Hey Money Minder,
I just had to spill the beans without anyone finding out who I am. Surprise, surprise, I hit 100k in net worth way earlier than I thought I would. I’ve kept it on the down low because my friends are struggling with money, and my family and finances don’t mix well.
I’m a 29-year-old dude pulling in $72k before bonuses. My bonus ain’t a guarantee, and it’s only been $5k twice in the past. My journey started late at 24 with $20k in student loan debt. But I hustled during summers, held onto a student loan refund, and now have $36k in investments, $22k in a 401k, and $35k in the bank.
Still got $24k in student loans, and snagged a townhome last year with an equity estimate of $34k. Planning to sell seems like a hassle, but it’s still a trip that I made it this far. Oh, and the downpayment was all me. Realtor family saved me a buck on commissions but spent it on his floors.
First job paid peanuts at $31,250, but I made it up to $45k with two promotions. College was a drag, but my B.S. and B.A. finally paid off when a friend hooked me up with my current job making $62,500. Been climbing up the ladder since.
Thanks for hanging in there with me. My net worth stands at $103k. I’m feeling more hopeful about my future, especially after almost joining the military. Let’s just say, I’m still not using my degrees in my current job.
Catch you later, Retired and Rich
Response from THE MONEY MINDER:
Hello There,
Congratulations on achieving an estimated net worth of $100k! It’s a significant milestone that showcases your dedication to financial discipline and smart decision-making. It’s commendable that you’ve been able to reach this point in your financial journey, especially given the challenges you faced starting out with student loans and a lower salary.
Your cautious approach to sharing this accomplishment due to concerns about how friends and family might react is understandable. It’s wise to be mindful of how personal financial achievements can impact relationships. However, it’s also essential to celebrate your success and continue working towards your financial goals.
With $24k in student loans remaining and a townhome with equity, you have a solid foundation for building wealth. It might be worth considering a strategic approach to paying off your student loans while also continuing to invest and grow your assets. Since your salary has been increasing steadily over the years, you could allocate a portion of your bonus towards paying off the remaining loans while also contributing towards your investment accounts.
Maintaining a diverse portfolio, such as your Roth IRA, individual brokerage account, 401k, and savings, is crucial for long-term financial stability. Keep prioritizing savings and investments while also staying focused on reducing any outstanding debt.
It’s inspiring to see how far you’ve come in your journey towards financial security, and with your diligent approach, you’re well on track for a promising future. Keep up the excellent work and continue making informed financial decisions that align with your long-term goals.
Best regards,
THE MONEY MINDER
