Share your net worth progression

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
stoptothink
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Re: Share your story of how you got wealthy

Post by stoptothink » Wed May 14, 2014 11:33 am

investingdad wrote:
etowers wrote:
Professor Emeritus wrote:Would never claim I was wealthy but
I suggest
1) marry the right partner
2) Live in the same house for 34 years
3) work very hard at your profession
4) live below your means and save prodigiously
5) never listen to or pay a dime to a broker or other thief


I don't really understand how you can choose 1) as an active step to building wealth. It seems to me more like the luck of the draw if you get someone with similar financial goals. I don't see how it is actionable to "choose" your life partner as a means of building wealth, as opposed to deciding how much to save every month.


Of you course you can choose #1, why couldn't you? Let's spin it another way, let's say you meet somebody and find out a few months in they have a heroin habit. Do you say, "Well, it's outside my control to choose to be with this person so I guess I'm getting engaged to a heroin addict."? Of course you have a choice. I would say, "See you...I don't need your problems to become my problems."

You know going in whether the person is on the same general page as you...if you choose to stay on with a person that doesn't have similar life goals, it has nothing to do with luck and everything to do with you making the decision.


Read the prenup thread. I am not the only person who was told by their partner that they shared similar financial goals, only to find out that wasn't true after the marriage. I dated my first wife for three years and we together mapped out our financial future well before tying the knot; when it came to actually doing it, that was a different story. My net worth went backwards during our 4yr marriage, thanks to what I thought was at the time a good a 6-figure investment in her education (and supporting a full-time student, non-working, partner). You do not necessarily know if that person is on the same page as you, until you actually try it. If that was the case for you, congrats.

AlohaBill
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Re: Share your networth progression

Post by AlohaBill » Wed May 14, 2014 11:49 am

Never had much money due to college, peace corps @ $75per month, grad school.

1978 broke -$5000 grad school loan at age 27
1979 married . We are teachers
1981 $50000 first son
1985 $85000 now raising 4 sons
1990 $190000 pay off mortgage
1995 $225000
2000 $550000
2005 $900000 I retired
2010 $1025000
2013 $1500000 investments (mostly vtinx) doing well
Traveled many years worldwide in early years, watched baseball and soccer matches (about 150 each during the year)
Now receiving grandkids (4)

Gecko10x
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Re: Share your networth progression

Post by Gecko10x » Wed May 14, 2014 12:01 pm

2004: Married & finished college with combined $55k+ student loans. NW -$55k+
[edit: there was some CC debt somewhere in here... at one point about $10k]
2007: 1st son born. Wife quit job to be home. NW: ?
Spent too much on cars, stuff
2009: 2nd son born. NW: ?
Spent too much on cars, stuff
2012: Started tracking NW and getting serious about paying down debts. NW: $65k
2013: NW: $100k
now (age 34): NW: $125k
Last edited by Gecko10x on Wed May 14, 2014 1:15 pm, edited 1 time in total.

letsgobows
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Re: Share your networth progression

Post by letsgobows » Wed May 14, 2014 12:04 pm

i need to make more money.

its impressive to see bogleheads' net worth increase by 100k+ each year. I don't even make 100k in a year.

im already 30 w probably only a net worth of about $100k combined (cash and investments). w a kid on the way, a mortgage (do have about 100k in equity in our home), wife's students loans, etc. pretty stressed.

AlanDistro
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Re: Share your networth progression

Post by AlanDistro » Wed May 14, 2014 1:06 pm

I started a small business in 2008, before that my networth was definitely negative due to a car loan, a lot of credit cards, and student loans. I had no idea what a budget was. But even if I had, I was working for almost minimum wage and wouldn't have had anything to speak of to budget.

Once the business started making money (almost right away), I started researching how to handle my finances so I didn't mess it all up. In 2009 I found Dave Ramsey's books and quickly got rid of all debt. I started tracking my net worth in 2010...

2010 - $88,240
2011 - $178,830
2012 - $280,736
2013 - $346,097 - turned 30 years old and bought a house this year, yay!

The business has been really good to me given before it I had less than nothing. And I'm glad that past me was smart enough to read up on personal finance as soon as some serious money started coming in.

Last month I found out about the Bogleheads and I am currently reading The Bogleheads' Guide to Retirement Planning. This is my first post on the forum, but I look forward to many more.

