{ "media_type": "text", "post_content": "Just hit a net worth of $100k today!! I know this is a very elementary step on my financial journey, but I’m genuinely so excited 😁😭. \n\nOn that note - is there anything you wish you knew at this point in life? Any unique recommendations in particular that will set me up for continued success (besides the standard emergency fund, retirement maxes, etc.). Is there anything you would have done differently? \n\nFor reference, single, F, mid 20s", "post_id": "5ed7ccbc128060001ae18a7a", "reply_count": 137, "vote_count": 229, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }
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Just hit a net worth of $100k today!! I know this is a very elementary step on my financial journey, but I’m genuinely so excited 😁😭.

On that note - is there anything you wish you knew at this point in life? Any unique recommendations in particular that will set me up for continued success (besides the standard emergency fund, retirement maxes, etc.). Is there anything you would have done differently?

For reference, single, F, mid 20s

likeupliftingsmarthelpful
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Keep invested as much as you can, to the point you won’t sell in a big negative market turn. When you have more money the losses are much bigger numbers and can be hard to watch without taking action, and selling low is never good.

Also, keep your investing consistent and broadly diversified. I’m 56 and one financial regret is wasting years listening to brokers whose advise didn’t beat the market in the end. If I had bought and held broad indexes from the start and left it alone, only adding to the pile, I’d be richer.

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real estate is a good way to diversify your assets as well and have something to fallback on (just having ownership to physical property is a good as long as it's something you actually want and it's good deal). They way I think about it, even though you may not get as much of a return as just investmenting the amount spent on a down payment, at least if the world went to shit, you would still have a home that's yours lol.

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Congrats! 100K was a big milestone I was targeting as well. It's great that you've done this by 25. You could be on your way to early retirement.

I thought I had hit 100K by October last year, but I realized that I probably it months earlier because I wasn't considering the lump sum of the EY pension payment if I was to leave.

The main thing I wish I knew at your age was about setting up a ROTH IRA separately in order to allocate retirement savings. You can pull out your ROTH contribution amounts with penalty or taxes so it's like an extra savings account.

Also, I wish I knew that there are various tax planning strategies you can execute to pull out your money well before 60s, if you want to retire early.

Just turned 31 and learned a lot about all of this 1.5 years ago.

likefunny

You can create ROTH IRA accounts under various investing platforms. I personally use now use M1 finance and just purchased vanguard funds index funds through there. The first ROTH IRA account I opened was under fidelity because the 401K account my company offers is under Fidelity.

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I’m 27 and my net worth is -30k...

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Right. you have a positive equity value which will still be positive net of fees. Equity will increase as you pay down debt.

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Roth IRA
Backdoor Roth IRA
Max out HSA
Max out traditional 401k
Max out mega backdoor Roth IRA (if available)
Potentially invest in a 529

Don’t rush into buying a home

likehelpful

Amazing, thank you A6 I will check if my employer allows for mega backdoor Roth. Is there a way to transfer my 401k money from my old employer over to a Roth IRA account?

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Do Trad 401K if you’re going to graduate school - then you can convert to Roth 401K when in a lower bracket. That’s advice I got earlier and what I’m doing 😊 (also mid 20s)

I also toss a few hundred into a brokerage account each month - usually an index fund but I do follow healthcare and fintech closely so sometimes will make stock picks there (which folks generally don’t advise for rookies).

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You have a few options with a 401K from a prior company. You can move it to a Traditional IRA, leave it where it is (although KPMG’s independence wouldn’t like that) or transfer to your current firms 401K. All these options have no tax impact. Moving it to an IRA has an upside and downside. With your own IRA you can invest it any way you want and all instruments available can be purchased; the upside. The downside is it now becomes a part of your basis in doing a Roth conversion. You can invest in an after tax IRA with any extra savings and then convert to Roth, getting around the Roth income limits. The issue is that the IRS requires that you pay taxes on the conversion like your taking equally from all your IRA money. This means if you have a roll over in a pretax IRA and an after tax IRA and you want to convert the after tax portion to Roth, you’ll owe taxes on the proportion kept in the traditional IRA. Any pretax money in an 401K doesn’t count. It’s for this reason many recommend rolling an old 401K to your new employer. A 401K will cost you more in fees and offer less available investing options, but will allow you to keep doing backdoor Roth conversions.

I find that just keeping tabs on personal finance topics - you tube, podcasts, this bowl - helps keep me conscious of it. Once you know the items you mentioned, it may get boring but I still learn little nuances and immediately access how it might help me.

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I second stacking Benjamin’s

Awesome! That feeling is amazing. I hit my 100k 2 years ago after working for 5 years and when I just hit 30.

Regrets: I regretted not saving money in my 401k early in my career because I listened to some dumb podcast that said don’t worry about saving early in your career because your salary will only increase.

