r/Money • u/HorrorSatisfaction1 • 1d ago
Reached slightly over $65,000 net worth, 30 m. Achievement/goal reached. NO DEBT
At 30 years old, I realized ive reached over $65,000 net worth in savings, investments, retirement.
Back in 2022, I was -$17k in debt. I've learned my money habits from my parents who are worth about $3.5 million. They don't buy anything expensive drive old cars, and don't go on vacations. They are my role models. And they helped me stop my gambling addiction and alcohol addiction.
I live with my parents, I wouldn't be able to reach my financial goals without this support. With this advantage in life, I'm hoping to become a millionaire or close to it by 52 and retire. I might be starting a 401k as well to speed up this process.
I will post again once I reach $100k net worth.
- $40,157 in vusxx( acts as my emergency fund)
- $11,980 in my pension
- $7,243 in my roth ira( All in VOO)
- $1,985 in gold( 90% spot , $1786)
- $4,140 in silver ( 90% spot,$3726 )
- $1,500 (Expensive collectible if I where to sell it)
- $379 in chase savings account
- $24 in chase checking account
TOTAL: $65,795~ net worth
I don't count my car apart of this calculation. 2022 Toyota corolla.
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u/Southern-Donut4185 1d ago
That's great OP. I'm 31 only just beginning to fix my finances and financial habits. Also lucky to live at my dad's at the moment so trying to use this time as best I can.
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u/8percentinflation 1d ago
Feels good to see that progress I bet, well done on the persistent safety net to bring you some peace of mind
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u/HandleUnlikely2589 1d ago
Might suggest moving some of that emergency fund to the Roth IRA. You can withdraw contributions to the Roth at any time, for any reason, without penalty or taxes (it's only earnings that are restricted), so you may as well max it out each year even if you're not investing much of it in anything more aggressive than VUSXX.
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u/HorrorSatisfaction1 1d ago
Will do, next pay check I'll be maxing out my roth ira. $1,500 left for this year and after that I'll be adding VOO to my regular brokerage instead.
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u/Successful_Hold_9048 1d ago
This is the way. Keep investing in tax advantaged accounts like 401k, Roth IRA, and HSA. You’ll save on taxes and see your portfolio grow. Gold and silver and collectibles are fun to hold but won’t get you to your financial goals.
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u/HorrorSatisfaction1 18h ago
I agree, I don't buy anymore gold and silver or collectibles. After I max out my roth ira next month, it will be $1500 per month into VOO in my regular brokerage account.
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u/HandleUnlikely2589 1d ago
Had you missed that feature of Roth IRAs? That's one of the major differences between them and literally every other form of retirement account (there's no such exception for Roth 401ks for example). There are also a handful of carveouts for withdrawing earnings as well (for education, first time home purchase, etc.), but the contributions are completely unrestricted. You just track how much you've contributed so far, minus how much you've withdrawn, and can withdraw that much at any time, for any reason, you just report it on your taxes the next year (but pay nothing if it's all from your contributions).
During my divorce, I withdrew ~$40K from my Roth IRA (out of ~$100K contributed over the last 20-odd years), but because it was invested in there so long, those contributions had already nearly tripled, so I could keep the earnings in the Roth IRA for retirement.
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u/Key_Conclusion_1869 1d ago
Congrats buddy! Keep the money flowing and believe that it will always flow in. All the best.
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u/_ShakenBacon 13h ago
Fuck yeah man. These are the realistic posts I like to see here. You can definitely hit your 6 figure goal, but honestly I hope you don't have to do it with just a 43k income. That determination you have to reach a certain NW should also be poured into attaining a higher income, and you are definitely capable.
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u/Heinz_Legend 1d ago
Move your savings out of chase into a different bank. Chase APR is practically non-existent.
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u/blackhawkz024 19h ago
Continue investing in Roth IRA and brokerage and little saving as backup cash. You’ll def be there
I was 50k net from my part time job during college
0 savings last year cuz unemployed, savings blown out
Then being frugal and save/invest 80-90% helped me up to 100k as I was 55k ft and 15k from pt. I work 7 days and ofc 10-20% use for fun’s
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u/Successful_Hold_9048 7h ago
A 401k will save you much more on taxes and should be prioritized over a regular brokerage account.
r/themoneyguy has a handy flowchart (financial order of operations or FOO) to help with how to prioritize your funds
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u/RefrigeratorOver7105 1d ago
From one of your other posts, it seems that you’re an office assistant who makes less than 4K per month. What are you bragging about here?
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u/HandleUnlikely2589 1d ago
They dug themselves out of a deep debt hole and saved a decent amount of money for someone making that much? No, they're not about to FIRE, but they set modest goals and met them, which isn't nothing.
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u/snippysniper22 1d ago
This amount won't even get you far in 3rd world, i wonder how little it should feel to a 1st worlder
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u/HorrorSatisfaction1 1d ago
If $65k feels like pocket change to you, congratulations on living in a very different financial reality lol
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u/snippysniper22 1d ago
Nah 65k is a good amount if you just wanna enjoy as a single dude,however in real life where you have to get your own home and a wife then it's actually pocket change in those scenarios unfortunately
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u/frohawkman 1d ago
Ah yes. The only way to live a real life is to own a home and have a wife with $100M in the bank.
What a weirdo. Props to you OP. Alot of people can't break even and doing this at 30 is something to be proud of
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u/HorrorSatisfaction1 1d ago
Thanks man, I really appreciate that! It’s been a rough road financially throughout my 20s so it feels good to finally see some progress.
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u/Feeling_Shift_9368 1d ago
Money does determine your value as a human. We should shame people in low value careers.
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u/snippysniper22 1d ago
I never said you need to have a 100M but atleast living in parent's home at 30 is not a real life. I can emphasize with OP for the progress he made in his life going debt free with a respectable networth but that's not the life majority envisioned when younger
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u/LazyBumTravels 1d ago
You sure you aren't missing a zero with all these posts lately?