Nice Milestone Reached Last Week

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janelane
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Nice Milestone Reached Last Week

Post by janelane » Mon Jun 15, 2015 5:31 pm

Since I don't have anyone in real life to share this with, I thought I post here.

Officially reached $100,000 net worth last week at age 28! 90% of that is liquid, 10% is car value. I also officially became debt free in May.

It's been a long slog: graduated in 2008 just in time for the Great Recession. I hade $6,000 in student debt, a retail job that paid $7.50/hr, and a BFA (no regrets there, though!). After that, I worked two more low paying jobs and had two bouts of unemployment before taking a huge risk at a start up in another city. No medical emergencies, but I did have to replace my paid-off car when it was stolen four years ago. Today, I have a rewarding job that allows me to use my degree (design) with great benefits and much better pay ($62K). Couldn't have done it without my parents always cheerleading for me (with encouraging words, no EOC :)), and, of course, the great advice from this forum.

Thanks everyone!

RadAudit
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Re: Nice Milestone Reached Last Week

Post by RadAudit » Mon Jun 15, 2015 5:39 pm

Congrats.

Keep plugging.
FI is the best revenge. LBYM. Invest the rest. Stay the course. - PS: The cavalry isn't coming, kids. You are on your own.

livesoft
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Re: Nice Milestone Reached Last Week

Post by livesoft » Mon Jun 15, 2015 5:40 pm

Congrats.

I'm pretty sure our net worth was negative when I was 28. It must be easier for millennials contrary to what is written up in the media. :twisted: :)
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drawpoker
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Re: Nice Milestone Reached Last Week

Post by drawpoker » Mon Jun 15, 2015 5:47 pm

Terrific for you, keep up the good work.

Congrats, Celebrate :sharebeer

Call_Me_Op
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Re: Nice Milestone Reached Last Week

Post by Call_Me_Op » Mon Jun 15, 2015 5:49 pm

Jane,

Outstanding! That same discipline will get you to a million and beyond. Best of luck! :wink:
Best regards, -Op | | "In the middle of difficulty lies opportunity." Einstein

Rodc
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Re: Nice Milestone Reached Last Week

Post by Rodc » Mon Jun 15, 2015 6:07 pm

Nice!

You are well ahead of my 28 year old, though she did call today about how to set up a retirement account.
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.

Fallible
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Re: Nice Milestone Reached Last Week

Post by Fallible » Mon Jun 15, 2015 6:14 pm

Congratulations on overcoming significant obstacles and reaching a milestone well before many, if not most, at that age!
:beer
John Bogle on his often bumpy road to low-cost indexing: "When a door closes, if you look long enough and hard enough, if you're strong enough, you'll find a window that opens."

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1210sda
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Re: Nice Milestone Reached Last Week

Post by 1210sda » Mon Jun 15, 2015 6:28 pm

Jane you are a shining example. I know of many millenials who are nowhere close to your accomplishments. But then again, you are a boglehead...:)
Thanks for sharing this with us. It gives me hope for the future.
1210

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dratkinson
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Re: Nice Milestone Reached Last Week

Post by dratkinson » Mon Jun 15, 2015 7:10 pm

Congratulations. Happy for you. Keep up the good work.
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Grt2bOutdoors
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Re: Nice Milestone Reached Last Week

Post by Grt2bOutdoors » Mon Jun 15, 2015 7:17 pm

Great job! Persistence is key to overcoming hurdles. Thanks for sharing.
May the winds of fortune continue to blow upon your sails. :sharebeer
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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JPH
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Re: Nice Milestone Reached Last Week

Post by JPH » Mon Jun 15, 2015 7:19 pm

Good for you! That's your hardest $100,000. With that money working for you the next one will come more easily. Keep going.
While the moments do summersaults into eternity | Cling to their coattails and beg them to stay - Townes Van Zandt

209south
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Re: Nice Milestone Reached Last Week

Post by 209south » Mon Jun 15, 2015 7:22 pm

Agree that's the hardest $100,000 - my tip, 'save aggressively and live below your means'

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janelane
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Re: Nice Milestone Reached Last Week

Post by janelane » Mon Jun 15, 2015 8:26 pm

Thanks everyone! It feels good to take a step back and acknowledge progress. Journey's just starting; here's to the next $100,000 :beer

Freddy
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Re: Nice Milestone Reached Last Week

Post by Freddy » Mon Jun 15, 2015 8:46 pm

Congrats! Hard work and sticktoitivness paid off.

