re: Financial Goals and Milestones

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So if you were young, bought a house, had little saved, you would likely have negative net worth?

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From a mathematical standpoint, it's absolutely possible and quite common.

For example.. A hypothetical recent college grad starting his/her life..

Assets..

Home valued at $200K
Savings $5K
Car $15K

Total Assets $220K

Liabilities...

Mortgage Remaining $190K
Credit Card Debt $5K
Car Payment Remaining $7500
Student Loan Debt $25K

Total Liabilities $227.5K

Net Worth $220K - $227.5K = -$7,500

Things get even more complicated when things suddently depreciate like housing circa 2006-2012 and cars in general continually depreciate in value.

Re: Milestones...
"If you are not good looking by 20, strong by 30, rich by 40 or wise by 50...
you will never be good looking, strong, rich or wise."

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I'm going to shoot for the $500k

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500k at 30 seems crazy.

I graduated with no student loans and making 65k+ and am struggling to see how I could get to 500k by 30.

Some risk, some good luck. Have had very good luck with real estate.

My goal is to be able to retire when my kids graduate college (55 ideally) and live off of rental income until I hit full retirement age.

shite. i'd sure like to have that much by 30

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So if you were young, bought a house, had little saved, you would likely have negative net worth?

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Depends on what kind of loan/% you put down. I have a home worth $112,000 (hopefully can sell for more) and I owe $101,000.

With my wife's student loans, we have a net worth of around -$39,000. Without that, we'd be +$60,000 or so. Is it still considered a net worth if it's in the negative?

Yea besides this year, the way the market's been, I'm not knocking out the idea of just investing in myself and starting a business one day.

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struggling to see how I could get to 500k by 30.

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Probably because its unrealistic.

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Probably because its unrealistic.

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Exactly. It can happen and it does happen. Takes success in some high risk ventures. Less than 1% of people probably hit that milestone on their own.

I personally set a goal for passive retirement at age 50.. Meaning no more day to day work and relying more on business and real estate investments. To achieve the goal I set one million in retirement dollars, not real estate befor 40, as a benchmark.. I don't believe I'll make that partly because we wanted to have our house nearly or completely paid off.. I'm on pace to sock away between 60-90k this year depending on profits.. If I can keep that pace up with inflation I may get there by 50.

I'm a conservative worrier by nature and have had this ideal that with my house paid off, I could work at Walmart and still live in my home..