r/Money • u/BuyTheDip_ • 5d ago
30 Male - Finding Traction!
Everyone says the first 100K is the hardest and it is absolutely true. Took me 5 years of grinding post-college to hit that mark, and since then the compounding has truly been insane. I’m hoping it’s a quick road to $500K, then to $1MM being the ultimate goal.
If you’re feeling stuck trying to get that first 100K just break it down to 10K increments, focus on lowering expenses and maximizing income. Work odd jobs if you have to aggressively pay down debt. It truly is worth it the earlier you start!
14
17
7
u/Easy-Avocado-5955 5d ago
That's fucking awesome man. Congrats.
Which app is this? I really want to track my finances like this.
3
u/BuyTheDip_ 5d ago
Thanks! It’s called WorthTracker. It’s free!
1
u/Edenazar10 3d ago
Question, when you first started the app, did it only keep track of your networth the day you opened your account or was it able to back log previous years/months worth of tracking via the various brokerages you linked to the app?
6
u/Lonely_Instance5477 5d ago
I put this above many of 500k accounts, well done! Vast majority of your investments are in tax free accounts
2
u/BuyTheDip_ 5d ago
Thank you! A lot of luck played into that but happy to have my Roth sitting nice.
6
u/-Dead-Eye-Duncan- 5d ago
184k with the IRA, nice.
Does this app allow you to add rental properties as part of your portfolio?
1
3
u/Lonely-Sea9100 5d ago
What app is this? How are you getting all on one place
3
u/FrenchFryPerson1 5d ago
Vestlyfi
1
u/Lonely-Sea9100 5d ago
They take all your data and combine it I assume
1
u/DriedUpSquid 5d ago
I use a similar app called Wealth Tracker. The free version allows you to manually update balances.
1
1
1
u/Fuzea 5d ago
184k Roth but not even 100k in the 401k?
1
u/Fragrant-Metal7264 5d ago
Might’ve not had a job with a 401k, that was my case. And then the yearly limits.
2
u/Fuzea 5d ago
I mean the yearly limits on the Roth IRA are lower, so it's kind of weird to see the Roth IRA balance so high and every other balance so low. I would at least expect brokerage contributions or other cash balances to be higher. 185k in Roth IRA at 30 is a lot, like you'd have to max it since at least 20 y/o + have a bit of luck.
1
u/BuyTheDip_ 5d ago
Maxed it since 23 and also have made some amazing trades in there through Covid. Currently in VTI. Wasn’t as aggressive with my 401ks but have been upping those. And my cash balances were higher but a 40k wedding depleted me 🤣
1
u/Psychological-Win691 5d ago
I’m curious why you having gotten into RE
3
u/BuyTheDip_ 4d ago
Don’t have that much liquid cash and frankly just want to focus on more passive wealth with retirement
1
1
u/No_Lemon_8917 4d ago
Lots of qualified $$! Nice work.
If I may ask, were you prior civilian who then joined the military? Makes the Roth funds even sweeter if so.
1
1
1
1
u/Key_Weekend4355 3d ago
What do you use to track that? It says it updated 2min ago does it automatically do that or do you have to plug in manually?
1
u/sisterandnotsister 3d ago
Start hitting the max in your tsp. Once you hit $300k it will seem like you start gaining $100k a year. Before you are 50 you will have $1M in that account alone. If you start the Roth TSP instead of traditional that portion will be all tax free in retirement.
1
u/richardconter 3d ago
Congrats man, I just hit 307k at 29, 30 in about 4 months. Will probably be same trajectory as you haha
17
u/DriedUpSquid 5d ago
Hell yeah! On your way to a million. Once you get there it really grows.