About three years back I shared my progress when I crossed the $600k mark, so thought I'd give an update now that I've reached seven figures!
**breakdown:** Total investments sitting at around $750k ($280k in my 401k with decent Roth split, $160k in Roth IRA, $220k in taxable accounts, $90k in HSA), house valued at $250k (mortgage-free), emergency fund at $12k.
**monthly numbers:** Bringing home about $6,800 before taxes. After all deductions (fed taxes, state, FICA, health premiums, etc.) I'm left with roughly $5,200. Currently putting away $4,200 monthly ($1,800 to taxable, $1,500 to 401k, $500 to Roth, $400 to HSA). Living expenses run me about $1,400 (property taxes, utilities, car stuff, dining out, hobbies like my watch collecting and knitting supplies, insurance, etc.). My partner chips in $300 monthly plus handles all our groceries since they live here rent-free.
**the journey:** My savings rate hovers around 62% of gross income, probably averaged 45% since graduating college. Took me about 10 years to hit that first $600k, then just 3 more years to add another $400k.
What really blows my mind is how my net worth has basically matched my total lifetime earnings at this point. All those investment gains have essentially covered every dollar I've ever spent plus taxes. The market rally these past few years has been incredible!
**looking ahead:** My current spending represents less than 2.5% of my investment balance, which feels surreal to think about. The compounding is really starting to accelerate and teh math gets pretty wild from here.
Hit $1M net worth at 28 – never earned more than $85k annually
byu/Odd-Till-3078 infinancialindependence
Posted by Odd-Till-3078
4 Comments
Damn that’s wild seeing another airline worker crushing it financially – I’m 28 too working for an airline and nowhere near those numbers but this gives me hope
Your savings rate is insane though, 62% is like next level discipline. I’m struggling to get mine above 35% even with the airline benefits helping out. Living expenses at $1400 is pretty impressive too, mine are closer to $2200 even in a LCOL area but I do spend way too much on Yu-Gi-Oh cards and visual novels so that’s probably where the difference is
The math on your investment balance vs spending really puts things in perspective – less than 2.5% withdrawal rate means you’re basically set for life already. Makes me want to buckle down harder on my own savings instead of buying another deck or limited edition game. Thanks for sharing the breakdown, it’s motivating to see someone in a similar industry and age actually make it work
So you‘re 28, have been to college and put money into savings for 13 years?
You‘re telling me you started at 15, had no drop in income during college and hit 600k NW at 25 years old from working regular jobs.
Troll post
So many bot accounts always with the same type of post. It’s always 1m at 28 too