The Money Mustache Community
General Discussion => Welcome and General Discussion => Topic started by: Acg on October 29, 2015, 03:52:30 PM
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Just curious how I'm doing.
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Should married Mustachians report their combined net worth, or divide it by two? Also, some people might need options above $300k.
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Yeah you definitely need to modify the poll. I know 30 year olds on the forums with $1m Net worth. MMM was at $600k (or maybe 800 with the house? can't remember exactly) when he FIRED 30.
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Pretty easy answer for me since I turned 30 this year. A little trickier since it's right at $200K...
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Looking at my monthly "balance sheet" spreadsheet for the relevant month, it looks like I was at about 435K net worth when I turned 30.
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Yeah you definitely need to modify the poll. I know 30 year olds on the forums with $1m Net worth. MMM was at $600k (or maybe 800 with the house? can't remember exactly) when he FIRED 30.
I just picked the highest one, though I was worth more than 300k.
*High income earner, no dependents at 30, not married, living in a state with no income tax*
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Had paid off student loans by then and bought my first house at 30. Positive net worth, but barely.
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About $600k.
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$556k at 30.
$831k at 32.
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I was barely $200K at age 30.
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No option for me in the poll.
24: 50k
25: 200k
26: 400k
27: 600k
28: 775k
I predict I will be around 1.1-1.2M by 30.
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About $20K. I had the bad habit of saving a good stash, and then going back to school, spending it to zero and starting over. Since I was single and a fairly good job, no car and a cheap apartment, I easily saved, but it was always with a spending goal in mind, never for retirement. Getting married to a very conservative lady changed that, and we started putting away about $50K a year.
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$379,000 - didnt vote as 300+ wasnt offered.
This calculator tells you your percentile http://www.shnugi.com/networth-percentile-calculator/
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I guessed, don't really remember and can't be assed to dig out the paper records. Somewhere in the five figures. My 30s have been a better decade for growing NW.
(Wow to some of the seriously badass answers!)
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maybe $7,000
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Positive 6 figures, but no idea other than that. I was working full time (commuting 90 minutes each way), racing through the tail end of business school at night, studying for the CFA exams and then taking care of a pregnant wife.
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No option for me in the poll.
24: 50k
25: 200k
26: 400k
27: 600k
28: 775k
I predict I will be around 1.1-1.2M by 30.
Care to elaborate how you got there? That's quite impressive if it wasn't inherited.
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No option for me in the poll.
24: 50k
25: 200k
26: 400k
27: 600k
28: 775k
I predict I will be around 1.1-1.2M by 30.
Care to elaborate how you got there? That's quite impressive if it wasn't inherited.
I'll speak from basically the same position. DINKs with decent incomes. We are able to save about 10k a month, which is absurd I know (~85% savings rate FWIW). The real absurdity is that our peers continue to be in debt through frivolous spending, but I digress. The bull market the last 5 years has made those savings substantially more significant, even through missteps while learning the ins and outs of investing.
Currently ~$795,000 (household, no real estate). Little under a year till 30.
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Just turned 30 and at $750k. $500k investments, $100k house equity, $150k cash. Should hopefully hit $1million though while I'm still 30 which is my goal!!
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I had $160k in my 401(k) and maybe another 50k in home equity so about $210k. This was well before I ever heard of MMM.
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This thread makes me sad. I'll be the first to cop to a negative net worth, and five figures at that. If by 60 I get to some of the numbers people here had at 30, I'll be ecstatic.
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Started at -$50k when I joined the work force at 23. Now at $846k with 2 months to go before 30.
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This thread makes me sad. I'll be the first to cop to a negative net worth, and five figures at that. If by 60 I get to some of the numbers people here had at 30, I'll be ecstatic.
A thread like this can easily turn into a dick-measuring contest. You can take something different away from it, though. Be inspired by what some have been able to achieve at a young age and set a goal for where you want to be in 5/10/20 years.
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This thread makes me sad. I'll be the first to cop to a negative net worth, and five figures at that. If by 60 I get to some of the numbers people here had at 30, I'll be ecstatic.
A thread like this can easily turn into a dick-measuring contest. You can take something different away from it, though. Be inspired by what some have been able to achieve at a young age and set a goal for where you want to be in 5/10/20 years.
Great point. It was definitely these types of displays that got me motivated when I graduated with what seemed like endless student loans.
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Age 30: $100K
Age 40: $1M
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Some of these figures are insane, well done. Just shows I have much room to improve at 27 with a NW of $135k
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Probably about 175k back in 2005, 100k of that due to real estate. And this was never earning more than 33k in a year. Income has doubled since, so at about 600k at age 40.
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I was one of the negative net worth people at 30. I pretty much sleep walked my way through my 20's with my personal finances. The foolish decisions I made in my 20's are haunting me now. I never participated in my old employers 401k's, I didn't get a credit card until I was 25 so I didn't have much credit history, and we took on a 30y mortgage instead of a 15 or 10 year one. I also left my emergency fund money in a money market account that was paying essentially nothing. I'm behind 10's of thousands of dollars on my net worth because of some short sighted decisions in my youth.
The only bright side of my 20's mistakes is I was pretty debt averse. I never had any student loans, I paid off my first car well ahead of schedule, and have never paid a penny in credit card interest. I've tried to rectify some of the mistakes. I refinanced to a shorter term lower interest rate mortgage, put my emergency fund in an online savings account that actually pays some decent interest, and I'm contributing enough to my employer 401k to get their match. Once I get past some other financial goals, I plan to bump that up significantly. I'm not a high enough earner where I can throw $17500 a year at my 401k and not have it dramatically impact my quality of life.
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It was about $140,000.
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I hasten to add that I didn't know what my net worth was when I was aged 30 or even what net worth meant! Lol.
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I hasten to add that I didn't know what my net worth was when I was aged 30 or even what net worth meant! Lol.
I didn't know my net worth at 30 either. I'm still not sure what it was at that time but I know it was negative :D
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I hasten to add that I didn't know what my net worth was when I was aged 30 or even what net worth meant! Lol.
I didn't know my net worth at 30 either. I'm still not sure what it was at that time but I know it was negative :D
Haha. :)
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Bah, I'm not 30 yet so I can't answer. I love polls.
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Though I did not keep detailed records back then I would estimate our net worth (I just got married and moved to the US a few months before turning 30) was about negative $100,000 mainly driven by student loans. At 40 we were positive $700,000.
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30 this year, right around 40k
edit: single, income in the 40k+ area. just started getting serious a year or so ago.
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Just curious how I'm doing.
Don't fall into the trap of measuring success by how well your achievements compare to those of others. The Stash is just a means to an end, and the end is for YOU to decide.
This thread makes me sad. I'll be the first to cop to a negative net worth, and five figures at that. If by 60 I get to some of the numbers people here had at 30, I'll be ecstatic.
There are kids who got a record deal or a sports contract and were instant millionaires. If I got sad every time I thought about it, I'd be miserable. It's not what you have, it's what you're doing with it and where you're headed that count.
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When I say I wasted my first decade of adult life, financially speaking, I mean I really wasted it. Came out of college with an engineering degree, $1K on a credit card, a few thousand on a car loan (payment only ~$150/mo), and a commission in the USAF. Despite those advantages, and not really having expensive tastes, I managed to blow virtually all my disposable income on... hell if I know. Let's just say general curiosity and lack of focus meant I bought lots of random little things in my efforts to find what I really cared about. Getting divorced twice meant that whatever I accumulated was blown away, and the only thing I really acquired for keeps was a little bit of maturity and investing knowledge.
30 was my absolute low point - divorce #2, depression, flat broke, nearly went under and was saved only by a total deus ex machina in the form of a lucrative overseas job that fell in my lap. Soon after that, I realized I didn't want to live that way anymore.
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I'd just started law school at that age, and was on the hook in year one for @$25,000. Had no other assets, no other debts. But oh, by age 35, I was about $92,000 in the hole . . .
Now, at 50, net worth is well over $1million.
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Not 30 yet, currently 27 and @ ~$260k-ish.
My (our) net worth has been increasing pretty rapidly since graduating school and paying off our loans. I'll echo what some others have said here, relatively high income DINKs coupled with MCOL and frugal living.
In my offline life we are hundreds of thousands of dollars ahead of even my most successful friends. Glad to see people on this forum kicking way more ass and keeping me humble and motivated.
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Baring any huge life changes I will be around 225k at age 30.
This doesn't include SO'd NW. Combined ~$300k
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This thread makes me sad. I'll be the first to cop to a negative net worth, and five figures at that. If by 60 I get to some of the numbers people here had at 30, I'll be ecstatic.
A thread like this can easily turn into a dick-measuring contest. You can take something different away from it, though. Be inspired by what some have been able to achieve at a young age and set a goal for where you want to be in 5/10/20 years.
Exactly. This board obviously self-selects for financial high achievers. And whether you're at the beginning of your journey now (still in the red) or near the end (almost feeling the FIRE), financial independence is going to be a reality for everyone here assuming no catastrophes.
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I was in college debt and sinking into credit card debt. Things are much different now.
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This thread makes me sad. I'll be the first to cop to a negative net worth, and five figures at that. If by 60 I get to some of the numbers people here had at 30, I'll be ecstatic.
Don't sell yourself short! Once you get things moving in the right direction, the growth becomes almost explosive (well, exponential if you want to get technical). Just look at Zephyr911's chart. If you had asked me ten years ago where I would be today, I would have probably guessed 50% or even less of where I have ended up. Amazing how much easier it gets, too!
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I'm 30 now, my net worth is negative 225K. Medical school was very expensive. Remember me the next time someone tells you doctors get paid too much.
Position, direction, distance, time. The four components of the kinematics equations. You may be low right now, but you have the ability to rapidly ascend, acquired through the same exchange that put you in your current position. Enjoy the climb. ;)
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I had to refer to Mint since I couldn't recall. In April of 2011 when I turned 30, DH and I had a shared net worth around $14,000--we still had about $31,000 of my student loan debt, but we also had some retirement savings (IRA, 401k) and cash saved as an emergency fund that put us in the positive net worth realm.
But for anyone reading this thread, keep in mind the adage that comparison is the thief of joy--for ultimate happiness, you should probably only compare yourself to your prior self, and keep envisioning your future self. If you have a lot of debt, consider what you are doing to eliminate it. If you have a smaller net worth but no debt, consider what you've done right and keep doing it. If you have a larger net worth than many here, be grateful and keep plowing ahead.
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I had to refer to Mint since I couldn't recall. In April of 2011 when I turned 30, DH and I had a shared net worth around $14,000--we still had about $31,000 of my student loan debt, but we also had some retirement savings (IRA, 401k) and cash saved as an emergency fund that put us in the positive net worth realm.
But for anyone reading this thread, keep in mind the adage that comparison is the thief of joy--for ultimate happiness, you should probably only compare yourself to your prior self, and keep envisioning your future self. If you have a lot of debt, consider what you are doing to eliminate it. If you have a smaller net worth but no debt, consider what you've done right and keep doing it. If you have a larger net worth than many here, be grateful and keep plowing ahead.
Once you're on the positive side of the interest curve (no more debt) you're doing better than most people in the world. It's all downhill (uphill?) from there. Be proud to be kicking ass on set on the right track.
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At least $100k in the hole (student loans, car payment, credit cards). Those were dark days and long before stumbling on MMM.
I'm just amazed by how much some of you have been able to accumulate so early. That's frickin awesome. I wish I would have received the Holy Writs of MMM earlier, but better late than never.
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I'm 30 now, my net worth is negative 225K. Medical school was very expensive. Remember me the next time someone tells you doctors get paid too much.
Is it fair to think doctors get paid too much but also that medical school is insanely (inanely) expensive?
I'm 27, NW ~135K. Likely taking pay cut and moving geographically next year, I'll be ecstatic if I hit 200K by 30. Very inspiring seeing 85% SRs and >1MM NWs at such young ages.
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~400k (lots of market swings this year)
Started engineering job just before I turned 22 at 55k/year in a LCOL area with a NW of 0 (thanks Mom and Dad!). 8 years later 80k/year in same LCOL area. Also, I was able to put in a ton after the market crash, which helped a lot. I've always been frugal, even before finding MMM, but I still bought a lot of crap those first few years (while still saving >50%) while trying to figure this new work thing out. I really wish I had thought to bring my lunch and cook dinner more often. I'm doing better on that, but still have room for improvement.
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I'm ~$250k @30.5
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I'll admit to having a negative net worth at 30 (but probably close to 0 by then). DH and I had only just finished school the year before (both got PhDs, so we were in school and earning VERY little income until then, and had two children as well). But we were able to quickly turn that around and now, at age 33, have a NW of about 100k if you include home equity. We worked hard to pay off our student loans as quickly as possible, and since we'd been so poor before, it wasn't hard to keep living frugally even after we got jobs--and I promise we don't earn nearly as much as some people assume folks with a PhD earn :)
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It is interesting that the poll results are so evenly spread across the categories.
Are the people with over $300k net worth at 30 not voting?
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It annoys me a bit when comparison is based on age, because at 30, my parents had both been working for over 10 years, no student loans since they didn't go to college. However, they never earned a high salary.
I'll be 30 in 3 months and I just go out of university. I am still within my first year of working full-time. And I'm not an exception within my social group. Most of my friends have at least completed a M.A. I have student loans, but my starting salary is already over average. Right now, I justhit the positive, like 2 months ago, lol!
So, I think it's comparing oranges and apples. A fair comparison would be : what did you accomplish the 5, 10 first years you started working. We have to take that ''higher education delay'' into account because a whole generation got one, and because it translates in other aspects too: people now get married older, have kids later, buy homes later, etc.
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A fair comparison would be : what did you accomplish the 5, 10 first years you started working. We have to take that ''higher education delay'' into account because a whole generation got one, and because it translates in other aspects too: people now get married older, have kids later, buy homes later, etc.
That's a good point too.
My DW was in higher education until after age 30. She was a natural saver already, so it didn't take much to get her primed for investing once she got her current FT pro job. Off to the races from day one!
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It annoys me a bit when comparison is based on age, because at 30, my parents had both been working for over 10 years, no student loans since they didn't go to college. However, they never earned a high salary.
I'll be 30 in 3 months and I just go out of university. I am still within my first year of working full-time. And I'm not an exception within my social group. Most of my friends have at least completed a M.A. I have student loans, but my starting salary is already over average. Right now, I justhit the positive, like 2 months ago, lol!
So, I think it's comparing oranges and apples. A fair comparison would be : what did you accomplish the 5, 10 first years you started working. We have to take that ''higher education delay'' into account because a whole generation got one, and because it translates in other aspects too: people now get married older, have kids later, buy homes later, etc.
I agree. Because I didn't start working until 23, I make the necessary adjustment so the numbers line up with where MMM was at during his respective years of work.
But you also need to ask the question relative to a certain age because we all have roughly the same lifespans. It's great if you hit $1mm at age 80, but you're (probably) going to die in 2 years so who cares?
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It annoys me a bit when comparison is based on age, because at 30, my parents had both been working for over 10 years, no student loans since they didn't go to college. However, they never earned a high salary.
I'll be 30 in 3 months and I just go out of university. I am still within my first year of working full-time. And I'm not an exception within my social group. Most of my friends have at least completed a M.A. I have student loans, but my starting salary is already over average. Right now, I justhit the positive, like 2 months ago, lol!
So, I think it's comparing oranges and apples. A fair comparison would be : what did you accomplish the 5, 10 first years you started working. We have to take that ''higher education delay'' into account because a whole generation got one, and because it translates in other aspects too: people now get married older, have kids later, buy homes later, etc.
Eh, don't let it annoy you.
The question is what it is.
For instance, doctors may earn alot, but most of them will be at 0 near 30. Which is fine, it just fits the question. If you want to know X years after starting Y. You can ask that question.
I am only 25, but 240ish net worth. I'd imagine that will skyrocket, as I went from 0 3-4 years ago and my income took a huge jump last year...
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I'm not 30 yet, but my goal is to hit zero by 30. Combined with my fiancé, we were more than -$90,000 net worth two years ago when we graduated graduate school with our masters. We are now about half way to zero net worth between paying off student loans and retirement savings. We don't make the incomes seen on this forum (combined $82,000), but are throwing ourselves at our high interest student loans (6.55%) while receiving our employer matches on our retirement accounts. Still mastering the budget (I'm more into it than he is, though it helps that he is with me on the getting out of debt thing!), but hope to have a large chunk of our loans paid off prior to having children if possible. I do know that we have friends making double what we make who are saving less (when you consider our debt repayments), so I try not to compare myself too much to the other people on this board, as some things just aren't possible with our current careers/choices, and that's ok.
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It annoys me a bit when comparison is based on age, because at 30, my parents had both been working for over 10 years, no student loans since they didn't go to college. However, they never earned a high salary.
I'll be 30 in 3 months and I just go out of university. I am still within my first year of working full-time. And I'm not an exception within my social group. Most of my friends have at least completed a M.A. I have student loans, but my starting salary is already over average. Right now, I justhit the positive, like 2 months ago, lol!
So, I think it's comparing oranges and apples. A fair comparison would be : what did you accomplish the 5, 10 first years you started working. We have to take that ''higher education delay'' into account because a whole generation got one, and because it translates in other aspects too: people now get married older, have kids later, buy homes later, etc.
Ha! Well, I didn't really start my career until I was 32! With a negative net worth of negative $92k (@ $80K in law school debt, $12k in credit card debt). Prior to that, I'd done 6 years in the military, pissing away everything I made (except I managed to save $7k that I planned to use for college the year I got out). Paid for freshman year out of pocket, ran out or money and was working my ass off at two jobs (construction by day, bouncing at night) to try to pay for my soph year. Wound up getting an offer for a full scholarship that saved my ass. Debt-free out of college, I was able to take on law school debt (at a top law school) without too much worry. But I went to work for the government with a low-paying salary (about 50% of my Big Firm peers made in first year after graduation). Didn't really get my financial shit together until I was almost 40. Increasing income and better financial decisions have made the last decade a very positive one for me. Getting married helped a lot, too. DINKS have financial superpowers if they put their minds to it.
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New worth at 30 was zero, and it was quite an accomplishment.
10 years of university (got a PhD), two 3-4 month trips to Europe, and a lot of moderately-paid work in warehouses.
But: no debt (owed $3500 in student loans but paid it off sometime that year), and had just landed a great (and at that time moderately-paid) job.
For a complete financial moron it was a decent foundation.
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Age 30: $100K
Age 40: $1M
Hey there,
I am in same scenario.
Age 30 little under 100K
Age 40 little over 1M
Its funny how short 10 years can change everything if you put your mind to it.
And BTW I am from Russia too.
We Russians really know how to make a buck. LOL
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I turned 31 last month; my husband is a few months older than I am. I was 27 when I started working my "real job" post graduate school, and he was 28.
With the recent market upturn, we're above $900k net worth now. Life is good!
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Not quite 30 but will be there next year. I voted negative becuase I still have debt and my wife is returning to college in January which will slow down the savings/debt paydown as we will be paying cash for her classes.
Some of you are very impressive! For those of you with over $500k, what were some of the things you did to get there?
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NW at age 30 was $1.5M+. This was the height of the dotcom boom and that was the value of my shares in my employer - with a lock in period so we couldn't sell. NW at age 31 was about a tenth of that :-)
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I just turned 30 this month and my net worth is around 650k.
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It is interesting that the poll results are so evenly spread across the categories.
Are the people with over $300k net worth at 30 not voting?
I didn't vote, as a correct option wasn't available.
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Reading this thread, and the number of people at the start who said "300k as a top option is too low for me" makes me so happy and inspired.
You guys are badass!
Those of you not there yet, you'll get there. :)
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I was ZERO at 30. Never had a FT job until I was 31.
