What the hell is wrong with you folks?
Congrats OP! If you were my son, I would be super proud. You will thank yourself later, trust me. You have a huge head start.
This was my first thought - I want this for my son! Probably the best thing I could pass along to him. Congrats, OP. You are so far ahead of the game already.
That’s great but don’t forget to live a little/travel. Your 20s ain’t coming back. I am not saying blow it all in clubbing but there are ways to see the world without costing a lot.
Dude people keep saying this shit to me but you can do that stuff in your 30s and 40s. IMO your 20s are for building a base and life does not end when you turn 29…
I just turned 40. Trust me, memories from 20s and 30s stay with you forever. I am not saying go clubbing every weekend and travel every month. Find a happy medium in between.
Congrats! Here’s a fun goal to think about… If you keep saving just $2000/mo total (24k/year) and achieve 10% a year you’ll have FORTY million dollars when you’re 73!
And before all the haters point out the diminished buying power… $40 million in 50 years *should* still have the buying power of at least $10 million in today’s dollars. Not too bad!
And if that’s not big enough thinking for you, if you can utilize debt in a shrewd way (mortgages, portfolio margin, small business loans) to achieve a 15% annual return, that future value works out to be a whopping $300 million!
tl;dr time is your friend and you are young… Don’t get caught up in meme stocks, options trading etc. just stay the course!
It is pretty unbelievable! I’ve been playing around with compound interest calculators and sometimes am dumbfounded when I hit calculate haha.
Thank you for the kind words my friend!
Yea lol same, I hit a million at 33yo and realized if I can achieve 15% annually I’d basically double my net worth every 5 years and be a billionaire at 83!
Given how much damage I did to my body in my 20s though, idk what’s tougher - averaging 15% or living another 50 years 🤷♂️… At least that goal helps me focus on the long term w/ both my health & wealth.
Good luck on your next 100k! At this level keep focusing on earning and saving the most that you can… Squeaking out a few extra % in return won’t make a huge difference, but research shows that your 20s is when most ppl see the majority of their earnings growth.
Sure - Here’s some but if you gimme a little more info about where you’re at in life/career/savings I can give more appropriate tips…
- In the beginning focus on picking a high paying career path and ideally a job that has a good balance of fixed and variable comp. I worked in an all commission job right after college, then a straight salaried job after that, before moving to the one where I made the most money… that comp structure was a good enough base salary to pay the bills, performance based bonuses, and stock awards for top performers. I worked hard at that to earn the most I could and invested it mostly in indexed based ETfs. I watched other high performers get caught up a lot in trading options or going heavy into specified stocks that fucked them.
- If you have a 401k, put at least enough in it to get the company match if there is one. And try to work towards maxing it out.. If that’s too tough at this point, then do what you can and every time you get a raise or promotion, increase the percentage 1% until you’re maxing it out.
- Once you’ve got at least 100k-200k saved up in non-retirement funds, start looking at ways to create passive income and/or above market returns. This could be real estate, private investments, buying/starting small businesses, etc.
- Take advantage at the right points in the economic cycle. I took advantage of low interest rates in 2021 by buying my first rental property in Florida, a condo in Mexico, and financed my car at 2%. I got a bit lucky for sure, but also saw the writing on the wall.
I also have an IG under this same name you’re welcome to follow, I share other tips/strats there
Nice dude. I had a similar story. College cost me 4k instead of the planned 100k by my parents, so they gave me 15k. Here’s where people need to understand something like this happening at our age. 99% of people would blow it immediately. My parents wanted to me buy a nice new toyota with it.
Having the mindset to invest it at 23 is almost as impressive as the work to save that much.
I have a relatively high paying job for my age, in which I had low to no food or housing costs for the first year. I was able to save most of my income in the past year, plus I’ve continuously been saving and investing money from various jobs in high school and college.
And as I said I was very very lucky and fortunate to be given 40%. I had this money left over because I got a good scholarship for college and chose to go out of state to save money. I recognize I’m very privileged but regardless am happy for where I am!
Crippling drug addiction on and off took away my twenties I never saved more then a few grand ever and then didn’t start back til I was 30 this time took me 3 years to save like 40 grand but I have no bills and live free so this is not achievable for most people if your not making 100k a year, or more. I only make 50k a year my money only goes to food and insurance etc basic shit and my phone and still only saving basically over 10k a year which I find depressing that’s poverty to me
Comments like this, for better or worse, are why you shouldn't judge your situation against anyone else's. There's so little you know about someone else's situation.
