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Old 07-07-2007, 06:10 PM   #141
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Age: 24, hope to retire at 39
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Old 07-08-2007, 07:14 PM   #142
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Join Date: Jun 2007
Posts: 21
Age: 41 (me); 39 (wife)
Income: $225K
Profession: physician (me); med tech (wife)
Net worth: $700K

BTW, I'm impressed with some posters here who are 5 to 10 years younger than me, making 5 figure incomes, and yet have net worths in the 7 figures. How'd you guys do it? I thought I was frugal....apparently not frugal enough?
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Old 07-08-2007, 08:20 PM   #143
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Originally Posted by ndfmnlf View Post
BTW, I'm impressed with some posters here who are 5 to 10 years younger than me, making 5 figure incomes, and yet have net worths in the 7 figures. How'd you guys do it? I thought I was frugal....apparently not frugal enough?
I think it is more a combination of starting early and taking advantage of all that compounding and the ridiculously good returns out of the stock markets over the last few yrs

-h
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Old 07-08-2007, 08:29 PM   #144
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Originally Posted by ndfmnlf View Post
BTW, I'm impressed with some posters here who are 5 to 10 years younger than me, making 5 figure incomes, and yet have net worths in the 7 figures. How'd you guys do it? I thought I was frugal....apparently not frugal enough?
Time in the market. While they were earning and saving, you and DW were at school. Viz The Wealthy Barber
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Old 07-08-2007, 09:27 PM   #145
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Time in the market. While they were earning and saving, you and DW were at school. Viz The Wealthy Barber
That's the book that got me started Alas, I am coming up on the big 3-0, and I haven't even gotten a net worth equal to my salary! But I'm optimistic for next year
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Old 07-08-2007, 09:53 PM   #146
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That's the book that got me started Alas, I am coming up on the big 3-0, and I haven't even gotten a net worth equal to my salary! But I'm optimistic for next year
Ask for a pay cut, quick!

Seriously, though. I'm in the same boat. It's depressing but at least I think I'm mostly on the right track now thanks to everything I've been learning here and at the Bogleheads forum.
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Old 08-18-2007, 09:45 PM   #147
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Age: 21
Occupation: Student
Income: 5-8k/yr (tutoring and summer internship)
Expenses: about 130/mo (my parents support me for the normal living expenses)
Net worth: about 15,5k
Stuff: Already bought my own bed and furniture, own 1/3th of a sailboat type 470 (looking to flip and upgrade to 29er), decent ski equipment
Other: Desire to be free, hence my presence here
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Old 08-22-2007, 08:34 AM   #148
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I'm game.

I feel grossly inadequate compared to other people in my age range, but here it is:

Age: 30
Occupation: IT Manager
Salary: $100,000 + 8% bonus (total=$108,000)
401k: $200,000 (it lost 20K in the last two weeks, but I have 30 years to recover it!)
IRA: No
Savings: $25,000
Other: Various gadgets that aren't really worth that much and a 7 year old car.
Home: Rent still (houses cost $500,000+ where I live if I don't want to get shot on my front doorstep)
Net worth: $145,000 (According to a calculator I used). I have about $12,000 in college loans. How do people get $300,000+ net worths without owning a house?
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Old 08-22-2007, 01:27 PM   #149
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Originally Posted by farmboy42 View Post
I'm game.

I feel grossly inadequate compared to other people in my age range, but here it is:

Age: 30
Occupation: IT Manager
Salary: $100,000 + 8% bonus (total=$108,000)
401k: $200,000 (it lost 20K in the last two weeks, but I have 30 years to recover it!)
IRA: No
Savings: $25,000
Other: Various gadgets that aren't really worth that much and a 7 year old car.
Home: Rent still (houses cost $500,000+ where I live if I don't want to get shot on my front doorstep)
Net worth: $145,000 (According to a calculator I used). I have about $12,000 in college loans. How do people get $300,000+ net worths without owning a house?

Grossly inadequate. Which part?? You lost me.
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Old 08-22-2007, 02:20 PM   #150
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Yeah, really! I'm older and make less:

33 ( as of this last week )
IT Security
Salary ~80k
Various Retirement Accounts: ~$140,000
Savings: $13,000
Own home with ~$200,000 in equity
'02 Jeep GC and '05 Volvo S60 (both I hope hit the ten year mark)
Married, 2 kids
I do own lots of gadgets (multiple computers I built myself, digital SLR camera, 50 inch HDTV) but we are good about buying the gadgets we want and not spending on silly stuff like the latest fashions, clothes, kitchen utensils. etc.
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Old 08-22-2007, 02:54 PM   #151
Confused about dryer sheets
 
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Originally Posted by bow-tie View Post
Grossly inadequate. Which part?? You lost me.
A few places: There are a number of people on this topic who are younger or about the same age and make a lot more salary, have $50K+ in savings and have $300K+ in net worth. I'm happy about where I am for the most part (I'd like more savings so I can put 20% down on a home, which means I need another $50k), but wow, some people really have their stuff together. How are they getting that kind of net worth so quick?
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Old 08-22-2007, 02:57 PM   #152
Confused about dryer sheets
 
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Originally Posted by laurencewill View Post
Yeah, really! I'm older and make less:

