I was 24. Saved like crazy and lived at home. Yes, I was very fun at parties
I was 24. Saved like crazy and lived at home. Yes, I was very fun at parties
Honest, non-trolling post here:
Statistically $100K net worth (including equity in ones primary residence) at 40 is relatively normal, to perhaps slightly below average, for a person who fits this description:
- Comes from a lower middle to middle class household (and likely grew up with both parents present)
- Had the great majority of living expenses and a significant portion of educational expenses covered by their parents from birth until their graduation from college
- Has not experienced any major physical or mental health issues
- Has not used drugs or alcohol to excess
- Did not have children before the age of 25
- If married, has not been divorced
It is however, well above average for the population as a whole given that the great majority of the people fail to meet at least on part of the above description. If I had to draw an analogy to running, $100K net worth at 40 is similar to running an 18 minute 5K. Only OK for an 18-24 year old male in good health with no physical handicaps. Blazing fast for the population as a whole - which includes the very young, the very old, women, the disabled, etc.
Personally, I hit $100K net worth about a month before my 31st birthday. I graduated college with an net worth of of about negative $40K due to student loans. Was up to positive $30K at age 25 after 4 years working as an engineer in the SF Bay Area. Went to business school at 26 and graduated at 28 with a net worth of about negative $80K due to more student loans. Thanks to saving all of my bonuses (signing bonus, stub year bonus, and two full year bonuses) as a junior management consultant, and to a run of historically good stock market performance from late-2008 to 2011, I hit just my personal goal of $100K by 30.
There is no definition given for "net worth" in this thread, so I'm taking at as all accounts (saving, IRA/Retirement) + equity - all debt.
I'm just a guy from a poor family in central Ohio and I managed this in my mid 30s. Certainly not quickly, but I didn't start a 401k until 27 and our first house that we bought in 2005 was in a bad area and never gained equity (when it sold in 2013, it was for less than we paid in 2005 in spite of 50k+ in improvements).
However, in the last 5 years I've been fortunate enough to work up to max contribution (18,500 employee + ~5000 employer) per year. Also have a pension, but I try not to think about it since a lot could happen in the next 20 years. But in theory it's projected to be another 60k per year for life.
I have no idea when I hit the $100k mark but:
31 - $200k
35 - $300k
That is checking, savings, index funds and retirement. No properties. I assume this is very good. I went to an inexpensive D2 school. The cost was low enough that my parents were able to pay for most of it. I don't make a lot of money but having no student loans means that I can save a lot.
100k probably around 35 yrs of age. I was underwater (student loans including grad school) up until around age 31. $1million by age of 39. Supermodel wife soon thereafter, and sub 14 minute 5k a few years later
I was worth $100K at about 28 and I was definitely NOT setting the world on fire in terms of salary or career. I worked very hard to get through college, mostly at my own lawn-mowing business from age 20 onward, and it took me until 26 to graduate.
I graduated with just $3K in debt and a used truck with a $3600 loan. Both were discharged before the end of my first Summer after graduating. I worked seven days for a couple yrs and got my first good job at 27. Had $65,000 saved within 6 months. My expenses were crazy low for the first 4 years.
I plowed 20% into my 401K and 10% into our ESPP and lived on $1428 a month for a few years. I had a nice time during those years. Went on vacation 5-8 times per year. Bought a different, cooler car about 5 times. Went out to dinner and lunch 10 times a week.
Worth about $1.2M now.
Age 30. 80k saved, 43k invested, 20k car loan. No property. So maybe 29?
Didn't make much until couple years ago. Luckily no student debt due to running scholarship.
Millionaire at age 18. My brother was a millionaire at 21.
Age 45, dropped my PMI mortgage insurance and the house was suddenly worth $350 instead of $250K.
Age 48, sold it for waaaaaaaaay more than the wife and I bought it for, pocketed $390K in 2005.
Also run a business, but it was the uptick in Cali real estate that did the trick.
$390 in profits, that is.
My father topped out at $28k and my mother earned $15k while I was in college. I worked my way through starting at age 12. I attended a state school which was about $12k per year at the time. Guessing I was poorer than 90% of the posters accusing me of privilege or making it sound difficult.
wiz khalifa wrote:
don't most people graduate at 22. if so, then you'd have 18 years to amass a net worth of 100,000. so save 5555 per year and you're there. that doesn't seem easily doable when you consider equity in a home/value of your other assets?
I graduated at 22, 24 and 32 and was "worth" $100k by 30, if not before then (wasn't really keeping track as $100k is as notable as a hill of refried beans where I live).
Fortunately I started tracking my net worth just before it happened. I was just over 30 years old, and about 5 years into working. By 40 it was more like $580K. By 45, $1.2M. Thanks Obama (and Trump!)
Net worth (assets minus debt divided by two cause I'm married) probably hit $100k around 25.
Cash only (non-retirement, no assets, again, divided by two) was about 33.
37 now and I'd estimate a total worth of maybe $600-650k (half of everything) with cash being about $150k of that. Cash took a hit cause we recently paid off the house.
We do okay but not great. $100k net worth by 40 should be a slam dunk for most people not working minimum wage.
Unless you have very little student debt or a money tree (read: rich family), some luck is required to even hit $100k in your 20s I think.
I'm on pace to hit 100k between age 31 and 32 at worst. I'll probably retire with under a million. I have a professional degree and live pretty frugally. While I do invest a little, I do so in a mostly risk averse manner. Neither of my parents had college degrees or substantial assets.
While I don't profess to be a financial genius, it's hard for me to envision someone being anywhere close to millionaire at 30 without substantial luck, a rich benefactor, or acquiring a great job in a very low cost-of-living area. It's just not realistic. Though, anyone can be anything on an Internet message board.
I will say if you don't have 100k by 40, you're probably blowing a lot of money unnecessarily along the way. That's at least 15+ years of working for most people. Saving 6k a year is not hard. Honestly, in most careers, if you're not putting away at least $10,000 a year by your 30s you need to either evaluate your financial choices, or find a new job, or both.
24 - graduated with $50k in the bank and 10k debt
26 - 30k, hated job, quit, traveled for a year, got another degree
29 - 15k, new job
33 - 100k
35 -250k
saving like crazy now, for my indecision when i was younger. first 100k felt like it took forever. 2nd 100k took less than 2 years. should be at 300k before i turn 37.
slowbutcatching up wrote:
24 - graduated with $50k in the bank and 10k debt
26 - 30k, hated job, quit, traveled for a year, got another degree
29 - 15k, new job
33 - 100k
35 -250k
saving like crazy now, for my indecision when i was younger. first 100k felt like it took forever. 2nd 100k took less than 2 years. should be at 300k before i turn 37.
$50.00, not $50k!!
slowbutcatching up wrote:
24 - graduated with $50k in the bank and 10k debt
26 - 30k, hated job, quit, traveled for a year, got another degree
29 - 15k, new job
33 - 100k
35 -250k
saving like crazy now, for my indecision when i was younger. first 100k felt like it took forever. 2nd 100k took less than 2 years. should be at 300k before i turn 37.
How did your net worth go down from 24 to 26?
Also, was quitting and traveling worth it or do you regret?