Gecko10x
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Re: Share your networth progression

Post by Gecko10x » Wed May 14, 2014 1:20 pm

letsgobows wrote:im already 30 w probably only a net worth of about $100k combined (cash and investments). w a kid on the way, a mortgage (do have about 100k in equity in our home), wife's students loans, etc. pretty stressed.


If you actually have a net worth of $100k at 30, that's not too shabby.

If, however, you mean you have $100k of investments, plus $100k home equity, minus student loans, (car loans?), then it sounds like you may have a NW of more than $100k. Even better! (unless there are a ton of student loans.)

reggiesimpson
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Re: Share your networth progression

Post by reggiesimpson » Wed May 14, 2014 2:13 pm

Having a mother and father who love you will give you the strength and confidence to risk it. I was fortunate enough to have those parents, i risked it and i became wealthy and i thanked them everyday.
1962 net worth $200
2014 net worth $10,000,000+

nash031
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Re: Share your networth progression

Post by nash031 » Wed May 14, 2014 2:28 pm

Net worth, not invested assets...

Age 22 (college grad): -$20,000
$100k at 26 (bought a new construction house that appreciated rapidly, realized ~$60k over two years)
$250k at 32 (not as lucky in the RE market, lost some of previous gain, but savings marched on)
$500k at 34 (savings and marriage!)
$1MM at 36 (current age - about 40% of NW is equity in current primary residence)

Savings rate started at 10% of gross at my first paycheck (<$30k/yr) now up to 40% of (our) much larger gross. Big bump came when I married at 34 and DW brought about $100k NW with her.
Last edited by nash031 on Wed May 14, 2014 2:40 pm, edited 2 times in total.

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White Coat Investor
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Re: Share your networth progression

Post by White Coat Investor » Wed May 14, 2014 2:35 pm

J295 wrote:
5) never listen to or pay a dime to a broker or other thief


We don't use a broker as they don't bring value to our situation. However, the brokers I do know are hard working, honest, and want their clients to be successful. I appreciate the enthusiasm among Bogleheads for low cost investing; however, it seems use of the term "thief" was out of bounds.


They might not know they're a thief, but that doesn't change the fact. I have an acquaintance who spends all day selling actively managed mutual funds with ERs of 1-2%. He is slowly transferring wealth from his clients to himself and his parent company. He might want his clients to be successful, but he isn't helping them to do so, no matter what his intentions.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

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White Coat Investor
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Re: Share your networth progression

Post by White Coat Investor » Wed May 14, 2014 2:40 pm

letsgobows wrote:i need to make more money.

its impressive to see bogleheads' net worth increase by 100k+ each year. I don't even make 100k in a year.

im already 30 w probably only a net worth of about $100k combined (cash and investments). w a kid on the way, a mortgage (do have about 100k in equity in our home), wife's students loans, etc. pretty stressed.


Yes, it is impressive and the big reason Bogleheads are on average so wealthy. That doesn't mean the principles don't work just as well on a lower income.

One thing I have really learned the last few years, however, is that boosting income is far easier than most middle class folks believe. If you don't like your income, what are you doing about it? Are you working overtime? Do you have a second job? Are you getting another degree on the side? Have you opened a business? How about investing your money in ways that you can add value with additional effort and expertise (like real estate.) These are the things that people who don't like their income are doing. At a certain point, your time and energy are worth more than additional money. It doesn't sound to me like you're there yet if you're feeling a lot of financial stress.

BTW, your net worth is far larger than mine was at 30....so I think you're probably doing great.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

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White Coat Investor
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Re: Share your networth progression

Post by White Coat Investor » Wed May 14, 2014 2:41 pm

Stonebr wrote:The first $100,000 was by far the hardest. After that, things seemed to just compound. :happy


I agree. So was the first $10,000 and the first $1 Million. You're compounding not only your investment earnings, but also your raises, and inflation.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

sesq
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Re: Share your networth progression

Post by sesq » Wed May 14, 2014 4:08 pm

investingdad wrote:We're about the same age. Interestingly, my experience up to age 29 and getting to 100K matches yours. No lawsuits though which is why you're first datapoint is 100K higher than what I posted above. And like you, 2008 and 2010 were cruddy for the same reasons...invested fully in the market as a whole so we are riding the same waves.

The main area where we differ is that my wife works and is not home with the kids. If one of us were to stay home it would be be me since she earns more and probably has a much higher ceiling than I do.

