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I signed up for an account on https://www.networthiq.com/ and update monthly and enjoy watching the Net Worth trend line climbing higher and higher in the postive direction. It really is a good feeling.
I use Mint.com for the same thing - and it also has great budgeting software. It's part of the reason why I use my credit card for most purchases because it automatically logs EVERYTHING (and I get points every month and am back at the point where I can pay it off as I go).
To those who see this thread and think "How could I ever do it?" - an anecdote.
2 years ago, I had a net worth of about negative $10,000 thanks to a cancer diagnosis right out of college and no financial support from family. A year ago, I had gotten myself out of debt thanks to buckling down, banking 75% of my raise, and banking 100% of my tax refund. Today, my net worth just passed $11K and I just turned 26.
Now, those might not seem like impressive numbers and I personally have felt very discouraged. I STILL feel discouraged at my relative financial insecurity. That said, with a little buckling down and planning, you can get some real growth. Also keep in mind that the average 20-something doesn't have much in retirement due to low wages, building emergency funds, student loans, or graduate school. It's normal to have low amounts - just be aware of what you are putting away for retirement and up your contributions with every raise. This forum is an outlier with so many people in their 20s already worth 6 figures - not that it can't happen, but it typically requires a whole lot of luck as well as hard work. Had I not gotten cancer and had I gotten married young, I probably would count myself among the 6 figure wealth numbers too despite my age. But you have to keep chugging along.
Right now I'm focusing more on getting a full year in my emergency fund before upping my 401K contributions or considering a Roth IRA because of my medical history. It might mean I have to play catch-up later on, but also will help me having to avoid pulling what little I have in my 401K out early if I were to relapse. You have to figure out what risk burden makes the most sense for you.
42 with a little over $400,000 in 401k. In the years I receive raises, I increase my contribution rate before I see the raise in my paycheck. Generous employer contributions have helped. Would love to be at 450 by 2015, but probably wishful thinking.
I am 24.. I have been working my career for 9 months. My 401k just passed $3,000 last week. Firm contribution should be in soon.
I also have personal investments through Vanguard. I use it as a "savings account" since banks pay 0.1% or some junk, and even a basic money market account returns more than that. I have $3,000 in personal investments through there as well. I like having 401k and personal brokerage separate, because the latter is actually liquid. It serves as my "emergency" fund but still can earn a nice return. I have a combination of Cash, US stocks , International stocks, and Bonds in the form ETFs. Doing well here.
No debt here other than student loan and car loan (1.5 years left). I will feel great when I pay that off.
I use Mint.com for the same thing - and it also has great budgeting software. It's part of the reason why I use my credit card for most purchases because it automatically logs EVERYTHING (and I get points every month and am back at the point where I can pay it off as I go).
To those who see this thread and think "How could I ever do it?" - an anecdote.
2 years ago, I had a net worth of about negative $10,000 thanks to a cancer diagnosis right out of college and no financial support from family. A year ago, I had gotten myself out of debt thanks to buckling down, banking 75% of my raise, and banking 100% of my tax refund. Today, my net worth just passed $11K and I just turned 26.
Now, those might not seem like impressive numbers and I personally have felt very discouraged. I STILL feel discouraged at my relative financial insecurity. That said, with a little buckling down and planning, you can get some real growth. Also keep in mind that the average 20-something doesn't have much in retirement due to low wages, building emergency funds, student loans, or graduate school. It's normal to have low amounts - just be aware of what you are putting away for retirement and up your contributions with every raise. This forum is an outlier with so many people in their 20s already worth 6 figures - not that it can't happen, but it typically requires a whole lot of luck as well as hard work. Had I not gotten cancer and had I gotten married young, I probably would count myself among the 6 figure wealth numbers too despite my age. But you have to keep chugging along.
Right now I'm focusing more on getting a full year in my emergency fund before upping my 401K contributions or considering a Roth IRA because of my medical history. It might mean I have to play catch-up later on, but also will help me having to avoid pulling what little I have in my 401K out early if I were to relapse. You have to figure out what risk burden makes the most sense for you.
If you have access to an HSA, be sure to max it out!
Little over 40 yrs old with $400k+ in IRA, 8% contribution rate and invest every bonus into my Roth + IRA.
Nice job! :-)
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