What age were you worth $100,000?

I was about 32 and just a few years out of graduate school

I am presently 25. I have an engineering degree and work in sales. If I subtracted my college loans and my mortgage, and added up my retirement, and cash in the bank, I am positive 10K. But typically when you refer to an individual's net worth you also refer to all of their assets as if they were liquid, so including the value of my car and the value of my home, my net worth would be closer to 450K.

You understand the process but not the math. You can’t have $450k equity in your home after 3 years.

I am an engineer. I started at $60k at went to $100k after a few years. I stick $15k in my 401 and get $5k matching. I also save as much as possible in a Roth and other mutual funds. I also have about $150k equity in my house now.

You very easily can if you buy a practically uninhabitable house for around 100,000 and after slaving on it for 3 years the house is worth closer to 375K. It doesn't hurt to be ahead of the market where the neighbor hood is now up and coming. 3 years prior if the house was in the condition it is now, it would be worth more like 275K. I have probably sunk about 25K of materials into it. Also I outright own all 3 of my cars.

Its a fixer upper wrote:

You very easily can if you buy a practically uninhabitable house for around 100,000 and after slaving on it for 3 years the house is worth closer to 375K. It doesn't hurt to be ahead of the market where the neighbor hood is now up and coming. 3 years prior if the house was in the condition it is now, it would be worth more like 275K. I have probably sunk about 25K of materials into it. Also I outright own all 3 of my cars.

Serious question: does outright owning your cars help? My car loan is under 2%. My mortgage is 4%. Investment returns have been ballpark 10%. I could pay off that car loan but either investing it or putting extra towards the mortgage or house seems like a better move.

definition of worth? all assets ? pretty quick I guess...., 25? helps with getting married and starting my career at 22

remember, you can't take a dime with you.... and more importantly, it can be gone quicker than you can say lickity-split! put your value in things eternal!

I think that depends on the type of car, how much you are putting down, and what interest rate you are getting. Rule of thumb is to always put the extra payment money to the thing that has the highest interest. I own a Classic Avanti (willed as a gift), a Truck I had a small loan payment on, and a 1 year old Subaru Impreza. I purchased the Impreza out right, but they hold their value, and I paid off the truck within 2 years.

What do you mean by worth $100k? $100k in cash or equivalents? $100k in home value, 401k, IRA and Cash Minus Debt?

I think I was ~28 when I had $100k in total between Cash, 401k, IRA

$100k in cash and equivalents I was ~ 33 or 34

27 I think. It helped that my parents paid for my college so I had no debt when I started working. Just started throwing loads of money into my brokerage and Roth accounts.

This isn't that hard of a question. Assets - Liabilities = Net Worth

I was worth much more than that in the womb. Just had to claw my way out.

wtf mate!~ wrote:

Easy easy wrote:

I was worth $100k at 25 and $1M at 32. It wasn’t difficult and most of my friends are ahead of me because they don’t have children yet.

What was your job or business?

Internet message forum legend probably.

I don't care what anyone says - it is hard to get a high net worth. Even saving for a down payment of 10-20% on a home can be tough for those making the median salary in the US. Of course, 95% of posters on LR are in the top 1% of earners so your audience here is skewed.

My situation - I rented until I was 29 and saved some $$ for a down payment. My technical net worth at 28 was probably 25k with savings and retirement. I had 10K to put down on a house and my folks matched it for my first down payment on a 140k starter home in good neighborhood that was built in 1971 and needed work. Stayed there 9 years, lived and saved, put about 25k into the home with floors, bathrooms, etc. Of course over 9 years I made more $ - started mid 30s and ended up mid-50s for salary. Left town for another job and sold my house for 210k (note was 85k at time), so I made some good money on the deal. I took that money and put it all towards a bigger house in a better neighborhood in a new city. Make more money now and save more, retirement has grown over the years and over last 4 years my house has appreciated about 100k. I have about 300k in equity in the home and about 175k in retirement and about 25k in cash. I have $0 debt outside of my mortgage that is 3.5%. So I think I have been pretty frugal really, with the exception of the big expensive house, and it took time. Unless you start out making a ton of money early and have no school loans or other "wins" in life, it is hard...but it can be done. Im sure someone would tell me I could save more, but I travel all over the world with my family building experiences and memories for my kids (I've spent about 30k on vacations over past 2 years). They will be able to go to college and we have all we need. It is enough for us.

Its a fixer upper wrote:

I think that depends on the type of car, how much you are putting down, and what interest rate you are getting. Rule of thumb is to always put the extra payment money to the thing that has the highest interest. I own a Classic Avanti (willed as a gift), a Truck I had a small loan payment on, and a 1 year old Subaru Impreza. I purchased the Impreza out right, but they hold their value, and I paid off the truck within 2 years.

I see. Yah I would have preferred to finance the impreza. The car dealerships give ridiculously low interest rate loans on cars like that. I won't want to sink 16k-20k in a depreciating asset when I get finance if for almost nothing and invest the cash.

Easy easy wrote:

I was worth $100k at 25 and $1M at 32. It wasn’t difficult and most of my friends are ahead of me because they don’t have children yet.

You live in a bubble of privilege and are unaware of it. Which is not surprising.

The day I was born. When I graduated college my parents let me know I had a trust fund.

At 28

Engineer

100K+ in investments

100K + in savings

Parents paid for college (Privilege)

Including retirement savings and debt, I was worth $100k by the day I turned 26.

I graduated college at 22 and had $8k in savings and about $30k worth of student loan debt. I got an entry level job right out of college making $38k a year, got two promotions +raises and yearly cost of living raises, make about $60k now.

I also live in Boston so its not like I am in a cheap area of the country.