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Zabar
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Re: Nice Milestone Reached Last Week

Post by Zabar » Mon Jun 15, 2015 11:24 pm

Wonderful! :sharebeer

The first $100K is by far the most difficult. Keep it up.

HalfMillionaire
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Re: Nice Milestone Reached Last Week

Post by HalfMillionaire » Mon Jun 15, 2015 11:52 pm

Congratulations! As many have said, the first 100K is the hardest. Keep LBYM, keep filling up those tax advantaged spaces - and you will soon be hitting other milestones. Well done!!

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David Jay
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Re: Nice Milestone Reached Last Week

Post by David Jay » Tue Jun 16, 2015 2:00 am

Jane, you are soooo not average!

congrats
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius

supton
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Re: Nice Milestone Reached Last Week

Post by supton » Tue Jun 16, 2015 6:12 am

Nice. Congrads.

I graduated just in time for the dot com bubble burst, and I'm pretty sure at 28 I was still negative for net value.

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stemikger
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Re: Nice Milestone Reached Last Week

Post by stemikger » Tue Jun 16, 2015 6:32 am

I got news for you. . .

You are officially AWESOME!!!! :sharebeer :beer
Choose Simplicity ~ Stay the Course!! ~ Press on Regardless!!!

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laughlinlvr
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Re: Nice Milestone Reached Last Week

Post by laughlinlvr » Tue Jun 16, 2015 8:52 am

My congratulations too. BUT I want to pass on that you have now reached a metric beyond which your investment experience will more and more outweigh your savings prowess. Savings are very important, and you will need to keep them up. However, you will in all likelihood experience a time in which negative returns (correction or worse) effectively wipe out accumulated savings contributions over the same period.
See lots of other posts from your fellow Bogleheads about staying the course during such times.
Investing - The hardest way to make an easy living.

Broken Man 1999
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Re: Nice Milestone Reached Last Week

Post by Broken Man 1999 » Tue Jun 16, 2015 9:10 am

Congratulations on your very significant milestone!

While I believe my wife and I have been successful in our journey to retirement, I am in awe of some of these young people who are so much further down the road than we were at their ages. Wow!

And wife and I didn't have student loans to repay, as MegaCorp paid almost 100% for our undergraduate degrees, and about 75% of my graduate degree. We look like slackers compared to some of these young posters!

Again, congrats for your accomplishments thus far; and I wish you the best on your continuing journey.

Please take heed of the advice about staying the course, as you will undoubtedly encounter some rough economic conditions along the way.

:thumbsup :thumbsup

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

jbird11
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Re: Nice Milestone Reached Last Week

Post by jbird11 » Tue Jun 16, 2015 9:15 am

Congrats to you!

If you have $90K now, and contribute $1500/mo and earn 7%, you will be a millionaire in 2033. 18 years!

JohnFiscal
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Re: Nice Milestone Reached Last Week

Post by JohnFiscal » Tue Jun 16, 2015 9:21 am

Congratulations!

Some people would not consider cars, houses, etc, in net worth. Personally, I consider my house but not cars or personal assets. Calling "Buck" to clean out the house and sell everything doesn't return much on those collectibles. (Buck is the guy who cleans out the condos in Old Folks, Florida when the old folks die off and the kids don't want to haul the stuff back home.) Some would include their expensive fine art collection in their net worth (probably not a bad idea), others would include their collection of hand painted Franklin Mint state spoons in their net worth (not so great an idea). The point is to be realistic about things. Some don't include their primary residence as "you got to live somewhere", sure that's true but you could always downsize and move on.

knowsnothing
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Re: Nice Milestone Reached Last Week

Post by knowsnothing » Tue Jun 16, 2015 9:25 am

Well done Jane, great username. :sharebeer

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goingup
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Re: Nice Milestone Reached Last Week

Post by goingup » Tue Jun 16, 2015 9:29 am

Congratulations on your successes! I love to hear these stories.

My 28 yr old niece just got her grad degree but has not yet found "her track to run on" as we say. She hasn't told me how much student debt she has but I fear it's staggering.

