Consulting

Whats your age, what’s your 401K worth? Will go first - 26, $23K

likefunnyhelpful
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14, 1,000,000,000

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likefunnyupliftinghelpfulsmart
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Seems legit

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I’m just here to find my future spouse.

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likefunnysmartupliftinghelpful
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44. I started my 401k in 1995 when I started with Hewitt (private back then) I was so very toung! not posting my net worth here because that's some ridiculous mess. otherwise known to the younger crowd as flex lesson learned to be shared with all our younger peers just starting off in their career: start early let it ride there will be market adjustments along your lifespan however.... overall it trends upward. end of story

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likeupliftinghelpfulsmartfunny
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SM7 -- did you max $ contribution most years? Or did a steady x%? Also what's your comp these days?

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29, $0 🥺

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likefunnyupliftinghelpful
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Its never too late to start. Max out. I started at 30 myself. In addition I think there is also a 55k this year limit with post tax contribution

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What's the point of this

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likefunnyupliftinghelpful
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where's the fun in that

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41 $817,009. Been maxing out my 401k annually since starting career at 21. Highly highly recommended. $381k in other IRAs/retirement accounts (Roth, annual small IRA contribution for tax purposes, pre-partner employer provided profit sharing account benefits). This does not including partner benefit accounts, real estate owned or invested, securities (stocks and MFs) or cash savings. This retirement strategy is from a four part strategy I started at 21 thanks to a brother in finance with good advice: 1) always max out your 401k, 2) participate in whatever profit sharing benefits your company offers (RSU, ESPPs, meet all required contributions to achieve matches, etc) 3) try not to give yourself a raise in monthly cash flow when you get a raise at work (I implemented a “sweep” where every dollar in excess of x monthly was automatically swept to savings and I lived on $2000 a month for about 10 years) 4) invest don’t spend your bonuses and 5) stay in the market during fluctuations.

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likeupliftinghelpful
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No I am not

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I’m still waiting for some one to blurt out “9 inches”

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likefunnyuplifting
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can someone take it, and then leave it?

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37, $95k. Had a lot of fun though!

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likeupliftingfunny
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Same approx

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It’s not all about your 401k, it’s about your total portfolio. I’m 26 years old and I have been investing in real estate which makes me much more money NOW and it will also make me more money later, whereas 401k you are just locking it up for later. At 26, I have saved and invested in 3 single family homes and have another 80k sitting in my own brokerage accounts. Don’t rely on your 401k to generate wealth, go out and find better wealth generating vehicles.

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likefunnysmart
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A1, depends on which market you are in. Re-run your properties in the Midwest! My properties mortgage payments are all around 1300-1400 bucks per month, and the rents are between 2250 and 2350 per month. Even if you put 8% in there for property manager, and estimate for maintenance and vacancy, you are making really good cash flow and having some else pay off your debt, not to mention the appreciation is just an extra. Don’t buy for appreciation, buy for cash flow.

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24 this inspired me to check my 401k for the first time in 2 years, thinking I only had a couple thousand in there. I have $10k.. had no idea I pre-set 10% of each paycheck to be entered into my 401k

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likefunnyuplifting
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Make sure you are invested in 100% equities, ideally in low fee index funds

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31, $220k in 401k

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likeuplifting
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I love so much about the things y’all choose to be

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I’m just waiting for the first person from MBB to come here and put all of these numbers to shame.

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likefunnyupliftinghelpful
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G1, +$700k in seven years? Please explain

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35, $450k

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likeupliftingsmart
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I started consulting at 21

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46, 800-900k

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likeuplifting
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@D37 I’m sure with market fluctuations (especially these days) a 20k variance isnt abnormal.

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Your 401k shouldn't be your #1 asset. Assets are grouped into 4 categories: paper assets (401k, bonds, cash), real estate, business (self employment), and commodities (gold, silver, oil, etc...). Make sure you are well diversified in these 4 categories. I personally like real estate over fake paper assets like the 401k as it has its advantages. After you depreciate the rental spaces and write off expenses, the income is essentially tax free. My only worry is with debt. Debt can get you into a lot of trouble like in the 2006-2008 housing bubble, as well as in the unpredictable future. I've decided to do this the Dave Ramsey way and buy with cash. Sure it seems a lot slower but it is my opinion that your net worth will be about the same in the long run on a debt-less business model. Robert Kiyosaki and Dave Ramsey have about the same net worth if you account for the age differences but one did it with much less risk and that's what let's me sleep at night. Make sure you take advantage of the 401k matching, don't throw away free money! Buy real assets too, and don't forget to have a side gig too.

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likefunnyhelpful
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Ey4, you are right on the capital gains recapture. You aren’t required to depreciate, but you should in most cases, as the government will reduce your tax basis when you sell. In my personal case it didn’t matter if I depreciated as the property it was still tax exempt as a primarily residence 2 out of the last 5 years.

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likefunnyhelpfuluplifting
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26, 0k

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likeupliftinghelpful
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65, 2 dollars but long D

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likefunnyuplifting
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24, $26k

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Damn good for your S1!

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