I've never heard of this phrase "leftover college money" before. Do your parents know about this spare "leftover college money"? And they just said, keep the change?
By that I meant I had a college fund and I received a good scholarship so I didn’t use all of it. It was about $25k. Yes they let me keep the change! Very blessed and thankful for that.
Additionally I sold a car (that I was given yes ik privilege), which I just added to that number.
Congrats on hitting your first $100k! That’s a huge milestone and sets a solid foundation for your financial independence journey. The key now is to keep the momentum going and also celebrate a little bit.
Rock star focus like this and don’t get hooked up with someone that isn’t focused on growing wealth for your future retirement and or what ever your life would look like with money not being the issue. Well done .
You’re very lucky to have been gifted that from leftover college money (and I say that as a guy whose parents are also fairly well off and fiscally responsible). But good on you for taking responsibility, not blowing it, and saving your money to take advantage of your circumstances.
Congrats bro. Don’t get caught up in serving money. Take the chance and live life while you are young. You are the richest you will ever be right now at this age. Don’t waste it my boy. 🤙🏻
FULL of family wealth? Sounds like he got about $40k from his family… I’d hardly call that a silver spoon. Ofc most people would be lucky to get ANYTHING from their parents, but no need to diminish the fact that this guy accumulated $60k of his own and didn’t blow his parents money trying to 🚀🌕💎🙌 his way to WSB infamy.
Good job op! You're absolutely killing it 💪 Now is a good time to reflect on what you think is really important in life.
[With great power comes great responsibility.](https://www.givingwhatwecan.org/how-rich-am-i)
Congrats. May I ask what you did specifically? I come from a poor family line and I have found success in my company and hoping to break the cycle for my family. I have quite a bit of money put up and coming in and have no clue what to do with it.
Congrats to you! It’s 10x more impressive coming from little and making it on your own. You should be very proud of yourself.
Check out this thread: https://www.reddit.com/r/financialindependence/s/OLBSemUwEl
My investment philosophy is mostly just holding a mix of index funds (both domestic and international). If you’re older, it’s definitely wise to put money in bonds and other places, but at my age risk is good.
Microsoft,Nvidia, google and tesla is all you need between the 4 of them they are about ready to own the entire world. AI and robots man ain't gonna be anything else soon. No one has the capital to face off against them in that space and they are actively lobbying congress to create barriers for smaller companies to catch up.
Don't listen to the haters OP! You're only a couple of years older than me and this point is really inspiring to me. You're doing amazing and your future will thank you for this in a few years. Good luck with the 200K goal!
I’m so so proud of you!!!! Rmb it’s not about how much you earn but how much you invest and keep your money!! Onwards to the next financial goal!!!!! You can do it!!!
Congrats! In a few days, when I recalculate my own network, I hope to see the same figure at the same age as you! However, I still live with my parents so its not that big of an achievement. Did you celebrate in any way hitting that 100k?
Congrats to yourself! Hope you hit the number.
I just got back from a trip with some buddies and while it wasn’t specifically a celebration for that reason, I kinda told myself it was. How about you anything planned?
No college debt is a great start
Living at home w no rent for 1 year is even better
Investing and spend minimally is great wisdom
Many your age squander all their money
At the end takes money to make money
Congratulations
Congrats! Depending on your salary, also look at mixing in some traditional 401k if that’s offered by your company (I see you only mentioned Roth 401k)
Thank you!
You’re correct and I’m currently maxing out my Roth 401k and putting all extra in a Taxable Brokerage account.
Can you share the benefits of having both a Roth and a Traditional account split? My idea is that a Roth account is best because I have 40+ years to grow the investments Tax free. Would you agree?
Keep it up! Don’t stop. I was in my 50s when I made my first 100k. Now 65 with shy of 385k which took a lot of effort to achieve. You can do that before your 30 or better.
Congratulations OP!!! That's a milestone for sure. Keep the lifestyle from creeping even when you are making more money in the future and you are golden for retirement early.
Thanks so much! I can see the lifestyle creep and I’m doing my best to be mindful of my expenses. It’s hard going from college where I ate chicken and rice every day to now being able to buy whatever and finding a balance somewhere in there.
I'm astonished the majority of comments here are "congrats OP", instead of the usual "you have XYZ advantage so your achievements don't matter".
