Getting out of debt is good though. Only thing I don't agree with Ramsey on is pausing 401 contributions while paying off debt. Otherwise, baby steps are pretty solid. Good work!
In that case, now would be the time to sell the brokerage assets and move it into the Roth. With stocks down quite a bit right now, the capital gains taxes you trigger by selling will be low or even non-existent. Then shove the money (up to $6k per year) onto the Roth and let it grow tax-free when the market rebounds.
Old person of the group at 62 so far and not pursuing the FIRE thing, just interested in what I can either learn from, or contribute to these discussions. You younger folks have the right idea! I was late to the investing party. My first 401k contribution was at 30(did not have a job before then that offered one) and less than $16. I still have the pay stub... Ok here goes... Married No debt Home equity $250K Emergency $27K I bonds(part of emergency but in addition to above) $7700 HSA $13K Pre and post tax investments including 401K +/- $700K. My aside... Helped put 3 great kids through college by using a 529 and putting in a specified amount for each adjusted for inflation and dividing it up among them, which in total was a $100,000 Bill. No regrets, and no money for any of them for poor performance. They did the rest, and all graduated debt free with practical 4 year degrees, are on their own and doing well.
I love your post so much!! I am very similar to you and also resonate with the charitable giving. So many posts on here are all about ME ME ME, but I really value helping others - it isn't just about what can I do for me. Thanks for this post - Reddit needs more people like you!!
I see generous giving at this stage of my life kind of like on the airplane when they tell you to put your own mask on before helping others. I need to secure my future first, and then I'll be able to be much more financially generous. In the meantime, I can help people/orgs in need with my volunteer time and effort instead of financially.
Invest everything but 6 months emergency fund into maxing out Roth and putting it in other invest vehicles while you can. Please please I beg you. Savings is losing massively to inflation and you’re at the perfect time for a discount on all shares!
It's funny when I see parents taking care of their 20-24 year olds like they dont know how to schedule their own doctor's appt or pick up their own prescriptions, or even help them with this and that. Kudos to you for being independent so soon!
Interesting similarities with my case: Europe, 47, male, now working with income 120-140k (but used to be >350k then got fired at 43 in very competitive IB and wasn’t able to get back to previous career).
Yea it definitely is. Look at any bls.org data on incomes in the world. This is literally like the top 5% if not the top 1%. People aren’t sharing any debts. Also not sharing if they inherited any of it. Safe to say these are all inflated/ the group leans financially savy. Go ask the same poll at a graduate school, a truck stop, or a barber shop. Doubt you will get the same data
I know it’s a bit bias seeing people who follow this subreddit are saving, but god dang you guys are well off. Saving can be very hard at times, at least for me 😭
When looking at these numbers one has to realize- to be in this subreddit one has some financial sense and is aggressively working to live freely. That already puts most people in the group 95% of the rest of world.
Age 47, I’ve been making $180k since 2013 and salary has gradually gone up to $200k over the years. I was overpaid and didn’t move because there was no way I would achieve anything more than $170k. Am planning on FIRE at 50/51 unless they let me go with a severance (which I’m hoping for) I’ve been very lucky the past 10 years.
Does not feel that way :/ but thank you! I regret not starting to invest earlier in my life like in college but it is what it is. Just trying to make changes now for a better financial future. I was careless with spending the past 2 years or so.
How’s it going since going from 400k to 80k? I’m assuming you weren’t living lavish since you’re in this sub but still that’d prob make me feel a little queasy
Thats great! You may want to DCA at a slightly higher rate. It'll take you 4 years to get all of that money in and if you look at historical market draw downs most of them are fully recovered in that time period. Either way keep it up!
Age 27 IRA 18,000 401k 20,000 Student debt 65,000 paid to 0 Home equity 10000 Cash 10000 Investing per mo 3700 Salary pre tax 90k, wife just got a part time job earning additional 15k. LCOL area
29 F, married
Sounds like the Ramsey baby steps worked for you then.
Getting out of debt is good though. Only thing I don't agree with Ramsey on is pausing 401 contributions while paying off debt. Otherwise, baby steps are pretty solid. Good work!
SCREAMS IN DEBT FREE
Shout out to bread winning wives! I'm married to one! Lol.
What are the Ramsey baby steps? Sorry, new here!
Age: 20
You can put the cash from your brokerage directly into your Roth so long as it’s less than $6k and your total income for the year
In that case, now would be the time to sell the brokerage assets and move it into the Roth. With stocks down quite a bit right now, the capital gains taxes you trigger by selling will be low or even non-existent. Then shove the money (up to $6k per year) onto the Roth and let it grow tax-free when the market rebounds.