I'm 45 now and my NW is ~$500K. Got married 4 yrs ago or i would be ~>$600K.
My job isn't anything special. Still trying to figure out how I got to $500K.
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at 25 I was -$10,000 at 27 I am projecting right around $95,000 by the end of the year if the market stays flat.
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I didn't vote either. I just turned 30 this year. Our net worth, with or without real estate, is over 300K.
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I'd edit the poll to add a top end choice, but 212 people have already voted in a single day (Holy crap the forums have gotten large!).
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$379,000 - didnt vote as 300+ wasnt offered.
This calculator tells you your percentile http://www.shnugi.com/networth-percentile-calculator/
at 30:
<0NW = 17.9%
<50k = 71.5%
<100k = 84.1%
<200k = 92.1%
<300k = 95.35%
<400k = 97.96%
<500k = 99.38%
<1m = 99.38% (I think I broke it)
<5m = 99.67%
<10m = 100%
So there's a big population >0 and <50k. And all ya'll millionaires at 30 are the 1% :P
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I had to do forward prediction of net worth at 30. If I woulda got on the MMM bandwagon at 18 instead of wasting 65k a year for 4 years..... Id have a lot more.... lol
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For those of you with over $500k, what were some of the things you did to get there?
I finished school with no debt, landed a well-paying job, maxed out retirement accounts from day one, resisted lifestyle inflation, spent the latter half of my 20s in a bull market, and married someone in a similar situation. There was a lot of hard work and a fair amount of luck as well.
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House hold @28 is at 400k. Need more options. Expect to be 700+ by 30
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For those of you with over $500k, what were some of the things you did to get there?
I finished school with no debt, landed a well-paying job, maxed out retirement accounts from day one, resisted lifestyle inflation, spent the latter half of my 20s in a bull market, and married someone in a similar situation. There was a lot of hard work and a fair amount of luck as well.
Same here finished school no debt. Dinks still with 2 engineering salaries. Saved really well prior to finding this site. Took it to a whole new level once we found it.
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-$95k, more or less, at age 30
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At 30 I was still in my financial idiot phase. No real debt but pretty much spending what I made.
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NW at age 30 was $1.5M+. This was the height of the dotcom boom and that was the value of my shares in my employer - with a lock in period so we couldn't sell. NW at age 31 was about a tenth of that :-)
Ouch!
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NW at age 30 was $1.5M+. This was the height of the dotcom boom and that was the value of my shares in my employer - with a lock in period so we couldn't sell. NW at age 31 was about a tenth of that :-)
Ouch!
You stole my comment!
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Limited, erratic employment prior to age 30. I had a negative net worth until age 32. Wife however had ~$250K by that time. Fast forward 8 years and we're flirting with 1.1 mil. Looking back, it seems too easy. Stock market helped a lot.
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I just turned 30, husband is 32. We are right around $220,000 net worth, with another $80k in equity in our house. We have 3 kids under the age of 5 and daycare is expensive. I think our savings rate will skyrocket once they all hit school-age.
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30, I was negative. Motorcycle loan, car loan (with GF), some old medical bills. Very much paycheck to paycheck.
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NW at age 30 was $1.5M+. This was the height of the dotcom boom and that was the value of my shares in my employer - with a lock in period so we couldn't sell. NW at age 31 was about a tenth of that :-)
Ouch!
You stole my comment!
That definitely hurts but if the stocks could not be sold they really should not count as a part of net worth. This is like having unvested stock options. They are worth zero until you are allowed to exercise them.
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I was in the middle of my postdoc at that age... Net worth? About 10k in the bank and no other assets (or debts) of any kind.
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NW at age 30 was $1.5M+. This was the height of the dotcom boom and that was the value of my shares in my employer - with a lock in period so we couldn't sell. NW at age 31 was about a tenth of that :-)
Ouch!
You stole my comment!
That definitely hurts but if the stocks could not be sold they really should not count as a part of net worth. This is like having unvested stock options. They are worth zero until you are allowed to exercise them.
Didn't really hurt - I could see that the company valuation had no basis in reality, so even at the time I never expected to end up with cash in the bank (and 40% would've gone as tax if I'd had to sell in one go). Just lets me say that I'd made my first million before I was 30 and lost most of it within a year. Still did OK out of those shares in the end.
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Not 30 yet (26) and about $190 all in, though much of this is in a retirment account not able to be accessed until age $65. Accessible net worth is $130.
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Around 180K or so. Real estate appreciation in recent years has really helped out having bought a few houses at the bottom or near bottom of the market.
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Around 180K or so. Real estate appreciation in recent years has really helped out having bought a few houses at the bottom or near bottom of the market.
Same here, Sydney property boom helps a fair bit.
$700k for me, 4 months away from being 30. Mostly tied up in Property - non liquid and not very cash generating - capital rich, cash poor our real estate is.
The mix of assets matters...
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I'm 30 now, my net worth is negative 225K. Medical school was very expensive. Remember me the next time someone tells you doctors get paid too much.
Is it fair to think doctors get paid too much but also that medical school is insanely (inanely) expensive?
I'm 27, NW ~135K. Likely taking pay cut and moving geographically next year, I'll be ecstatic if I hit 200K by 30. Very inspiring seeing 85% SRs and >1MM NWs at such young ages.
I agree on tuition being insane but that's the current reality. Medicine is already losing some of its luster as a career path, further pay decreases will enhance that. So more and more of the best and brightest students will choose another path. I'm biased of course but I think medicine is very difficult and the quality of care will drop if/when the "good but not great" students start making it in. Just one guys' opinion.
The European model is closer to what you seem to prefer - lower physician salaries but the schooling is shorter and much cheaper, and they get higher pay as residents. They also work significantly fewer hours than US physicians. I think those would be positive changes overall but it's hard for me to see that all happening here.
Sorry everyone else for the thread jack... please resume discussion of how rich you guys are :)
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I'm 29 and looking at 30 quite soon. I spent my 20's in and out of employment with some cherished adventures and numerous mistakes. The good news is I heavily invested into a 401k at age 21 and rolled into an IRA while remaining debt-free and keeping a useful amount of stock alive in a personal brokerage account. I got back on track with a contract position and then moved cross-country for the 4th time in my 20s to land in a more stable position. My savings and life goals are aligned now.
That said, my net worth is about 60k. I have no real dreams of early retirement I want to aspire to a lifelong career. I do however cherish the freedom of financial independence and being able to wisely spend my money on things I love. I think my 20s were difficult. I had to figure out who I am, what my values are, and where I want to go with them.
I am on my way!
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At 30, I was just off a divorce. My 401k disappeared in the split against what little equity I had in the house I kept. I was net zero.
I'm FIRE now, baby.
30 is nothing. You still have LOTS of time.
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Just curious how I'm doing.
Don't fall into the trap of measuring success by how well your achievements compare to those of others. The Stash is just a means to an end, and the end is for YOU to decide.
This thread makes me sad. I'll be the first to cop to a negative net worth, and five figures at that. If by 60 I get to some of the numbers people here had at 30, I'll be ecstatic.
There are kids who got a record deal or a sports contract and were instant millionaires. If I got sad every time I thought about it, I'd be miserable. It's not what you have, it's what you're doing with it and where you're headed that count.
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When I say I wasted my first decade of adult life, financially speaking, I mean I really wasted it. Came out of college with an engineering degree, $1K on a credit card, a few thousand on a car loan (payment only ~$150/mo), and a commission in the USAF. Despite those advantages, and not really having expensive tastes, I managed to blow virtually all my disposable income on... hell if I know. Let's just say general curiosity and lack of focus meant I bought lots of random little things in my efforts to find what I really cared about. Getting divorced twice meant that whatever I accumulated was blown away, and the only thing I really acquired for keeps was a little bit of maturity and investing knowledge.
30 was my absolute low point - divorce #2, depression, flat broke, nearly went under and was saved only by a total deus ex machina in the form of a lucrative overseas job that fell in my lap. Soon after that, I realized I didn't want to live that way anymore.
I have to ask, because it looks sooooo familiar. Is this an rrdtool graph?
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30 years old, $140k net worth after 4 years of college, 4 years of medical school, and 6 years (so far) of surgery residency. Only ~3 more years to go until I'm done.
I think doctors are paid as much as the society they are in have determined it's worth paying them (much like other jobs).
By 40, should have 700k.
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This is not really a fair question. Maybe ask it as years in the workforce?
I had been working for 7 years by then, and includes house equity. Within 2 years it was +200k more due to home price increase (luck, not saving). Oh yah, dual income net reported.
Does having two kids before I was 30 make a difference to equity?
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This is not really a fair question. Maybe ask it as years in the workforce?
I had been working for 7 years by then, and includes house equity. Within 2 hrs it was +150k more due to home price increase (luck, not saving). Oh yah, dual income net reported.
Does having two kids before I was 30 make a difference to equity?
NO
ONLY 30
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This is not really a fair question. Maybe ask it as years in the workforce?
I had been working for 7 years by then, and includes house equity. Within 2 hrs it was +150k more due to home price increase (luck, not saving). Oh yah, dual income net reported.
Does having two kids before I was 30 make a difference to equity?
NO
ONLY 30
Ha ha. I meant that years in the workforce, random home price spikes, and choosing to marry ( thus reporting dual net worth) and having kids impacts your equity at 30.
Did not mean that I should put a price ( plus or minus) on my kids heads... They are expensive enough.
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A thread like this can easily turn into a dick-measuring contest. You can take something different away from it, though. Be inspired by what some have been able to achieve at a young age and set a goal for where you want to be in 5/10/20 years.
This is one reason why I really like to discuss with American people. You are so optimistic and encouraging. Around here people would just be mean and tell why you cannot have such a big net worth.
If you don't mind my asking, where are you from? You apparently aren't an american...
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I'm 25, so hopefully by 30, it'll be ~3-500k (largely depends how the market moves).
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It was about 25K at 30. I had about 50K in student loans and about 75K equity in a house. It was my final year of a Ph.D. program. At 36, this month net worth is now at 340K.
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Paltry. At 30 I had a net worth of maybe $10k. DW and I had just paid off our student loans early and I'd just started my first "real job" that year, meaning it was a job with a corporation that paid decently and offered reasonable benefits. We were broke-ass-broke but we'd freshly gotten out of debt.We qualified as "badass" just to survive, but knew nothing about savings and investment. You can tell from the following progression, when we finally started to figure things out:
15 years to reach the first $100k of net worth,
5 more years to reach the next $200k,
2 years for $300k,
1 year to add the last $70k
Looking to reach $400k net worth in 2016 and break $500k in 2017. Working hard to manage cash flow to optimize savings, investment and mortgage paydown.
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I was not near as far ahead as some of you. But due to lots of school 30 was my first real year working.
The year I was 30 I put 30K down on a rental property with my SO.
After seriously cleaning up that property, & with a bit more in retirement savings, I would say my net worth was just over 50K before 31.
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$379,000 - didnt vote as 300+ wasnt offered.
This calculator tells you your percentile http://www.shnugi.com/networth-percentile-calculator/
Just a caveat, the calculator is for household net worth, not personal net worth.
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Not 30 yet (26) and about $190 all in, though much of this is in a retirment account not able to be accessed until age $65. Accessible net worth is $130.
there are many ways around this you dont have to wait til 65
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Just turned 27 with a net worth of 125k (not counting home equity)
I need to up my game
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I'd say it was ... whatever we had in the checking account that month. LOL
Dh had just finished grad school, and we had moved across country and had baby 1. We had a falling apart car, no debt, and a lot of fun.
The babies are grown ups now, the car is new, the house is paid for, we've got plenty saved up, still no debts. And no regrets, either.
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I'm 29 and have 90K right now, so barring a humongous market collapse I should be past the six figure mar by then.
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About $20K. I had the bad habit of saving a good stash, and then going back to school, spending it to zero and starting over. Since I was single and a fairly good job, no car and a cheap apartment, I easily saved, but it was always with a spending goal in mind, never for retirement. Getting married to a very conservative lady changed that, and we started putting away about $50K a year.
That was my pattern, too. I had about 10k.
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Just turned 27 so not 100% applicable. But, I thought I would throw it out there.
Currently 317k.
Thinking I'll RE ~30.
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@OP - Its kind of a pointless comparison to simply ask what your net worth was at any given age, simply because everyone's circumstances are different and sometimes the market does things you simply can't control.
Personally at 22 I had a net worth of 30k, worked full time making about 35k a year at the time, and went to school part time(paid cash as I went), had just paid cash for a 2 year old car with low miles so I had a reliable car for the near future, and still lived with my parents. I put a good chunk of that money into a down payment for a condo so I didn't have to pay PMI or throw money away at rent(cost about the same to own as rent after the down payment). Seemed like a great place to be at the time considering most of my friends at the time were getting ready to graduate college, had tons of student loans to worry about, and if they had a job, it was like an 8 dollar an hour part time gig.
Fast forward a couple years and the real estate market crashed and the economy tanked. My condo that I had paid 85k for, that I could have sold for 90-100 a year later, was now worth about 40k. It really sucked at that point having a net worth of around 40k and suddenly I'm back down to 0. I ended up graduating around this time as well...only the economy was crap and I was having a hard time finding a job better than what I already had, so I went back for another degree...not really where I wanted to be in my mid-late 20s, but I just hadn't been able to catch much of a break anywhere even though I was working hard and most of my money to date went to real estate and education.
Fast forward again a few more years to 30...my net worth was probably only around 40k at this point. This was definitely a lot lower than I had wanted it to be...but 30 was the year things really turned around for me. The value of my condo had recovered a bit and after 8 years of rents increasing and my mortgage getting cheaper thanks to a refi, I was now living in a place and building equity(instead of trying to not be underwater anymore lol) that costs 600 a month vs 800-900 renting something similar in the area. I was totally done paying for school with no student loans whatsoever to pay back. Best of all I finally landed a better job that literally tripled my income. I went from 40k a year to about 90-100k this year, and next year(first full year at the new job) I'll be 120k+.
So here I am now...at 31, with a net worth of 100k, a six figure income, and a monthly expenses of around 1200 a month. I was in crappy shape when I turned 30, and now, even though my net worth isn't stellar for a 31 year old mustachian(although its ridiculous for your average 31 year old) I'm in a pretty awesome position. I'll probably pay off the condo this year which will cut my monthly expenses to below 1000 a month. I'll literally be able to live off 10% of my gross, and if I want to buy a house in the near future my condo just becomes a paid off rental property, plus all the time I had spent in a lower paying job thankfully had built me up a significant chunk of time in a pension fund, so even though I wouldn't really count that towards my net worth its still some extra retirement income I'll get to enjoy when I'm 64:)
Had my only goal been to have a high net worth at 30 I'd have never gone to college. I'd have just gotten a part time job on top of my full time job instead of going to school, and invested all that extra money. Had I done that I probably would have been around 300k by 30...but ultimately I'd have ended up being 31 making 50-60k a year at a job I hated with 300k net worth instead of being 31 making 120-140k a year at a job I enjoy with 100k net worth, and I'd still be doing labor work beating on my body instead of what I do now that doesn't involve any repetitive or heavy lifting. Its just like people on here who have gone to school for law or medical degrees. I don't think they mind their net worth sucking at 30 when the only reason it sucks is because they spent 8-10 years getting to a point where they could actually start their career and had lots of student loans to pay back. Much like my situation they all could have been doing better at 30 if they aimed for that, but would they have been better at 35 or 40?
Plus we have some other factors that basically make comparisons pointless. I know plenty of people who had parents or grandparents that are(were) very well off and were gifted/inherited significant assets and/or had college paid for. I think its awesome when people have 300k+ by 30, but its really not serving any purpose to compare someone who was maybe handed a house and had their college paid for to someone else of the same age who had to pay for those things on their own. My living grandfather, whom I hope has many, many happy and healthy years left to go, is a multi-millionaire, and plans of splitting it between his grand kids when he passes away as his kids are all doing well for themselves. I could very easily inherit several hundred thousand next month if something happens to him, but I don't think it really makes me good at handling my finances or a better mustachian because I might end up 32 with a 500k+ net worth even though most of it was just handed to me, just the same as if he had died when I was 30 and I had a 500k+ net worth at 30.
I'd think the best measure of comparing your mustachian skills, way more than net worth at any given age, is what is your savings rate? At least then things are being compared that we all have to work equally hard at...our spending habits and our income, and ultimately its the people who can master these things that are the ones who will have successful early retirements.
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@OP - Its kind of a pointless comparison to simply ask what your net worth was at any given age, simply because everyone's circumstances are different and sometimes the market does things you simply can't control.
I think threads like these are more about sharing life stories, and much less about strict comparisons. You told your story, and it was interesting. I enjoyed reading it. Might never have been able to, without this thread.
My network at 30 was 75-80k. Didn't start tracking until I was halfway through my 31st year. HOWEVER, I logged into Mint to check my NW history, and I'm sitting at 300k for the first time. W00t! I'm all proud of myself.
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I'm a little shy of 30 and together with my partner we have a worth of $185k . This is excluding superannuation and student debts because the requirements around these two items in Australia gets complicated.
Sometimes I think think we are doing great, other times I think of the lost opportunities.
At the moment we are only really growing our wealth by way of savings as very little is invested in anything other than high interest savings accounts (is 3.5% really high interest???). I'm terrified of investing and hope that perhaps by loitering around here I'll gather some courage.
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@OP - Its kind of a pointless comparison to simply ask what your net worth was at any given age, simply because everyone's circumstances are different and sometimes the market does things you simply can't control.
There's problems with every method of comparison. Only by looking at many of them can you get a good picture.
For example:
I'd think the best measure of comparing your mustachian skills, way more than net worth at any given age, is what is your savings rate? At least then things are being compared that we all have to work equally hard at...our spending habits and our income, and ultimately its the people who can master these things that are the ones who will have successful early retirements.
Can there be someone with a 40% savings rate who's way more badass than someone with an 80% savings rate?
Absolutely, IMO.
Someone who can save 40% of their 30k salary (spending 18k, saving 12k) is way more badass than someone who makes 5MM, spends 1MM of it, and saves 4MM (for an 80% savings rate).
It's always about the story behind the numbers. It's also about taking charge and being badass regardless of what circumstance you're in. I graduated into the recession, with tens of thousands in student loans, as a teacher, earning in the low 30 thousands, with our pay frozen for years due to budget issues due to the recession, etc. I went underwater on our condo much more than yours (and still am), and underwater on another house on top of that. Very negative net worth. The way to think about it though: it wouldn't be a good story if it was easy and boring the whole way with no obstacles!
Thanks for sharing your story! :)
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The only thing I will say is do not get discouraged if your number is lower than others, everyone is different, everyone started differently. Also how is everyone measuring their net worth, some measure it differently than others. For example I do not include the value of my car in the asset column but others do.
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To be fair, the view that workforce + X would be a more consistent way of looking at this isn't really right, perse. It can illustrate just how bad some college/masters/PhD decisions can be (late start, not great income at the end), and how much catching up doctors and, to a lesser extent, big firm lawyers, generally have to do (very high salaries but very high debt and pretty late starts, even if you go "straight through"). Just a different way of thinking about it. MMM was FIREd before some people here can even start their careers, and that's food for thought.
I'm about to tick over to 31. Been in the workforce for 4 years and a few months. Started at ~-$160k. I'm at ~$300-330k now (depending on whether I tax-adjust my 401k). Single-income dual-person household (spouse is finishing Ph.D). My pay is likely to crater within a year or so; spouse will pick up an income at about the same time, but combined isn't going to be anywhere near what I was making myself, so I'm glad we at least set some aside. A significant chunk of it will shift from liquid to a house down payment around the same time.
