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Any advice from a soon to be landlord?
If you have $100k before 30 you're at the very worst on track for a very comfortable retirement. As your salary goes up you can put more and more away to target the early retirement a lot of us here aim for. Likely that no matter what you'll have a level of financial independence before you know it that allows you to take a step back and if you have to or want to keep working do something you enjoy a bit more.
Lots of people are being jerks on here. You're doing fine. Keep it up!
Thank you for your service.
Thanks for everyone’s feedback. I really didn’t realize this would sound like a humble brag. According to a FIRE calculator, I won’t be able to retire until my late 50s 😂😂😂 need to change my lifestyle a bit.
I don’t take it as a humble brag. Being ahead of the median NW/income for your age is almost expected in a white collar corporate job, not a goal.
However, it’s hard to gage “on track” vs. “off track” without having specific goals. If you want to retire at 45 on your own private island, you’re way behind. If you want to retire at 50 and travel the world, you might be a little behind. If you want a simple retirement at 60, you are probably ahead of schedule.
I struggle with this, too. I don’t know what my goals are yet (or when those expenses may hit - like kids? someday, dependency on a SO), so it’s hard to know whether I’m balancing planning for the future with living in the present.
Coach
I wish you would ask a more personalized question to your situation because this just comes off as a humble brag. A quick Google search or understanding of fire will leave you feeling great about reaching your fire goals.
Coach
But that $19k doesn’t impact your goals or timeline at all. If you’re on track for your goals which I assume you are, keep at it and be happy. If you feel you need to make more, then find a way, but for now you’re doing way better than most in your age range.
Coach
I don't think this is totally off base. Clearly too many people are living paycheck to paycheck, saddled with student loans, and/or not prioritizing savings, but of those with stable jobs that are aggressively planning for retirement the common recommendation I see is to try to save the equivalent of your annual salary for retirement by age 30. 3x by 40. 5-6x by 50.
I did not hit 1x by 30 but am on pace to hit 3x a few years "early" barring a recession or huge salary increase.
Coach
I think it is your salary at those ages otherwise "just" doubling in value from 40 to 50 would be likely even without contributing another dollar with average market returns.
This is more of a personal question based on what your goals are. I just turned 30 and my NW is around 300k. I’m behind because I value material things and want a massive house on the water and fancy cars. My best friend is 34 and his NW is over 5MM. He drives a 1999 Honda Civic.
It’s all very relative to your personal goals and ambitions. Don’t benchmark yourself against others.
That’s a fair point - thank you!
Definitely below average for consulting, but doing great relative to US average.
At 28, with 5-6 YOE, I would say a good TC is 200+ TC and NW of 200+ as well
What do you think then AC1?
I’m 36 with a net worth of -80k (grad school loans) in hcol suburbs. Income 115k bc took unconventional path of humanities and transitioned careers three years ago. Able to pay mortgage, save for retirement, pay loans, take care of child even with that income. You’re doing well
Coach
This is an impossible question for anyone to answer without knowing your annual expenses. That's literally the most important factor here.
You have everything you need to calculate this yourseld using conservative assumptions.
This is going to sound harsh, but the truth is: anyone is providing an answer on whether you're on track without asking what your annual expenses is not providing anything too helpful.
If you haven't started putting together an budget, I would do so. It will allow you set a base goal line for savings and you'll be able to track to it.
Thank you!!
🤦🏾♀️
I’m 30 with a -$70k net worth (bschool loans)
Did you just graduate? I hear many people are able to pay off their loans with their new roles and the bonuses
You are in the trenches!
I think the amount you have right now isn't nearly as important as the % you're investing each month out of your salary and what you're invested into.
1) Pick mutual funds that beat or match the sp500
2) make Roth contributions where possible for tax sheltered gains
3) invest 15% or better of your income
You'll cross 1M before you know it. Just check out some online investment calculators to see the projected growth tables. This can give you a real idea of where you'll be in a few years.