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21 Year Old Checking In
Old 01-17-2016, 12:06 AM   #1
Confused about dryer sheets
Join Date: Mar 2014
Posts: 6
21 Year Old Checking In

Hey everyone, I have been a member since I was 18. I have managed for a third year in a row to max out my ROTH IRA with vanguard. This year has been a roller coaster in between family health issues and my own, but still managed to make the most I ever had with a part time job (11,000) while still being a full time college student. I have also been blessed along these past three years with still being able to splurge now and then on things for myself. I am very big into power sports, and have acquired a motorcycle and boat along the way. I am hoping this year will be better, and I am on track to pick up even more hours than last year and a pay raise.

Investment Breakdown:

22,000 Vanguard Roth IRA - 50% SP 500 and 50% Healthcare fund(18% return this year)

11,000 Vanguard Mutual Fund - SP 500 Fund.

2,000 "play fund" with Schwab, where I can play around with my money and see what I can make.

3,000 Emergency Savings.

I was hoping IRA contribution limits would increase for this year, but they didn't.

I hope everyone has a good year and I'm looking forwards to a nice early retirement . All of my friends and acquaintances think I'm crazy, instead saying a should buy a new car or take nice vacations, but I find the company of my motorcycle and the spray of water from the front of my boat to be nicer.

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Old 01-17-2016, 06:26 AM   #2
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Join Date: Dec 2015
Location: Michigan
Posts: 3,200
It looks like you are off to a great start. Except perhaps for the emergency fund, you seem to be 100% equities, but at your age that is OK. Down the road you will want to moderate your AA. I think it is wise not to spend too much on cars. I do wonder how much you are spending on your "toys" vs what you are saving. A key to RE is LBYM. I also subscribe to the notion that you should buy experiences not things, so I do not think that vacations are a waste, as long as they are within your budget. I can also see that powersports is also an experience. I have done some boating in my day, but do not have one now. Good luck and congrats on your attention to this at your age.

"The mountains are calling, and I must go." John Muir
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Old 01-17-2016, 06:38 AM   #3
Recycles dryer sheets
Join Date: Jan 2012
Posts: 352
Congratulations on a fine early start!
my advice to you is stick around, read a lot, establish a good career, enjoy your life, LBYM and keep investing as you continue to learn from the wisdom of others on the site.
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Old 01-17-2016, 09:24 AM   #4
Dryer sheet wannabe
Join Date: Jan 2015
Posts: 20
You are doing great on multiple levels - living life, saving and navigating some big issues. You won't regret the savings later in life. Attempt to maximize earnings growth in coming years and put most of that growth towards savings- housing, kids, wanting to live more comfortable with age, etc. can all add up in a hurry.
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Old 01-17-2016, 01:14 PM   #5
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Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 21,179
Wow, he's way ahead of where I was at 21!

Keep doing what you're doing.
I heard the call to do nothing. So I answered it.
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Old 01-27-2016, 11:32 PM   #6
Confused about dryer sheets
Join Date: Mar 2014
Posts: 6
Thanks Guys and Gals, I got hooked on dave ramsey and waren buffet books as a teenager, and ever since I could count money, Ive loved learning about it. My mother could still technically claim me on her taxes, but I get a good refund if she doesn't. so she lets me file on my own and put the money into my retirement account.
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Old 01-28-2016, 04:42 AM   #7
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Join Date: Dec 2010
Location: Midwest
Posts: 1,644
Great start. I was 10 years older before I had your amount of assets.
BTW, check out Rich Dad, Poor Dad and The Millionaire Next Door as added financial books. The Millionaire Real Estate Investor is also good (Keller) if you are curious about RE investing.

Good luck. And as the old rich used to say, "never, ever, touch the principal (only the income").
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Old 01-29-2016, 02:09 PM   #8
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Join Date: Apr 2015
Location: NYC
Posts: 76
Rock on there! I'm only 40 (not retired yet, hoping in 5-6 years) but I wish there were more 21 year olds out there like you! (How about more 40 year olds LOL!!!) You are great, keep checking in here to let us know your further acheivements. What are you studying if you don't mind me asking.

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