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The only thing I will say is do not get discouraged if your number is lower than others, everyone is different, everyone started differently. Also how is everyone measuring their net worth, some measure it differently than others. For example I do not include the value of my car in the asset column but others do.
Also, don't forget about the selection bias - we are Mustachians afterall. The rest of the world is probably far behind this group!
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To be fair, the view that workforce + X would be a more consistent way of looking at this isn't really right, perse. It can illustrate just how bad some college/masters/PhD decisions can be (late start, not great income at the end), and how much catching up doctors and, to a lesser extent, big firm lawyers, generally have to do (very high salaries but very high debt and pretty late starts, even if you go "straight through"). Just a different way of thinking about it. MMM was FIREd before some people here can even start their careers, and that's food for thought.
I spent a lot of time and money on education. I don't regret it because there is no point, I don't get a do-over of my 20's and I wouldn't be the person I am today had I not had those experiences. That said, I'd be financially a lot better off without it.
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My net worth at 30 was probably -30K. I had grad school student debt, still, and had just bought a house, started a consulting business, and had my first son. That was 15 years ago. My net worth right now is around $500K. It took a while for me to figure it out. I wouldn't do well in the dick-measuring contest referred to above, I guess, :)
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To be fair, the view that workforce + X would be a more consistent way of looking at this isn't really right, perse. It can illustrate just how bad some college/masters/PhD decisions can be (late start, not great income at the end), and how much catching up doctors and, to a lesser extent, big firm lawyers, generally have to do (very high salaries but very high debt and pretty late starts, even if you go "straight through"). Just a different way of thinking about it. MMM was FIREd before some people here can even start their careers, and that's food for thought.
I spent a lot of time and money on education. I don't regret it because there is no point, I don't get a do-over of my 20's and I wouldn't be the person I am today had I not had those experiences. That said, I'd be financially a lot better off without it.
Yeah, I don't regret my education either, and I met my spouse because of it so it really was the best thing that ever happened to me. Ended up working out for me financially, too, because I hit the big firm lottery out of law school, but that very easily could have had a very, very different outcome (especially graduating in 2011). If I hadn't hit the lottery, I likely wouldn't have met my spouse (I would have been too focused on how the hell I was going to survive) and, financially, I would be completely without redemption unless I had managed a government job (unlikely--they're as hard, or harder, to get than the firm jobs).
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I don't regret my 4 years college + 4 years medical school + 5 years general surgery + 2 years fellowship training. It's allowed me to do a job I enjoy and is meaningful for society in general (which is more than a lot of jobs these days). Yeah I'm 30 and still earning half of my friends in IT, but that'll quickly change and I'll be my boss for the most part. I don't think this is a contest, dick-measuring or otherwise. It's interesting to hear other people's stories.
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@OP - Its kind of a pointless comparison to simply ask what your net worth was at any given age, simply because everyone's circumstances are different and sometimes the market does things you simply can't control.
I don't think it's pointless at all. If the OP is 30-ish and feeling discouraged, all it takes is a quick look through the posts to see there were a plenty of folks that were net worth zero (or negative) at 30 that managed to make it to the finish line.
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When I finally figured out he was a permanent student and he didn't really love me I was around 35. After the divorce and losing half of what I had I was really able to start saving aggressively. I met someone wonderful who has financial ideals in line with my own and who loves me like I always wanted. It's been a wild ride but now at 39 I'm approaching 500k in net worth, I'm in a great relationship and I can see early retirement in the near horizon.
This seems to be a common thread here. Is losing half in a divorce really that common? Don't divorces ever end with both parties accepting what they had and walking away clean?
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When I finally figured out he was a permanent student and he didn't really love me I was around 35. After the divorce and losing half of what I had I was really able to start saving aggressively. I met someone wonderful who has financial ideals in line with my own and who loves me like I always wanted. It's been a wild ride but now at 39 I'm approaching 500k in net worth, I'm in a great relationship and I can see early retirement in the near horizon.
This seems to be a common thread here. Is losing half in a divorce really that common? Don't divorces ever end with both parties accepting what they had and walking away clean?
Yes, loosing 1/2 your stuff is common unless you have a prenup. Often what you had before can be sorted out but anything you earn, or debt you accumulate, during the marriage usually gets split in half.
I know a woman who was stuck with big student loans. She was the student so they were in her name. But her DH bought an SUV. 300$ shoes, many other toys. $90K debt in 3 years. All the toys were his as far as I could tell. He has a job making about $40K. She was in grad studies so about $20K.
They were in a low cost of living area, but rented one of the more expensive apartments. They never should of had that much debt. She was a bit complacent & benefited some from the luxuries but purchasing them were not really her choice.
I don't recall if she got stuck with half the debt or all of it since it was in her name.
Sometimes you are lucky if you can split assets instead of debt!
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I think just about positive NW when I turned 30. Don't regret it though - travelled around the world. Plus started off in one of those high income tax European countries, so a lot less to save to start with.
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When I finally figured out he was a permanent student and he didn't really love me I was around 35. After the divorce and losing half of what I had I was really able to start saving aggressively. I met someone wonderful who has financial ideals in line with my own and who loves me like I always wanted. It's been a wild ride but now at 39 I'm approaching 500k in net worth, I'm in a great relationship and I can see early retirement in the near horizon.
This seems to be a common thread here. Is losing half in a divorce really that common? Don't divorces ever end with both parties accepting what they had and walking away clean?
Often what you had was not very much, so half of what was earned after IS half.
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Just saving this to reference when I reach the big three-zero. I still have a year and a half left before 30.
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Mine at age 30 was in the negative at -$16k. Today, at 42, it is $445,000.
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I know a woman who was stuck with big student loans. She was the student so they were in her name. But her DH bought an SUV. 300$ shoes, many other toys. $90K debt in 3 years. All the toys were his as far as I could tell. He has a job making about $40K. She was in grad studies so about $20K.
They were in a low cost of living area, but rented one of the more expensive apartments. They never should of had that much debt. She was a bit complacent & benefited some from the luxuries but purchasing them were not really her choice.
I don't recall if she got stuck with half the debt or all of it since it was in her name.
Sometimes you are lucky if you can split assets instead of debt!
I knew a couple when I was in my twenties and she took on his £20k credit card debt and they were both still spending on them and she got stuck with it after they split up. He was quite obviously cheating on her too as well as having a very expensive weed habit so I don't know what she was thinking!
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Someone who can save 40% of their 30k salary (spending 18k, saving 12k) is way more badass than someone who makes 5MM, spends 1MM of it, and saves 4MM (for an 80% savings rate).
I'd disagree. The guy making 5m a year obviously did something badass to be making 5m. He's got a higher savings rate and is just flat out saving a massive amount more. Yeah...the guy who is earning a low salary and running a surplus is still a badass compared to people with similar incomes...but the guy who just banked 4m in a year has won the game. At the end of the day if your goal is to replace x% of your working income with passive income, as long as X remains constant between two subjects, the one with the higher savings rate is going to get there first every time...and chances are lower income earners will have a higher x and higher income earners a lower x.
It's why I'd look at both sides of the equation if I wanted to compare myself to others. I'm not really impressed by someone who is super frugal living off 15k a year if they only make 15k a year, and I'm not really impressed by someone who is a super high earner making 5m a year if they're spending 5m a year. In the end the higher your savings rate means the faster you will be able to passively replace your working income, and the double win comes in the form of if you are a high earner who is only interested in replacing a small % of your working income because you live frugally as well.
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I'd disagree. The guy making 5m a year obviously did something badass to be making 5m. He's got a higher savings rate and is just flat out saving a massive amount more. Yeah...the guy who is earning a low salary and running a surplus is still a badass compared to people with similar incomes...but the guy who just banked 4m in a year has won the game. At the end of the day if your goal is to replace x% of your working income with passive income, as long as X remains constant between two subjects, the one with the higher savings rate is going to get there first every time...and chances are lower income earners will have a higher x and higher income earners a lower x. because you live frugally as well.
+1
The guy making $5M/year could also adjust his spending habits quickly if he was spending $1M/year. I'm not sure why he would be less "badass" (whatever the hell that really means) than those spending very small amounts. I think you have to impute the social and environmental impact of the person spending the larger amount to get the MMM dogma of "badassity" because it doesn't make any sense from a purely financial standpoint.
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Not quite 30 but will be there next year. I voted negative becuase I still have debt and my wife is returning to college in January which will slow down the savings/debt paydown as we will be paying cash for her classes.
Some of you are very impressive! For those of you with over $500k, what were some of the things you did to get there?
For me personally, (a) getting rid of debt, (b) consistently saving into my 401k from the start of my career, (c) aggressive allocation in 401k, (d) making more money (i.e., promoting consistently in my job), (e) some luck, namely, we bought our condo at a very good time in a very good market, (f) finding MMM and spending more wisely. It's not rocket science -- just be consistent.
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The idea that income level doesn't matter is quite ridiculous. Sure, it's an inspiring and motivational idea, but in reality a big income is lighter fluid in the quest to FIRE. For someone seeking to sustain a typical mustachian, say $2-4k monthly lifestyle, every extra dollar of income over that amount has an exponential impact on time to FI.
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My husband and I were sitting a little above $1 M when I turned 30 two years ago. I'd have to look it up to get an exact number. We are currently between $1.3 M and 1.4 M depending on how you value our real estate.
People asked up thread how people so young have high Net Worths. Here's our progression (sorry it's so long):
Age 21: NW ~ -100k. Graduated with an engineering degree and $105k in debt from student loans and a car (doh). Salary: $48k per year, saving 12% in 401k with a 4% match.
Age 23: NW ~ -80k. Switched to a job making ~$120k+ per year and paid off all of my debt in 1.5 years (!) plus maxed out my 401k from there on out.
Age 25 (before getting married): NW ~ +90k before I married my husband.
Age 26 (combined finances): NW ~ $350k, My husband made about $200k, owned a house in TX and a rental house in the area we wanted to move back to. My husband had a big head start on me as he is several years older and had no college debt.
Age 27: NW ~$600k. We paid off our house in one lump $100k-ish payment and 5 hours later my water broke. It was a girl :).
Age 28: NW ~$750k, When our daughter was 1, we jumped at the chance to move to our current location (always the goal) and I went to a SAHM and my husband went to a $140k salary. We took out a $175k mortgage even with a $200k down payment (HCOL area).
Age 29: NW ~$850k, We have a baby boy and a few months later I get a job working part time making ~$40k for my own sanity.
Age 30: NW ~$1m, House prices sky rocketed in our area (main home and 1 rental home), stock market goes crazy as well.
We're currently (2 years later) at ~$1.35 M NW (includes 2 rental houses). Most of our gains in recent years have been compounding on our 401k's and real estate appreciation. We both really enjoy our jobs and are going to keep on keeping on as long as that's still true.
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I voted for the $100-200k bracket, but then remembered that Mint's Zillow estimate of my house value is ridiculous, and then realized that I should have divided by two since I'm married. In reality, my net worth was only a little bit above $0. In my defense, I didn't graduate college until I was 25 and was underemployed for a couple of years after that. Also, my wife is an artist and therefore doesn't make a very high salary. (I'm slightly envious of you double-engineer DINKs...)
On the bright side, in the year and a half since I turned 30 my household net worth has increased about $115k (although I think a chunk of that is continued Zillow absurdity).
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No option for me in the poll.
24: 50k
25: 200k
26: 400k
27: 600k
28: 775k
I predict I will be around 1.1-1.2M by 30.
Care to elaborate how you got there? That's quite impressive if it wasn't inherited.
Nothing too exciting about our accumulation phase. We earn a shitload of money and save about 60-70% of everything we earn. It doesn't feel very badass since we still spend about 60-70k per year. I'm a lawyer so I didn't start working until age 24 and my wife has been working since age 22. Combined we earn about 200-225k per year after taxes. We were also lucky to not have student loans due to going to a combination of cheap in-state schools and scholarships.
You can check out my journal for more details.
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A few magic beans....that turned out not to be magic at all :-(
Seriously probably between 10k-20k
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My husband and I ... are currently between $1.3 M and 1.4 M depending on how you value our real estate.
Jesstache, what strikes me the most about your posting (and THANK YOU for the detail, it's good to read and understand) is that you and DW appear to be in total lock-step agreement and execution about saving, investing, reaching FIRE and being badass. I didn't detect even one whiff of "My SO blew money on this thing or that thing and I can't get him to agree to saving....".
Things go way better when everyone is onboard and pushing hard!!!
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It was ~$15K. Had just finished grad school and had my first full-time job.
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My husband and I ... are currently between $1.3 M and 1.4 M depending on how you value our real estate.
Jesstache, what strikes me the most about your posting (and THANK YOU for the detail, it's good to read and understand) is that you and DW appear to be in total lock-step agreement and execution about saving, investing, reaching FIRE and being badass.
I didn't detect even one whiff of "My SO blew money on this thing or that thing and I can't get him to agree to saving....etc. etc.") Things go way better when everyone is onboard and pushing hard!!!
Haha well thank you! First time someone else from the MMM community has called me badass, score!
For the most part, my husband leaves all of the details of the finances to me but we discuss the big picture regularly and rarely, if ever, disagree. I send him a summary of our accounts on the first of each month (which he think is awesome) to show him where we're at and he usually responds with something like, "Yup! Still doing great!"
It's hard for either one of us to be upset with the other one about spending because 1. We discuss pretty much everything beforehand and 2. It would be ridiculous to reprimand a grown adult and say things like, "why did you buy that!?" when we're obviously doing just fine. Likewise, if my husband came to me and said, "I want to really buckle down and FIRE tomorrow," I'd be totally on board with that.
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approximately negative 220K. approx 180K in medical school debt, 15 K in credit card debt, remainder in car debt. at 31.5 I have paid off all of the credit card debt, paid off about half of the car debt, and about 20k in student loan debt as well as saved about 70K between retirement funds and savings accounts. I am still negative, but per my calculations I should be better if I continue to max out my pre-tax funds vs if I pay off the debt immediately. My car debt will be gone by April, and the student loan debt gone in 2020. My house will be paid off by 2025.
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I'm 30 now. My net worth is about 120k. I just finished paying my student loans, and am not married (so no double income). But my savings rate will increase now that the loans are paid.
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23: ($14,155) single @ college graduation
30: $136,859 dating
40: $1,030,918 married with family
Didn't discover MMM until after 40. If I had discovered at 30, we'd probably be at $2 million by now. Oh, no, we are only millionaires. And at 40 instead of 30! Life sucks... <sarcasm> I should post this under the Mustachian people problems thread.
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came in thinking my projected 200-250k would be pretty good. left depressed
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at 33 I moved to the states. With a wife that wasn't allowed to work, two kids and a net worth of about negative 20k.
Within two years we had another kid, bought a house (taking on more debt that slowed down our growth) but moved into positive territory!!
I started paying down debt seriously at age 41 - interest on various loans was 27k a year.
I should still be able to retire at 50.
I'm running my own race here. Congrats to those that got there earlier than me but its my own actions that I can change - not anyone elses. Regrets? not a thing.
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Also, for some of us 'older folk', 30 was some years ago, so net-worth in nominal terms will be lower just due to inflation and timing (like if we hit 30 right after the 2008 collapse), so there really is very little value in trying to compare across people that are hitting 30 at different times. A better question would have been what your net worth was on XXXX date.
For comparison, $150k invested in an S&P500 Index fund in 2003 when I hit 30 (S&P at ~1050) would be worth $300k now, so it is a misinformative skew when older-than-30 people vote lower numbers and younger-than-30 people vote. In other words, the poll has most likely been skewed low depending on the demographics.
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A better question would have been what your net worth was on XXXX date.
The poll is definitely skewed due to inflation, but this question seems so much worse.
Because then you have people who are 20 answering how much they had on that date, and people 60 answering. Then you're way skewing it for older people.
All you have to do to fix the OP is add "in inflation adjusted dollars" (and a few more categories). :)
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A better question would have been what your net worth was on XXXX date.
The poll is definitely skewed due to inflation, but this question seems so much worse.
...
Ouch! I guess I'd admit that they are equally useless questions, especially in a poll without context. Plenty of people with low net worth at 30 can go on to be rich in any number of working years depending on unrelated windfalls like selling a business, inheritance, marrying well, insurance payout... And people also go on to have a 'run of bad luck' and lose large chunks in a divorce, lawsuit, or health issue (not to mention lottery winners and professional atheletes)... so who really cares if a person's net worth is 100k or 300k when they are 30?
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Started at -$50k when I joined the work force at 23. Now at $846k with 2 months to go before 30.
I am no longer in the negative, thank God, but many of these posts make me sad as well! I am 33 and stand to hit $50K total NW by the end of the year.
Paying off my small student loans a couple years ago was key.
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Due to my diligent keeping of a monthly balance sheets, I can tell you that the month I turned 30 my networth was $315,399. These numbers are for a single professional.
I had many advantages in life that allowed me to get there and I'm a mix of proud/grateful about that number. It's no MMM, but it's pretty good.
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This thread makes me sad. I'll be the first to cop to a negative net worth, and five figures at that. If by 60 I get to some of the numbers people here had at 30, I'll be ecstatic.
You'd be amazed wheat you can do in 10 years! Don't be disheartened!
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At about $200k on my 30th bday, only really started saving heavily mostly due to large increase in salary 2.5 years ago. Was able to resist lifestyle inflation and only recently started adopting some MMM principles of expenses.
This thread is a mix of inspiring and devastating to see what some people have been able to save by my age!
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Just turned 30, wife is 29, married 2 years ago, no kids yet.
I figure my wife and I have about ~$215,000 in a positive net worth, though it is spread across multiple assets/accounts.
$35K cash
$10K IRAs
$50K State pension
$40K 401 k
$60K home equity
$20K across two cars
We are just really getting started on building wealth, didn't get serious with money until about 2 years ago. Finished paying off all debt about ~1 year ago (some schools, wedding and two cars).
Next is to really ramp up our savings rate. We both just recently graduated with advanced degrees (MBA and Ph.D.), so our salary should significantly increase very soon.
Next goal is to hit 1mil by 40. 10 years, 100K per year stashed away.
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I agree this thread is both inspiring and depressing.
Three years out of high school I wasn't doing much but addicted to video games.
Did community college and good engineering school in four years after my 180o.
Just completed my fourth year in the work force and have NW of 110k @ 29.
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I agree this thread is both inspiring and depressing.
Three years out of high school I wasn't doing much but addicted to video games.
Did community college and good engineering school in four years after my 180o.
Just completed my fourth year in the work force and have NW of 110k @ 29.
This was me. In fact, I was even globally ranked in a Halo 2 game type.
2 years of community college followed by 2.67 years at a state school. It's never too late to turn it around and amazing what you can accomplish when you commit 100% of your energy to it.
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I'm 30 now, my net worth is negative 225K. Medical school was very expensive. Remember me the next time someone tells you doctors get paid too much.
Don't make the same mistakes the other doctors make. Read The Millionaire Next Door and avoid your peers' plights!
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$27,000. I'm worth ~$200k eight years later thanks to a huge boost in income which started that year. Actually, I would have lot more, but, in those 8 years, there was a disastrous first marriage (-$60,000), an elective medical thing for which I paid out-out-pocket (-$20,000), and a 4 month leave of absence to work in Ireland (-$10,000).
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$27,000. I'm worth ~$200k eight years later thanks to a huge boost in income which started that year. Actually, I would have lot more, but, in those 8 years, there was a disastrous first marriage (-$60,000), an elective medical thing for which I paid out-out-pocket (-$20,000), and a 4 month leave of absence to work in Ireland (-$10,000).
Lemons turned into lemonade. Looks pretty badass to me.