Lol me too
Solid 🔥
age 58 income (mine 75K wife -retired with 35K)
Loving your job is so valuable, I would put a $500k value on a job I love
Old person of the group at 62 so far and not pursuing the FIRE thing, just interested in what I can either learn from, or contribute to these discussions. You younger folks have the right idea! I was late to the investing party. My first 401k contribution was at 30(did not have a job before then that offered one) and less than $16. I still have the pay stub... Ok here goes... Married No debt Home equity $250K Emergency $27K I bonds(part of emergency but in addition to above) $7700 HSA $13K Pre and post tax investments including 401K +/- $700K. My aside... Helped put 3 great kids through college by using a 529 and putting in a specified amount for each adjusted for inflation and dividing it up among them, which in total was a $100,000 Bill. No regrets, and no money for any of them for poor performance. They did the rest, and all graduated debt free with practical 4 year degrees, are on their own and doing well.
Amazing, it’s great to see all you’ve done and what you plan to do after stopping FT work. You sound like you’ve got a balanced life.
I love your post so much!! I am very similar to you and also resonate with the charitable giving. So many posts on here are all about ME ME ME, but I really value helping others - it isn't just about what can I do for me. Thanks for this post - Reddit needs more people like you!!
I see generous giving at this stage of my life kind of like on the airplane when they tell you to put your own mask on before helping others. I need to secure my future first, and then I'll be able to be much more financially generous. In the meantime, I can help people/orgs in need with my volunteer time and effort instead of financially.
27
Age: 16
The fact that you're here means your future is bright. Great job!
wow that’s impressive. when i was 16 i had $20 in cash
when i was 16 i didnt have 2 nickels to rub together
Amazing!
Extremely great start. Kudos to you 🫱🏿🫲🏾
Age - 23
Hey, not trying to tell you what to do, so ignore if you'd like. It's free advice, and you get what you pay for.
Age 40 - married
What is Efund?
College fund? that's for college no?
Age: 19 Income: very low and varies Investments: 1.5k Checking/ Saving: 2.5k Silver: 13.5 (T)OZ
That's actually pretty impressive. Keep at it!!!!! Your doing much better than most people you age
Age: 24 Income: 70k
You are rich for a 24 year old lol. Nice job
My net worth was the negative of yours when I was your age lol
I’m sure there is a lot of inflated numbers in here.
Invest everything but 6 months emergency fund into maxing out Roth and putting it in other invest vehicles while you can. Please please I beg you. Savings is losing massively to inflation and you’re at the perfect time for a discount on all shares!
Age: 19
Rock on. Start early and let compounding carry you to heights you could only dream
Age: 28
Hang in there bro.
At your age, I had a net worth of -120k so you're doing great 😃👍
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I started mine much later than I would've liked too!
Age 31 - single and left home at 18 with 300$ in pocket
It's funny when I see parents taking care of their 20-24 year olds like they dont know how to schedule their own doctor's appt or pick up their own prescriptions, or even help them with this and that. Kudos to you for being independent so soon!
Age: late 40s
Do you wana adopt me ?
Is that income from Private Equity investments?
Are the real estate distributions from platforms like Crowdstreet and RealityMogul?
Interesting similarities with my case: Europe, 47, male, now working with income 120-140k (but used to be >350k then got fired at 43 in very competitive IB and wasn’t able to get back to previous career).
Age: 28
Age: 38
wow! how'd you get to 450k in stocks at 38 at a 60k income? that's really impressive!
43
Sounds like you're doing well! Congrats!
Age: mid 30s
Well done in that brokerage. That's solid. Are you saving for a house?
Copy this answer for me (mine might be ~10% smaller).
It’s interesting and fun to see that people who have responded so far are much younger than me.
This gives me hope! I’m a late starter to FIRE and hoping to push savings into high gear this year (early 40’s).
Hope you all are looking forward to the reddit chat requests coming your way
I hope this forum is skewed towards high income earners because everyone is making more income from their careers than I am.
There is definitely a reporting bias. The more you make the more you want to show off.
Yea it definitely is. Look at any bls.org data on incomes in the world. This is literally like the top 5% if not the top 1%. People aren’t sharing any debts. Also not sharing if they inherited any of it. Safe to say these are all inflated/ the group leans financially savy. Go ask the same poll at a graduate school, a truck stop, or a barber shop. Doubt you will get the same data
Age: 25
I guess I'm the only one who's old, doesn't make shit, and has an underwhelming net worth.
Tech tbh.
Age-mid 30s
Age: 25, 26 next month
Looks like you started the Roth IRA pretty early in your career, good for you
What do you do for work?
Yo wtf.