But when I compare your points to mine, that 100K lawsuit bump puts you out in front of me for about 5 years. We track very closely for awhile. But then our (assumed) higher combined income starts to take over as we're probably able to put more into investments. And it's within the last 2.5 years that the extra investing and compounding has pushed us out in front of your posted numbers.


Yes, when I saw your post I had mentally benchmarked myself, and my thought was, "perhaps if my wife had worked . . " My base is less than your combined but the more recent incentive comp can take me above. I think you are a more diligent saver than me. I tend to be willing to drop cash on home improvements that I don't bother to drop to the bottom line (with good reason). Either way, I have no complaints, I don't imagine you do either, you've done great..

investingdad
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Re: Share your networth progression

Post by investingdad » Wed May 14, 2014 7:01 pm

sesq wrote:
investingdad wrote:We're about the same age. Interestingly, my experience up to age 29 and getting to 100K matches yours. No lawsuits though which is why you're first datapoint is 100K higher than what I posted above. And like you, 2008 and 2010 were cruddy for the same reasons...invested fully in the market as a whole so we are riding the same waves.

The main area where we differ is that my wife works and is not home with the kids. If one of us were to stay home it would be be me since she earns more and probably has a much higher ceiling than I do.

But when I compare your points to mine, that 100K lawsuit bump puts you out in front of me for about 5 years. We track very closely for awhile. But then our (assumed) higher combined income starts to take over as we're probably able to put more into investments. And it's within the last 2.5 years that the extra investing and compounding has pushed us out in front of your posted numbers.


Yes, when I saw your post I had mentally benchmarked myself, and my thought was, "perhaps if my wife had worked . . " My base is less than your combined but the more recent incentive comp can take me above. I think you are a more diligent saver than me. I tend to be willing to drop cash on home improvements that I don't bother to drop to the bottom line (with good reason). Either way, I have no complaints, I don't imagine you do either, you've done great..

Nope, it was my wife's choice to work and she's been doing great. The kids are as well.

Sounds like career wise you're doing better than either my wife or I alone, very nice indeed.

I suspect we'll end up in about the same spot at the same time if we each choose an early retirement.

DFWinvestor
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Re: Share your networth progression

Post by DFWinvestor » Thu May 15, 2014 4:02 am

Wow, I have never been as much of a record keeper as some of you. I have a rough idea of when I hit 100K net worth. Same with 500K. I don't track nearly as closely as some of you, but I will pay close attention when I close in on 7 figures. I'm probably about 2-3 years out.

100K to 500K happened in a big hurry for me, thanks to getting my retirement investing started as the market was crashing and investing all the way down and back up.

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stemikger
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Re: Share your networth progression

Post by stemikger » Thu May 15, 2014 6:04 am

techcrium wrote:I am curious to know how the bogleheads got wealthy, what was your salary + savings rate at your early age.

For me, had $3,000 or so at 18 (working various jobs)

saved up $30,000 at 23 (again various jobs and parents paid tuition)
This is when I purchased my first stock (JNJ at $54)

Currently:
$100,000 at 27 (100% equities and thanks to bull market; split between ETFS, indexes, and individual stocks)


EDIT: So for me, it is
2005: $3,000 (age 18) (worked at McD; KFC, etc earning $9/hour)
2010: $30,000 (age 23) (worked as intern in the summer earning $13-15/hour)
2014: $100,000 (age 27) (fulltime position earning 44,000 a year)


You are in good shape. I didn't even start contributing to a 401K until I was 30.

Turning 50 next month.

Home worth $400K (fully paid off)
401K and IRA $430K
Misc. $10K

Hey, I'm almost a millionaire.

Where I fall short is my salary. I rather not say, but compared to others here it is very modest but it has taught me to live within my means.

Good Luck!
Choose Simplicity ~ Stay the Course!! ~ Press on Regardless!!!

truenorth418
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Re: Share your networth progression

Post by truenorth418 » Thu May 15, 2014 6:56 am

1. Worked my butt off in school until I had achieved an advanced degree
2. Used that advanced degree to get progressively higher paying jobs. Admittedly, I wasted too much of this opportunity in the early years on drinking and partying.
3. Finally put a long range financial plan together including a detailed budget and significant savings. I ultimately saved over 70% of my after tax income earned over my 23 year career.
4. Done with the corporate life and having saved enough to live comfortably on my savings and investments, I retired at age 47.

Exact numbers aren't the issue. The issue is: work hard, live a simple LBYM lifestyle, and make saving (and investing) a very high priority.