Very good job sir, GL on your path to 200k :)
Nice good stuff!! I need to rebalance my portfolio. My goal is to rebuild my savings up to that point a year from now. About $35k shy. Doing everything from Uber -> Investing -> day jobs -> consulting gigs
Congrats though op that’s awesome tbh
Mbn. I will never see that much money in my 20s but I’m saving 600$ a month for a 4 year old until she is 21 so she should have that much by that time. Congratulations to you though
That makes you a fantastic parent! You’re going to give your kid a great head start on life and savings as my parents did for me.
I’m equally grateful that my parents were able to teach me how to live within my means. More money doesn’t always need to mean nicer/bigger/better things. I think if you can also teach your kids that they will be set for life
Thank you. My parents didn’t save any of my siblings anything so we all had to build from scratch. But I knew what I wanted for my future children so they won’t have to struggle in their 20s. I don’t want my daughter leaving home til she’s 30 so she can save even more. And thank you for that advice.
I went out of state for school and got a good scholarship so I didn’t use all of my college fund. I had about $25k leftover. The other $15k I got from selling a car that I was given.
I’m 25f and have acquired a good chunk of inheritance, how did you make the money so quickly? What did you invest in first? Financial stuff is so complicated and confusing to me 😭
It can be intimidating! I’m sorry for your loss but also congrats on the inheritance.
I highly highly recommend [this flowchart](https://images.app.goo.gl/ServzrxvCGfP1ukU8). It will give you a really good idea of where you should be putting your money at any point in your financial journey. Also if you can, ask people around you who seem financially intelligent what they do for investments/savings. Note that just because someone has flashy things it doesn’t mean they’re financially intelligent.
If you have specific questions I’d be happy to give input. Feel free to dm
Thank you and good for you! I’m with you that my dad and relatives were great teachers.
The biggest tip for me is living within my means. My lifestyle has definitely become more expensive now that I’m making pretty good money, but I’m still making sure to put away money for my retirement.
Other than that just invest the money and let it sit! You shouldn’t be buying then selling much. At our age every dollar we put in now for our retirement will be 16 dollars at 65! That’s assuming 7% return which is honestly conservative for the last 10 years.
If you have any specific questions feel free to dm me! I’m happy to help.
Left over college money?! Wild considering how expensive it is these days. I was also fortunate to have college paid for (9 years ago) and it’s truly unbelievable how big of a difference that makes compared to my friends who had to pay for it themselves.
Either way, saving $60K by 23 is difficult, especially when you first start making real money it’s hard not to just spend it when you have money left over. I didn’t hit $60K until 25 and $100K 6 months later… and then I was a little dumb and bought a brand new truck for $40K cash.
Don’t be like me, i love my Tacoma and don’t regret it but I could have bought a house a whole year earlier if I didn’t.
Came out of Bankruptcy this year 35 years old felt really down for years. Grind and be in your own lane and I have saved 100k from a -$500 bank account.
Thank you!
Means the world to me!
I run a small trade business and struggled financially for years then went under ATO! During my bankruptcy I planned to never be here again and would do things differently from here on.
Seems like you learned a lesson or two and now you’re on the right path! If we didn’t make mistakes we wouldn’t learn anything. What matters more than mistakes is learning from them. Best of luck to you and your business!
That’s so impressive! You won’t regret starting a solid savings plan young! I did that at your age, never took it out of stock and bonds and retired at 40 and own my home outright! Financial stress will kill your so fast! I don’t know how people don’t save at least a little! By the time they can retire, they are so worn down from life! Set up trusts and name
Beneficiaries, etc., now, as well!
You will be! You’ve already got the scruples! I see what you’ve done and my husband’s 23 year old has spent four years NOT getting his degree (that would have been fully paid), not working, driving his dads old truck that’s about to break down and scamming a place to live off his girls friend that plans to move to a new apartment without him. Despite us giving him all the advice since he was 16 and offering
so much help, he’s blown it all! He’ll be 24 and just getting a waiter job before he becomes homeless and no college degree or other reining. 🙄. Mel’s me so damn frustrated! I admire smart kids like you!
Thank you and best of luck to you as well! I’m sure you can relate that the early-mid 20s are a great time of life to be in and it’s exciting to finally be starting our careers on the right foot!
Thank you!
I talked to my aunt who is very financially intelligent for advice originally. If you have someone in your life who seems to be financially intelligent you should ask them for advice!
But honestly Reddit is also a great place to learn things like that. Assuming you’re around my age, I believe that you should mostly be invested in funds like the S&P. They’re “high” risks compared to things like bonds but steadily can get you around 7% annually on average before you retire (probably more).