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True story, Faraday. I can either say "woe is me!" or think about how hard these things would've been had I not had good habits in place. The opportunity in Ireland was amazing, and I'm very glad I had the ability to CHOOSE the medical thing, instead of my finances dictating my health.
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I discovered MMM when I was 29, a few months from being 40. When I first calculated my net worth, it was around ~$35,000. By the end of that year, it was about $67,000. I was never a spendthrift, but I spent the latter half of my 20's trying to get past the mistake of buying a house in Jan 2008.
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I discovered MMM when I was 29, a few months from being 40.
Damn Common Core math. :-) :-) :-)
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I discovered MMM when I was 29, a few months from being 40.
Damn Common Core math. :-) :-) :-)
+1 :) Too funny!
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I had no idea at 30. Didnt calculate NW until I was 39. The good news is the wife kept increasing our mortgage pauments without me knowing, and Ive always contributed to my employer match RRSP. Now we are pushing $800k at 41.
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Not 30 yet :)
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well this sucks
20 years old and only working part time atm. 100% savings rate because living with mum and dad still.
£6100/ yr being funneled into my investments. meanwhile everyone here is earning 100k+ a year.
it's a shame because im an ERE fanatic and my living expenses are so low i could FIRE in 2 years with some of your salaries :(
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Not 30 yet, but based on rough projections I'll be at $1.2M(ish) combined net worth with spouse. Of course he'll be closer to 40 by then, so HIS net worth at 30 was much lower :-P
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well this sucks
20 years old and only working part time atm. 100% savings rate because living with mum and dad still.
£6100/ yr being funneled into my investments. meanwhile everyone here is earning 100k+ a year.
it's a shame because im an ERE fanatic and my living expenses are so low i could FIRE in 2 years with some of your salaries :(
Time to go earn more, work for 3 years, and have a 50% boost to your spending (or 4 years, and double your spending)! :)
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North of 700k.. Sold a small business back then.
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well this sucks
20 years old and only working part time atm. 100% savings rate because living with mum and dad still.
£6100/ yr being funneled into my investments. meanwhile everyone here is earning 100k+ a year.
it's a shame because im an ERE fanatic and my living expenses are so low i could FIRE in 2 years with some of your salaries :(
I'd be curious to know more about your circumstances. At 20, have you really learned that you don't like any aspect of work? Being stressed/constrained/ruled by your job/employer blows, and that concept get's a lot of press around MMM and ERE forums. But there's another concept that doesn't get mentioned very often - the idea that being a master of your trade is really enjoyable.
There are lots of trades that you can master outside of any system, but there are an equal number that require someone else to own and maintain the infrastructure. You can build your own tool library, and find the mentorship you need to be a master plumber. But it's much harder to build your own nuclear reactor, or a thousand tonne warship. If you want a higher income, it might be worth considering your willingness to give up autonomy, in exchange for mastery.
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well this sucks
20 years old and only working part time atm. 100% savings rate because living with mum and dad still.
£6100/ yr being funneled into my investments. meanwhile everyone here is earning 100k+ a year.
it's a shame because im an ERE fanatic and my living expenses are so low i could FIRE in 2 years with some of your salaries :(
It's worthwhile to point out that most of us didn't have our ending salaries when we were 20 either. Don't let that get you down.
At 20 I was working a minimum wage job and going to school. And after graduating, I pretty much went through most of what I earned from 20-30. Effectively: I started at 30, but with a decent paying job.
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I think I had around $5,000 when I was 30*I was single and had just bought a house. Way back then I was paying 11% interest on the mortgage.
Now I've got 26 years of DINK marriage under my belt and our net worth is very healthy. It helps to,have a frugal marriage partner.
*according to an inflation calculator that was around $11,0000 in today's dollars
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Around 50k in 401k and stock. I bought my home at 30, which was in 2009, so I was simultaneously house poor and debt-free (except for mortgage) thanks to judicious use of the govt tax credit.
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well this sucks
20 years old and only working part time atm. 100% savings rate because living with mum and dad still.
£6100/ yr being funneled into my investments. meanwhile everyone here is earning 100k+ a year.
it's a shame because im an ERE fanatic and my living expenses are so low i could FIRE in 2 years with some of your salaries :(
It's worthwhile to point out that most of us didn't have our ending salaries when we were 20 either. Don't let that get you down.
At 20 I was working a minimum wage job and going to school. And after graduating, I pretty much went through most of what I earned from 20-30. Effectively: I started at 30, but with a decent paying job.
Good point. A 20-year old shouldn't be comparing himself to people posting their net worths at 30.
I bet if the question was "what was your net worth at 20" most of the responses would be "very little" (negative, personally, because of student loans, but even with the outliers we have around here that paid for college in cash, and had jobs and such still likely had a very low net worth).
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Well, this is not a race. Though by 30, barring some really huge difficult-to-surmount issue like a major health setback, I would hope most had at least cleared debt other than housing. Maybe student loans if they were law/med school and the like and certain that a very large income was to follow shortly.
I counted DH and mine together (because our spreadsheet was set up that way) and not any home equity (no idea what it was then). Not quite 150K. Now about 5X that in a decade that involved an upside-down house, major recession and a good number of months of unemployment. So even if you're on the small side, take hope! It can be done.
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I'm running my own race here. Congrats to those that got there earlier than me but its my own actions that I can change - not anyone elses. Regrets? not a thing.
+1!
Wise words.
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Not 30 yet. Hope to make it to $1MM+ by that point. About 5 years out.
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When I was thirty if you count the house about -$255,000 while I was delivering pizzas full time and collecting the GI Bill while going to 12 credit hour semesters. When I look back at it I wonder how Im still here with nothing on the credit card, and money to invest myself. I don't even make that much money.
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Holy shit, some people in here switched on to the MMM way of thinking much younger than I did! Congrats for those who were so smart, so young!
Myself - I'll be 30 next year and hopefully be at around $220-$250k all being well. If you'd told me that 3 years ago I would've presumed I'd have won the lottery but nope, just good ol' sensible living and saving. All being well, will hopefully be FI/RE at about 36, 40 for definite.
I'm not depressed by others in here, it think it pretty incredible. I just look around in the real world and realise that being FIRE by 40 at the latest is still pretty amazing :)
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well this sucks
20 years old and only working part time atm. 100% savings rate because living with mum and dad still.
£6100/ yr being funneled into my investments. meanwhile everyone here is earning 100k+ a year.
it's a shame because im an ERE fanatic and my living expenses are so low i could FIRE in 2 years with some of your salaries :(
It's worthwhile to point out that most of us didn't have our ending salaries when we were 20 either. Don't let that get you down.
At 20 I was working a minimum wage job and going to school. And after graduating, I pretty much went through most of what I earned from 20-30. Effectively: I started at 30, but with a decent paying job.
Good point. A 20-year old shouldn't be comparing himself to people posting their net worths at 30.
I bet if the question was "what was your net worth at 20" most of the responses would be "very little" (negative, personally, because of student loans, but even with the outliers we have around here that paid for college in cash, and had jobs and such still likely had a very low net worth).
Spork and arebelspy are right. I didn't make jack squat for a long time. I had negative net worth until I was 40, paying off student loans for myself and DW, like most people. I'm 53, about halfway to my stash goal and I've got no stories of big cars, houses, boats or vacations.
The great thing, mohawkbrah, is that if you stay the MMM course, by the time you are my age, you may have been FIRE for many years!
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I selected the $100K-200K bracket, though I was on the low end of that. Last year, my goal was to hit $75K by my 30th bday in May (which I just missed), and $100K by Dec 31 (which I did, by only a few hundred dollars). :-D I turned 31 in May, with about $115K in net worth. So my net worth was $75K-$115K the year I was 30.
For background, I learned of Dave Ramsey in September 2011 at 27 and found MMM about a year later, so I went from (slightly) negative net worth to $100K at the end of 2014 on a moderate income (avg $50K/yr).
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We are 200k+ at 30 including home equity. My wife is finally getting her salary increased too (longggg JD/PhD program with no debt) - it was a long tail item but the extra dough is awesome except for the crazy daycare expenses (increased salary easily covers it but man, I hate seeing that money go out every week).
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well this sucks
20 years old and only working part time atm. 100% savings rate because living with mum and dad still.
£6100/ yr being funneled into my investments. meanwhile everyone here is earning 100k+ a year.
it's a shame because im an ERE fanatic and my living expenses are so low i could FIRE in 2 years with some of your salaries :(
It's worthwhile to point out that most of us didn't have our ending salaries when we were 20 either. Don't let that get you down.
At 20 I was working a minimum wage job and going to school. And after graduating, I pretty much went through most of what I earned from 20-30. Effectively: I started at 30, but with a decent paying job.
Good point. A 20-year old shouldn't be comparing himself to people posting their net worths at 30.
I bet if the question was "what was your net worth at 20" most of the responses would be "very little" (negative, personally, because of student loans, but even with the outliers we have around here that paid for college in cash, and had jobs and such still likely had a very low net worth).
Spork and arebelspy are right. I didn't make jack squat for a long time. I had negative net worth until I was 40, paying off student loans for myself and DW, like most people. I'm 53, about halfway to my stash goal and I've got no stories of big cars, houses, boats or vacations.
The great thing, mohawkbrah, is that if you stay the MMM course, by the time you are my age, you may have been FIRE for many years!
I think this is also worth highlighting. Starting at 20 making crap wages, but with the right mindset is HUGE. As I mentioned: I mostly started at 30. That's 10 years of compound interest lost. mohawkbrah: You're on the right path earlier than most.
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Single - $32,500
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31 and married here.
Our NW is just under $200K. We are hoping to cross that threshold before the summer.
Wife and I just started investing about 2 years ago and found MMM about 6 months ago. Her salary has continued to increase over the years while mine has remained flat (Local Gov't). Hopefully our salaries will continue to rise and allow us to grow our NW.
I feel that we are well ahead of lots of our friends in our Age Group and probably well behind others who have higher salaried jobs.
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I think this is also worth highlighting. Starting at 20 making crap wages, but with the right mindset is HUGE. As I mentioned: I mostly started at 30. That's 10 years of compound interest lost. mohawkbrah: You're on the right path earlier than most.
I used to have in my signature "I don't regret my lost youth, but I do regret lost compound interest." Took it out, seemed a little whiny after awhile. :-)
I think everyone who finds MMM and the MMM forums feels some initial sharp pangs of regret. There are LOTS of journal threads where newcomers express the pain of opportunity lost. I think it hits us most completely when we realize that FIRE is actually within the reach of us regular joes.
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I think this is also worth highlighting. Starting at 20 making crap wages, but with the right mindset is HUGE. As I mentioned: I mostly started at 30. That's 10 years of compound interest lost. mohawkbrah: You're on the right path earlier than most.
I used to have in my signature "I don't regret my lost youth, but I do regret lost compound interest." Took it out, seemed a little whiny after awhile. :-)
I think everyone who finds MMM and the MMM forums feels some initial sharp pangs of regret. There are LOTS of journal threads where newcomers express the pain of opportunity lost. I think it hits us most completely when we realize that FIRE is actually within the reach of us regular joes.
Meh. I don't see it as whiney. It's humorous and true.
Pain/regret can be a valid learning tool. I could fill pages with mistakes I've made. Life has turned out pretty awesome regardless.
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31 and married, NW of 750k. Graduated with no student loan debt (thanks to generosity of parents) and a major (Geophysics) that (not on purpose) perfectly timed about a decade of high oil prices from 2005-2014. Made six figures as a 22 year old after working on a seismic boat roughly 250 days out of the year and didn't spend hardly any money because everything was provided for (meals, etc). If I could change one thing about my 20s, I would have worked MORE overtime than I did, because I would be nearly FI right now. I switched to a very stable office job about 5 years ago due to my wife's insistence, but if I had to do it again I'd have pushed for 1-3 more years as a contractor rather than W-2 survey employee, which would have put my pay right up at $1500-$2000 a day depending on the survey location (North Sea, Africa, South America, etc). That extra year(s) would have been enough time to save an extra 200k (on top of the 200k we put down) that would basically made our mortgage less than what we are collecting in monthly dividends/quarterly draws.
+1 to the "right mindset" in your 20s. Be willing to work hard and long hours and do shit work and you will like where you end up at 30.
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I think this is also worth highlighting. Starting at 20 making crap wages, but with the right mindset is HUGE. As I mentioned: I mostly started at 30. That's 10 years of compound interest lost. mohawkbrah: You're on the right path earlier than most.
I used to have in my signature "I don't regret my lost youth, but I do regret lost compound interest." Took it out, seemed a little whiny after awhile. :-)
I think everyone who finds MMM and the MMM forums feels some initial sharp pangs of regret. There are LOTS of journal threads where newcomers express the pain of opportunity lost. I think it hits us most completely when we realize that FIRE is actually within the reach of us regular joes.
I really liked that quote too! Perhaps because I can strongly identify with it. :p I don't normally regret things, but it gets tough some days when I see everyone's exciting skyrocketing networth graphs over the last half dozen years. I just started paying attention and making significant contributions a year ago and since then it's been flat and boring (which is ok for now!) Ah well.
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I'll pop back on this thread in about 6 years =)
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Ups and downs folks. A couple bad choices can totally kill your plans. Building up that bank account is good insurance, and falling off the wagon is never permanent, but you are always a car crash, cancer diagnosis, or natural disaster away from ruin. Man, am I ever a killjoy.
At 20 - NW around $7,000 - Bought first house, worked for $11/hr in a chrome plate plant. Thought I had the world by the short & hairies.
At 25 - NW exactly $2500 - Newly divorced, sold house & came away with $2500. No assets, working in a machine shop for $15/hr, suddenly raising a kid alone.
At 30 - NW around $25000 - Attending Engineering program in College, had a micro-house. Life is Good! Debt beginning to be a factor.
At 35 - NW around -$250,000 - Remarried, bought a 'Real house' and got a 'Career' after graduation. Joined yacht club, bought a small boat, having tonnes of fun, trips abroad, Yee Haaa!! Also student loans. Salary up to $55,000 Thought I was on top of the world when I was actually in a sinking ship.
At 40 - NW about the same. Discovered MMM, making changes. Salary growth remarkable. Savings increasing. Maybe too late for FIRE, but I'm trying for a 10 yr schedule.
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Currently 28 and my net worth is a hair over 500K.
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Negative due to my student loan debt and the fact that we had moved and were starting from scratch again.
Now that the debt is gone and we have been piling cash into savings and investments, NW is well into positive territory just a few years later.
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Just about $300K. Married, relatively high-earning DINK couple. Not fully Mustachian but I have always been strongly anti-debt and a bit of a saver. Wife is equally anti-debt but not really a saver.
Rough estimates at the end of the year:
26: -$45K (all debt is student loans; started work after graduate school)
27: $20K
28: $125K
29: $300K (left job, invested about $50K in starting a business)
30: $300K (just about broke even in the first year after living expenses)
31: $340K
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At 30 years old I was still a graduate student making $11k/year. My net worth was about $20k, split roughly 50/50 between a Roth IRA and a checking account.
edit: note that 8 years later it's over a million dollars and rising at an alarming rate.
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I wasn't tracking it at 30, because there was nothing to speak of. I had a house and two cars but no equity - some were even negative. I was such a dumbass.
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About $300,000 back in 2003, or around $380k in inflation adjusted dollars.
Mike
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When I turned 30 it was about -29k not including the townhouse I no longer own.
32 now and it's closer to -9k. I bought a new car in 2014 for a "good" deal but still it's money I owe...
Getting rid of my student loan in 2016 and that makes up more than 45% of my total debt right now.
Trying to move up the ranks professionally but my income has been pretty flat.
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18 months ago, when I turned 30. I was -$20k or so, in my 2nd year of college. Hit my low mark at -$35 immediately post-graduation in July. Now I'm at about -$24 again.
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Not 30 yet. Hope to make it to $1MM+ by that point. About 5 years out.
Ambitious!! I like it =)
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No option for me in the poll.
24: 50k
25: 200k
26: 400k
27: 600k
28: 775k
I predict I will be around 1.1-1.2M by 30.
This is impressive.
Could you tell me how you accomplished it?
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I am 30, wife is 31. I just ran the #'s and we are at about $260K.
Just this year I started setting yearly goals and have seen the #'s start to climb more rapidly. Living with purpose.
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When I turned 30 our net worth was $308k and the day before I turned 31 it was $446k thanks to a strong market and realized gains when we sold our house. When I turned 31 in 2013, we just started our round the world trip and we were in New Zealand - those were the days!
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I have to ask, because it looks sooooo familiar. Is this an rrdtool graph?
Oops. Missed this back when you asked. It's just Excel, filled in manually.
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Short Version: 60k (CAD).
Longish Version (of a more everyman scenario?):
Everyone's path is very different. Myself, I came from a single parent family, that was running their own business and keeping the house/food on the table was a concern that I was aware of before I was 10y old. We lived in an affluent town but were on the poor side in it so I sort of snubbed money/possessions early on and this mentality has continued except now I'm smarter and want to use money to fund the modest-ish life I want.
That being said myself and my GF (now Wife) didn't really start our careers until 27. We were both savers but we saved to have big adventures and were not very investment savvy, this is something we are working on this year actually. We could both have been way further ahead than we are but we had a lot of fun and met each other so it was worth it IMO. My biggest blunder was wasting time trying to figure out a career path - I didn't take it seriously enough when I was younger.
My story sums up like this:
19 - Had no idea what I wanted to do after High School. Chose a random UNI/program and forced myself to go.
20 - Went to UNI for one year - hated program. Left after completing 1st year.
21 - Decided to stay in school but switched to a local college (save $ / live at home - figure life out).
22 1/2 - Finished 2y program in 1.5 years (used credits form Y1 Uni to finish early). Program helped me get in to next school as I got my act together and grades skyrocketed. Went to Europe for a month for life adventure (Save then spend).
23 - Figured out the general field I wanted to be in started at New Uni for a 4y program.
23-27 - Worked hard during summers to pay for school. Part time during school. (1 summer amazing adventure - minimal saving)
27 - Finish School (huzzah) and start working - crappy salary but foot in the door. Approx 10k in debt for school.
28 - WTF major health issue (not life threatening but causes major issues and requires surgery - basically incapacitated for 3/4 of year.) Lose a year of work / job is good about benefits but we part ways. Pay off 10k in debt.
29 - Start working and saving again. Marry GF (Amazing but ouch all savings from work disappear). Move across the ocean to new job (Relocation $$). Takes wife 5 months to find work, once work is found our savings kick in to high gear.
30 - Managed to start the year positive and end the year at 60k.
Now 31 and have finally hit the 100k+ mark and by the time I turn 32 we'll be hovering near 150k.
The next daunting challenge is age 33..... we hope to be starting a family which means dropping back down to one income, thankfully in our current situation we *should* still be able to save 50k-70k/y while the wife is not working. General plan is to be mortgage free by 40 with modest investments and then ramp up investments.
Life has been interesting that's for sure. I've always been Mustachian but the MMM influence is definitely helping prepare for the next 30-40-50years.
Cheers,
EcoCanuck
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I'm envious of some of the replies from people who are/were stacking it pretty deep by age 30. I had to think back 13 years to recall where we were at 30.
I guesstimate 150K.
Our combined earned income was <75K but we started trickling money into stocks at age 25 and were able to buy our own modest house and 2 duplexes as rentals with 20% down payments.
The 13 years since hitting 30 have been full of ups and downs (lost job, lived abroad 3 years, sold the rentals) but I like to think we are back on track.
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This thread is motivating the hell out of me.
Currently 27 and ~175k
Wife just started making real money for the first time ever and I think the next couple of years are going to be great for us savings-wise.
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you need more options!
I'm turning 30 this year, should be ~360K (including my apartment). Just found MMM this past winter but have been relatively frugal and high earning regardless.
