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re: 100K Net WorthPosted by Fat Bastard on 7/29/15 at 6:34 pm to TigerTatorTots
i've got 100k net worth in just ONE of my properties alone.
re: 100K Net WorthPosted by I Love Bama on 7/29/15 at 6:41 pm to Fat Bastard
Exactly. I'm not even going to post in this thread because nobody would believe it anyway.
re: 100K Net WorthPosted by bawbarn on 7/29/15 at 6:47 pm to I Love Bama
Watch out. Couple of badasses here.
re: 100K Net WorthPosted by I Love Bama on 7/29/15 at 7:05 pm to bawbarn
If you call driving a 18 year old vehicle and living in a small house a badass then I guess I will take what I can get.
re: 100K Net WorthPosted by TigerTatorTots on 7/29/15 at 8:15 pm to Hawkeye95
quote:Yes, I would think that is wrong
wouldn't that be wrong though? i mean, the house is worth 250k (or current estimate).
re: 100K Net WorthPosted by eng08 on 7/29/15 at 8:32 pm to TigerTatorTots
This thread is a good laugh after a long day.
I hit 6 figures when I was 26 - a big part was very minimal student loan debt and saying yes I'll go do that to every shite project that came up.
I hit 6 figures when I was 26 - a big part was very minimal student loan debt and saying yes I'll go do that to every shite project that came up.
re: 100K Net WorthPosted by Ric Flair on 7/29/15 at 8:47 pm to SomeGuyFromLA
Depends on your occupation. If you're doing med school/residency and won't make any money until after 30 (with student loans), then it's a different story than an engineer who makes good $ right out if undergrad with a lower potential peak income.
re: 100K Net WorthPosted by LSUShock on 7/29/15 at 9:24 pm to Fat Bastard
At 23, I feel good being at ~30,000. I am extremely lucky to have graduated college with no student debt and as much as living at home sucks, it has been the smartest financial decision I have ever made.
The rapid pace at which I have climbed here will slow down considerably as I get married and take on some of my GF's debt in the next couple years.
The rapid pace at which I have climbed here will slow down considerably as I get married and take on some of my GF's debt in the next couple years.
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re: 100K Net WorthPosted by Jag_Warrior on 7/29/15 at 10:30 pm to SomeGuyFromLA
In my early to mid 20's, but it was because I had started a business and was buying LOTS of real estate back then.
Unless you're a high earner with a high savings rate and some home run investments, 5 million might be tough. It's doable, of course. But if you have high aspirations and goals, understand that an investment in a business and/or property will get you there more easily than just eating beans and rice for dinner for 30 years.
Also, consider the significance of "liquid net worth" as you ponder this question. You can have an impressive net worth at any age. But if it's all tied up in illiquid assets, cash poor, with a high net worth, is still cash poor. And don't ever think that a bank will always be there to float you a loan, secured or not.
And a side note... as long as they're here to try to learn something, I won't make fun of anyone not understanding a financial or economic concept. But if you don't know something, probably best not to be so emphatic in stating a (wrong) answer.
Unless you're a high earner with a high savings rate and some home run investments, 5 million might be tough. It's doable, of course. But if you have high aspirations and goals, understand that an investment in a business and/or property will get you there more easily than just eating beans and rice for dinner for 30 years.
Also, consider the significance of "liquid net worth" as you ponder this question. You can have an impressive net worth at any age. But if it's all tied up in illiquid assets, cash poor, with a high net worth, is still cash poor. And don't ever think that a bank will always be there to float you a loan, secured or not.
And a side note... as long as they're here to try to learn something, I won't make fun of anyone not understanding a financial or economic concept. But if you don't know something, probably best not to be so emphatic in stating a (wrong) answer.
re: 100K Net WorthPosted by Old Sarge on 7/29/15 at 10:40 pm to Oenophile Brah
91% of net worth for my age
98% of income for my age
98% of income for my age
re: 100K Net WorthPosted by ell_13 on 7/29/15 at 10:58 pm to SomeGuyFromLA
I'm 28. Hit 100k net last year. Already have about 70k in retirement alone. Shooting for $4m in 30 years.
re: 100K Net WorthPosted by Teddy Ruxpin on 7/29/15 at 11:15 pm to ell_13
I'm worth a shitload if I die.
But that's kinda circular
But that's kinda circular
re: 100K Net WorthPosted by gpburdell on 7/30/15 at 12:57 am 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?
For someone retiring in 30 years, does 5mm sound like a solid target?
I think it was mid to late 20s for me. 100k by 30 might be an achievement if you're only saving 5k a year.
I'll be 40 in several months and my investment portfolio will be 600k. I don't include house equity as to me that is an asset that isn't easily accessible.
My retirement goal is at least 2mm by 55. If my portfolio has a 6% average annual return over the next 15 years I should make it.
When you hit ~500k is the first big milestone imho. Returns from your portfolio can dwarf new contributions to your 401k/ira.
Once I hit the two comma club, I'll probably stop new contributions as they won't matter that much. Or I'll go super aggressive with the new money and see if I can get lucky on some bets.
This is the best retirement calculator that I've seen:
https://www.marketwatch.com/retirement/tools/retirement-planning-calculator
This post was edited on 7/30 at 1:08 am
re: 100K Net WorthPosted by Spirit of Dunson on 7/30/15 at 5:27 am to gpburdell
quote:
This is the best retirement calculator that I've seen:
I am terrible at retirement calculators, since I never know what assumptions are reasonable, and what goes into what categories. However, no matter how much I try to convince myself that we are prepared for retirement, I still feel unprepared.
My wife and I come from unstable family financial backgrounds, so we are very conservative about our assumptions when planning our retirement.
Age: mid 30's
401k and IRAs: 375k (combined wife and myself)
Equities and funds: 375k
Money Market: 115k (about to shift a bunch of this to a Vanguard Account)
Home: 100k of equity, 170k remaining on the mortgage
Other debts: 30k
This post was edited on 7/30 at 5:30 am
re: 100K Net WorthPosted by CidCock on 7/30/15 at 7:17 am to Spirit of Dunson
I am 31, net worth of about 220k (including house and 401k). Most of it in house...
But as said before, net worth doesnt pay the bills. Got a 16 month old and the wife is only working part time, lean times.
But as said before, net worth doesnt pay the bills. Got a 16 month old and the wife is only working part time, lean times.
quote:
rocket31
quote:
The bank owns the house if you still owe $180k on it.
Honestly wtf am I reading. I gotta log out
Aren't you the one that likes to do the alpha/beta threads on the OT?
Well...I'ma be real honest. Your response in this thread was pretty damn beta.
I've read silly arguments from some trying to exclude primary home equity from net worth, but it just doesn't hold up. The equation is pretty cut and dry...or at least I thought it was.
Carry on with the measuring contest.
This post was edited on 7/30 at 7:53 am
re: 100K Net WorthPosted by notsince98 on 7/30/15 at 7:58 am to SomeGuyFromLA
I hit a net worth of $100k when I was about 28 but I don't make huge bank and definitely didn't when I started out of college. I also got a later start than most as I was in school for 6.5 years.
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