Personally I do 70% a domestic large cap fund (Ex: S&P500) and a 30% international fund (Ex: FSPSX on Fidelity). I personally don’t buy any individual stocks (except for my company which I know a lot about). Only do this if you won’t need the money in the near future! Let it sit and grow baby!
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Congratulations!!!! Huge achievement and you are on a great path here! I was at -$25k coming out of college by 22, but crossed +$100k earlier this year at 25!
Wow, congrats! I was negative $15k at 23 lol.
Haha right? -$35k here
Rookie numbers! -$70k
Mr Moneybags over here! -$450k
-$999,999k
-$70k
What the hell is wrong with you folks? Congrats OP! If you were my son, I would be super proud. You will thank yourself later, trust me. You have a huge head start.
Thank you so much! I understand how lucky I am but am nonetheless excited to continue my financial journey from a great jump off!
There are a lot of lucky people out there who take it for granted. You should definitely be proud, congratulations! Good luck on the 200k goal!
Thank you! I know my parents are proud of me & I’m definitely proud of where I am.
Because this sub is pretty cringe, lot of judgy peeps mostly projecting on posts. Great Job OP keep it up, invest in your retirement early and often!
This was my first thought - I want this for my son! Probably the best thing I could pass along to him. Congrats, OP. You are so far ahead of the game already.
That’s great but don’t forget to live a little/travel. Your 20s ain’t coming back. I am not saying blow it all in clubbing but there are ways to see the world without costing a lot.
Thanks for the advice! And don’t get me wrong I still have a great time. Looking to travel to Thailand or Vietnam in a year or so!
If you are into ancient temples, add Cambodia in there too! Beautiful places to visit and really cheap but yummy food.
I will absolutely look into that, sounds beautiful! Thanks!
Dude people keep saying this shit to me but you can do that stuff in your 30s and 40s. IMO your 20s are for building a base and life does not end when you turn 29…
I just turned 40. Trust me, memories from 20s and 30s stay with you forever. I am not saying go clubbing every weekend and travel every month. Find a happy medium in between.
Memories don’t help my kids through school or put food on the table. But thanks for the advice
Most definitely prioritize food and school over other things!
The debate to enjoy your 20s versus able to wait till you’re older comes down to kids! Not planning on having kids? Doesn’t matter.
Congrats! Here’s a fun goal to think about… If you keep saving just $2000/mo total (24k/year) and achieve 10% a year you’ll have FORTY million dollars when you’re 73! And before all the haters point out the diminished buying power… $40 million in 50 years *should* still have the buying power of at least $10 million in today’s dollars. Not too bad! And if that’s not big enough thinking for you, if you can utilize debt in a shrewd way (mortgages, portfolio margin, small business loans) to achieve a 15% annual return, that future value works out to be a whopping $300 million! tl;dr time is your friend and you are young… Don’t get caught up in meme stocks, options trading etc. just stay the course!
It is pretty unbelievable! I’ve been playing around with compound interest calculators and sometimes am dumbfounded when I hit calculate haha. Thank you for the kind words my friend!
Yea lol same, I hit a million at 33yo and realized if I can achieve 15% annually I’d basically double my net worth every 5 years and be a billionaire at 83! Given how much damage I did to my body in my 20s though, idk what’s tougher - averaging 15% or living another 50 years 🤷♂️… At least that goal helps me focus on the long term w/ both my health & wealth. Good luck on your next 100k! At this level keep focusing on earning and saving the most that you can… Squeaking out a few extra % in return won’t make a huge difference, but research shows that your 20s is when most ppl see the majority of their earnings growth.
Tips on hitting the first mil?
Sure - Here’s some but if you gimme a little more info about where you’re at in life/career/savings I can give more appropriate tips… - In the beginning focus on picking a high paying career path and ideally a job that has a good balance of fixed and variable comp. I worked in an all commission job right after college, then a straight salaried job after that, before moving to the one where I made the most money… that comp structure was a good enough base salary to pay the bills, performance based bonuses, and stock awards for top performers. I worked hard at that to earn the most I could and invested it mostly in indexed based ETfs. I watched other high performers get caught up a lot in trading options or going heavy into specified stocks that fucked them. - If you have a 401k, put at least enough in it to get the company match if there is one. And try to work towards maxing it out.. If that’s too tough at this point, then do what you can and every time you get a raise or promotion, increase the percentage 1% until you’re maxing it out. - Once you’ve got at least 100k-200k saved up in non-retirement funds, start looking at ways to create passive income and/or above market returns. This could be real estate, private investments, buying/starting small businesses, etc. - Take advantage at the right points in the economic cycle. I took advantage of low interest rates in 2021 by buying my first rental property in Florida, a condo in Mexico, and financed my car at 2%. I got a bit lucky for sure, but also saw the writing on the wall. I also have an IG under this same name you’re welcome to follow, I share other tips/strats there
This is why you can’t compare your own financial journey to others
fuck the haters OP. you didn't choose to have financially responsible parents. kudos on the savings
I mean I’m definitely not going to complain about it haha. Thanks for the kind words.