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I'll be 30 this year, and while I could get away with inflating my #'s I think by $30-60k based on some supposed Redfin/Zillow estimates, I'll leave them be.
I'm in between $130-$140k.
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Legitimate question: is there a point to this thread other than to brag?
I'm curious what knowledge I'm meant to glean by chain reading how people had $432,152 NW at 30
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I'm envious of some of the replies from people who are/were stacking it pretty deep by age 30.
Me too! At age 30, I was worth MAYBE $10K? And that was even after stashing away 10-15% of my pay (as common advice dictates) like a good, little squirrel for my whole working career. This thread pisses me off so much, I don't ever want to see it again! ...Not because of you folks, you're great, but because I was stupid enough to follow "common advice" until I found this site in 2012. I'm a total free-thinker, good at math, and still can't believe I didn't come up with the 50%/retire early thing on my own. While I know the world was looking out for my best interests by saying to save 15%, their advice sucks donkey balls.
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You will be happier if you don't compare yourself to others.
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Legitimate question: is there a point to this thread other than to brag?
I'm curious what knowledge I'm meant to glean by chain reading how people had $432,152 NW at 30
I view this thread as people writing down their origin stories. It would be different if people just listed the number, but most people responding type up at least a sketch of a story.
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North of $1 mil at 30, but it was mostly business and real estate assets, not much liquid.
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You will be happier if you don't compare yourself to others.
Fair enough, but I think there's value in reminding yourself you're not the only one who hasn't bought in to the education at all costs, consume everything, you deserve it lifestyle. When I hang out with my colleagues too much, I start thinking that I too can afford a car/should go out to dinner more often/deserve a trip to Japan/etc.
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I'll be 30 on May 7. I have $500 in my savings account, $1,422 in savings, and $36,614 in various investments. Not great, but not terrible.
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Legitimate question: is there a point to this thread other than to brag?
I'm curious what knowledge I'm meant to glean by chain reading how people had $432,152 NW at 30
If you scroll back to my post, I said near zero. Not sure that was bragging.
I'd say the point is "Look at the folks that had almost nothing (or negative) at 30 and look where they are FIRE many years later. This is totally doable. You've got this."
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Legitimate question: is there a point to this thread other than to brag?
I'm curious what knowledge I'm meant to glean by chain reading how people had $432,152 NW at 30
If you scroll back to my post, I said near zero. Not sure that was bragging.
I'd say the point is "Look at the folks that had almost nothing (or negative) at 30 and look where they are FIRE many years later. This is totally doable. You've got this."
its also a good post to show new people that may be starting in their early 20s what they could have by 30. Its not really bragging, its also a poll of the site to see where people are
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Being 25 with a NW of around $300k (200k being cash/investments) I think I will be nearing a million when I turn 30. Adding around 100k/year assuming 0 growth I will hit 800k...
I didn't vote for that reason.
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If I don't screw up life in the next year, I can probably be out of debt, at which point I'll be 32.5 years old, have maybe 25k in my 401(k), and roughly 3k in savings. If I don't find something amazing, I'll still be in CA with an average apartment in my area costing $1,300. Quick math off the top of my head without doing any actual numbers shows that if I continue to live exceptionally below my means, I can maybe have 500k at 40?
Which also completely forgoes having a wife, children, vacationing, spending anything on luxuries, or really having a purpose in life. But I suppose if that trajectory continues I can retire by 50 at the latest? So there's that
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Since we don't want to compare ourselves to others.
http://www.shnugi.com/networth-percentile-calculator/?min_age=20&max_age=85&networth=360000
50th percentile:
@20 $3,500
@30 $19,950
@40 $38,500
@50 $133,710
@60 $142,580
@70 $234,500
@80 $191,000
Oh, and this is household net worth, last I checked the average household size in the US was around 2.5 people.
I was about Zero, but after going back to school in my early 30's ended up about -48K by 36. Pretty impressive, I know.
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The jump between 40 and 50 is interesting. Is it specific to that generation? Or maybe it's something about the average age of kids during that time? (too old for presschool/baby sitting, but not receiving support for college?)
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I came from a frugal family. We never ate out. Parents taught me how to save. They let me use a car for 2 years. Then gave me 2k towards whatever I wanted to buy. I got ~10k from them for college and the rest was scholarships and working in the summers. I'm an engineer so low cost state school and high earning potential.
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We were six figures in the red two years ago when I was 30. Now we're five in the black, on track to be six in the black early next year. Turned that shit all around
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A thing not much mentioned in this thread is that if you were doing well at 30 anytime in the past (like let's just say you were positive at 2009's conclusion and had anything invested) then you are doing really well right now. Let's just say I was 135k in mid 2009 and 30, but staying the course, I am easily 500k+ now. This is MMM's case, his success spreads like wildfire since the market has consistently rewarded savers since then. If you invested in March 2009 and held until today, you are up 3+ x, which is huge for 7 years.
I only say this because bonds used to be a 'loser alternative' at 5 - 9% safe (e.g. moderate inflation). CD's gave a good inflation adjusted return too. But, not anymore. So I don't understand why folks think that equities will continue to yield outsize gains going forward if safe or fixed assets (the alternative) are zero expected.
TL;DR So, if you are 30 just today, I'm telling you that your NW is skewed high vs. MMM had his 625k at 2008/9 timeframe (S&P at 667 + low Real Estate valuations).
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I believe I was at about $200k net worth at 30, including home equity. I had help from parents in that they got me part time jobs at the companies they worked for, and those jobs carried on through college. I moved out when I went to college and paid for all living expenses and college fees myself, by working those jobs. I started working at 14 during the summers, and in college worked summers and two days a week at those jobs till I got my first "real" job at 23.
My parents also thought me fairly good money skills - basically, save a bit and never go into debt. I had no student loans, and didn't even have a credit card until I was 23 or 24. I remember feeling very adult about it, like in a "with power comes responsibility" kind of way. My mom talked me into opening an rrsp at 19 when I had 2k saved and wanted to go on a trip. The mmm side of me approves of this choice, but looking back, maybe the trip would have been good too.
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It's hard to build net worth if you're battling debt.
The notion that everyone has to go to college is a bad one. Going straight out of high school into college and burying yourself in debt to pay for it starts you off at a serious disadvantage.
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This is an older thread, but it sure would have been nice for it to have requested "net worth at age 30 in 2016 dollars."
Plenty of folks on this forum are 50+ and their net worth at 30 could very well be lower in absolute dollars and higher in purchasing power than anyone recently turning 30.
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This is an older thread, but it sure would have been nice for it to have requested "net worth at age 30 in 2016 dollars."
Plenty of folks on this forum are 50+ and their net worth at 30 could very well be lower in absolute dollars and higher in purchasing power than anyone recently turning 30.
Fair. NW numbers also don't adjust for pensions (which you have to value somehow, and probably much higher 30 years ago then now, given solvency issues abounding everywhere) or the possibility of SS payouts (i'm 29 and am discounting SS to 25%, which I don't think is unnecessarily bearish.
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This is an older thread, but it sure would have been nice for it to have requested "net worth at age 30 in 2016 dollars."
It's less than six months old. Have you seen that much inflation in the past 6 months? I think people that used 2015 dollars, say, 5 months ago, are "close enough" to today. It's not Zimbabwe here. :P
Your point about asking people to adjust for inflation from whenever they did retire is a good one, but would be relevant whenever this poll was posted.
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Fair. NW numbers also don't adjust for pensions (which you have to value somehow, and probably much higher 30 years ago then now, given solvency issues abounding everywhere) or the possibility of SS payouts (i'm 29 and am discounting SS to 25%, which I don't think is unnecessarily bearish.
SS & Pensions should not have anything to do with net worth. They are income.
The only instance you would count a pension as net worth would be if it has a "cash out" value where you could take cash in lieu of the pension.
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Fair. NW numbers also don't adjust for pensions (which you have to value somehow, and probably much higher 30 years ago then now, given solvency issues abounding everywhere) or the possibility of SS payouts (i'm 29 and am discounting SS to 25%, which I don't think is unnecessarily bearish.
SS & Pensions should not have anything to do with net worth. They are income.
The only instance you would count a pension as net worth would be if it has a "cash out" value where you could take cash in lieu of the pension.
Sure, but it seems like this thread is really asking what financial position you were in at 30. if you paid in to a pension (or didn't but were expecting benefits anyway), that seems relevant, especially in light of arebelspy's discussion of differences between people hitting 30 in 2016 versus 1976.
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Well we aren't quite 30 yet, but me and the wife together are a little over 200k at 26. So it would be about the same as just over 100k individually.
I didn't vote due to the fact we aren't anywhere near 30 yet, but I would suspect it would be over 300k shared at least by 30 unless something unexpected happens.
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I love some of the numbers people posted on the difference from 30-40. So exciting to see the progress that can be made in those 10 years.
DH and I turn 35 this year and are probably at 215k or so but this is his first year in a real, salaried full time job with benefits after spending all of his 20s and early 30s as a professional student. On top of that one of the benefits is subsidized daycare so we could see our daycare bill drop by 10k next year!!!!
We'll never post the numbers that DINKs can, but I bet we can raise our numbers substantially by the time we're 36.
Thanks all for sharing your stories!
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At 18 I had a NW of about $3,000 from mowing yards. That would be about $13,000 in today's dollars.
At 30 my wife and I were living on about 1/3 the median family income. Our NW was whatever that $3,000 had grown to over the last 12 years because we didn't touch it. I doubt it was much more than that because it wasn't properly invested. I think it was in a savings account.
It wasn't until I turned 31 that I got a good paying job that got us to median family income. At that point my wife quit work and went to college in her 40s.
She didn't have a good paying job for over a decade because she went on for a doctorate.
We went over the $1M mark last December at age 58.
Had we known what we learned from MMM 28 years ago we would have millions. Our NW grew by leaps and bounds over the last two and 1/2 years.
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Ten years ago when I finished my PhD at 29, our NW was -48k. I had 16k in student loans, and we borrowed 32k from the in-laws for a down payment on our first house (which needed a 6k new roof in the first year) and to furnish said house. We were both starting our first real (non-student) jobs with starting salaries of 65k. Fortunately, the previous decade of living as students taught us to be frugal and we paid off all debt except the mortgage in our first year of working. Ten years later at 39, our net worth is now ~950k. I frankly don’t even know how this is possible because we went through some pretty serious lifestyle inflation (bigger house, went from one car to two cars, and replaced our 12 year old car with a brand new one), we traveled to exotic locales, we had two kids who are both currently in daycare ($$$), and my salary was reduced to 30% during two yearlong parental leaves. I only wish I had discovered MMM 10 years ago instead of last year! Hopefully this can provide some inspiration to those who feel like they are starting late (cj25, SyZ?). Even with getting our first real jobs at 30 and starting with a negative net worth, we are doing reasonably well 10 years later.
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MOD NOTE: Split off cj25's sidetrack on how it was possible to get a high NW by 30, and replies, to a new thread:
http://forum.mrmoneymustache.com/welcome-to-the-forum/cj25-compares-self-to-others/ (http://forum.mrmoneymustache.com/welcome-to-the-forum/cj25-compares-self-to-others/)
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Hi all,
I'm a new mustachian and I'm also new to this forum. (In fact this is my first post).
Although I've never had any large debts such as student loans, throughout my early to mid-twenties I had a couple of credit cards on which I allowed the balances to accumulate. I also wasted a fair amount of money leasing cars that I shouldn't have.
When I was 26 my girlfriend and I bought our first house for £250k ($350k) with a 20% deposit, most of which I had saved myself over the last four years, and the rest I had borrowed from a relative. This house is now worth £370k ($520k). Combined with my small amount of savings and my girlfriend's pension contributions so far, I estimate our NW to be around $280k. So by luck more than anything else my NW is around $140k.
Since I started following MMM in September last year I have destroyed my two credit card debts and have almost saved up a decent emergency fund. My car lease terminated last month, and I am currently sharing what was previously our second car with my girlfriend. Once I've finished the emergency fund I'll be ready to start my 'stache. I'm 29 so my target for this time next year is to increase my NW to $170k ($340k combined).
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Hi all,
I'm a new mustachian and I'm also new to this forum. (In fact this is my first post).
Although I've never had any large debts such as student loans, throughout my early to mid-twenties I had a couple of credit cards on which I allowed the balances to accumulate. I also wasted a fair amount of money leasing cars that I shouldn't have.
When I was 26 my girlfriend and I bought our first house for £250k ($350k) with a 20% deposit, most of which I had saved myself over the last four years, and the rest I had borrowed from a relative. This house is now worth £370k ($520k). Combined with my small amount of savings and my girlfriend's pension contributions so far, I estimate our NW to be around $280k. So by luck more than anything else my NW is around $140k.
Since I started following MMM in September last year I have destroyed my two credit card debts and have almost saved up a decent emergency fund. My car lease terminated last month, and I am currently sharing what was previously our second car with my girlfriend. Once I've finished the emergency fund I'll be ready to start my 'stache. I'm 29 so my target for this time next year is to increase my NW to $170k ($340k combined).
Congrats on the 'stache! Impressive NW Cod. And, of course, welcome to the forum!
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I'm 29, DW is 26. I make 75k and we've been single income household the last 2.5 years while the DW has been pursuing her RN degree. Two kids. We're in the red, but I feel pretty good considering where we're coming from. And, we'll be in a great position to tackle debt and increase investments when she's working.
The good:
30k in 401k, mutual funds, stock
30k in house equity
$60k assets
The bad:
167k mortgage
The ugly:
90k school loans when she graduates in December
Total
-197k! Yikes!
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Lampstache you are not doing as bad as you thought. Unless the value of your house is only 30k, by your numbers having 30k in equity will mean its value is 197k. This would offset your mortgage meaning your total net worth is only -30k!
It looks to me like you are in a great position to knock out your debt and invest once she starts working.
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I'm 29, DW is 26. I make 75k and we've been single income household the last 2.5 years while the DW has been pursuing her RN degree. Two kids. We're in the red, but I feel pretty good considering where we're coming from. And, we'll be in a great position to tackle debt and increase investments when she's working.
The good:
30k in 401k, mutual funds, stock
30k in house equity
$60k assets
The bad:
167k mortgage
The ugly:
90k school loans when she graduates in December
Total
-197k! Yikes!
Proud Foot is correct...you are counting your mortgage twice in this calculation
You should calculate it like this:
401k - 30k
Equity - 30k
S. Loans - -90k
Total NW = -30k
---or, like this---
401k - 30k
home value - 197k
mortgage - -167k
S. Loans - -90k
Total NW = -30k
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No option for me in the poll.
24: 50k
25: 200k
26: 400k
27: 600k
28: 775k
I predict I will be around 1.1-1.2M by 30.
This is impressive.
Could you tell me how you accomplished it?
Nothing too impressive. My wife and I (combined figures are used above) spend quite a bit, but our savings rate is high due to our high salaries (law for me, medical device sales for her). Investments are all in equities/bonds, with the exception of a 150k rental condo that we used to live in but never sold because of the housing downturn. Our goal is to be FI by 33-34, which is early but it could be earlier if we spent less.
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No option for me in the poll.
24: 50k
25: 200k
26: 400k
27: 600k
28: 775k
I predict I will be around 1.1-1.2M by 30.
This is impressive.
Could you tell me how you accomplished it?
Nothing too impressive. My wife and I (combined figures are used above) spend quite a bit, but our savings rate is high due to our high salaries (law for me, medical device sales for her). Investments are all in equities/bonds, with the exception of a 150k rental condo that we used to live in but never sold because of the housing downturn. Our goal is to be FI by 33-34, which is early but it could be earlier if we spent less.
I would call $1.1-1.2M at 30 VERY impressive any way you slice it Spud =)
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At 30 I had a nice Volkswagen, quite the load of climbing gear, and about $4,000, maybe.
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Sitting around the £110k mark at 26, got very lucky with the stock market circa 2008/9, have had more than a few stocks go up 600%. So far in my first year of being a doctor I've saved £12k or my £24k post tax wage, made about £10k on the stock market. Aim is for around £200k by 30, planning on filling my ISA consistently each year and moving into property.
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I just had my 30th, and Mint says my net worth is $26,000. Mostly 401k with some cash savings, too. In the past two years I've had my pay increased 45%, and become debt free. I'm looking forward to a net worth of close to $50k by age 31, and continuing up from there.
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I'll be 30 on May 7. I have $500 in my savings account, $1,422 in savings, and $36,614 in various investments. Not great, but not terrible.
Do you realize that a very large percentage of Americans 60 to 65 do not have even $25,000 in savings?
Or that another very large percentage of Americans who are working could not come up with $2000 in cash (that is not owed for bills that month), even given a month to do it?
You aren't even 30 and you've already done better than a lot of Americans ever did by age 65!
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I'll be 30 on May 7. I have $500 in my savings account, $1,422 in savings, and $36,614 in various investments. Not great, but not terrible.
Do you realize that a very large percentage of Americans 60 to 65 do not have even $25,000 in savings?
Or that another very large percentage of Americans who are working could not come up with $2000 in cash (that is not owed for bills that month), even given a month to do it?
You aren't even 30 and you've already done better than a lot of Americans ever did by age 65!
Perspective, I love it!
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Mine was actually a bit higher than the max of your poll at right around $350K at age 30. At age 42 it is close to $550K. That includes mortgage debts etc... I'm projecting to hit 1M by around age 50 between my mortgage being paid off plus retirement accounts. There is also a decent chance of a pretty big (low to mid six figure) windfall from my husband's business, but I don't count on that because there is a lot of risk there. Basically, I will either retire around age 55 with enough money for a good lifestyle, or enough money for a ludicrous lifestyle. :)
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Lampstache you are not doing as bad as you thought. Unless the value of your house is only 30k, by your numbers having 30k in equity will mean its value is 197k. This would offset your mortgage meaning your total net worth is only -30k!
It looks to me like you are in a great position to knock out your debt and invest once she starts working.
Thanks for the correction and education Proud Foot! Well that makes me feel a whole lot better! I've been looking at it wrong for years...
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Turning 30 this weekend; was $103k at the start of the month.
Started on my track to FI/RE about 3 years ago and had a NW of about $10k at the time, so I'm pretty happy the progress so far!
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26: -$50,000 (2 degree's)
I'll update in 4 years time lol. But holy god, who are some of you people who have accumulated 500k+ by 30, that is madness!
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At 30, NW was $0.
At 49, combined household NW (with husband) is just shy of $800K (including home equity).
It's fairly astounding to look back over that progression--I'd never really put those numbers together before, as I just really started tracking net worth in my "household dashboard" file in early 2015--but thanks to Quicken, I had the data available and was able to pull it together. We'll be knocking on the door of the Double Comma Club in a few years, and if you'd asked me if I thought I'd EVER be there when I was 30, I'd have doubled over laughing.
Gotta share the Four Yorkshiremen sketch at this point: https://www.youtube.com/watch?v=Xe1a1wHxTyo
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I was sitting at a net worth of about -30K at 30. Since I was late getting my bachelor's degree, and it was all funded by student loans. Currently late 30's and the net worth of my wife and I combined is now about 130K, not including our work pensions. I guess I should add that her net worth at 30 was probably about -10K to be fair since I'm including her in the current net worth calc.
Going back to what someone had said on page 1 or 2 of this thread (sorry, did not read up to date posts) how someone was saying many people on here are talking about a nicely positive net worth at 30 of like 50K-100K, and how this isn't possible for most people without substantial help (parents pay for school, weddings..etc). I agreed...at first. Then I thought about it a bit more and realized that this forum is full of savers and mustachians from birth so given that, I do see how a net worth of 50-100K would be possible at 30 for many here without the necessary help from parents.