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jfn111
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Re: Share your networth progression

Post by jfn111 » Thu May 15, 2014 7:28 am

I started paying attention to finances when I was 42
1998 $363,904
2000 $417,451
2002 $431,617
2004 $580,895
2006 $825,892
2008 $1,039,866
2010 $1,096,462
2012 $1,360,852 (retired yeah! started making some withdrawals)
2014 $1,547,149
This doesn't include payed off house, emergency fund or pension

madbrain
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Re: Share your networth progression

Post by madbrain » Thu May 15, 2014 7:46 am

This is the graph since I have been tracking in Quicken . I was tracking under different software under a different OS before. I may someday try to merge the data. Maybe ...

Image

I had a net worth $0 in 1996 when I started working full time as a self-taught software engineer.
My parents helped me a little bit with a small downpayment on a townhome in Silicon Valley in 1997.

Job income went up quite quickly over time until about 2006.
I worked part time 60% in 2007 after I was diagnosed with HIV a few months before.
I went back full time in 2008.
When 2008 happened, both my financial assets - mostly 401k - and home value cratered.
In 2010, I bought a mansion, without being able to sell the old townhome. That's why debt from about $100k to $1000k that year.
My father also passed away that year, and I received about $600k between years 2010 - 2013 ; yes it took 3.5 years to settle the estate in France after his home was sold.
My own former townhome was finally sold in 2012 and debt went back down to more manageable level.
It's really hard to make sense of the net worth chart because it's so difficult to account for home value over time.
Homes cannot be "marked to market". You never know what it's worth until you try to sell it.
I have tried to input some guesstimates of home value adjustments over time, but they are just that, guesstimates.
Right now my current home is marked at $950,000 in Quicken, the value it was last appraised at in September 2012.

Zillow says it's worth $1700k, including a stupid $250k increase in the last 30 days. Who the hell knows what it's really worth - I don't plan on selling it anytime soon.

dpusa
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Re: Share your networth progression

Post by dpusa » Thu May 15, 2014 10:32 am

I agree with most of how to increase your net-worth but here goes my progression.

2001: $0 (First year of working)
2008: $386k
2014 (Current): $1.16MM

Biggest mistakes:
1) In 2007, overpaying for a home - and then selling it for a loss 5 or so years later (albeit we had overpaid on it so walked out with lots of equity).
2) Not contributing the max. 401k limit for the year until 2008.

letsgobobby
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Re: Share your networth progression

Post by letsgobobby » Thu May 15, 2014 1:04 pm

I learned my lesson with my last house. For any shortish time period under seven years or so I assume my house has not increased at all net of fees to sell. Any realized gain at sale is a bonus.

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vitaflo
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Re: Share your networth progression

Post by vitaflo » Thu May 15, 2014 1:27 pm

From my spreadsheets since I started tracking:

2009: $74k (age 33)
2010: $101k
2011: $126k
2012: $266k
2013: $369k
2014: $427k (YTD)

heyyou
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Re: Share your networth progression

Post by heyyou » Thu May 15, 2014 2:30 pm

Didn't finish college before or after military service. Started working at a blue collar job at a business that became a Fortune 500 company. Saved well but invested greedily in a limited partnership that failed, then lost $20K in an overpriced condo.

Zero financial assets in 1982. Retired in 2005 at age 55 from the same job with $1000K of financial assets. Annual income did not ever reach $70K, but was in the 50s and 60s for many years. 2013 statements show $1200K in the markets, no mortgage on newer, retirement sized home, an annual $41K no-COLA pension, and cheap retiree healthcare from former employer. We are spending more that when we were working, and feel grateful about our lives, every day.

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Toons
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Re: Share your networth progression

Post by Toons » Thu May 15, 2014 3:16 pm

heyyou wrote:Didn't finish college before or after military service. Started working at a blue collar job at a business that became a Fortune 500 company. Saved well but invested greedily in a limited partnership that failed, then lost $20K in an overpriced condo.

Zero financial assets in 1982. Retired in 2005 at age 55 from the same job with $1000K of financial assets. Annual income did not ever reach $70K, but was in the 50s and 60s for many years. 2013 statements show $1200K in the markets, no mortgage on newer, retirement sized home, an annual $41K no-COLA pension, and cheap retiree healthcare from former employer. We are spending more that when we were working, and feel grateful about our lives, every day.