33 ( as of this last week )
IT Security
Salary ~80k
Various Retirement Accounts: ~$140,000
Savings: $13,000
Own home with ~$200,000 in equity
'02 Jeep GC and '05 Volvo S60 (both I hope hit the ten year mark)
Married, 2 kids
I do own lots of gadgets (multiple computers I built myself, digital SLR camera, 50 inch HDTV) but we are good about buying the gadgets we want and not spending on silly stuff like the latest fashions, clothes, kitchen utensils. etc.
Yeah, your salary is less, but your overall picture is better, don't you think? You have ~$200K in equity. My 401k is good because my company matches so well. How do people sock away so much cash into other retirement vehicles and savings and still provide a family and a mortgage?
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Old 08-22-2007, 05:12 PM   #153
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Farmboy,

I don't get it. You have 200K in a 401K, 25K in savings, just 12K in debt, no mortgage and you don't seem to have a car loan. I come up with a networth of 213K for you. So how did you get the 145K number? Do you have credit debt you are not telling us about?
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Old 08-22-2007, 05:30 PM   #154
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Now, to answer the OP:

Wife and I are both 33, no kids.
we are both scientists (we both have PhDs so we started making real money only 5 years ago)
combined income 130K
Recurring monthly expenses: $3300. Counting vacations and all the fun stuff we spend money on, Quicken says we really spend about $5000 a month on average.
networth: 420K
Stuff: we don't really own any cool stuff, no boat, no mansion, no luxury cars, no rolex. Though we will go crazy on antique furnishings. We started saving about 30-40% of our income with the first paycheck we ever received and haven't stopped since.
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Old 08-22-2007, 07:23 PM   #155
Confused about dryer sheets
 
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Originally Posted by FIREdreamer View Post
Farmboy,

I don't get it. You have 200K in a 401K, 25K in savings, just 12K in debt, no mortgage and you don't seem to have a car loan. I come up with a networth of 213K for you. So how did you get the 145K number? Do you have credit debt you are not telling us about?

Geez, I'm not sure. By my math I have $12K in debt. I used some online calculator and that's the number it came up with, so that's what I used. Maybe it took into account monthly expenses (which are, rent included, something around $2500). *shrug* How is everyone else calculating net worth?
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Old 08-22-2007, 07:26 PM   #156
Confused about dryer sheets
 
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Originally Posted by FIREdreamer View Post
Now, to answer the OP:

Wife and I are both 33, no kids.
we are both scientists (we both have PhDs so we started making real money only 5 years ago)
combined income 130K
Recurring monthly expenses: $3300. Counting vacations and all the fun stuff we spend money on, Quicken says we really spend about $5000 a month on average.
networth: 420K
Stuff: we don't really own any cool stuff, no boat, no mansion, no luxury cars, no rolex. Though we will go crazy on antique furnishings. We started saving about 30-40% of our income with the first paycheck we ever received and haven't stopped since.
I guess this is sort of what I'm trying to figure out. With a 130K net income, do you own a house or do you have $290K in savings?
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Old 08-22-2007, 07:26 PM   #157
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I left out important info. DW made big $$$ before she "retired" to take care of the kids. We socked away 36k one year alone. Even now she makes about 30k consulting from home, so that NW was not developed solely on my salary.
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Old 08-22-2007, 09:41 PM   #158
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Farmboy,

to calculate your networth this is what you do (your monthly expenses have nothing to do with your networth calculation):

add the value of all your assets (401K, IRAs, brokerage accounts, savings accounts, checking accounts, gold under your mattress, real estate etc...). In your case, you have a 401K, and some savings, so your assets total 200K + 25K = 225K.

Then add the value of all your debts (how much do you owe on credit cards, auto loans, mortgages, student loans, personal loans etc...). In your case you have 12K in student debt, probably no credit card debt, no mortgage and no car loan, so your debt adds up to 12K.

Your networth is equal to the value of your assets minus the value of your debts so it is: 225K - 12K = 213K.

As far as our networth goes, the 420K comprises roughly 90K in home equity and 330K in "savings" (Emergency fund, retirement and non-retirement accounts). And the 130K income is gross, not net.
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Old 08-23-2007, 05:40 AM   #159
Confused about dryer sheets
 
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Quote:
Originally Posted by FIREdreamer View Post
Farmboy,

to calculate your networth this is what you do (your monthly expenses have nothing to do with your networth calculation):

add the value of all your assets (401K, IRAs, brokerage accounts, savings accounts, checking accounts, gold under your mattress, real estate etc...). In your case, you have a 401K, and some savings, so your assets total 200K + 25K = 225K.

Then add the value of all your debts (how much do you owe on credit cards, auto loans, mortgages, student loans, personal loans etc...). In your case you have 12K in student debt, probably no credit card debt, no mortgage and no car loan, so your debt adds up to 12K.

oh, okay. I understand now. Thanks for the great reply!

Your networth is equal to the value of your assets minus the value of your debts so it is: 225K - 12K = 213K.

As far as our networth goes, the 420K comprises roughly 90K in home equity and 330K in "savings" (Emergency fund, retirement and non-retirement accounts). And the 130K income is gross, not net.

Ah, okay. I understand how it is calculated now. Thanks for the great reply!!
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Old 08-23-2007, 08:20 AM   #160
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FIREdreamer, for only having 5 years of work, you're definitely off to a great start!

Myself:
25yo
75k salary (operations specialist for an asset management company)
~42k retirement accounts
~65k savings
no debt

Though, I'm closing on a condo for 220k and will put 20% (44k) down.
NW 107k
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