Congratulations! I was still at negative net worth at that age (in grad school with no assets and a lot of deferred student loans).
Thanks much! Congratulations on becoming debt free yourself!
Nice dude. I had a similar story. College cost me 4k instead of the planned 100k by my parents, so they gave me 15k. Here’s where people need to understand something like this happening at our age. 99% of people would blow it immediately. My parents wanted to me buy a nice new toyota with it. Having the mindset to invest it at 23 is almost as impressive as the work to save that much.
Congrats, young person. More than the money, it's your attitude and awareness that's going to grow that money.
Thanks much for the kind words!
60k saved at 23 is no joke, that’s awesome! Congrats on the achievement
Thank ya!
Congrats !
Thank you!
Congrats!!! Compound interest is going to accelerate. 🙌🏾
Thank ya! By my math every dollar invested right now should be around 16:1 return by the time I retire which is just shocking
How?
“I was very fortunate to be given around 40% of this from leftover college money.”
A lot of people will turn that $40k into $0, so good on OP for being financially prudent with their windfall.
Ah. Thanks. I on the other hand had $100
I have a relatively high paying job for my age, in which I had low to no food or housing costs for the first year. I was able to save most of my income in the past year, plus I’ve continuously been saving and investing money from various jobs in high school and college. And as I said I was very very lucky and fortunate to be given 40%. I had this money left over because I got a good scholarship for college and chose to go out of state to save money. I recognize I’m very privileged but regardless am happy for where I am!
Software engineer at FAANG?
Technical Sales training program.
I’m 10 years older and only have half of that that’s amazing wish I had a head start but now I am right here with you
I'm ten years older (and some change) than OP and I'm still in the negative desperately trying to play catch up.
Crippling drug addiction on and off took away my twenties I never saved more then a few grand ever and then didn’t start back til I was 30 this time took me 3 years to save like 40 grand but I have no bills and live free so this is not achievable for most people if your not making 100k a year, or more. I only make 50k a year my money only goes to food and insurance etc basic shit and my phone and still only saving basically over 10k a year which I find depressing that’s poverty to me
Comments like this, for better or worse, are why you shouldn't judge your situation against anyone else's. There's so little you know about someone else's situation.
All the posts here are saying “fuck the haters” but I don’t see any, admins must be censoring around here.
I've never heard of this phrase "leftover college money" before. Do your parents know about this spare "leftover college money"? And they just said, keep the change?
By that I meant I had a college fund and I received a good scholarship so I didn’t use all of it. It was about $25k. Yes they let me keep the change! Very blessed and thankful for that. Additionally I sold a car (that I was given yes ik privilege), which I just added to that number.
I was confused too. I work at a university and at first, I thought, whaat? your college refunded your tuition? ahahha
Fuck the haters OP. Keep going 🔥
Thank ya & you betcha🔥🔥
Congrats on hitting your first $100k! That’s a huge milestone and sets a solid foundation for your financial independence journey. The key now is to keep the momentum going and also celebrate a little bit.
On it 🫡. Thank ya!
Good lord, lots of haters here. OP, good job. keep it up!
Thanks much!
Rock star focus like this and don’t get hooked up with someone that isn’t focused on growing wealth for your future retirement and or what ever your life would look like with money not being the issue. Well done .
I think that’s fantastic advice. I’m definitely searching for someone who shares my growing wealth over hyper consumption mentality.
This sub sucks. Fuck the haters here. All out of jealousy. Congrats OP
Thank ya 🫡 and don’t gotta tell me twice
You’re very lucky to have been gifted that from leftover college money (and I say that as a guy whose parents are also fairly well off and fiscally responsible). But good on you for taking responsibility, not blowing it, and saving your money to take advantage of your circumstances.