Nice Thread!Congratulations.
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

TheEternalVortex
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Re: Share your networth progression

Post by TheEternalVortex » Thu May 15, 2014 10:17 pm

I've been tracking my net worth since I turned 18.

@ 18 -> $700
@ 19 -> $7,000
@ 20 -> $17,000
@ 21 -> $43,000
@ 22 -> $56,000
@ 23 -> $60,000
@ 24 -> $96,000
@ 25 -> $178,000
@ 26 -> $208,000

This is just from working; I haven't had any "windfalls" to speak of.

LeeMKE
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Re: Share your networth progression

Post by LeeMKE » Fri May 16, 2014 12:49 am

AGE
22 - IRAs are available for the first time and I invest $600 toward my retirement, and never miss a year from now on, depositing the maximum in IRAs, 401Ks, Keogh, 403Bs, whatever tax deferred vehicle was available, and badgered one employer who refused to offer them to employees.

34 - divorce and we split retirement portfolio, I take about $100k

44 - the portfolio is about $400k and I wonder whether I should be managing it myself, and decide to move it under management.

45 - my portfolio jumps to $750k when I discover the investment advisor shifted strategies and put me in mostly tech stocks, then the market crashes. I lose about 45 percent of the top value and learn never to let someone else manage my portfolio.

50 - remarry and keep investments separate until I learn that my husband's advisor has had him in high commission funds with low returns for years, and now is recommending that he move everything into . . .wait for it . . . Korean stocks. I take over management of his small portfolio, because God knows, I can't do worse than that. My portfolio is about $550k, his is $100k

55 - I am about to retire, but September of 2008 I freak out after losing 25% and seeing too much turmoil, and divest everything, moving to laddered CDs at 5%. Sept 2009 first CD matures and I invest in Peer to Peer lending, net 15% p/annum lending to established small business owners locked out of the market during the banking crisis. Sept 2010 split next CD between equities and Peer to Peer lending, Sept. 2011 move last CDs to equities.

58 I retire, husband will work until 65. Portfolio is just under $1mil.

59 Today $1.1mil.
The mightiest Oak is just a nut who stayed the course.

SGM
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Re: Share your networth progression

Post by SGM » Fri May 16, 2014 5:23 am

Net worth didn't really improve much until I began to work in the oil industry at age 30.
Net worth took a bump up when I started an S corp at age 49.
Improvements in net worth were possible because of additional education.

KisKis
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Re: Share your networth progression

Post by KisKis » Fri May 16, 2014 12:21 pm

Finally feel like I am getting somewhere. It is hard to keep going when the numbers are small, but then the multiplier effect starts kicking in, and it feels great.

Married right after college at 22. DH is same age. We both graduated with no debt, thanks to scholarships and financial aid. I also had work study jobs all four years. We both worked every summer. Income listed is household total. This is not networth. This is retirement, stocks, and cash savings only.

22 / Savings: $14,000 / Income: $50k
25 / Savings: $51,000 / Income: $63k
29 / Savings: $252,000 / Income $120k

So yeah, some magic happened between 25 and now due mostly to steady saving and a little to hard work. DH has been getting steady raises every year, and I changed jobs at 27, which almost doubled my paycheck. Hoping to hit $1M by 36. House will be paid off at 35.

sambb
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Re: Share your networth progression

Post by sambb » Fri May 16, 2014 4:16 pm

2010 1.2 million
2011 1.7 million
2012 2.3 million
2013 3.1 million
2014 3.6 million

IMD801
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Re: Share your networth progression

Post by IMD801 » Sat May 17, 2014 2:33 pm

sambb wrote:2010 1.2 million
2011 1.7 million
2012 2.3 million
2013 3.1 million
2014 3.6 million


Wow. :shock:

My rough numbers:

2008: -150k
2009: -130k
2010: -120k
2011: -100k
2012: -60k
2013: 0
2014: +160k

bubbadog
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Re: Share your networth progression

Post by bubbadog » Sat May 17, 2014 4:27 pm

Year. Age. Net worth
1996. 29. -65,000 (student loans, mine and wife- completed residency/got married)
2006 39. 1,000,000 ( goal was to make 1 mil by 40)
2014. 47. 2,000,000 (still far from "rich" but keep plodding along)

Wife has been SAHM the whole time. Income about 180-240k through the years. Did nothing special except for living below our means but still feels like an upper middle class lifestyle to me.