Keep on doing what you do! :beer

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JupiterJones
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Re: Nice Milestone Reached Last Week

Post by JupiterJones » Tue Jun 16, 2015 9:52 am

Congrats! And welcome to the "1 and 1/3" comma club! :sharebeer
Stay on target...

RJ614
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Re: Nice Milestone Reached Last Week

Post by RJ614 » Tue Jun 16, 2015 1:29 pm

Congrats!

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SkierMom
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Re: Nice Milestone Reached Last Week

Post by SkierMom » Tue Jun 16, 2015 5:12 pm

Yay, Jane!

Wish I was on the track at 28 that you are on now.

Good job, woman.

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Toons
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Re: Nice Milestone Reached Last Week

Post by Toons » Tue Jun 16, 2015 5:16 pm

Let the compounding machine continue to work for you ,,,,24 hours a day ,seven days a week,,,keep feeding it monthly investment money :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

Traveller
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Re: Nice Milestone Reached Last Week

Post by Traveller » Tue Jun 16, 2015 5:52 pm

Outstanding! You certainly have your act together better than I did at 28. Great job and keep it up! :beer

stonerolled
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Re: Nice Milestone Reached Last Week

Post by stonerolled » Tue Jun 16, 2015 6:19 pm

Congrats...

I don't really have anyone to tell my milestones to either.
My first 100k too a long time. The second not nearly as long.
Not much good can come from even those close to you about such matters.
I am glad for forums like this.

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Boomer01
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Re: Nice Milestone Reached Last Week

Post by Boomer01 » Wed Jun 17, 2015 11:59 am

Congrats! I just hit the 100K milestone this week, but at 32.

acejacksingh
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Re: Nice Milestone Reached Last Week

Post by acejacksingh » Wed Jun 17, 2015 12:51 pm

Congrats! Posts like these really brighten my day and push me to get to the first $100,000.

Quick question: Does the first $100,000 included things like HSA accounts? Emergency Funds? Next vacation/car fund? Or is it simply $100,000 set aside for retirement?

Thanks!
AceJ

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FelixTheCat
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Re: Nice Milestone Reached Last Week

Post by FelixTheCat » Wed Jun 17, 2015 12:58 pm

Congratulations!
Felix is a wonderful, wonderful cat.

TSR
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Re: Nice Milestone Reached Last Week

Post by TSR » Wed Jun 17, 2015 1:19 pm

Congrats. My net worth was definitely negative at that age, though I caught up quickly. Keep at it!

Topic Author
janelane
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Re: Nice Milestone Reached Last Week

Post by janelane » Wed Jun 17, 2015 6:00 pm

Thanks everyone!

Because this was asked up thead, the other $90,000 is made up of retirement savings, emergency fund, house down payment savings, and HSA.

newboggler
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Re: Nice Milestone Reached Last Week

Post by newboggler » Fri Jun 19, 2015 7:14 pm

Congratulations Jane!
This forum is great place to share your success and get advices.

I too achieved my 150k in networth milestone early this year at age 29.5 most of which is invested boglehead style.

I see firsthand that most of similar age colleagues and friends are not interested in saving money for long term plans.
Sometimes it makes me doubt if I'm weird, :)
but I like it this way :)

Best thing ever happened to me financially is finding this forum.
Post like yours keeps us motivated.

Good luck.

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janelane
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Re: Nice Milestone Reached Last Week

Post by janelane » Fri Jun 19, 2015 8:23 pm

Congrats to you, newboggler!

Acepilot
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Re: Nice Milestone Reached Last Week

Post by Acepilot » Fri Jun 19, 2015 9:31 pm

Congratulations. Keep up the good work.

dc81584
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Re: Nice Milestone Reached Last Week

Post by dc81584 » Sat Jun 20, 2015 9:15 am

That's awesome. I'm 30, doing a good job, and probably worth no more than $75,000, so you're obviously doing something right.

AllenSmith
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Re: Nice Milestone Reached Last Week

Post by AllenSmith » Sat Jun 20, 2015 10:58 am

Great job - hardest $100k for sure

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wander
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Re: Nice Milestone Reached Last Week

Post by wander » Sat Jun 20, 2015 11:42 am

Congratulations! You are in much much better position than I was at 28.

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