Age 36
Age 32 Income: $120,000 Savings: $8000 Retirement: $60,000 Brokerage: 140,000 Checking: $4500 Home Value/equity: $320,000/$70,000
39
Age: 26
Age: 55 f divorced
25 49k inc 25k investments
I will add my unusual profile then
I know it’s a bit bias seeing people who follow this subreddit are saving, but god dang you guys are well off. Saving can be very hard at times, at least for me 😭
Age: 22
34
Copying your format
You’re crushing it! What are you earning royalties on?
You are absolutely killing it! My advice:
Age: 40yrs old
When looking at these numbers one has to realize- to be in this subreddit one has some financial sense and is aggressively working to live freely. That already puts most people in the group 95% of the rest of world.
This comment makes me feel better. I’m always comparing myself against others 😅
Age: 26 (almost 27)
Ngl, i read your username as pissedoffkaren
Any property?
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Killer foundation before 30. That’s awesome
I’ll play
Nice! How the heck did you get that home equity? Market swing?
Age:42 married but just speaking for myself
You should all be very proud. These are impressive numbers.
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what do yall do?
Age 20 (21 next month) Income: 73k
What do you do at 19 to earn 73k!
Age 29
Age: 21
Age 35, long term partner 32
Age 50/48 Income 225-260K (incentive comp, wife is a SAHM)
Age:39 and 32
Kudos on the 10yr mtg - must be nice to know it'll be paid off while in your 40's!
Age 47, I’ve been making $180k since 2013 and salary has gradually gone up to $200k over the years. I was overpaid and didn’t move because there was no way I would achieve anything more than $170k. Am planning on FIRE at 50/51 unless they let me go with a severance (which I’m hoping for) I’ve been very lucky the past 10 years.
That's a heck of a side hustle.
Age: 30
Can you elaborate on the properties?
Canadian age 30
I feel like Canadian age should be in hockey seasons
34
Age:23
Age: 26
Age: 22
Age: 22 Income: $80k
Age: 26
Age: 20 Not exact numbers, but none of them are off by more then about $200-300
Feel like I'm so far behind.
Age: 35
47 Income: 225,000 IRA: 540,000 Roth: 8300 SEP: 123,000 Wife's IRA: 79,000 401K: 58,000 Taxable: 332,000 Crypto: 3000 Cash: 70,000 Primary home equity: ~300,000 (and falling) Second home equity: ~275,000 (and falling)
35yo canadian
Age 24
Age: 26
Damn how do you have such an expensive home?
Age: 26
Age: 23
Age: 23
Age: 25
Age: 32 (just started saving for retirement really but bought my first house at 25. Did no other investing until age 30)
You’re doing amazing for your age OP! Congrats & keep at it!
Does not feel that way :/ but thank you! I regret not starting to invest earlier in my life like in college but it is what it is. Just trying to make changes now for a better financial future. I was careless with spending the past 2 years or so.
Age: 26 Income: $180k ish? (Sales)
I need to go into sales….
tech sales?
Age: Mid-30s
Age: early 40s married Income: 250k Cash: 45k IRAs: 130k 401k: 600k Brokerage: 75k
Age: 25, Pennsylvania
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3k in checking but 451k in brokerage? I don’t know why I click on these posts
Age 19
Age 23, soon 24
Age: 25
How’s it going since going from 400k to 80k? I’m assuming you weren’t living lavish since you’re in this sub but still that’d prob make me feel a little queasy
53 married
34
How many rentals?
Age 33 / single
interesting, why so much in checking?
28. Investment about $4k. Cash around $500k. All from a windfall I received about a month ago. Currently DCAing $10k/month as the market crashes.
Thats great! You may want to DCA at a slightly higher rate. It'll take you 4 years to get all of that money in and if you look at historical market draw downs most of them are fully recovered in that time period. Either way keep it up!
Age: 26
Age: 27
Age: 31
Age 27:
Age: 21
Age: 37 Income: 600k (household 300k/each)
31 married All numbers combined Income 300k Own home - 600k 403b- 350k Cash account -40k Hsa- 4k
Age: 23
Canada Age 27 married
45, FIRE'd at 37
Age: 29
29 Income ~85k pretax, ~55k posttax
Age: 17
Age 27 IRA 18,000 401k 20,000 Student debt 65,000 paid to 0 Home equity 10000 Cash 10000 Investing per mo 3700 Salary pre tax 90k, wife just got a part time job earning additional 15k. LCOL area
Age 26
Age: 28 (married)
Age: 27
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Age 31 Canadian
Age: 23
Age: 29
Age 27
Age 27
Age 18 Income 41k Roth 5.1k Brokerage 20.3k
Age: 25
bruh what do you do for moneys
30 years old. 140k base/ 170k average annual with bonus. HH is 235k base/275k combined.
Age: 27
26 Income: 200k w RSUs
Age: 33
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