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Answering the question is a choice, not an obligation.
Started with nothing, worked my way through college and graduate school without any parental support, scholarships, or loans.
Made some sensible choices, worked hard, lived within my means, invested the max into 401-k, paid off my mortgages early, made some good real estate investments ( and a few bad ones ).
Worked mostly in the DC area. Now living in North Carolina.
Above was from Feb 2017 my very first post to this thread, thought it's time to post an update
Age: 49
Income: ZERO (just got laid off so contemplating what I should do next )
NW: $1.49M
Seems like smart planning and money management (and probably some luck) helped you net a nice cushion, so good job. Seems like you can take almost as much time as you need plotting your next move.
Edits/Updates in Red.
Age: 50
HH Income: $60,000
Net Worth: ~$625,000
Location: San Jose, CA
I'm single & a renter, so no home equity. Income is a little high this year because I will get an extra paycheck because of the way the payroll calendar falls. 60k will be the most I've ever made.
My general net worth trajectory:
Age 26: -$14,000
Age 35: $100,000
Age 41: $200,000
Age 43: $300,000
Age 46: $400,000
Age 48: $500,000
Age 50: $600,000
Age 51: $700,000
Age 53: $800,000
Most of it is because I was a save-a-holic, especially from age 26 to 35, not because I got amazing investment returns.
I have had parental gifts, but never more than $1200 a year. They almost always go toward savings and investments. The biggest gift I've had since late 2022 is living at home with family, rent free. Not a trivial thing when you have a low income. No way would I be able to save much, if anything, on my current income, even in a roommate situation.
Age: 53
Location: Philadelphia metro
Income: $28,000 (peaked in 2021 at $61,000)
Net Worth: $840,000
Yay! I finally hit 800k this year. I hope it sticks!
Last edited by mysticaltyger; 03-13-2024 at 08:47 PM..
Since this thread got bumped I'll update from a few months ago. The house got sold and with the proceeds I just paid off the mortgage that was less than 40k. So I'm now completely debt free! Too bad the market isn't cooperating and the value of my retirement and investment accounts have dropped. I'm heavily weighed in equities because of my age and my high risk tolerance.
43
$145k annual salary
$1.53m net worth
(65% retirement/investment accounts
28% real estate equity
7% cash or equivalent)
Since this thread got bumped, here's an update. House went up in value around 5%, but the investments really shot up. Cash accounts are in HYSA so making 4.35-5%.
43
$153k annual salary
$1.90m net worth
(69% retirement/investment accounts
25% real estate equity
6% cash or equivalent)
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