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abuss368
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Re: Share your networth progression

Post by abuss368 » Sat May 17, 2014 6:50 pm

sambb wrote:2010 1.2 million
2011 1.7 million
2012 2.3 million
2013 3.1 million
2014 3.6 million


Wow is correct! You essentially tripled your net worth in four years? If I may ask, is this from low cost index funds?
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

rhsharma
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Re: Share your networth progression

Post by rhsharma » Sat May 17, 2014 10:36 pm

2004: $340,000
2005: $380,000
2006: $425,000
2007: $485,000
2008: $537,500
2009: $603,125
2010: $679,081
2011: $759,035
2012: $841,556
2013: $929,606
2014: $1,011,957 (Age:47)

archiethedragon
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Re: Share your networth progression

Post by archiethedragon » Sun May 18, 2014 7:56 am

I started tracking my net worth in 2005 and I have since put all my info into NWIQ. I combined finances when I got married in 2007. I am 36 now.

Here is my chart.


Image

ThinkingRunner
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Re: Share your networth progression

Post by ThinkingRunner » Sun May 18, 2014 11:40 am

Ballpark year-end NW, first single, then a couple post-2007. Present ages: 34, 33.

2002 - $1.6K (arrived in the U.S. for graduate school mid-2002)
2003 - $8K
2004 - $20K
2005 - $32K
2006 - $45K
2007 - $55K (got married, spouse graduate student, individual NW: $0)
2008 - $96K (graduated mid-2008, started first real job)
2009 - $213K (spouse graduated and started first real job early 2009)
2010 - $360K
2011 - $509K
2012 - $767K
2013 - $1.01M
present - $1.13M

No jackpots or inheritances. Less than 4% of our current NW comes from family gifts. Always saved over 50% of gross income in tax-advantaged and taxable accounts.

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Artsdoctor
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Re: Share your networth progression

Post by Artsdoctor » Sun May 18, 2014 12:00 pm

Because of educational expenses, I could not really start saving with any significant amount until I was in my early 30s. However, from late 30s until early 50s, we saved about 1/3 of our combined pre-tax income. However, the savings amount was not the only thing that helped; this forum is responsible for keeping a very steady hand on the tiller.

I am not frugal. Once I saved 1/3 of that income year in and year out (and paid about another 1/3 in taxes), I have not scrimped on our family expenses or helping others. I'm hedging our bets: we could die in a plane crash tomorrow or live to be in our late 90s.

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LowER
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Re: Share your networth progression

Post by LowER » Sun May 18, 2014 3:53 pm

......
Last edited by LowER on Sat Dec 10, 2016 10:45 pm, edited 1 time in total.

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SpecialK22
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Re: Share your networth progression

Post by SpecialK22 » Sun May 18, 2014 10:08 pm

Current Age: 32

2009: $167,000
2010: $219,000
2011: $296,000
2012: $397,000
2013: $559,000

Disciplined saving + a whole lot of luck and good timing both with investing and career progression.

Robert44
Posts: 150
Joined: Mon Nov 23, 2009 7:33 pm

Re: Share your story of how you got wealthy

Post by Robert44 » Sun May 18, 2014 10:35 pm

Professor Emeritus wrote:Would never claim I was wealthy but
I suggest
1) marry the right partner
2) Live in the same house for 34 years
3) work very hard at your profession
4) live below your means and save prodigiously
5) never listen to or pay a dime to a broker or other thief



Agree 100%

sambb
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Re: Share your networth progression

Post by sambb » Mon May 19, 2014 7:38 pm

abuss368 wrote:
sambb wrote:2010 1.2 million
2011 1.7 million
2012 2.3 million
2013 3.1 million
2014 3.6 million


Wow is correct! You essentially tripled your net worth in four years? If I may ask, is this from low cost index funds?



started saving like crazy, gave up expensive luxuries, and invested very well. Lately, however, I am out of individual stocks and in index funds for a year or two, and happy. Wont go back to individual stocks, though they treated me very very very well

Beth*
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Re: Share your networth progression

Post by Beth* » Mon May 19, 2014 8:18 pm

I don't think I would call myself wealthy, but I should have a comfortable retirement. Here is what we did:

