Can’t help but feel like have a lousy net worth for position I am in.
Analyst straight out of undergrad. Now VP and age 30. Have NW of ~$680K across everything.
Have others in same position saved more?
Feel like I could easily have $1mm if I was not dumb. Certain years didn’t max out my 401k for instance.
Paid off $30k of student loan debt, so that was not a huge drain.
Where are others?
Yes, yes I realize I am fortunate / there are 100x worse places to be in the world
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The net worth you build in your 20s is not all that important. The real net worth that matters at age 30 is the experience, network and knowledge you gained in yours 20s.
Thanks dawg 🤝
Get a better return than a 401k?
You can put it all on red
I'm 27 and only have ~200k NW across my personal and retirement accounts. I'd say you're doing just fine man. Slow and steady
Same exact age and savings here. Fuck seeing it written out I feel like I need to be better about costs lmfao
yea its tough, I lost a couple years and bonus cycles due to breaking in late so that's my excuse for lower NW lol
Comparison is the thief of joy.
No truer words have been spoken. You are a teller of wise words
Similar age. Barely have any liquid assets since I have very low costs, a lot of my money is in the market. Excluding shared real estate assets and investments with my immediate family, my net worth is 100K (probably 50% in liquid cash). Had 150K or so pre-MBA. So you're doing a lot better than me.
If I include shared investments with family, my net worth is around yours at ~600-650K. I feel behind on my own bank account but due to low costs, I'm not too stressed out.
OP - are you comparing yourself to people that are the same age and on the same career track as you? Curious to hear where they are shaking out in terms of NW
Yeah similar age / background. Was looking at other forums and felt behind
Just stay focused. In this industry, one year can be more than your previous 20 combined
I’m 27, new associate with a $45k net worth. Doing a whole lot better than I am. And I feel great about myself. It’s not about where you are it’s about where you’re going.
You def did something wrong TBH. Guessing you spent too much cause you’ve definitely made way more than me being in banking for 6-7+ years
Similar age here and have a $800k net worth and I did sub $125k jobs for 5 years before mba ($160k cost and opportunity cost of 2 years working) and am now a second year banking associate. Clearly you spent too much money- should have banked a ton in 2019-2021 during the bull run.
OP here Yeah tend to agree with you. I should have 1mm realistically. I really didn’t spend on crazy stuff and saved 90%+ of my bonuses but I think a few years not maxing out my 401k and not saving any from base salary combined with the lost compounding is really what this missing 200-300k is I’ve changed my ways though!
What have you been paying in rent? What have been your biggest expenses?
Yup, always save some from the base too. most people in similar jobs to yours (ie. your friends, network) make similar money and the save their bonus. If you are to get outcomes different to most, then you need to go beyond that and be more frugal than most.
I'm 40 with a net worth of around 6mm. I looked back and it looks like I had a net worth of around 400k when I was 30. Seems like in banking/s&t type comp roles, once you hit that 1mm, compounding plus the bigger annual bonuses accelerate things a lot in your 30s. I wouldn't worry about negative comments that you're underperforming. If you stay in it, you are likely to smoke individuals like the one above over the next 5-10years.
Thanks appreciate the note
Encouraging to see someone that is a little farther down the line and how well you have done.
Seems like you’ve done a good job at banking those increases in comp and avoiding lifestyle creep. Anything you’ve splurged on? Beach house of any sort?
Hi--6mm net worth poster here.
Some additional details. 40 year old, 2 kids, married, wife works but in a more normal corporate job. I've mainly been in banking/s&t roles except for a brief stint in risk after getting whacked during GFC. As I mentioned, at age 30 I had little saved up (401k, small cash savings, equity in a condo) of 400k or so. I don't really think this was from doing anything wrong, not like I was spending like an idiot etc. I had spent money on a wedding which took away 100k (worth it) but otherwise just normal travel etc.
In my 30s, comp ranged between 400k to 1.2mm, probably closer to the latter the last handful of years.
My investments have been pretty cookie cutter, and net worth split something like this: 65pct equities, 10pct bonds, 15pct home equity, 10pct private investments. I've tried to use as many tax advantaged stock things as possible (401k, 529, NQDC to the extent I can stomach company credit risk).
I live in a tier 2 city and have all along. Think this has helped a ton with cost of living and also lifestyle creep, despite not being as sexy. We take pretty lavish vacations, have both kids in private school now, but otherwise live middle of the road for what I think we could. For example, we don't drive fancy cars, have a middle of the road house in a nice area, etc.
My advice to those closer to starting out--it really is a long game! The year to year bonus noise doesn't matter a ton if the trend is good. Have a group of high quality friends to bounce life and personal finance ideas off of. Try to keep reminding yourself keeping up with others spending/lifestyle is stupid--for a lot of us I think the goal is financial freedom and if you're careful, you will be the (first) one laughing.
By my calculations, 6mm isn't enough to do anything too crazy. If/when I get into the 10-15mm zone, I think we would be able to downshift and/or do some other cool stuff (vaca home, downshift careers, etc). Happy to answer questions in further detail and also curious if anyone out there is at a similar point of their career to compare notes with.
.
Posted with a lot more detail above--the 6mm is with my wife's income/assets, although she's in a more normal corporate job.
The first million is always, always, the hardest. You’ll be fine pal. W2s aint gonna cut it though, if you want to speed things up. The magic happens once you get those K1s.
We all move at different speed. As long as you’re healthy physically, mentally and truly enjoying your limited years of life, thats all that matters.
Different numbers, same boat. Outside of student debt and all the grown up things, I spent a lot of $ on stupid shit.
I'm going to have a different take here. While my net worth isn't where it "optimally" could be, fuck I wouldn't trade it for the world.
Living large might not be prudent, and sure I have to be more financially responsible now being closer to retirement than I was younger, but fuck man I can look back at my early ears fondly. Lots of amazing memories and adventures. Great travel, amazing food, good wine and new friends.
Sometimes I get a twinge of regret comparing notes with friends. Maybe I should have stayed the bulge path, made more dough. But I see the WLB, the hours they pull, the constant stress and it just takes me back. Nah man, I choose life.
What’d you exit to after the BB path?
Boutique
At 30, I had just got out of business school and had about ~$(125)k net worth after factoring in 401k...
Go to touch some grass my guy -- you'll be fine.
lol okay dude. And what are you at now? Kind of pointless to say where you were at 30 without saying where now
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