300k net worth at 32 - good?

Depends. Married? Kids? Own a house?

If it is all stocks that might drop by 50% in the next few months, it isn't awesome. But at this stage how much you are saving each year is more important. Should be $20K+ per year.

name of the game wrote:

I know it's above average, but have you seen what "average" looks like these days?

Yes, that's pretty good.

You should be sure to:

1) Not include any depreciating asset in that, like a car.

2) Make sure that by the time you retire that most of that is in spendable money (no good if you live in a million dollar home even if it's paid for if you don't have money to spend.

3) If you got that money by investing, keep doing that. If you got it in another way (inheritance, gambling, etc.) then make sure you invest...should to 15% minimum into retirement accounts.

Good luck.

What's your 5k time?

flagpolelite wrote:

Depends. Married? Kids? Own a house?

If it is all stocks that might drop by 50% in the next few months, it isn't awesome. But at this stage how much you are saving each year is more important. Should be $20K+ per year.

single, no kids. I actually think not having a gf or family has greatly helped my build wealth.

80k liquid in savings / checking

50k in crypto

150k locked up in retirement accounts and long-term capital investments

20k misc stuff like my car, some instruments etc.

The hell good is that 80k in cash doing you?

name of the game wrote:

I know it's above average, but have you seen what "average" looks like these days?

Why are you asking us if it is good? What we think does not matter. For what reason are acquiring a net worth? Is 300k at 32 enough to satisfy that reason? You don't need us to answer this. You don't need to know what is average or know what other people have.

You’re probably ~95th percentile for your age bracket, maybe 80-85th percentile for all households

Go check data from the U.S. Census Bureau. Zero in on your metro area for more context.

Validating yourself by your income is a zero sum game. Except for the richest person in the world, there is always someone richer than you. It always makes you annoying to be around because all you can talk about is money.

Way too heavy in the crypto in my opinion.

it's not bad in that you have a buffer, and as such, it will allow you the ability to maximize good decisions and not get backed into a corner because you have to do something for financial survival reasons.

More importantly, in my opinion, is how have you invested in your future? 300 K is not enough for some lifestyles. And have you set yourself up for good earning potential going forward?

Lastly, i think it could be good, it could be doodly squat. It all depends on those things i mentioned above, and how you will invest (or not invest) it. Off hand, it seems like a good start for that age, but it's all what you do with it and what you do with yourself.

Look at it this way - you have more savings than (the bottom) half of the US population combined.

name of the game wrote:

flagpolelite wrote:

Depends. Married? Kids? Own a house?

If it is all stocks that might drop by 50% in the next few months, it isn't awesome. But at this stage how much you are saving each year is more important. Should be $20K+ per year.

single, no kids. I actually think not having a gf or family has greatly helped my build wealth.

80k liquid in savings / checking

50k in crypto

150k locked up in retirement accounts and long-term capital investments

20k misc stuff like my car, some instruments etc.

It’s interesting how everyone invests differently. I’m couple of years older and I was fortunate to have been working with a good paying job for few years now. I’ve bought couple of houses and have rest of my money in stocks concentrated in few companies. And some in 401k that’s very diversified.

What’s most important to build net worth quickly is having high income coming in someway whether it’s from a job, investment that earns money, or seconday business to earn cash. This combined with being frugal will allow you to invest aggressively to build your nest egg.

I know this is obvious but so many people focus on how to invest or how to save more money. But you can’t invest much money unless you earn more. Easier said than done.

It is interesting that you have $80k in savings. That seems like a lot of money sitting, but I guess it’s good now since market may be at the top. So, you could get in later if it falls. Or you could miss out if it goes up. But the , if that $80k has been sitting for awhile, man, that’s a lot of money that’s been sitting.

$50k in crypto seems like a lot compared to your overall asset. When did you put in this much money? Did you make a lot of gain from smaller amount? Or is this mostly what you started? If this much is about how much you’ve put in, good luck.

name of the game wrote:

I know it's above average, but have you seen what "average" looks like these days?

It's good like a 3:58 mile is good. Ahead of most people, but not good enough to be particularly noteworthy. And you can't retire on it.

But trajectory is good. I like the crypto play - you can absorb losses at this age, so high risk high reward investments are smart.

Having mid-6 figures in savings is not a 3:58. More like a 19:25 5k. Sure, you have more money than the couch-potatoes who could run 800m without stopping, but you wouldn't even come close to making JV on a good HS team.

No equity in a house? Because mathmatically, you should count any debts as a negative against your assets.

My friend told me "If you count your car as an asset, you are not rich." And I can't pronounce 2 of his 3 cars.

You're a wanker to think in these terms.

name of the game wrote:

flagpolelite wrote:

Depends. Married? Kids? Own a house?

If it is all stocks that might drop by 50% in the next few months, it isn't awesome. But at this stage how much you are saving each year is more important. Should be $20K+ per year.

single, no kids. I actually think not having a gf or family has greatly helped my build wealth.

80k liquid in savings / checking

50k in crypto

150k locked up in retirement accounts and long-term capital investments

20k misc stuff like my car, some instruments etc.

I'm similar.

$75k net worth in my house (out of 330k)

$45k in crypto

$65k in 401k (70% 2015 Vanguard, 30 2050 Vanguard, due to all the crazyiess in the market that I think will pop eventually)

$7k in HSA

$20k between checking / savings (1% accounts)

$47k in mutual funds through Vanguard

So around $260k and I'm only 28. Hoping to get $250k in liquid assets by 30 (so total net worth of around $330-350k).

Goal is $1mil by 45 so I can "retire" from the 9-5 gig and do something I really want, like be a race director or coach a college team or something.

Fallacy of Averages wrote:

Having mid-6 figures in savings is not a 3:58. More like a 19:25 5k. Sure, you have more money than the couch-potatoes who could run 800m without stopping, but you wouldn't even come close to making JV on a good HS team.

No equity in a house? Because mathmatically, you should count any debts as a negative against your assets.

My friend told me "If you count your car as an asset, you are not rich." And I can't pronounce 2 of his 3 cars.

Sure it is, you bonerface.

How many people on earth have $300k net worth? And everyone tries to accumulate wealth, while very few attempt a mile seriously. Also he’s 32. He’s not the wealthiest guy on earth, but that is a very, very good position to be in.

No equity is a house isn’t a negative. It’s not anything in this equation. It just means his assets are elsewhere. Rent is an expense not a liability.

Cars are assets. Yea they depreciate, but they are undeniably assets.

I bet you are poor, and I know you don’t know squat about accounting. You are the kind of guy who pays Jackson Hewitt $200 to auto-fill forms to get your standard deduction.

How did you guys get this point at such a young age? Photography pay that well? Never spend a dime on anything? I ask because I feel like I'm very frugal and I budget everything and make $50k (straight outta college) yet I'm never going to hit anything above a $200k by 30