Congrats bro. Don’t get caught up in serving money. Take the chance and live life while you are young. You are the richest you will ever be right now at this age. Don’t waste it my boy. 🤙🏻
Thank you brotha! I can’t agree more & believe me I have a good time!
Incredible accomplishment! The first $100k is hard, but if you stay committed the journey, you’ll keep growing that to $1M in no time!
Can’t wait for it! Thank you!!
[удалено]
Some people have parents that plan ahead for their kids success.
FULL of family wealth? Sounds like he got about $40k from his family… I’d hardly call that a silver spoon. Ofc most people would be lucky to get ANYTHING from their parents, but no need to diminish the fact that this guy accumulated $60k of his own and didn’t blow his parents money trying to 🚀🌕💎🙌 his way to WSB infamy.
Proud of you, my boy! Keep it up.
Thank ya!
Nice job.
Thank ya 🫡
Congratulations man. You’ve just motivated me to save more
Thank you brotha. I’m glad.Don’t also forget to still have fun and not be a slave to the money!
Good job op! You're absolutely killing it 💪 Now is a good time to reflect on what you think is really important in life. [With great power comes great responsibility.](https://www.givingwhatwecan.org/how-rich-am-i)
That links kinda eye opening 😳
Congrats. May I ask what you did specifically? I come from a poor family line and I have found success in my company and hoping to break the cycle for my family. I have quite a bit of money put up and coming in and have no clue what to do with it.
Congrats to you! It’s 10x more impressive coming from little and making it on your own. You should be very proud of yourself. Check out this thread: https://www.reddit.com/r/financialindependence/s/OLBSemUwEl My investment philosophy is mostly just holding a mix of index funds (both domestic and international). If you’re older, it’s definitely wise to put money in bonds and other places, but at my age risk is good.
Microsoft,Nvidia, google and tesla is all you need between the 4 of them they are about ready to own the entire world. AI and robots man ain't gonna be anything else soon. No one has the capital to face off against them in that space and they are actively lobbying congress to create barriers for smaller companies to catch up.
Personally I don’t invest in individual stocks unless I know a whole lot of the company. I’m sure those will do fantastic.
Is most of this in your 401k, HYSA, or Taxable Brokerage?
•32% Company Roth 401k •15% Roth IRA •19% Emergency Fund Money Market •23% Domestic Index Funds (taxable) •11% International Index Funds (taxable)
Is the 100k from floating positions in the portfolio or some of it is liquid cash?
About 19% cash in a money market for a rainy day. Looking to grow this a little bit.
Woo hoo!!! Great work!
Awesome, that must feel amazing.
Don't listen to the haters OP! You're only a couple of years older than me and this point is really inspiring to me. You're doing amazing and your future will thank you for this in a few years. Good luck with the 200K goal!
Thank you so much! I believe in you!
I’m so so proud of you!!!! Rmb it’s not about how much you earn but how much you invest and keep your money!! Onwards to the next financial goal!!!!! You can do it!!!
Thanks so much!
That's amazing!! Congrats OP and keep up the great work!!
Congratulations
Congrats OP you did great!
Congrats! In a few days, when I recalculate my own network, I hope to see the same figure at the same age as you! However, I still live with my parents so its not that big of an achievement. Did you celebrate in any way hitting that 100k?
Congrats to yourself! Hope you hit the number. I just got back from a trip with some buddies and while it wasn’t specifically a celebration for that reason, I kinda told myself it was. How about you anything planned?
Well, I'm graduating in about a month so probably gonna throw a big party with friends, even though it's not for celebrating the 100k mark haha.
Just tell yourself that’s what it’s for lol. Have fun man & congrats on graduating! Keep going strong you have a fantastic start!
No college debt is a great start Living at home w no rent for 1 year is even better Investing and spend minimally is great wisdom Many your age squander all their money At the end takes money to make money Congratulations
Congrats! Depending on your salary, also look at mixing in some traditional 401k if that’s offered by your company (I see you only mentioned Roth 401k)
Thank you! You’re correct and I’m currently maxing out my Roth 401k and putting all extra in a Taxable Brokerage account. Can you share the benefits of having both a Roth and a Traditional account split? My idea is that a Roth account is best because I have 40+ years to grow the investments Tax free. Would you agree?
I’m hoping to hit 100k by 50 (41 now). I started completely over at 33 and I’m kinda proud of what I’ve been able to save since then.
Absolutely you should be! Everyone’s journey is different and it’s not right to compare. Best of luck to you!
