300k net worth at 32 - good?

Crazy to see people with so much money in crypto. Many of my coworkers were in crypto, and some made money from getting in prior to the decline. But most ended up not making much money as they kept pouring more money in when going up then lost most of their profits when it started to decline. So now, most have stopped buying crypto.

Bump

All of you counting Crypto, Instruments, your toys as net worth are fools.

26 years old here.

120k - 401k (80% Roth, 20% traditional)

100k - Taxable investments

30k - Roth IRA

Graduated with zero debt thanks to parents. However, I don't spend money on anything extravagant, and my savings rate is probably 75% + . Plan to shift away from this as i get older and life throws more things at me that i need to spend money on. Hope to have 500k by 30 and then just coast to retirement at 60.

BigDawg69 wrote:

All of you counting Crypto, Instruments, your toys as net worth are fools.

26 years old here.

120k - 401k (80% Roth, 20% traditional)

100k - Taxable investments

30k - Roth IRA

Graduated with zero debt thanks to parents. However, I don't spend money on anything extravagant, and my savings rate is probably 75% + . Plan to shift away from this as i get older and life throws more things at me that i need to spend money on. Hope to have 500k by 30 and then just coast to retirement at 60.

Curious - how much you and the OP had saved before graduating undergrad? And what salary are you making post-grad? Lotta respect for people saving like this in their 20s.

I wasn't in a position to do it before 24 and made lifestyle choices to not do it after that. Played a lot and still playing, but feeling a big financial pinch now at 33 with kids, mortgage and $100k (of $150k) of grad debt still to pay off.

I had absolutely 0 saved prior to graduating undergrad and had never held a job. My parents paid for everything however i was very frugal with their money (200$ a month rent, cooked all meals, etc.) I hope to do the same for my children as long as they stay focused on school and staying out of trouble.

Income was 68k, 73k, 80k, 135k, half way through year 5 at same salary.

Probably the main reason for my savings rate is that i studied a subject in engineering school that really hammered in ExpectedValue, Variance, RateofReturn, Compunding, etc..

Living like your poor your first 8 working years and saving as much as possible can very likely set you up to not have to worry about saving at all through your 30s, 40s, 50s, 60s.

Also, it's still possible to fit in with a high savings rate. I don't have any friends that have high tastes whether that be in food, vacations, housing, etc.

Privileged yes, but i estimate i would only be about 120k behind if i had college debt.

Probably significantly less if i chose to work instead of run in college/HS.

I would ask why is this surprising?

This basically represents:

1) Less than maxing out your 401k (assuming company matches and a noting a market that has returned significantly over the last 5 years)

2) Pushing the annual max into a traditional or Roth IRA each year.

3) Investing 10-15k annually into a taxable brokerage.

This is the bare minimum someone who is ramping up to low-mid 100k's from 21-27 should be doing if they want to retire in their late 50s or 60s honestly.

Its about a 70% post tax savings rate which i imagine is unusual.

If i keep saving at the same rate until my 60s i would have between 10-20 mil which is complete overkill.

It is unclear to me how you are calculating a 70% savings rate. Savings rate is not simply a calculation of net worth vs. sum of income for all relevant years. This would ignore market growth, any contributions made by an employer to a 401k or other advantageous arrangements such as an ESPP etc.

Correct, continuing to contribute 80k to your savings annually for the next 30-35 years with an assumed growth rate of 8% will yield 12-20mm in assets. Of course, this equates to more like

5-8mm in today's dollars assuming normal inflation.

30 yrs old now, saving close to $10k/month, goal is $1 million by 35.

* $74,855.22 (Fidelity - Individual)

* $71,314.68 (Fidelity - 401K)

* $77,966.33 (Vanguard - Brokerage Acct)

* $31,105.29 (Vanguard - Rollover IRA Brokerage Acct)

* $4,752.82 (Premera - Health Savings Acct)

BigDawg69 wrote:

Privileged yes, but i estimate i would only be about 120k behind if i had college debt.

Probably significantly less if i chose to work instead of run in college/HS.

If you had college debt, you would have a negative net worth. This is because if you choose to use debt to pay for a college education that you can't afford, you will also choose debt to pay for other things you can't afford like houses, cars, furniture, etc...

You are "rich" because for you paying for things with debt is off the table.

Pathetic!

To post on this site one must meet the following criteria:

- sub 14:00 5k

- supermodel wife

- $200k+ annual salary

- $1 Million + net worth

I am turning 27 this year, but conservatively on my 32 birthday we should have

5k buffer in Checking

15k in Emergency Savings

50K in 401k/IRA

60K Equity in House

So only 130K total net worth, but like I said conservative estimates so I am using home value of today, and assuming no huge jumps in salary at work, just 3% every year. But I started this job in Sept and already got a 3% raise for 2020. I would like to by further along, but I am just now getting serious about budgeting, savings, and retirement. I am also married with one kid now, and one on the way.

I would say you are good, but I would also say to turn 80% that cash and crypto into home equity and tax sheltered investments. Look into a mega backdoor roth and start max out your 2019 2020 HSA contributions. But its your money so do whatever, I really hope that 80K is at least mostly in some high yield savings account with at least 1.5% interest.

$300K net worth at 32 is $300K more than I managed... kids are expensive!

jamin what do you do for a living

125k in 401k

80k in Vanguard Brokerage

25k cash

150k home equity

34, no kids

32, only 140k net worth---just started making 450k house hold income saving 15-20k per month hoping to be at a million in 5 years

Much better than I had at 32. But fortunately my net worth has gone up about 800% over the last 10+ years.

Wondering how you are saving 10k a month if u were bitchin about not being able to make 100k two years ago. Especially given that a 10k a month savings requires one to make atleast 200k, and only if that person is capable of living off 1.5k a month (poverty level).