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Goodness, this thread is amazing. I had 25k cash in the bank at age 27 and I was feeling pretty darn good about myself. No where near 100k though.
$25K is not bad at all & better than most, I'd say. When I was 27, I knew plenty of older people who were living the high life on borrowed money, taking ritzy vacations, driving multiple high-end cars, buying everything full price from Sax's Fifth Ave, living in a house larger than a family of 2, 3 or 4 would need in a wealthy suburb... it all came crashing down on them soon thereafter & their panic & disbelief confused me.
Even at that age, I knew no one should be living on credit, because one eventually has to pay it back. They did... some lost their jobs in the dot com crash... then homes, cars, marriages in most cases & their kids didn't like moving to a less than optimal inner-city 'hood being bussed between 2 bitter parents.
I learnt to just accept the less than optimal inner-city 'hood, curb-shopped for & refurbished high-end furniture others were tossing out when the new luxury furniture catalogue came in the mail & bank my money until I could afford to move out at 30.
I personally go by networth. You just have to be careful with estimating housing equity.
Ok, I have 80K in 401K, 25K in my car at today's KBB value (paid it off this month), 5K in my checking account, 3K credit card debt, and 170K in mortgage debt on a house that is worth 240K.
I'm pretty sure my net worth is over 100k (80K+25K-3K+5K-170K+240K=167K). I'm 31 now.
Me too PatanjaliTwist! I don't understand how some times people seem to get bent out of shape when people discuss their financial successes. Many times I think it comes down to being jealous/envious of someone that was successful early in life.
I LOVE LOVE LOVE hearing about successful people, especially those that did it earlier in life and especially those that not only hung on to their money but successfully grew it into an even bigger pot.
I think one should keep in mind here that inflation also plays into the equation. If someone entered the job market in the year 2000 and is worth 100k in 10 years, it is not as big of an accomplishment if the same person entered the job market in say 1980 and reached 100k in 10 years. With the way inflation in the housing market has skyrocketed, it will be no wonder if someone enters the jobs market in 2020 and gains a net worth of 100k in 3 years.
Hoping by 40. 35 now; I'm a writer who brings in 37-39K per year, depending on side jobs. I should hit 60K in net worth this year (no debt and not including a house I'm renting out and trying to unload) and at my current pace, barring any big financial setbacks, I am increasing my net worth by around 10K per year.
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