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Bowl Leader
If you have cash that you want to invest. Please consider Treasury Series I Savings Bond (Electronic). Interest is 7.12% right now. While it's not guaranteed that the 7.12% will remain until next year, it's still a good deal.
My SO and I just invested 20k (10k max per person even married).
https://www.treasurydirect.gov/indiv/products/prod_ibonds_glance.htm
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Coach
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I had like -$200k net worth and like $3k in a savings account. I come from a blue collar family with no generational wealth, was the first to go to college, and had just graduated law school at 28. I'm 37 now - in the past 9 years I have lived relatively frugally and made an effort to be financially responsible - in that time, I have paid off my $200k of student loans, saved up $60k in a HYSA, maxed out my 401k every year, and put close to $100k in other Vanguard accounts. I recognize that my salary is probably higher than some typical peers of my same age, but compared to others who came out of law school with me making similar salaries, I have been way more fiscally responsible - a lot of them still have sizeable student loans yet spend a lot on expensive cars, etc. Even if you feel "behind" your peers now, you can still make huge changes that will put you in a good spot a decade from now, an even better spot in another decade, etc.
I have a similar story, but I unlike A1 I do enjoy nice things. That said, the superpower I found was auto investing. I’ve been maxing my 401k since I got my first “real” job at a law firm making about $80k (back when the 401(k) max was like 19k (23% of my pay). I’ve upped it as my income and the limits rose and then I started doing backdoor Roth and megabackdoor Roth contributions, and I started a HSA a few years ago.
The secret for me is never seeing that money and never having lived life with the extra cash. Over the course of about a decade I’ve saved high into the six figures using this method, of course relying on the success of the market and a low cost index fun approach. Hopefully that’s a helpful data point.
Comparison is the motor of unhappiness. Compare to your self a few years ago instead and see your progress
The best time to start saving is yesterday.
The second best time is now.
Just keep trucking! You are young!
I got my first corporate job at 28. So maybe like 10k in savings? With a negative net worth.
32 now and at 150k NW
Was in graduate school and didn’t start working until I was 25.
At 28 NW was $99K
At 29 it was $170K
At 30 it was $285K
At 31 it was $400K
At 32 it was $740K
At 33 it was $955K, started to combine finances with my now wife and our joint NW at the time was $1.32M
Currently 35 and our joint NW is $3.5M
Just continue to be diligent, spend on the things you truly care most about and cut out everything that isn’t that important to your happiness, invest in everything else you have. It’ll start to scale down quickly
SA1 I’m legit drunk right now and just bursted out laughing thinking the same thing
Thank you everyone! Amazing results and inspiring stories ❤️
I'm turning 28 this year and I have about 30k in a HYSA, 100k investments, and 50k equity in my house for a total network of about 180k. Similar to Attorney1, I am a first generation college student and corporate worker.
Mentor
At 28 I had about $60k in my retirement and investment accounts. Now at 36 I have $815k in those accounts.
Mentor
Not really. About 20% consistently.
I had just enough to finance my living expenses during a 2-year MBA (tuition was sponsored). Which means that at 30, after the MBA, I had zero saved (actually minus $5000).
Mentor
Maybe 40k
Your earning trajectory and disciple to keep costs low are far more important than money in bank at such a young age.
Now 44 and $2m+ NW, despite going through family adversity.
At 28 my husband and I were at $138k. By 31 we were at $400k. Hit our first $1M at 35. Now we are at $6M at 44.
Wife and I are at about $635k (including home equity). We’re both 28.
Without home equity we’re at about $450k.
Coach
About $100k in home equity and almost nothing liquid. I was still in graduate school and very lucky to have a positive net worth instead of loans.
Don't compare yourself to others at the same age. Make a good plan for your savings and investments so future projections show you will meet your goals. Other people aren't relevant to that.
Between 27 - 28, I wasn't thinking about net worth. You are ahead of your peers. Stay focused until your networth grow to $100K. Afterwards, your networth will grow faster. In few years, it will grow $100K/yr. At 62, Warren Buffett net worth was only 1% of his total net worth today. Compounding is Confounding!
You can do it!
I just turned 28, 480k net worth, 100k from home, 180 in brokerage, 180 in 401k, 6k in HSA (wish I started making this earlier) remaining in a ln emergency fund. Feel ahead of those my age but middle of the road for FIRE folks my age
Started at 60k 5 years ago, now making 205k