretty dead on:

Everyone is making me feel poor! I'm only 24, so I guess that's part of it. Only been out of school for a bit over a year. Had a job for 8 months out of school and then was unemployed for 5 months (zeroing out my e-fund). Got a better job that I've been doing for 3 months now (401k starts in a week or two).  Rebuilt a lot of the e-fund and back-filled some investing into a ROTH IRA. Net Worth is now about $11k. I found MMM a month into this job; so with higher salary, the $100k should be quicker. Estimated time: 3-4 years.

WinterSkies

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Re: The first 100k. How hard was it for you?
« Reply #165 on: April 12, 2017, 10:13:37 AM »
I hadn't stopped to think about this before, but we must have hit 100k in cash and investments sometime in the last 2 years.  I only discovered MMM last year, so have slowly begun developing habits to determine how to up our savings rate (e.g. monthly tracking) and have been reading up on investing so that we can start taking charge of our investments and get rid of our bank financial adviser and his funds (2.7% MER, anyone??).  Before that, I had steadily been putting away 12% gross (my employer's RRSP match is in there), DH has been putting away 5% gross but has a defined-benefit pension (we do need to work on his savings rate), and now we're maxing out the kids' RESPs every year.  If we assume it was 1 year ago, then it took about 10 years out of university (DH and I both had student loans to pay off for engineering school), a few not-so-mustachian purchases (economical but brand new cars), the purchase and sale of our first house, and purchase of our "forever" home (1850 sf, but big corner lot).  The mortgage on the house puts us into the negatives for net worth (owing about 310k), but we're very comfortable with the payments and our interest rate.

Looking back, it wasn't hard on us to get this far because we automated everything, and we bring in decent money.  However...looking at things from a MMM perspective now, I'm kicking myself that we didn't save more aggressively pre-children.  I think we blew a bit of a golden opportunity there - it cost us over $12k for day care last year, and obviously we have the money for it.  So why weren't we investing that money pre-children?  Live and learn, right?  I am 34, so I've still got time to catch up as I learn, I think :)  The good news is, day care fees will drop once my son starts grade 1 in 2018, and drop again once my daughter starts in 2020... so all of that money is going straight to investments.

TheAnonOne

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Re: The first 100k. How hard was it for you?
« Reply #166 on: April 12, 2017, 10:31:37 AM »
I started about 50k in the hole, but making 40 up to 90k in the first 1 to 3 years of my career, I passed 100k pretty quickly.

100k was probably the easiest because I wasn't tracking at the time and frankly didn't care!

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