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Going back to what someone had said on page 1 or 2 of this thread (sorry, did not read up to date posts) how someone was saying many people on here are talking about a nicely positive net worth at 30 of like 50K-100K, and how this isn't possible for most people without substantial help (parents pay for school, weddings..etc). I agreed...at first. Then I thought about it a bit more and realized that this forum is full of savers and mustachians from birth so given that, I do see how a net worth of 50-100K would be possible at 30 for many here without the necessary help from parents.
The biggest contribution to getting your net worth high(er) at any age is avoiding making large financial mistakes.
Student loans, opportunity costs of not working, bad housing decisions, living above your means, divorce, fancy cars, etc, all affect this.
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The biggest contribution to getting your net worth high(er) at any age is avoiding making large financial mistakes.
Student loans, opportunity costs of not working, bad housing decisions, living above your means, divorce, fancy cars, etc, all affect this.
I'd say investing early and often at the beginning of one's career to take advantage of additional compounding time for investments is just as important as avoiding poor financial decisions. You can avoid flashy cars and for-profit graduate school degrees that don't mean sh*t, but if you only keep your money ina savings account, you'll never start growing that alternate income stream that pays you above the cost of inflation.
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The biggest contribution to getting your net worth high(er) at any age is avoiding making large financial mistakes.
Student loans, opportunity costs of not working, bad housing decisions, living above your means, divorce, fancy cars, etc, all affect this.
I'd say investing early and often at the beginning of one's career to take advantage of additional compounding time for investments is just as important as avoiding poor financial decisions. You can avoid flashy cars and for-profit graduate school degrees that don't mean sh*t, but if you only keep your money ina savings account, you'll never start growing that alternate income stream that pays you above the cost of inflation.
Not investing early is a poor financial decision (?).
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Argh, I guess I need to crawl up in the attic and pull out some 30+ year old paperwork.
I was filling out NW forms even then.
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Argh, I guess I need to crawl up in the attic and pull out some 30+ year old paperwork.
I was filling out NW forms even then.
Wow.. must be fascinating to be able to look back at your life in such detail.
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I guessed, don't really remember and can't be assed to dig out the paper records. Somewhere in the five figures. My 30s have been a better decade for growing NW.
Same here. I think we were somewhere around $30-$50k @ 30, but six years later we are well over $200k. Which isn't fantastic on this board, but is pretty good compared to the population at large (I know that isn't saying much!)
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I agree with what some of the others said. This thread just pisses me off.
Turning 30 in 2 years, am in debt, and do not make the income to be anywhere even remotely close to what most of the 30 year olds were doing.
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I think those who are pissed off about this thread are choosing only to compare themselves to the really high net worth folks, and ignoring the nearly 40% of us who were either still in debt or under 50k net worth. If you pick and choose the data points, of course you might not measure up. If you're going to pick and choose, why not pick and choose those whose situation aligns more with your own.
Or even better, review the thread with a detached interest, knowing that your situation is unique, and it doesn't become better or worse by comparing yourself to others' situations.
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I think those who are pissed off about this thread are choosing only to compare themselves to the really high net worth folks, and ignoring the nearly 40% of us who were either still in debt or under 50k net worth. If you pick and choose the data points, of course you might not measure up. If you're going to pick and choose, why not pick and choose those whose situation aligns more with your own.
Or even better, review the thread with a detached interest, knowing that your situation is unique, and it doesn't become better or worse by comparing yourself to others' situations.
I think you're right. It's tricky, though. I'll be reading this thinking...oh cool, my 200K household NW looks pretty good compared to these guys...then I read another poster who's at 1 million at the same age :). It stings just a bit. But then I think about how we got here with a total household income never exceeding 110K (2015) and probably only averaging about 80K in 8 years of working and I feel a bit better. Then I see another poster at 700K...and so it goes up and down.
At any rate, just being on this forum is a sign of good things to come. The pace will be different for all of us but it will end in financial security (if not independence) with virtual certainty. It's also nice to see how the real prodigious accumulators got there so quickly. I know I should have MAXED OUT contributions in 2008 when I started my working career. I made 42K/year then so I definitely could have done it. I would be sitting on another 100K or more right now. But I'm here today and doing much better than 1, 2, 3 years ago. And that's what matters.
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Didn't the prophet say something about how he occasionally runs into people more badass than himself? First he bows down and admits that they out-cool him, then he tries to learn how they do it?
This thread is full of badasses, and I'm certain some of them would be willing to share how they save $???,??? in their thirties, and could provide ideas for how someone else could do the same.
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If stories of other people doing better than you (in your opinion) makes you angry, rather than inspired, it may be time for some reframing.
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Didn't the prophet say something about how he occasionally runs into people more badass than himself? First he bows down and admits that they out-cool him, then he tries to learn how they do it?
This thread is full of badasses, and I'm certain some of them would be willing to share how they save $???,??? in their thirties, and could provide ideas for how someone else could do the same.
Stock picking? Just to throw ideas out that have worked for me.
Of course, I've yet to reach 30, so it's quite possible that my net worth will change significantly in one direction or the other from where it is currently.
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Didn't the prophet say something about how he occasionally runs into people more badass than himself? First he bows down and admits that they out-cool him, then he tries to learn how they do it?
This thread is full of badasses, and I'm certain some of them would be willing to share how they save $???,??? in their thirties, and could provide ideas for how someone else could do the same.
Stock picking? Just to throw ideas out that have worked for me.
Of course, I've yet to reach 30, so it's quite possible that my net worth will change significantly in one direction or the other from where it is currently.
Several of the high-income individuals I know own their own businesses. One guy has 3. Creating a side gig for yourself out of a hobby or talent might bring in some extra income.
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At 30 (2002), I probably had 50K in home equity, 10-15K left in student loans, and maybe 10-15K in retirement (IRA) accounts (no 401(k) at any job to date). I think my salary was around 60-65K. Was just getting started in the real world post-grad school, and was focusing on trying to pay off student loans as fast as possible (started with around 55K in 1998).
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No option for me in the poll.
24: 50k
25: 200k
26: 400k
27: 600k
28: 775k
I predict I will be around 1.1-1.2M by 30.
Care to elaborate how you got there? That's quite impressive if it wasn't inherited.
I'll speak from basically the same position. DINKs with decent incomes. We are able to save about 10k a month, which is absurd I know (~85% savings rate FWIW). The real absurdity is that our peers continue to be in debt through frivolous spending, but I digress. The bull market the last 5 years has made those savings substantially more significant, even through missteps while learning the ins and outs of investing.
Currently ~$795,000 (household, no real estate). Little under a year till 30.
+1, 27yo DINKS, 600k NW - goal is 1MM by 30
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I agree with what some of the others said. This thread just pisses me off.
Turning 30 in 2 years, am in debt, and do not make the income to be anywhere even remotely close to what most of the 30 year olds were doing.
I suspect the high achievers here might be disproportionately responding. At 29/39 I (we) had a net worth of about 0K (if you didn't count student loans that were about to come due). One year later we had a net worth of negative 200K because we had just FINALLY begun adulting...Think of how desperate my husband was then...40 years old with student loans and his first 'career' job, but at least we finally had a halfway decent income and could buy a house, a bed, a washer and dryer (Man, was THAT exciting), and a couch. Pretty damn pathetic compared with many on this board.
So yeah, this thread is depressing, but mainly because I wish I'd had someone to shake sense into us when we were young, and explain all this stuff. I/we didn't really know how to do better until 30/40-ish. Even so, I'm not sure I could or would change all that much of how we handled things. My husband was the first person in his family to even attempt college, and he needed 3 degrees and a post doc to get the position he was after. We were more frugal than a lot of students we know. We lived in a single-room, cinder-block guest house for 10+ years, we didn't run up cc debt, and I didn't take out student loans. What's really amazing, is we were still doing better than many of our family members, even then.
I wish I could go back and facepunch myself, but at least we got serious and made a ton of progress since then. We're aiming for SAFE retirement and FI, but early retirement is not in the cards.
This is not a good thread for the late starters to feel good about themselves. However, if you look around the 'real' world, you can often feel far better. One of my husband's friends is a relatively well-known niche performer (I'm being vague for privacy), who is in his mid 50s and is working his first ever stable job with benefits. He's been working mostly under the table since he was a teen, so his SS will be negligible. He has no idea how to invest, what he should do with his pension options, or how he's going to make it if he can't work well into his 70s. This type of situation is amazingly common among people that I know in the 'real world'.
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I agree with what some of the others said. This thread just pisses me off.
Turning 30 in 2 years, am in debt, and do not make the income to be anywhere even remotely close to what most of the 30 year olds were doing.
I suspect the high achievers here might be disproportionately responding.
Most of the people on this forum make above the median income. Your net worth at 30 is based on when you became frugal and serious about investing, how big of a hole you were in when this happened, and how much money you made after.
I've already posted my number was around 400k. I started work at 22, with no debt (thank you parents), and I was already frugal. Between 22 and 30, the most I made in a year was 70k, good, but not unreachable by most.
I had 8 years of stashing and investing, where some started with student loans, and didn't think about this until they were 40.
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Some of the higher totals are going to be the total for a couple, too.
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Some great stories on this thread. For me I was about -£10k at age 30. Drifting along after graduating an arts degree with debt. No savings, tiny pension, no plan.
Then I met my now fiancée and it all changed. Suddenly I did want to plan. So I consolidated my debts and paid them off in 18months. Then for first time in my life I started saving as I had a goal (to save for a deposit on a house).
We bought in 2009 at bottom of uk market and over next 3 years I overpaid the mortgage.
Then I discovered MMM, ERE, FIRE and things started falling into place. I stopped overpaying mortgage and massively increased my pension contributions. I opened an ISA with Vangard Lifestrategy. I started a spreadsheet to track our spending and networth every month. More importantly my fiancée help me negotiate considerable raises at work.
The result is that at 43 our combined networth is now £960k. Admittedly 70% of that is our house, but for those thinking there's no way they can ever reach the highs of others, believe me it is possible!
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At 30, wife and I were at around 2x gross income (although our income had more than doubled since 22), and around 5x expenses. Expect to get to 25x expenses by 40, although it will be sooner if income grows.
Started at -$50k at college graduation, but we got back to even in the year after graduation while we were engaged, by both living at home while working.
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At 30, wife and I were at around 2x gross income (although our income had more than doubled since 22), and around 5x expenses. Expect to get to 25x expenses by 40, although it will be sooner if income grows.
That's an interesting way to frame it and probably useful for lots of folks. I earn literally 20x what I did at 25, so it would produce weird results for me to focus on income. 5x expenses seems universally useful, actually. I'm at about 6x expenses (including home equity) or 2.5x expenses without.
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Looking at it that way, at 30 we were at 15x our max combined income, and about 48x max expenses (though expecting expenses to rise in FIRE, which we did right before 30,. so more like 30-35x expected expenses).
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-70K @30 years old
(just finishing PhD program w/ 70K combined school debt for BS/PhD)
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I'm currently about 15x annual expenses but that is only due to living in China.
Unfortunately, when we move home that figure will no doubt go down some what!
(In answer to the OP, I turn 30 next year and hopefully be on around 250-300k between me and my wife. Not bad when I consider where we were a few year ago!)
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We're just less than 3x last year's combined gross income, but 32x annual expenses. The last couple of years have been pretty good years for our NW.
Feels like I should be able to FIRE very soon.
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We're just less than 3x last year's combined gross income, but 32x annual expenses. The last couple of years have been pretty good years for our NW.
Feels like I should be able to FIRE very soon.
holy crap! you've already hit the 3% rule, no?
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We're just less than 3x last year's combined gross income, but 32x annual expenses. The last couple of years have been pretty good years for our NW.
Feels like I should be able to FIRE very soon.
holy crap! you've already hit the 3% rule, no?
Yeah. The problem is that 65% of our NW is in our primary residence. That % will grow to probably a maximum of 75% as we continue to aggressively pay down the HELOC.
It's nice to know that we could FIRE as soon as we sell the house, but try convincing my wife of that with a baby due in November in a neighborhood we like.
The goal is to FIRE by 40 which gives me 10 years to adjust our asset allocation.
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I'm currently 25 years old and at around $450K, I hope to reach $1MM when I'm 30. Note that this is entirely by myself, I am not married.
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We're just less than 3x last year's combined gross income, but 32x annual expenses. The last couple of years have been pretty good years for our NW.
Feels like I should be able to FIRE very soon.
holy crap! you've already hit the 3% rule, no?
Yeah. The problem is that 65% of our NW is in our primary residence. That % will grow to probably a maximum of 75% as we continue to aggressively pay down the HELOC.
It's nice to know that we could FIRE as soon as we sell the house, but try convincing my wife of that with a baby due in November in a neighborhood we like.
The goal is to FIRE by 40 which gives me 10 years to adjust our asset allocation.
Ah, yes, I have that problem too, although I have only been working and saving for 4.5 years and my house should quickly become less integral to my net worth. I think it's currently about 65% as well. Still, not a bad position to be in!
You also have that borrow money against house to invest it option that is so controversial around here. I've thought about it but my HELOC floats and we seem overvalued, which I know is market timing, but I"m going to keep digging at my HELOC and 401(k) loan before I invest more.
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Not 30 yet, but at 24 I am sitting on roughly 160k. Hopefully by the time I am 30 I am at 500k minimum, preferably 750k-1m.
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Wasn't keeping track back then, but I'm guessing that at age 30 wife and I combined were about $50-$100k in debt. It was such an unfathomable number I didn't even pay attention to it. We went deeper into the negative until about age 32, I think the bottom was around-$120k.
5 years later and we're positive $250k, on track to be FI in a few more years. The biggest jump in this number has been in the past 2 years, since I discovered MMM and similar lifestyle forums. It's also been the biggest jump in my own sense of satisfaction in life: spend less - stress less - live more.
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Going back to what someone had said on page 1 or 2 of this thread (sorry, did not read up to date posts) how someone was saying many people on here are talking about a nicely positive net worth at 30 of like 50K-100K, and how this isn't possible for most people without substantial help (parents pay for school, weddings..etc). I agreed...at first. Then I thought about it a bit more and realized that this forum is full of savers and mustachians from birth so given that, I do see how a net worth of 50-100K would be possible at 30 for many here without the necessary help from parents.
The biggest contribution to getting your net worth high(er) at any age is avoiding making large financial mistakes.
Student loans, opportunity costs of not working, bad housing decisions, living above your means, divorce, fancy cars, etc, all affect this.
I've had zero help from my parents. I'd actually classify them as a liability. My net worth is over 100k at 30. It is possible.
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Just turned 30, current number is $905,000. DINKs with a low COL thus high savings. Most of our savings were post crash, so we got lucky invested into the bull market. Finding MMM in 2013 really helped us refine our general thriftiness a ton. I soaked up all the investing knowledge I could starting in college, and the housing bubble (and subsequent crash) really taught me the value of buying and holding. College was paid for through military service. We have one car that we bought for $5k back in 2009 that has done us well, and we live close to work in order to bike most days. Our budget sits right now around $27k including house rental and utilities, which will adjust to a mortgage payment down the road. We plan to adjust this up over the years to match inflation (ish).
Free college obviously helped us out. Plus my parents gave us about $50k in the money they had saved for college, which padded our investments.
We have about 5 more years before we're allowed to pull the trigger, which will add plenty of padding to our stash. Then we'll begin our new lives of travel and eventually settling down to a hobby farm.
Thanks to this community for the wealth of knowledge and encouragement! We can't wait to see what the future holds away from the office!
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More Negative than $450,000. I just hit zero net worth last year at age 37. That included new mortgage of $315k acquired that year and the bulk of the SL from age 28 of $188,000.
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Just about to turn 30.
Negative net worth of about ~$440k. Mostly one mortgage and two god-awful student loans.
The student loan will be waived in 2022 due to that whole student loan forgiveness thing.
We're budgeted to save 27.5k per year, though, which isn't....terrible. It's enough to keep my chin up, lol.
No point getting angry at other people's successes.
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29 and married (H is 31, so averages out to 30). NW 200k ish, not bad for single income and special-needs kid!
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$350k at 29
Jealous of all you dinks out there! Wife has never really had a great job and has been a sahm since 2012. Kind of glad we did not find MMM until after she stopped working because I would have rationalized delaying having kids. Plus side is we will have our last kid out of the house at 47.
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I love some of the numbers people posted on the difference from 30-40. So exciting to see the progress that can be made in those 10 years.
I couldn't have said it better. It's very inspiring to see people with NW of people starting at $0 and being at around $1M in 10 years (or more). Impressive!
I voted for negative. This is my combined NW with my spouse - although my wife is mostly SAHM.
- 28: Fresh out of engineering school. I have no record of how much we were in the hole, but I'd guess probably around $50k. Finally took the Dave Ramsey class after learning about the class 5 years prior or so.
- 30.5: $4.5k in the red... I had just learned about YNAB after getting a call from a debt collector about some medical bills. $40k in debt total. Upside down on the house by a few grand. Considered selling the house to get out of our 'bad' $4.5k problem. Also considered bankruptcy - but it was obvious that our situation wasn't that bad.
- 31: $33k in the black! Got that shit turned around real quick once I started paying attention!
- 32: $107k due mostly to bull market.
- 33: $214k due to insane property growth
- 34: $301k due to insane property growth - again (so so so so glad we didn't sell the house!)
- 34.5: $316k sold the house and have been renting so we haven't been riding the real estate market. The stock market tanking the last 6 months hasn't helped either.
House values have continued to rise in our area so I've lost a lot in compounding growth in this move, BUT we are under contract and have downsized our house (and thus our COL). After we close on June 8th we will improve our total debt load by a total of $100k and will be scheduled to payoff our house 7 years sooner (if we don't pay extra). Now that our move is nearly complete, I expect our NW to soar due to our lower COL. I expect the $1M goal by 40 to be attainable with a little luck. I think $750k is a more reasonable goal though. I think I need about $1.1M NW for us both to retire. So we're talking sometime between 40-45.
Seeing other people's 10 year growth has helped me see we're on the right track and that our goals are attainable!
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Super impressed by all of the responses. Hope to be right there with some of you at 30 but I've got a few years left to screw up the momentum.
210k-230k at 21 (majority is in real estate properties and paper which is why the range).
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Super impressed by all of the responses. Hope to be right there with some of you at 30 but I've got a few years left to screw up the momentum.
210k-230k at 21 (majority is in real estate properties and paper which is why the range).
You should be well over $1mm by 30 with that kind of start at age 21. Nice work!
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Can't remember what it was at 30.
Now 35, Mrs LAB is 37 and little LAB just turned 1.
Current estimated NW is A$1.8m. Some company stock will vest in the next few months that will take it to A$2m.
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At 30 I was in the red to the tune of between $50K. Now, at nearly 32 I am in the red for about $19K (this doesn't take into account my wife's finances - she is in the black - probably around $10k).
If not for an unmustachian wedding that happened in between, I would be in the black at around $10k.
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No idea. I do remember that a had a year's salary in the bank, a good job with a company car and no debt before I bought my first house, which I did at, you guessed it, age 30. I'm FIRE now, so it's worked out.
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About £8k at 30. I'm 31 at £20K now but only started investing in December last year.
Although I feel like a late starter compared to many people in this thread (graduated into the 2008 recession, then lived in London on a low salary for 4 years), I look at my spreadsheets and i'm thrilled at the progress I've made and excited about where I will be in a few short years.
I think once you GYST and the ball starts rolling, you can make fantastic progress in a short space of time.
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When I was 30 and DH was 31, our net worth was $339k in Dec of that year (2014).