    1. Started out contributing enough to retirement to get the employer match.
    2. Increased retirement contributions by 1 or 2 percent every time we got a raise until we hit the maximum contribution.
    3. Avoided debt. We borrowed money for one car early on. Aside from that, we paid cash for everything except our house.
    4. Bought a house that cost significantly less than we qualified to borrow.
    5. Lived in a neighborhood where our household income is significantly above the average household income. We would have much more pressure to live a more expensive lifestyle in a more expensive neighborhood.
    6. Bought reasonably priced cars, maintained them, and drove them for a long time (our current cars are 9 and 12 years old).
    7. Thought carefully about what we bought. Avoided impulse buys and buying things just because they were on sale.
    8. Saved to send our children to college.
    9. Raised children who expected to have to support themselves and who made choices that put them on track for getting a good job in their early 20s.
    10. Got lucky! We have had a few health problems (one bout of cancer for each of us) but we have always had good health insurance and sick/disability leave and our illnesses were temporary. Neither of us has ever been fired or laid off from a job. We had (now deceased) one parent who we had to help out a little financially in her last couple of years but so far all our parents have supported themselves. These are things outside of our control but they have been important for allowing us to save money.

SJCX
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Re: Share your networth progression

Post by SJCX » Tue May 20, 2014 6:33 am

I went into the Army right out of HS
4 years later hired as a federal employee and contributed 10% to the TSP
4 years later wife was hired as a federal employee and we both contributed 15% to the TSP
Late 30s paid off house 7 years early and started maxing out two Roth IRAs
At 40 both maxed 17500 to TSP and started a taxable account with Vanguard for 3k a year

stoptothink
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Re: Share your networth progression

Post by stoptothink » Tue May 20, 2014 8:31 am

Rough estimates. Until the past year I hadn't kept really detailed records.

2004 (age 22): $20k (finished undergrad, nest egg came from saving my NCAA monthly housing/food stipend; had worked like 100hrs total at part-time job in 5yrs)
2006: $100k (worked full-time for 2yrs and LBM, began getting into real estate development, and began (slowly) putting funds into retirement)
2007: $550k (real estate developing had gone REALLY well, began MS program and gotten married)
2009: $200k (bottom dropped out of real estate market and I had to get a real job, but at least I finished my MS)
2011: $20k (Divorced after paying off all of wife's debt and for her dental school completely out of pocket, went through 11-month court battle, had nothing left but my Roth IRA and was a year into PhD)
2013: $100K (finished PhD, remarried (wife had negative net worth), worked my tail off and lived WELL below my means)
Currently (age 32): $180k (paid off wife's debt, both working and saving what we can (kids are expensive))

Nowhere near where everybody else is at, but I can say that I have never in my life had a penny of debt and am almost positive that our (wife and I) net worth is more than every single member of both of our immediate families combined (She has 3 adult siblings, I have 5). We both come from extremely poor backgrounds. Both of our careers are just beginning to ramp up, income should increase significantly in the next handful of years and so should savings rates. Also, very fortunate that I learned two very important lessons early enough to recover: do not marry someone who you are not absolutely sure shares your financial values or get into high-risk speculative investing. Pretty confident that we should be in good position to retire by the time she hits 50 (23 more years).
Last edited by stoptothink on Tue May 20, 2014 9:01 am, edited 1 time in total.

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abuss368
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Location: Where the water is warm, the drinks are cold, and I don't know the names of the players!

Re: Share your networth progression

Post by abuss368 » Tue May 20, 2014 8:58 am

sambb wrote:
abuss368 wrote:
sambb wrote:2010 1.2 million
2011 1.7 million
2012 2.3 million
2013 3.1 million
2014 3.6 million


Wow is correct! You essentially tripled your net worth in four years? If I may ask, is this from low cost index funds?



started saving like crazy, gave up expensive luxuries, and invested very well. Lately, however, I am out of individual stocks and in index funds for a year or two, and happy. Wont go back to individual stocks, though they treated me very very very well


Thank you for the response. I am individual stock free for 6 years and never plan to go back! What a relief! I do not even have a brokerage account open anymore!
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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Zabar
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Location: San Francisco Bay Area

Re: Share your networth progression

Post by Zabar » Tue May 20, 2014 12:24 pm

I realize that this is a select and skew sample of board participants, never mind the general population, but I'm struck by how many people here keep such detailed records. I started doing so about 10 years ago. Many of my non-Boglehead friends thought that I was nuts. I still maintain what I call "my patented, interlocking, overly complicated spreadsheets" that allow me to look at our personal financial data from different perspectives and in different formats. They're tremendously useful and give me a greater sense of control over my life. Even my CPA thought that they were pretty cool.

