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I don’t think increasing your net worth by 250k in 3 years is considered trending down or suffering from life style creep.
True, but mysticaltyger is right -- from a percentage standpoint, dropping from a 30%+ gain to a ~7% gain is pretty significant (to us at least!). I feel like looking at it from a percentage viewpoint levels the playing field, so it doesn't matter if you make $50k/yr or $400k/yr, progress is progress.
Also, I think we almost made it 2 pages before someone said "none of your business". Possible new record. It's like if people are talking about sports and someone else says "I don't care about sports!" Thanks for telling us, I guess?
It is truly unfathomable as to how many people in these forums are making six figure incomes under the age of 35. It's just depressing to read and makes me feel like an epic economic failure. I'm 32 and make $70K in central CT. Where did I go wrong?
This is an anonymous web forum, LOL. If you really believe that all of the 40 year olds on this thread have a million dollars in net worth and make high six figures per year, I have a bridge I'd like to sell you...
This is an anonymous web forum, LOL. If you really believe that all of the 40 year olds on this thread have half a million dollars in net worth and make six figures per year, I have a bridge I'd like to sell you...
As for me:
29 years old
make $400,000/year
NW 5.6 million
It's possible all the people on this forum do have the incomes and net worth they claim. While it's not unreasonable to think at least a few are lying or exaggerating, the Personal Finance forum on CD is a self selected group. People who are interested in money come here. People who aren't, don't. And the people who aren't interested are most commonly the ones who are broke or in debt.
Age:can't drink alcohol yet (that's the most I'm willing to say)
Location:MD
Networth: I believe around -1000?
I'm a college student, I plan to pay that off and keep a positive networth of at least a couple thousand after
Income: variable(work temp here and there), currently looking for new work, have decent savings for a student to hold me over.
I guess I'm doing well, I'll be saving and will try and take on as little debt as possible..
By my projections I should graduate with next to no debt and be able to pay off any debt the 1st year out of college. If things go perfectly I'll graduate with no debt and a positive networth.
And no my parents aren't helping me..
Good job. If you can manage it, put some money in a Roth IRA while your income is low. The tax free compounding is amazing. I wish Roth IRAs were around when I was under 21.
This is an anonymous web forum, LOL. If you really believe that all of the 40 year olds on this thread have a million dollars in net worth and make high six figures per year, I have a bridge I'd like to sell you...
As for me:
29 years old
make $400,000/year
NW 5.6 million
I suspect that we see a lot of ridiculous numbers because it's a very self selecting group. People who are not doing as well are unlikely to be in this subforum or too embarrassed to post.
That's part of why I post my updates. I've struggled, I'm not where I want to be or imaged I'd be, and my numbers look nothing like some of the other numbers here - but I also recognize that I'm still doing better than 90% of people in my age group. It brings a little realism to people who look at these numbers and feel discouraged.
39yo - Married, wife is 30
Still Phoenix
$190k Income (Me - $140k with new job, wife est. $50k?)
-$80k NW (High student loans from recent grad school + cars, but paying off quickly)
New job is huge. In a year at current savings rate should be able to have my student loan paid off. Wife has her own business so her income is variable (I estimated).
Update:
41yo - Married, wife now 32
Phoenix
$200k (Me - $155k, wife ~$45k)
Net Worth is now $0 not including home equity (estimated $20k with home equity)
So we went from -$80k to $0 in a year and half. That was with some large out of pocket expenses including home improvements and medical last year for me. On pace to save $80k this year ($60k for the rest of the year), so should be at at least +$65-70k by end of 2019, and hopefully $150-160k by end of 2020.
Last edited by ShampooBanana; 03-27-2019 at 02:45 PM..
41yo - Married, wife now 32
Phoenix
$200k (Me - $155k, wife ~$45k)
Net Worth is now $0 not including home equity (estimated $20k with home equity)
So we went from -$80k to $0 in a year and half. That was with some large out of pocket expenses including home improvements and medical last year for me. On pace to save $80k this year ($60k for the rest of the year), so should be at at least +$65-70k by end of 2019, and hopefully $150-160k by end of 2020.
Congratulations! What a huge milestone. Looking forward to your next.
I know its only 401k and that's not the only contributing factor to net worth, but lets be real.
Average numbers really don’t tell the story ..the numbers of those who do save and make decent contributions get diluted by new workers , people who contribute little and people who don’t contribute on a consistent basis and people like me .
I remember seeing a study that looked at those 55 and over who had plans for at least 10 years and contributed half to max ...the balances were quite high..
Plus people change jobs and take their money out of their 401k .... know what I have in my 401k ? 3000.00 dollars ... I had 7 figures but I retired and took it with me .... I work one day a week and just started a new 401k ..
I diluted everyone else’s numbers if you are looking at 401k balances
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