We are now both 32 with a net worth of $598k as of 5/31/16. Included is approx $340k of retirement savings. we still have some debt (car and student loan) which is approx $30k combined- that's obviously factored into net worth but wanted to throw out there that we have a mortgage (530k left), loans, etc. no credit card debt.
Worth noting is that DH got an MBA and graduated in 2012, so the jump reflects a pretty dramatic salary increase from age 28-32.
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I'll be 30 on May 7. I have $500 in my savings account, $1,422 in savings, and $36,614 in various investments. Not great, but not terrible.
Just an update. I turned 30 on May 7.
I have $40,326 in investments, $1,812 in my checking account, and $2,811 in savings. I rock.
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I'll be 30 on May 7. I have $500 in my savings account, $1,422 in savings, and $36,614 in various investments. Not great, but not terrible.
Just an update. I turned 30 on May 7.
I have $40,326 in investments, $1,812 in my checking account, and $2,811 in savings. I rock.
Mofo, you're up like 15% in just a few months... keep it up for a few years and you'll be a got-dam millionaire.
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I'll be 30 on May 7. I have $500 in my savings account, $1,422 in savings, and $36,614 in various investments. Not great, but not terrible.
Just an update. I turned 30 on May 7.
I have $40,326 in investments, $1,812 in my checking account, and $2,811 in savings. I rock.
Mofo, you're up like 15% in just a few months... keep it up for a few years and you'll be a got-dam millionaire.
Lol, thanks! That cheers me up quite a bit. :)
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I spoke too soon when I answered the poll the first time. I'll be 30 in about 6 weeks, and while I thought I would still be under the 100k mark, I've just squeaked past the 125k mark recently. Yay!
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I love all this updating as us 29 year olds slide in to the 30 plate.
I've got seven weeks and three paychecks to go, and I've cleared six figures - just over 110K right now.
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I am 26 sitting at about 320k NW and $220k of it in the market.
I'll assume I will be over your pole mark in 4 years. Though, the market could have a historic decline + flat-line and my house could get destroyed by something insurance won't cover and I could get shot.
Other than that though, I will probably be over your pole.
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I'm only 26, but at my current pace I should have around $345,00 by age 30.
It will be fun to look back on this post in 4 years.
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almost to 30 .... 3 months away. tracking to be a NW of 550k or so with 400k invested. (150k is home equity)
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almost to 30 .... 3 months away. tracking to be a NW of 550k or so with 400k invested. (150k is home equity)
A lot more than what I had at age 30.
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My net worth was lol at 30. Very negative. Much different now, even with my modest 50k salary.
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DINKs here. Will hit 30 in 5 months. Combined we are just short of $650k now.
Should be further along. I had a few years of excessive spending that I finally shook. She didn't start working until 3.5 years ago due to immigration status, schooling and other family related responsibilities.
We have since zoned in on finances. Aiming for a 60% savings rate this year and all years going forward. Planning on 10 more years until we are fire. Probably will never stop working tho. I love my work just not the current capacity I am involved at.
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Married couple here. 31/27. Current NW is around 510k. We are about to buy our first home which will lower our housing costs a ton but increase commute time by a lot. We'll still be able to commute exclusively using mass transit. We might get a car when we move because we'll be closer to nature/hiking than we are currently and we'll have a driveway/parking.
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Married Couple 30/28 and still firmly in debt.
~$1200 in savings
~$18,000 in retirement
~-$4500 in CC debt
~-$51,000 in student debt
______________________
~-$36,000 net worth
The good news:
-We've knocked down or cc bill by %50 in about a month and a half and should have it paid off by mid September.
-The wife and I are DONE with formal education
-We now have household income of ~$120,000. We had been floating between 35k-60k household income for about 5 years until about 3 months ago.
-Purchased a Bike and ride 8 miles each way to and from work at least 2 days a week (working on upping it).
-We're on track to have a zero total balance on our net worth by the time we hit ages 31.5 and 29.5 respectively.
-Once we've eliminated loans/cc debt, we've mapped out that we should be able to save/invest about %50 of our income based on our lifestyle.
-Driving Honda fit and civic
- working on getting vested in my pension plan
Finally feel like we're at a turning point and ready to get our mustache on.
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Married Couple 30/28 and still firmly in debt.
~$1200 in savings
~$18,000 in retirement
~-$4500 in CC debt
~-$51,000 in student debt
______________________
~-$36,000 net worth
The good news:
-We've knocked down or cc bill by %50 in about a month and a half and should have it paid off by mid September.
-The wife and I are DONE with formal education
-We now have household income of ~$120,000. We had been floating between 35k-60k household income for about 5 years until about 3 months ago.
- We recently moved from San Diego to Eugene, OR (Eugene is not the cheapest place but night and day when compared to San Diego)
-Purchased a Bike and ride 8 miles each way to and from work at least 2 days a week (working on upping it).
-We're on track to have a zero total balance on our net worth by the time we hit ages 31.5 and 29.5 respectively.
-Once we've eliminated loans/cc debt, we've mapped out that we should be able to save/invest about %50 of our income based on our lifestyle.
-Driving Honda fit and civic
- working on getting vested in my pension plan
Finally feel like we're at a turning point and ready to get our mustache on.
I love your positive outlook. I think you are definitely at a major turning point and am willing to bet you'll have a positive net worth and growing within a year. Update if you can!
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Thanks for the kind words, I'll be sure to update!
So many people here are posting about their 100-300k net worth at age 30. I think it is important to show others out there they are not alone if they are still paying for their early 20's. My wife and I have turned paying off debt into a bit of a game, and we're having fun watching our Personal Capital account morph into something to be proud of instead of something that insights panic.
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Thanks for the kind words, I'll be sure to update!
So many people here are posting about their 100-300k net worth at age 30. I think it is important to show others out there they are not alone if they are still paying for their early 20's. My wife and I have turned paying off debt into a bit of a game, and we're having fun watching our Personal Capital account morph into something to be proud of instead of something that insights panic.
If you scroll back to page 2: Mine was approximately net 0. Not everyone has their shit together in their 20s.
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Thanks for the kind words, I'll be sure to update!
So many people here are posting about their 100-300k net worth at age 30. I think it is important to show others out there they are not alone if they are still paying for their early 20's. My wife and I have turned paying off debt into a bit of a game, and we're having fun watching our Personal Capital account morph into something to be proud of instead of something that insights panic.
If you scroll back to page 2: Mine was approximately net 0. Not everyone has their shit together in their 20s.
I was in no way implying I'm the only person who bumbled through their 20's (as that would directly contradict the poll results). I'm simply attempting to strengthen the collective voice of the "late bloomers", if you will. :)
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-$158,000
6 years later = $245,000
I don't sweat what others are doing. I'm just stoked to watch my own progress. I also don't lament the lost time. It a great motivator to make the decisions to fund a steep growth. By the way, I'm probably double what most people my age are worth, and I only joined the professional work force 8 years ago. Prior to that, my biggest earning year was $25,000.
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I've enjoyed this thread, but there are caveats to net worth (COL, spending habits, etc)...is there a metric that could help us make sure we're on the right track without having those other variables?
For instance, if the "goal" is having a net worth of 25x annual spending would it be worthwhile to report what % closer you get to this value annually? Or maybe "my net worth is x times my annual spending."?
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Currently married with a combined NW of 250k. Average age between the two of us is 24.5.
Not sure where we will be at 30
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is there a metric that could help us make sure we're on the right track without having those other variables?
Savings rate seems to be a good metric.
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What all are we including here in net worth?
If we are including mortgages I'm definitely in the hole. I'm amazed so many people are positive at that point in their life on this forum! No one I know in my age group is doing that well lol.
I'm at negative ~$40,000 with my mortgage included. Hopefully, by the time my 30th bday rolls around in 10 months I'll be close to breaking even.
I'm really happy with where I'm at with everything considered. I started investing in 2009, but wasn't really able to start maxing 401k's and things like that until a couple years ago.
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What all are we including here in net worth?
If we are including mortgages I'm definitely in the hole. I'm amazed so many people are positive at that point in their life on this forum! No one I know in my age group is doing that well lol.
I'm at negative ~$40,000 with my mortgage included. Hopefully, by the time my 30th bday rolls around in 10 months I'll be close to breaking even.
I'm really happy with where I'm at with everything considered. I started investing in 2009, but wasn't really able to start maxing 401k's and things like that until a couple years ago.
Are you counting your home equity against the mortgage?
For example. The balance on our mortgage is about 200k but the house is worth 250k.
If this was the only asset we had then our NW would be 50k. 250k asset minus 200k liability = 50k
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No I left the equity in my home off the table. I have no real way to access it so I usually don't count it in my personal calculations.
For this purpose though, if I include that I'm actually at ~$0 net worth. So, maybe I will include it just to feel better about myself lol!
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What all are we including here in net worth?
If we are including mortgages I'm definitely in the hole. I'm amazed so many people are positive at that point in their life on this forum! No one I know in my age group is doing that well lol.
I'm at negative ~$40,000 with my mortgage included. Hopefully, by the time my 30th bday rolls around in 10 months I'll be close to breaking even.
I'm really happy with where I'm at with everything considered. I started investing in 2009, but wasn't really able to start maxing 401k's and things like that until a couple years ago.
Are you counting your home equity against the mortgage?
For example. The balance on our mortgage is about 200k but the house is worth 250k.
If this was the only asset we had then our NW would be 50k. 250k asset minus 200k liability = 50k
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I track my net worth from the home as value minus about 8% or so, figuring that it would cost a fair bit to actually convert house into cash.
Was a bit sad when our net worth dropped a bunch buying a house :( hah.
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I've enjoyed this thread, but there are caveats to net worth (COL, spending habits, etc)...is there a metric that could help us make sure we're on the right track without having those other variables?
For instance, if the "goal" is having a net worth of 25x annual spending would it be worthwhile to report what % closer you get to this value annually? Or maybe "my net worth is x times my annual spending."?
There's the MND PAW/UAW formula. One I always thought was better (see previous discussions via search) was (in excel, feel free to translate it yourself):
=(EXP(0.15*(Age-20))-1)*(Gross-taxes)
Works better for the young and old..MND only works for those in mid-40s, it overestimates what someone in their 20s should have, and underestimates what someone in their 60s should have, as it's linear.
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What all are we including here in net worth?
If we are including mortgages I'm definitely in the hole. I'm amazed so many people are positive at that point in their life on this forum! No one I know in my age group is doing that well lol.
I'm at negative ~$40,000 with my mortgage included. Hopefully, by the time my 30th bday rolls around in 10 months I'll be close to breaking even.
I'm really happy with where I'm at with everything considered. I started investing in 2009, but wasn't really able to start maxing 401k's and things like that until a couple years ago.
Are you counting your home equity against the mortgage?
For example. The balance on our mortgage is about 200k but the house is worth 250k.
If this was the only asset we had then our NW would be 50k. 250k asset minus 200k liability = 50k
Sent from my SM-G935F using Tapatalk
I track my net worth from the home as value minus about 8% or so, figuring that it would cost a fair bit to actually convert house into cash.
Was a bit sad when our net worth dropped a bunch buying a house :( hah.
That's a good way to do it as well. My wife has her real estate licence so our transaction costs would be a little cheaper. About 5% give or take.
We may keep our current place as a rental in the future to postpone transaction costs and bring in some additional passive income.
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What's the point of this poll when we have single people reporting their own personal net worth right in the same data collection as married/combined-finances people reporting the combined net worth of two people?
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What's the point of this poll when we have single people reporting their own personal net worth right in the same data collection as married/combined-finances people reporting the combined net worth of two people?
What's the point of any of this entire forum?
Enjoyment, time wasting, and encouragement/tips for better financial success.
This thread probably falls squarely into the first two categories.
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What's the point of this poll when we have single people reporting their own personal net worth right in the same data collection as married/combined-finances people reporting the combined net worth of two people?
What's the point of any of this entire forum?
Enjoyment, time wasting, and encouragement/tips for better financial success.
This thread probably falls squarely into the first two categories.
I guess so, though I'll call this one "dis-enjoyment" for the single peeps getting compared against double peeps :-)
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What's the point of this poll when we have single people reporting their own personal net worth right in the same data collection as married/combined-finances people reporting the combined net worth of two people?
What's the point of any of this entire forum?
Enjoyment, time wasting, and encouragement/tips for better financial success.
This thread probably falls squarely into the first two categories.
I guess so, though I'll call this one "dis-enjoyment" for the single peeps getting compared against double peeps :-)
Why do you even care? There will almost always be people who at 30 had 10x or 1/10th or -10x your net worth, regardless of what number it is, because there is always someone who did better, got luckier, was more stupid, whatever.
Does it make you feel better to have more $ than someone at age 30 and you somehow feel worse if someone puts $250k as a couple and you only have $200k as a single person? Why does that matter at all?
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At my present pace, it will be between $40k and $50k. It's been growing quickly though. At my present pace I should be FIRE, with over a million in mutual funds, by 43 or 44 years of age if my portfolio returns a 6% annual average.
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What's the point of this poll when we have single people reporting their own personal net worth right in the same data collection as married/combined-finances people reporting the combined net worth of two people?
What's the point of any of this entire forum?
Enjoyment, time wasting, and encouragement/tips for better financial success.
This thread probably falls squarely into the first two categories.
I guess so, though I'll call this one "dis-enjoyment" for the single peeps getting compared against double peeps :-)
DOUBLE your number then.
It'll feel really good. :)
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What's the point of this poll when we have single people reporting their own personal net worth right in the same data collection as married/combined-finances people reporting the combined net worth of two people?
What's the point of any of this entire forum?
Enjoyment, time wasting, and encouragement/tips for better financial success.
This thread probably falls squarely into the first two categories.
I guess so, though I'll call this one "dis-enjoyment" for the single peeps getting compared against double peeps :-)
DOUBLE your number then.
It'll feel really good. :)
Thanks, man :-) And may I say, I love that your signature has The Cheat! My college boyfriend and I used to keep up on all the Homestar Runner cartoons circa 2001-2003. I loved Strong Bad's emails!
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Thanks, man :-) And may I say, I love that your signature has The Cheat! My college boyfriend and I used to keep up on all the Homestar Runner cartoons circa 2001-2003. I loved Strong Bad's emails!
Haha, me too! :D
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I'm a little shy of 30 and together with my partner we have a worth of $185k . This is excluding superannuation and student debts because the requirements around these two items in Australia gets complicated.
Sometimes I think think we are doing great, other times I think of the lost opportunities.
At the moment we are only really growing our wealth by way of savings as very little is invested in anything other than high interest savings accounts (is 3.5% really high interest???). I'm terrified of investing and hope that perhaps by loitering around here I'll gather some courage.
Now on the right side of 30 :)
Combined we have $225k excluding super and hecs debt (super > hecs now though).
On the down side we've done almost no investing and all but about $30k is earning a piddly 2.75% in savings accounts.
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I married at 26 years old with zero net worth, but no debt.
The first year we saved $6k and over the next 3 years save that
much and more.
I think we had about $30,000 when I was 30 yrs old.
Maybe late by MMM standards, but 30 years later, we have
a high NW by Mustachian standards.
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What's the point of this poll when we have single people reporting their own personal net worth right in the same data collection as married/combined-finances people reporting the combined net worth of two people?
What's the point of any of this entire forum?
Enjoyment, time wasting, and encouragement/tips for better financial success.
This thread probably falls squarely into the first two categories.
I guess so, though I'll call this one "dis-enjoyment" for the single peeps getting compared against double peeps :-)
Maybe the concept of 'enough' would help? many people on this thread, and this forum, have net worth far in excess of what I did when I FIRED in my twenties. Having only one income does not mean one can not get to their goals in a reasonable time frame.
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I'm 30 and net worth is just over 1.1M. Not sure why the poll only goes up to 300k.
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I'm 30 and net worth is just over 1.1M. Not sure why the poll only goes up to 300k.
How did you do it?
Job, self employed, inheritance, Willy Sutton method.
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I'm 30 and net worth is just over 1.1M. Not sure why the poll only goes up to 300k.
How did you do it?
Job, self employed, inheritance, Willy Sutton method.
Job for the first 4 years, self-employed for the last 3 years.
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I'm 30 and net worth is just over 1.1M. Not sure why the poll only goes up to 300k.
Agreed, there needs to be a couple more 200k ranges.
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I'm 30 and net worth is just over 1.1M. Not sure why the poll only goes up to 300k.
How did you do it?
Job, self employed, inheritance, Willy Sutton method.
Job for the first 4 years, self-employed for the last 3 years.
You had to save at least $120,000 a year for 7 years.
Were you earning $200,000 a year?
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I'm 30 and net worth is just over 1.1M. Not sure why the poll only goes up to 300k.
How did you do it?
Job, self employed, inheritance, Willy Sutton method.
Job for the first 4 years, self-employed for the last 3 years.
You had to save at least $120,000 a year for 7 years.
Were you earning $200,000 a year?
Earning between $40-$70k/year when I worked a job, but it's ramped up the last few years since I went self-employed. Starting your own business is where it's at!
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I'm 30 and net worth is just over 1.1M. Not sure why the poll only goes up to 300k.
How did you do it?
Job, self employed, inheritance, Willy Sutton method.
Job for the first 4 years, self-employed for the last 3 years.
You had to save at least $120,000 a year for 7 years.
Were you earning $200,000 a year?
Earning between $40-$70k/year when I worked a job, but it's ramped up the last few years since I went self-employed. Starting your own business is where it's at!
You must have had some unbelievably profitable years in there as a business owner! That's rad. How did you mitigate the huge tax burdens that must have come with it? Or did you just make so much that it wasn't an issue?
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I'm 30 and net worth is just over 1.1M. Not sure why the poll only goes up to 300k.
How did you do it?
Job, self employed, inheritance, Willy Sutton method.
Job for the first 4 years, self-employed for the last 3 years.
You had to save at least $120,000 a year for 7 years.
Were you earning $200,000 a year?
Earning between $40-$70k/year when I worked a job, but it's ramped up the last few years since I went self-employed. Starting your own business is where it's at!
You must have had some unbelievably profitable years in there as a business owner! That's rad. How did you mitigate the huge tac burdens that must have come with it? Or did you just make so much that it wasn't an issue?
Yeah taxes are never fun. I do what I can to reduce them through any tax-deferred accounts I qualify for, and filing as an s-corp helps a bit, but mostly you just have to suck it up and pay the piper.
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29, married with one kid (Just found this website). Will be 30 in about 6 months. Barely on the positive side.
I've been the main and sometimes only one pulling in a salary over the last 7 or so years. Wife is in school and should *fingers crossed* grad in Dec. Looking forward to finally saving more than a few dollars a month for our future goals.
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I may have the record here--negative 210K at age 30 due to student loans. Doing much better at 40 though.
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Looked back in Quicken....At 30, Negative $70k and struggling to find a job out of law school...that may of even been the month we made rent by taking a cash advance from a credit card...now, 15 years later at $1.8M
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A quick glance at my books shows I was -38k at 30. I don't think I had yet fully acquired a clue, and still had many a consumerist desire.
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I turned 30 earlier this year and was around $60k NW. Glanced this morning and I'm at $87k. Granted a large chunk of that increase is due to Zillow's estimate of my rental property going way up which we all know can be very inaccurate (although it is still in the ballpark of other homes that have sold in the neighborhood).
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I turned 30 earlier this year and was around $60k NW. Glanced this morning and I'm at $87k. Granted a large chunk of that increase is due to Zillow's estimate of my rental property going way up which we all know can be very inaccurate (although it is still in the ballpark of other homes that have sold in the neighborhood).
yeah i wouldnt use zillow i do my own analysis and come up with what i believe the value is based on recently sold properties.