Advice: go to reddit.com/r/personalfinance and go through all the topics in the wiki. If you are feeling more adventurous look up mrmoneymustache blog.

likehelpful

What stupidass podcast would recommend that and was it a finance based one?

likefunny

Don’t forget to treat yourself. Life is short. While money could give us creature comforts it wouldn’t buy us another day to live. Had recent news my friend who has lived frugally and amassed a fortune was died of Covid19. Early 30s.

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Sorry for your loss.

Keep doing what you are doing and you will be fine. Many people think building long term wealth takes creativity when all it needs it following a boring schedule of saving and investing in broad index funds throughout your working career.

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Thank you!

3 best personal finance advice mantras:
#marry rich
#check her ID
#pullout5secsearly

funnylikehelpful

Don’t sell you yourself short on the “very elementary step,” well unless you inherited the $100k haha. Seriously, congrats and let your excitement be the fuel for you to continue to build.

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Did not inherit :) but thank you, that’s very kind 🥺💕

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Congrats!! I hit that milestone this week as well ($110,000NW) 😊. Started with $300 5 years ago, helping my parents financially since college, and with $50k in loans. (M, 27 y/o, engaged)

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Such big achievements! Congrats on both! 🎉

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That’s amazing and super impressive! Definitely max out your retirement contributions and maintain a reasonable budget. When you start early like that your money grows so fast! I wasted so much time in my 20s and had to spend my 30s catching up. Prioritizing yourself and your financial health is so important. I’ve found that engaging with other female investors and FIRE groups focused on women’s personal investment stories has motivated, educated and empowered me to invest more aggressively.

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Your local area might have a Facebook group as well. Mr money mustache has independent 'camp mustache' events all over the country. I went to one in Seattle and met some amazing people.

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🖐 OP. Same here

likesmarthelpful

Woo!! Congrats 🎉🎉

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Congrats! It’s a great feeling / accomplishment. I’m also 25 M at $140K NW

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Congrats as well!! 🎉 I’ll try to catch up soon, don’t worry 😜

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If you plan on getting married, make sure it's someone who shares the same financial goals and values. And if you have kids, realize that they don't need everything that's pushed by media, friends, family, etc.

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Yesss great call out thank you!

My parents definitely enstilled that in our house growing up.. and while I hated it as a kid, I certainly apprecaite it now haha. Hoping to find a similar integration if/when I have kids too 😄

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Congrats!!! This is a monumental moment! It's only the beginning and we have to begin somewhere 🖤🖤 I just hit 100K a few weeks ago myself (I gave it a little buffer with the market volatility lol)

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Congrats as well!!

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Also mid twenties F with $100k+ net worth. Feels good! So happy for you 💜

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You go girl!! 🎉😍💕

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Congrats!!! Are you available by any chance? 🥺🥺

funny

Hahah a few looking for tips but none too thirsty :)

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Have been making an effort to support local places by getting takeout. I try to get Thai and Korean where possible, bc I like it and also bc I think Asian restaurants are prob doing worse

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I think we all love our dogs a little much lol. I lost a FB friend because I post to many dog photos. Seriously.

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Curious, has anyone had any word on when their offices plan to open up?

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Anyone else of the same mindset that they would stay in this career longer if they didn’t have to travel?

likefunny

Friendly reminder that you are doing the best you can. Breathe in. Breathe out. Don’t be too hard on yourself. You are smart, you are capable and you are enough - not because other people say you are but because you have everything you need inside of you. You are killing it. Don’t let anybody tell you otherwise. 🤍

likeuplifting

Marrying a consultant woman. Research. Do not kill me. Thoughts?

likeuplifting

received offer from company A that explodes end of next week. completed final round for company B (though they said there could potentially be 1 more) few days ago and they said I can expect to hear back this week/early next week. Should I email them on Monday letting them know I have another offer that is exploding or wait to see if they send me something by Wednesday?

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Best airline credit cards… go!

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Marley or Senegalese twists?

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I’ve been wanting to switch careers into Real Estate but feel slightly overwhelmed with getting starting. I’ve taken all courses and just need to get my license but are there any suggestions on how to successfully get started?

I’m in SF Bay Area and have worked in Digital Marketing managing large enterprises accounts for the past 7 years and although I’m “successful” I’ve always had a passion for Real Estate.

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Recently hired C Level has taken to oversharing details of his personal life to all of my main contacts out of the office. Details about his divorce(including not nice things about his wife), his newly found sobriety(reason for divorce - it led to extramarital affairs & many), &also how attractive his new girlfriend is. W/details in each scenario. I don’t have an issue with him trying to build relationships and sharing parts of himself, but not sure how to handle when I hear how Creepy it is.

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Any Smithies on here?

Can we carry alcoho ( 3 Glenlivet bottles) in our checked luggage during domestic travel ?

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