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100K Net Worth
Posted on 7/29/15 at 2:04 pm
Posted on 7/29/15 at 2:04 pm
When did you or are you planning to hit a 100K net worth? Would 100k by 30 be an achievement or just so so?
For someone retiring in 30 years, does 5mm sound like a solid target?
For someone retiring in 30 years, does 5mm sound like a solid target?
20
Posted on 7/29/15 at 2:10 pm to SomeGuyFromLA
70th percentile for a 35 year old is about $34,000. Personally, I hope to hit my income in net worth at the age of 30. Your achievement is fantastic relative to the country as a whole, but how well you are doing is situational based on income, student loan debt, etc.
Posted on 7/29/15 at 2:11 pm to SomeGuyFromLA
Housing would make that difficult I think
Posted on 7/29/15 at 2:15 pm to SomeGuyFromLA
Age: 32
Net worth: ~$40,000 (stocks and 401k)
Monthly surplus after expenses including rent and food: ~$500
$100k target: 36-40 depending on some variables.
Student loans: No
Car note: No
Total debt: 0
Net worth: ~$40,000 (stocks and 401k)
Monthly surplus after expenses including rent and food: ~$500
$100k target: 36-40 depending on some variables.
Student loans: No
Car note: No
Total debt: 0
This post was edited on 7/29/15 at 2:40 pm
Posted on 7/29/15 at 2:17 pm to SomeGuyFromLA
I have $100K in retirement (the wife and I do), but we have $200k in house debt, so it will be a few years...
ETA: I just ran the numbers again, and we have a net worth of almost $200K, when I factor in cash in accounts, retirement and equity in the house.
ETA: I just ran the numbers again, and we have a net worth of almost $200K, when I factor in cash in accounts, retirement and equity in the house.
This post was edited on 7/29/15 at 4:14 pm
Posted on 7/29/15 at 2:18 pm to SomeGuyFromLA
It depends (obviously)..
I just turned 23 with a net worth of ~80k.. Obviously I'm an outlier and had a lot of help from my parents (subtle brag).. but my net worth has only grown by about $10-$15k in my first year out of school. I'd like to hit $100k by 25.
I do not have a 401k offered by work so obviously no employer match.. though that would definitely help you get to $100k faster. I'd say hitting $100k by 30 would just be so-so if you have employer match and make more than say $50k a year. It'd be an achievement if you made $35k a year with no employer match.
ETA: Graduating with student loan debt would also be a big inhibitor of hitting this goal.
I just turned 23 with a net worth of ~80k.. Obviously I'm an outlier and had a lot of help from my parents (subtle brag).. but my net worth has only grown by about $10-$15k in my first year out of school. I'd like to hit $100k by 25.
I do not have a 401k offered by work so obviously no employer match.. though that would definitely help you get to $100k faster. I'd say hitting $100k by 30 would just be so-so if you have employer match and make more than say $50k a year. It'd be an achievement if you made $35k a year with no employer match.
ETA: Graduating with student loan debt would also be a big inhibitor of hitting this goal.
This post was edited on 7/29/15 at 2:52 pm
Posted on 7/29/15 at 2:21 pm to SomeGuyFromLA
quote:
When did you or are you planning to hit a 100K net worth? Would 100k by 30 be an achievement or just so so?
I hit 100k around 28 or 29.
quote:
For someone retiring in 30 years, does 5mm sound like a solid target?
I doubt that you will be able to get to 5MM by the time you are 60 unless you really ramp up your savings rate.
Posted on 7/29/15 at 2:21 pm to SomeGuyFromLA
I found this Net Worth calculator.
It's based on-2013 United States Wealth Quantile by Age Calculator
LINK
It's based on-2013 United States Wealth Quantile by Age Calculator
LINK
Posted on 7/29/15 at 2:37 pm to Oenophile Brah
A big factor in how much you will be able to save is if you have kids and if they are in private school.
Posted on 7/29/15 at 2:50 pm to jimbeam
quote:
Housing would make that difficult I think
You count your equity in your house as part of your net worth. Your mortgage doesn't count against you because it is towards an(for the most part) valuable asset.
Posted on 7/29/15 at 2:51 pm to SomeGuyFromLA
See the link below for (what I think) is a nice, elegant summary of savings guidelines.
See table - 4th post down
Thread itself has other good perspectives.
See table - 4th post down
Thread itself has other good perspectives.
Posted on 7/29/15 at 2:58 pm to SomeGuyFromLA
What constitutes net worth?
Would equity in a home, 401K, savings, ROTH, brokerage accounts all count towards net worth?
Would equity in a home, 401K, savings, ROTH, brokerage accounts all count towards net worth?
Posted on 7/29/15 at 3:02 pm to TigerTatorTots
Net worth = Value of all assets - Outstanding debt
Goals should ideally be based on income/salary levels to kinda equalize them for lifestyles.
1x salary at 30 is good, but not necessarily outstanding.
Goals should ideally be based on income/salary levels to kinda equalize them for lifestyles.
1x salary at 30 is good, but not necessarily outstanding.
Posted on 7/29/15 at 3:05 pm to LSUtigerME
I have come to realize that no matter how much you have you never feel like it is enough at least IMO.
Posted on 7/29/15 at 3:10 pm to SomeGuyFromLA
quote:
For someone retiring in 30 years, does 5mm sound like a solid target?
You know that's about $4k per month, earning about 6 1/2 % average return over 30 years, right?
Posted on 7/29/15 at 3:18 pm to Ace Midnight
quote:So you're saying I can't eat?
You know that's about $4k per month, earning about 6 1/2 % average return over 30 years, right?
Posted on 7/29/15 at 3:22 pm to LSUAfro
100k net worth is really pennies in the grand scheme (at least that's how I look at it). 250k is more of a target in my mind. At that point, your money can really start working for you.
250k by the time I am 30 would be terrific. May be a stretch goal, but that is why it is a goal after all.
250k by the time I am 30 would be terrific. May be a stretch goal, but that is why it is a goal after all.
Posted on 7/29/15 at 3:23 pm to SomeGuyFromLA
quote:
Would 100k by 30 be an achievement or just so so?
It's a nice milestone especially for a single guy.
On a MT board with which seems to be full of mostly finance/attorney/engineer type folks I wouldn't say it is probably all that uncommon. The kicker excluding many under 30 might be their student loan debt.
Posted on 7/29/15 at 3:25 pm to LSUtigerME
Pretty sure I already hit 100k worth if you count the 20% I just put down on a house a couple months ago
Posted on 7/29/15 at 3:25 pm to LSUGUMBO
quote:Nah, home equity counts toward net worth, so unless you're upside down on it, your house adds to your net worth.
I have $100K in retirement (the wife and I do), but we have $200k in house debt, so it will be a few years...
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