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I turned 30 earlier this year and was around $60k NW. Glanced this morning and I'm at $87k. Granted a large chunk of that increase is due to Zillow's estimate of my rental property going way up which we all know can be very inaccurate (although it is still in the ballpark of other homes that have sold in the neighborhood).
yeah i wouldnt use zillow i do my own analysis and come up with what i believe the value is based on recently sold properties.
Which is exactly what Zillow does...
I use the median value of Zillow, Trulia, Realtor, Redfin, Xome, and eppraisal.
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I turned 30 earlier this year and was around $60k NW. Glanced this morning and I'm at $87k. Granted a large chunk of that increase is due to Zillow's estimate of my rental property going way up which we all know can be very inaccurate (although it is still in the ballpark of other homes that have sold in the neighborhood).
yeah i wouldnt use zillow i do my own analysis and come up with what i believe the value is based on recently sold properties.
Which is exactly what Zillow does...
I use the median value of Zillow, Trulia, Realtor, Redfin, Xome, and eppraisal.
Yeah, people are all over the map on how -- or even whether -- to count your primary residence in your net worth. I personally stay on the conservative side and count the value at which I purchased my home, even though Zillow claims the value has gone up 50% since I bought it 6 years ago. I feel like it's more helpful and motivating to me to see my progress on dollars earned, saved, and invested with Vanguard, rather than physical property like my home and my car. Obviously this formula doesn't work for everyone.
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I turned 30 earlier this year and was around $60k NW. Glanced this morning and I'm at $87k. Granted a large chunk of that increase is due to Zillow's estimate of my rental property going way up which we all know can be very inaccurate (although it is still in the ballpark of other homes that have sold in the neighborhood).
yeah i wouldnt use zillow i do my own analysis and come up with what i believe the value is based on recently sold properties.
Which is exactly what Zillow does...
I use the median value of Zillow, Trulia, Realtor, Redfin, Xome, and eppraisal.
Why not just use the MLS?
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I'm currently 26 with a networth of ~$60k. My goal by 30 was $100k. Clearly I need to aim higher!
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I turned 30 earlier this year and was around $60k NW. Glanced this morning and I'm at $87k. Granted a large chunk of that increase is due to Zillow's estimate of my rental property going way up which we all know can be very inaccurate (although it is still in the ballpark of other homes that have sold in the neighborhood).
yeah i wouldnt use zillow i do my own analysis and come up with what i believe the value is based on recently sold properties.
Which is exactly what Zillow does...
I use the median value of Zillow, Trulia, Realtor, Redfin, Xome, and eppraisal.
Well, Zillow does that, but it's not very good at identifying comparable properties. Zillow may be particularly inaccurate where I live because which areas are desirable and which areas are not don't make any objective sense. Moving two blocks, sometimes without even crossing a reasonably busy street or school district line or anything else that would naturally act as a dividing line, can make a pretty significant difference. I would imagine that is true for most areas to a lesser extent.
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Yep I live in a lake community where Zillow inflates non lake front property and deflates lake front property.
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I'm 30 right now and I'm at about $20,000. I got a late start after spending too much time (and money) collecting degrees...
On the bright side, I'm very good at keeping costs low and I'm self employed (essentially part time), so most of the time I already feel at least partially retired. If everything stays as it is I should be FI by 40(ish).
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Zillow's estimate blows for my house. Our 2,000 sq foot 3 bdrm house is in no way comparable to the 800K 4,500 sq foot McMansions being built on the other side of town, except in Zillow's world. So far, they've driven my Zestimate 60K above what my refinance appraisal came in at. Anyone know how to exclude certain properties from your Zestimate comps?
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I'm currently 26 with a networth of ~$60k. My goal by 30 was $100k. Clearly I need to aim higher!
Don't limit yourself with goals :D
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I'm currently 26 with a networth of ~$60k. My goal by 30 was $100k. Clearly I need to aim higher!
yeah much higher with no annual addition you can expect to have just under 80k in today dollars assuming that 60k is all invested in equities.
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My net worth was about what it is now but I expected it to be higher..of course I wasn't a dedicated MMMer at the time either. Now that I am focusing on it I think it will rise current goal is net worth equalling a year's gross salary.
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I am 31 and my Networth including my wife's student loans is negative. 😌
But my wife is a resident physician in her second year. We are saving every year and when she becomes an attending the plan is to have no life style creep and save save save.
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25YO with a NW of about 190k, projections right now are for it to be around 400k invested and 200k house equity when DW and I hit 30.
We saved hard prior to buying the house and both have pretty decent jobs, my second love in life is also cooking so that helps keep costs down a bit.
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I turned 30 earlier this year and was around $60k NW. Glanced this morning and I'm at $87k. Granted a large chunk of that increase is due to Zillow's estimate of my rental property going way up which we all know can be very inaccurate (although it is still in the ballpark of other homes that have sold in the neighborhood).
yeah i wouldnt use zillow i do my own analysis and come up with what i believe the value is based on recently sold properties.
Which is exactly what Zillow does...
I use the median value of Zillow, Trulia, Realtor, Redfin, Xome, and eppraisal.
Yeah, people are all over the map on how -- or even whether -- to count your primary residence in your net worth. I personally stay on the conservative side and count the value at which I purchased my home, even though Zillow claims the value has gone up 50% since I bought it 6 years ago. I feel like it's more helpful and motivating to me to see my progress on dollars earned, saved, and invested with Vanguard, rather than physical property like my home and my car. Obviously this formula doesn't work for everyone.
There is a difference between net worth and investable assets relating to FIRE. Your residence is an asset and should be included in your net worth. It should not be included in your FIRE calculations unless you plan to downsize to extract the equity.
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I'm currently 26 with a networth of ~$60k. My goal by 30 was $100k. Clearly I need to aim higher!
yeah much higher with no annual addition you can expect to have just under 80k in today dollars assuming that 60k is all invested in equities.
It's not. I went back and looked at mint and it's actually closer to $70k (about $68 and change). This includes my home which was appraised at $80k (appraisal was from April, I purchased it in June), and my mortgage of ~$60k. Investments are hovering around $30k. I did the math and am actually shooting for $100k by year end 2017. If all goes according to plan, I should be able to make it :)
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I can't be asked to go back 5 years ago.
My wife and I are at approximately $700,000 (plus my civil service 11 years + pension contribution).
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I was completely broke.
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About 100k, we were about 5 years removed from credit card debt and ignorance.
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I can't be asked to go back 5 years ago.
My wife and I are at approximately $700,000 (plus my civil service 11 years + pension contribution).
then dont respond to the post.
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I was completely broke.
Me too. I bought a bottle of Dom Perignon to celebrate finally being debt free. (Wasn't worth the money...) 6 Years later net worth is at about $160k. Should be FI in another 6 hopefully!
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Baring any huge life changes I will be around 225k at age 30.
This doesn't include SO'd NW. Combined ~$300k
Well, things did go a bit better than planned.
Looks like I will be at ~$260k net worth by the time I turn 30 in May.
SO will add another ~$60k to that for a combined $320k
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I had about £3k. Trying to let go of regret now for not saving in my 20's now I see the potential of being good with your money but I tried a lot of jobs and experiences that got me to where I am now and glad I know better now :)
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Currently at 120k liquid/invested assets + approx. 20k of equity in a rental condo (that is currently for sale), for a total of 140k. My BF adds in another 65k liquid/invested assets + approx. 20k of equity in his condo that we live in. It isn't much for our age, but considering he's still in Uni (PhD), and I started making an average income less than 3 years ago, it's going up very quickly. Estimated FI-age is in ten years or less at this rate.
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400k invested 540k total NW at 30 years old. about 1 month ago i turned 30
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I was still in college with no savings. Only had about 20K in student loans though. GI Bill paid for about 60K of my college, so it could have been much worse. So I was negative as well.
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Baring any huge life changes I will be around 225k at age 30.
This doesn't include SO'd NW. Combined ~$300k
Well, things did go a bit better than planned.
Looks like I will be at ~$260k net worth by the time I turn 30 in May.
SO will add another ~$60k to that for a combined $320k
Congrats! It's always interesting to me how often things work out wven better than we plan.
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I am 30 today, and can finally post here!
My networth: Without fed. loans (PSLF)=52,511. With fed loans= -15,284
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I am 30 today, and can finally post here!
My networth: Without fed. loans (PSLF)=52,511. With fed loans= -15,284
Happy Birthday! :)
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Just turned 30 this week. I was just under 50k on my birthday but I'm a hair over now (yay friday pay-day)! It's been going up about $45k a year for the past 2.5 years but its going to be much slower for a few years. I took a paycut (better job with more potential to make more in future), had a baby and went down to a single income household (for atleast the next 5 months - by choice). I paid for most things before but not I'll be paying for everything :o. Just happy we are in a position to make ends meet comfortably enough and give our baby a great start. Likely having another in next year or two so things may be tight for a while. :)
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I am 30 today, and can finally post here!
My networth: Without fed. loans (PSLF)=52,511. With fed loans= -15,284
Happy birthday!
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Married Couple 30/28 and still firmly in debt.
~$1200 in savings
~$18,000 in retirement
~-$4500 in CC debt
~-$51,000 in student debt
______________________
~-$36,000 net worth
The good news:
-We've knocked down or cc bill by %50 in about a month and a half and should have it paid off by mid September.
-The wife and I are DONE with formal education
-We now have household income of ~$120,000. We had been floating between 35k-60k household income for about 5 years until about 3 months ago.
- We recently moved from San Diego to Eugene, OR (Eugene is not the cheapest place but night and day when compared to San Diego)
-Purchased a Bike and ride 8 miles each way to and from work at least 2 days a week (working on upping it).
-We're on track to have a zero total balance on our net worth by the time we hit ages 31.5 and 29.5 respectively.
-Once we've eliminated loans/cc debt, we've mapped out that we should be able to save/invest about %50 of our income based on our lifestyle.
-Driving Honda fit and civic
- working on getting vested in my pension plan
Finally feel like we're at a turning point and ready to get our mustache on.
6-7 month(ish) update:
~$6900 in savings
~$24,000 in retirement
~-$0 in CC debt
~-$47,000 in student debt
______________________
~-$16,100 net worth
About a $20,000 net gain in ~6.75 months. It's a little slower than I had hoped because of a few unexpected costs, but still on track to get get to 0 by age 31.5 :).
Way to make progress! That's still about 40k a year and I bet it will increase as you drop your spending. Nice job :)
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Counting house value and debt, on my 30th birthday i was at 265k...
210k - home
40k - solar panels
6k - car
25k - 401ks
40k - ESPP
60k - debt on house
This was RIGHT at the time i decided to start investing and start doing the math on how to be FI. Always wanted to be FI, or had the IDEA for RE. But never did the math. Just winging it i think i did pretty good. Now 6 month later at 30.5. My networth is already up to 300k, although most of that is coming from my ESSP going up by 80% in 6 months hahaa
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Sorry, I probably filled in the wrong answer at the poll and cannot correct it.
When I was 28 in year 2000, we bought a house for the price of approx 200.000 USD with an 80% mortgage. Three and a half years later we had paid down the mortgage. So 3 years later, I guess our net worth was something like 20.000 USD + 70.000 USD from downpaid house.
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27 currently and DINK leading to a net worth of around $275k. Hoping that with increases in income and lowering expenses we can speed the growth up over the next few years, but at the current rate it would likely end up around $450k.
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DINKS here and around $400k combined. No debt and half of the net worth is real estate. Hoping the number doubles by 35.
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No option for me in the poll.
24: 50k
25: 200k
26: 400k
27: 600k
28: 775k
I predict I will be around 1.1-1.2M by 30.
Just an update: I turned 30 last month and our NW is around 1.1MM. Turns out my prediction was spot-on!
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No option for me in the poll.
24: 50k
25: 200k
26: 400k
27: 600k
28: 775k
I predict I will be around 1.1-1.2M by 30.
Just an update: I turned 30 last month and our NW is around 1.1MM. Turns out my prediction was spot-on!
Wow, nice work!
What's your FIRE number? You must be close.
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No option for me in the poll.
24: 50k
25: 200k
26: 400k
27: 600k
28: 775k
I predict I will be around 1.1-1.2M by 30.
Just an update: I turned 30 last month and our NW is around 1.1MM. Turns out my prediction was spot-on!
Badass! This is pretty awesome.
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Currently 26 with $170k net worth. Really stepped up my savings over the past few years after paying off my student loans. Hope to be comfortably FI and working part-time by age 40.
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Definitely negative with over $100K in student loans and having bought a house at the peak of the market (before the crash) the year we turned 30.
Just did a quick calculation and we are sitting at about $1.5 million now (age 42).
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Mine was -200k+ (student loans) at 30. At 40 it's about 400k
I'm very content. Hope for basic FI by 50 then part time & travel.
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I wonder how many people are counting equity in their home/real estate.
I am more curious to hear what people have saved in IRAs, 401ks/457b, and taxable accounts. Home/real estate equity (unless you plan on selling) means very little, imho.
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Yeah, I'm sure not how exactly this is being calculated, I'll be 30 in June though. I'm just now approaching $0 in net worth, which includes the negative equity I owe on my home.
I have somewhere around ~120k in investments and I just started really hammering at away at the savings 2 years ago. I had always saved a few grand each year in my 401k and maxed my Roth since I was 23 or so. I learned about Bogleheads probably about that age, which got me into researching the types of investing and tax benefits. Then I stumbled on this place and started heavily cutting unnecessary aspects of my life out or at least reducing their costs. That allowed me the past few years to max all my accounts.
Hindsight is 20/20 of course, but I can't help but wonder how much I'd have now if I had been full fledged with this at 23 when I started my job. My parents never talked about this kinda stuff or really cared. Our children are going to be quite lucky to have parents like those of us on this board who teach them about finance and tax in their younger years.
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I married in '81' at 26 yrs old, that first year we grossed $18k and saved about $6k.
We bought a house in '84' with $3k down and about $18k in savings, I was then 29 yrs old.
So by the end of my 30th year, we had less than $30k of net worth. We thought we were doing
very well for people with a lower *middle class income, and we were.
Today we have 36 to 40 times our yearly spending rate.
A slow bumpy ride, but we got there with all the wheels on our
12 and 20 year old vehicles.
I have semi retired, my wife still works, our next challenge is paying to
get one of our children through dental school without student loans.
Because we can and because I don't want her to start her career
$200K plus in debt.
*I had to add 'middle', I looked at a median income chart and in 1982 median income was $19,156.
It looks like we were closer to a median than I recall.
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I wasn't aware of it at the time, but my wife and I had:
$140,000 in after-tax investments
$120,000 in retirement accounts
$80,000 in home equity
at age 30. We've more than doubled in the seven years since then.
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I wonder how many people are counting equity in their home/real estate.
I am more curious to hear what people have saved in IRAs, 401ks/457b, and taxable accounts. Home/real estate equity (unless you plan on selling) means very little, imho.
Why would real estate equity not be counted? I can sort of see the argument against a primary residence (though I don't think it's a good one) but withholding RE equity?
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Home/real estate equity (unless you plan on selling) means very little, imho.
Not sure what this means. My paid for house means I don't have a rent/mortgage payment due every month. That would be of fairly significant value for most people given the percentage normally paid on housing costs.
Yes, given I'm not planning on selling it is better viewed as lowering expenses as opposed to raising passive income, but it means a lot. But then again, in a pinch, I could sell it and downsize and all of the sudden six figures instantly become available to me.
Again I think we're talking around the difference in net worth vs. investable assets, both helpful to track and use.
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I wonder how many people are counting equity in their home/real estate.
I am more curious to hear what people have saved in IRAs, 401ks/457b, and taxable accounts. Home/real estate equity (unless you plan on selling) means very little, imho.
Why would real estate equity not be counted? I can sort of see the argument against a primary residence (though I don't think it's a good one) but withholding RE equity?
I don't count my home, it will not generate income during retirement and it actually costs money to live in,
with maintenance, insurance and taxes.
I do consider it a bit of an insurance policy, if the stache is burned through, we could pull out equity with a reverse mortgage for a few final years. But I hope that never happens!
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I wonder how many people are counting equity in their home/real estate.
I am more curious to hear what people have saved in IRAs, 401ks/457b, and taxable accounts. Home/real estate equity (unless you plan on selling) means very little, imho.
Why would real estate equity not be counted? I can sort of see the argument against a primary residence (though I don't think it's a good one) but withholding RE equity?
I don't count my home, it will not generate income during retirement and it actually costs money to live in,
with maintenance, insurance and taxes.
I do consider it a bit of an insurance policy, if the stache is burned through, we could pull out equity with a reverse mortgage for a few final years. But I hope that never happens!
A slight quibble on terminology: Your home *is* part of your net worth (whether you count it or not.)
My suggestion is always: Track your net worth. Track your "financial nest egg.**" Track both. Track them in a consistent manner over time. On a computer or spreadsheet, the difference in effort is minimal.
Net worth gives you a very big picture. Graphing it over time can track your progress (or lack thereof). The actual amount of your net worth are not nearly as interesting as the slope of the line.
Financial nest egg gives you your FIRE capabilities.
**Financial nest egg is pretty much a term I've made up myself. There is probably a more proper accounting term here. This is the amount of money you're able to use for FIRE. It *might* include your home, or a percentage thereof, if your plans are to sell it and buy something less expensive.
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Oh stop, Spork, you're making too much sense! How will we argue about what our 'real net worth' is if we track both?
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Currently 29, will turn 30 in a few months.
NW has been increasing at around 3% per month so can pretty reasonably estimate I'll be at around £150k ($185k) by 30.
That includes house equity but only my half of it.
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No option for me in the poll.
24: 50k
25: 200k
26: 400k
27: 600k
28: 775k
I predict I will be around 1.1-1.2M by 30.
Care to elaborate how you got there? That's quite impressive if it wasn't inherited.
For starters, this is not my post originally, and I don't want to speak for this presumably nice and clearly successful human. However, we have a similar story; here's ours:
- We are (newly) married, ages 25 and 28, but weren't married at 21 when money earning kicked in, so these are estimates for early years (of singleness):
22: $40k
23: $80k
24: $150k (these last three are just me - keep in mind DH has been working 5+ years upon our marriage)
25: combined incomes $150k + 400K = $550K in September of last year
Current Combined NW (just assets, not cars etc. - we rent, so no house): $650 k, average age between us: 26
Here's how we did it: elite colleges (generous financial aid/scholarships - hooray!), high-tech degrees, (moderately) money-conscious habits, carpooling, work-related stock bonuses, lots of luck, six-figure tech jobs, and good investing in index funds at Schwab and Betterment. We've also stayed with renting a small condo as Boulder, CO is hugely expensive. Neither of us really came from money (in fact, my dad's family is penniless in a trailer park, and he's entirely self-made success in law enforcement and FI at 50, so good example there!)
The biggest thing for us is fighting the inevitable lifestyle inflation that can occur in ritzy boulder as two twenty-somethings with a 300K/year pre-tax income, and not succumbing to our fancy-schmancy college friends' prying (engagement ring comparisons, world travel in jets, etc.)
While dollar for dollar (if MMM's dollars were 2017 dollars), we're technically ahead of MMM, we are not, because we are not yet homeowners and child(ren) are still 3-5 years off. I think we'll pull the trigger to at least one retiree, one half-time in about five years with a predicted NW of at least (150k/year basic savings * 5 years) = $750k + current $650K = $1.4m, when we're 30 and 34, respectively. Depends a lot on housing, for sure, and whatever the stock market "values" our stock at that date.... And, if we decide to breed...right now, we're having too much fun for that.
Also, we're still working on lowering our monthly expenditures - aren't we all?!
Very lastly, Mr. Eric, you are kicking absolute ass! Woohoo- any plans to quit the rat race, or just bringing it in for a bit longer?
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At 30 I had no savings and $20k of credit card debt.