It's reassuring to see that others recognize the benefits of diving into these data. It's also great that the culture of this board is to cheer people on for their accomplishments rather than to play competitive games. :sharebeer

johncunningham
Posts: 30
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Re: Share your networth progression

Post by johncunningham » Tue May 20, 2014 3:57 pm

2006: -7332
2007: 88,390
2008: 101,100
2009: 120,508
2010: 354,977
2011: 566,091
2012: 769,279
2013: 1,031,610
2014: 1,385,100
All as of 1/1/20XX
Before 2006, it was much more negative, but I kept my head in the sand.
I'm 37 married to the same woman since 2004. (Divide by two if need be)
I have a goal of 1.5M by the end of the year. 2M by 40.
John.

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tnbison
Posts: 110
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Re: Share your networth progression

Post by tnbison » Tue May 20, 2014 4:19 pm

1/1/2007: -24,000
1/1/2008: 500
1/1/2009: 15,700
1/1/2010: 32,000
1/1/2011: 64,100
1/1/2012: 140,230
1/1/2013: 220,905
1/1/2014: 309,338

2014 YTD: 331,212

age 29

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Toons
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Re: Share your networth progression

Post by Toons » Tue May 20, 2014 4:27 pm

Zabar wrote:I realize that this is a select and skew sample of board participants, never mind the general population, but I'm struck by how many people here keep such detailed records. I started doing so about 10 years ago. Many of my non-Boglehead friends thought that I was nuts. I still maintain what I call "my patented, interlocking, overly complicated spreadsheets" that allow me to look at our personal financial data from different perspectives and in different formats. They're tremendously useful and give me a greater sense of control over my life. Even my CPA thought that they were pretty cool.

It's reassuring to see that others recognize the benefits of diving into these data. It's also great that the culture of this board is to cheer people on for their accomplishments rather than to play competitive games. :sharebeer


I am a firm believer that is the "attention to financial details" that involves "micro-steps" steps in achieving your long term financial goals.For me it was tracking every expense and budgeting with Quicken for over 20 years coupled with investing consistently that enabled me to "cross the finish line" . :happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

rayson
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Re: Share your networth progression

Post by rayson » Tue May 20, 2014 5:11 pm

deleted
Last edited by rayson on Tue May 12, 2015 3:52 pm, edited 1 time in total.

dziuniek
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Re: Share your networth progression

Post by dziuniek » Tue Nov 25, 2014 10:18 am

Updated and formatted for clarity:
(11/15/2016)

Net Worth (investments, house, cars, etc...)

2011 YE: Age 26 NW: $(20,000) - Investments = 0. Graduated B.S. w/ student loans.
2012 YE: Age 27 NW: $(10,000) - Investments = 7,000. Got my first "big boy job"
2013 YE: Age 28 NW: $(40,000) - Investments = 31,500. Got married (more student loans!), bought a house, new car. Started at BIG4.
2014 YE: Age 29 NW: $(15,000) - Investments = 68,000. Finished my MSAT and started to tackle student loans seriously.
2015 YE: Age 30 NW: $ 26,500 - Investments = 84,500. NW positive(finally!), dang student loans. We have a kid now! Started MBA & State job.
2016YTD: Age 31 NW: $ 89,000 - Investments = 104,500. A good year so far, making some progress, primarily due to debt payoff.
Last edited by dziuniek on Tue Nov 15, 2016 11:28 am, edited 5 times in total.

DFrank
Posts: 474
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Location: SoCal

Re: Share your networth progression

Post by DFrank » Tue Nov 25, 2014 10:54 am

Year Net Worth ($000)
1998 $511 (First year for which I have records. Most of this savings was in 401k and Rollover IRA accounts)
1999 $540
2000 $734
2001 $759
2002 $800
2003 $834
2004 $867
2005 $1,190
2006 $1,470
2007 $1,833 (Savings rate in this year was 28% of gross income without employer matches)
2008 $2,036
2009 $1,682
2010 $2,045 (Interesting lesson looking back at 2008-2009-2010, although this does include new savings of ~$240k over the 3 years)
2011 $2,362
2012 $3,178 (A good bit of the increase from 2011 was inherited.)
2013 $3,698
2014 $4,377 (Savings rate is 33% of gross income without employer matches)
Today $4,553

This spans the time from age 43 to 59.
Last edited by DFrank on Mon May 11, 2015 5:22 pm, edited 1 time in total.
Dave

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