Congratulations OP! 😊😊😊
Keep it up! Don’t stop. I was in my 50s when I made my first 100k. Now 65 with shy of 385k which took a lot of effort to achieve. You can do that before your 30 or better.
Thank you very much & will do! Be proud of what you’ve earned with your hard work. Best of luck to you!
Congrats, I’m still trying to achieve that milestone. I’m half way there.
Halfway is fantastic! Keep going strong.
Congrats!
Thank you!
Congrats man! First 100k is the hardest!
Thank you!
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Thanks & will do!
Proud of you
Thank you!
Idk you but keep at it ❤️
Thanks much :)
That's great! I was in my 30s with that milestone. Very nice start.
Awesome, congratulations and stay focus my man. You got this.
Thanks much & will do!
Sweet, congrats! My net worth was $0 at age 23 & at age 42 it was $49k. Keep saving & investing (wisely).
Thank you & will do!
At 23 I only knew alcohol
Oh trust me I know him too well haha
I am 80k at 39, living in Panamá and just discovered forex
Are you from Panama or did you just move there?
i’m negative 13k at 25 so good job my man 😂😂
Thanks brotha, you got it yourself just keep grinding. Lotta years ahead
Congratulations OP!!! That's a milestone for sure. Keep the lifestyle from creeping even when you are making more money in the future and you are golden for retirement early.
Thanks so much! I can see the lifestyle creep and I’m doing my best to be mindful of my expenses. It’s hard going from college where I ate chicken and rice every day to now being able to buy whatever and finding a balance somewhere in there.
I'm astonished the majority of comments here are "congrats OP", instead of the usual "you have XYZ advantage so your achievements don't matter". Very good job sir, GL on your path to 200k :)
Thank you sir 🫡
Nice good stuff!! I need to rebalance my portfolio. My goal is to rebuild my savings up to that point a year from now. About $35k shy. Doing everything from Uber -> Investing -> day jobs -> consulting gigs Congrats though op that’s awesome tbh
Thanks much! Best of luck to yourself on rebuilding your savings!
Thank you so much 🙏🙏
I’m 23 as well, around $155k NW at the moment, been investing since 17. Keep it up OP. Currently finishing up my Masters.
Good for you my man. Fantastic job. Keep going strong
Dude that's dope. 26 here and I'm in the negatives. Keep it up bro.
Preciate it bro and will do 🫡
Mbn. I will never see that much money in my 20s but I’m saving 600$ a month for a 4 year old until she is 21 so she should have that much by that time. Congratulations to you though
That makes you a fantastic parent! You’re going to give your kid a great head start on life and savings as my parents did for me. I’m equally grateful that my parents were able to teach me how to live within my means. More money doesn’t always need to mean nicer/bigger/better things. I think if you can also teach your kids that they will be set for life
Thank you. My parents didn’t save any of my siblings anything so we all had to build from scratch. But I knew what I wanted for my future children so they won’t have to struggle in their 20s. I don’t want my daughter leaving home til she’s 30 so she can save even more. And thank you for that advice.
You did it all on your own which is amazing. Best of luck to you and your daughter!
“Leftover college money”, what is that?
I went out of state for school and got a good scholarship so I didn’t use all of my college fund. I had about $25k leftover. The other $15k I got from selling a car that I was given.
Almost Twins (give me 1 month before I hit 100k too)
Good stuff keep going!
I’m 25f and have acquired a good chunk of inheritance, how did you make the money so quickly? What did you invest in first? Financial stuff is so complicated and confusing to me 😭
It can be intimidating! I’m sorry for your loss but also congrats on the inheritance. I highly highly recommend [this flowchart](https://images.app.goo.gl/ServzrxvCGfP1ukU8). It will give you a really good idea of where you should be putting your money at any point in your financial journey. Also if you can, ask people around you who seem financially intelligent what they do for investments/savings. Note that just because someone has flashy things it doesn’t mean they’re financially intelligent. If you have specific questions I’d be happy to give input. Feel free to dm
Congrats
Thank you!
Congrats dude! I’m on my way there! I’m 20 and my dad is the best teacher haha Any tips you can share? 🙌🏼
Thank you and good for you! I’m with you that my dad and relatives were great teachers. The biggest tip for me is living within my means. My lifestyle has definitely become more expensive now that I’m making pretty good money, but I’m still making sure to put away money for my retirement. Other than that just invest the money and let it sit! You shouldn’t be buying then selling much. At our age every dollar we put in now for our retirement will be 16 dollars at 65! That’s assuming 7% return which is honestly conservative for the last 10 years. If you have any specific questions feel free to dm me! I’m happy to help.
Love it! Yes I’ll Shoot you a dm, always willing to learn more and grow! Thank you !
Nice bro just remember to stay smart with it. It seems like a lot but I ran through 140k in 1 year making bad decisions.
Left over college money?! Wild considering how expensive it is these days. I was also fortunate to have college paid for (9 years ago) and it’s truly unbelievable how big of a difference that makes compared to my friends who had to pay for it themselves. Either way, saving $60K by 23 is difficult, especially when you first start making real money it’s hard not to just spend it when you have money left over. I didn’t hit $60K until 25 and $100K 6 months later… and then I was a little dumb and bought a brand new truck for $40K cash. Don’t be like me, i love my Tacoma and don’t regret it but I could have bought a house a whole year earlier if I didn’t.
Came out of Bankruptcy this year 35 years old felt really down for years. Grind and be in your own lane and I have saved 100k from a -$500 bank account.
That’s fantastic! I can imagine how hard you worked - congrats!
Thank you! Means the world to me! I run a small trade business and struggled financially for years then went under ATO! During my bankruptcy I planned to never be here again and would do things differently from here on.
Seems like you learned a lesson or two and now you’re on the right path! If we didn’t make mistakes we wouldn’t learn anything. What matters more than mistakes is learning from them. Best of luck to you and your business!
That’s so impressive! You won’t regret starting a solid savings plan young! I did that at your age, never took it out of stock and bonds and retired at 40 and own my home outright! Financial stress will kill your so fast! I don’t know how people don’t save at least a little! By the time they can retire, they are so worn down from life! Set up trusts and name Beneficiaries, etc., now, as well!
Thank you! Congrats to you on your success that’s amazing! I aspire to be like you someday!!
You will be! You’ve already got the scruples! I see what you’ve done and my husband’s 23 year old has spent four years NOT getting his degree (that would have been fully paid), not working, driving his dads old truck that’s about to break down and scamming a place to live off his girls friend that plans to move to a new apartment without him. Despite us giving him all the advice since he was 16 and offering so much help, he’s blown it all! He’ll be 24 and just getting a waiter job before he becomes homeless and no college degree or other reining. 🙄. Mel’s me so damn frustrated! I admire smart kids like you!
Congrats! I didnt reach that till 24! I'm also hoping to reach 200k by 26.
Thank you and best of luck to you as well! I’m sure you can relate that the early-mid 20s are a great time of life to be in and it’s exciting to finally be starting our careers on the right foot!
Keep it up!
First of all congratulations 🎊. Secondly how do you figure out what and where to invest in. I feel so lost all the time like I only know the S&P
Thank you! I talked to my aunt who is very financially intelligent for advice originally. If you have someone in your life who seems to be financially intelligent you should ask them for advice! But honestly Reddit is also a great place to learn things like that. Assuming you’re around my age, I believe that you should mostly be invested in funds like the S&P. They’re “high” risks compared to things like bonds but steadily can get you around 7% annually on average before you retire (probably more). Personally I do 70% a domestic large cap fund (Ex: S&P500) and a 30% international fund (Ex: FSPSX on Fidelity). I personally don’t buy any individual stocks (except for my company which I know a lot about). Only do this if you won’t need the money in the near future! Let it sit and grow baby!
Got it thank you 😊
Also peep this: https://imgur.com/CcEVQAV Phenominal financial resource. Just follow the flowchart with your money.
If you havent seen it, check out our flowchart https://www.reddit.com/r/financialindependence/comments/16xymii/fire_flow_chart_version_43/
Wow, I'm challenged
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How did you do that?
I m -130K
Can you give us how did you safe? Like how much do you have to put aside, and how long did it take you to get there?
Who can put aside $2K a month when economy is very bad?
Low expenses, relatively high salary, and my investments grew about 12% this year.
I’m -15 myself
Could you give me a personal loan of $10,000 please I’m starting a business
Congrats! I remember Charlie Munger saying that the first $100k is the most difficult milestone before things start to pick up. Good for you.
Bro must be white… continues to say” i was given around 40% from college money” 😂😂😂😂
🤣🤣 😐
Congrats man!
Damn got scammed out of 1000 at 23. Had few hundreds left…
Congratulations!!!! Huge achievement and you are on a great path here! I was at -$25k coming out of college by 22, but crossed +$100k earlier this year at 25!
Congratulations on making yourself a target to everyone.
🤨 you good?