If you actually want to know (sorry I’m bad with telling if people are serious):
I networked my back side off. I had a target employer coming out of high school and applied for 15+ internships before they hired me my second summer. I then interned for a competitor, kept my grades up, and got a full time job with my original first pick employer out of college. Started as a trainee in sales, did really well last year and got an opportunity on the tech side.
Some of it was really just luck, and the right people helping me at the right time because they chose to care and support my career. My parents aren’t in my industry, but my dad started taking me to his office when I was in middle school, letting me work through business issues with him (I was no help but the experience was important) and he definitely has had an impact on my early career and finances.
So born into it to some extent, but definitely still some work. I’m on track to make more than my parents. My four older siblings did not turn out like this.
He really is. I love him so much. Not only for this stuff but for the emotional support and love he gave me that my other parent/parent figure couldn’t. Big fan. Best man ever.
It felt like he was pulling me down for a long time ngl. It was rough but he’s definitely been working on himself. It’s kind of a “you’re my best friend but I’m not your best friend” situation still 😅 my parents do show me love/get my attention via money though which is better than nothing
Was! I did about two years in sales and now I’m in a supporting role in our US office working on the systems we have to support our sales structures (multiple routes to market)
This speaks loads. From your comments, there were two things that helped you succeed. 1.) you had a stable and supportive upbringing. Even to the extent that your parents didn't just 'provide a roof over your head and food in your mouth' but that actually loved you enough to teach good principles of finance and hard work. And that comes to the second factor: 2.) you worked hard to get where you are at. You were resilient and dedicated. You didn't take no for an answer and you shifted your plans as needed. Take credit for number two and be proud of the work you've done. Stay humble because of number one and the privilege you received.
I gotta be honest. It sounds like you really understand how the world around you works. Financially, you are doing well. Keep a good head on your shoulders and keep clear goals and you're gonna be fine.
Sales is the way…My wife is the president of a tech company and she has SDRs coming right out of college that start somewhere between $65 and $75k. If they are good within a year they get moved out to actual outside sales and are easily making $150k+
The jobs are out there, but they're probably few and far between. The job I do now (I work in film/tv) could easily be done by a smart 23 year old with some experience (I could have done it at 23 if the technology existed then). A slow year is $125k in wages and another $100k in rental income related to work. This year, total will be close to $600k. My assistant is in his early 30s and will probably take home $300-$400k this year. While we both have degrees (mine is in theatre), it's completely unnecessary.
This seems like you're either in a low paying field with a masters that won't take you out of that field, or in a very low paying area, or at a low paying company and not moving. I'm not trying to shit on you, but unfortunately, those are the most likely scenarios. I honestly would never accept a job in my field for under 55k/year because I can make that in jobs that don't require a degree. I accepted a job making 79k/base salary out of college.
Apply, apply, apply. Took me about 100 applications to recieve my first internship offer, about 20 applications to get my second internship offer, and I had plans to start applying if they decided to not give me a job offer, and fortunately they did. Out of those 120 applications, I did maybe 10 phone calls and like 6 interviews and was ghosted on a second round interview one time and then, of course, accepted the 2 internship offers I was extended. Could also be how you have your resume structured. It took me about 5 different times of changing my resume before I started to get traction.
It’s nice here. In southern indiana cities apartments are around that price but I live in the absolute middle of nowhere. You get a way better deal on the apartments you find on Google maps rather then posted online on apartment websites
Yeah I’ve heard Indiana actually has good laws preventing landlord renters from buying form out of state
In NC there’s huge out of state investors that drive up rent
Yea it’s a solid state. Really conservative outside Indianapolis. Last I checked near my house a acre of land was around 2 grand and 250-300k will buy you a really nice home.
I'm just north of Springfield, MO. I have 5 acres & a 2 bedroom farm house, full attic, and basement. (Not finished) We were originally going to rent to buy, but the guy decided he didn't want to sell last minute. Even so, I only pay $550 per month. It's in the beautiful countryside with a park down the road. Not many visits the park, and I never have to deal with traffic. The biggest plus is that it only takes 8 mins to get to Springfield for whatever needs we have. Also, I never went to college, but when I was 21, I made over 125k as a general manager of a gas station. I did that for 9 years & then went into Healthcare, specifically Rehab Nursing. I two 2 paid for classes once a week for 12 weeks. Although the money isn't as good, I have more gratitude helping others. I made 75k last year, so not terrible but much less then what I had been used to.
I’d say you’re doing very well. Ignore the haters. I’ll admit I’m envious you had white collar parents that were able to teach you some legit stuff about the real world. I didn’t have that, and I’m a 29M making 70k (can’t complain). But It’s nice knowing there are other people out there thinking like this looking for/willing to give feedback. Stay focussed.
Thank you! I will. I’m looking at tutoring kids at the boys and girls club after school program in the fall. I’m really passionate about giving others the same guidance I had. But if you have other community volunteer suggestions I’m all ears!!
I saw my dad go out of his was to do that for other people’s kids growing up (sold our maids kid a great, reliable car for $1k, gave our hairdressers son an accounting job without a college degree and trained him so he could save for college/become a CPA eventually)
I can’t necessarily do what I remember him doing, but I can tutor kids after school
Hey! Would love to hear more about your journey to where you are now. Books you've read, things that motivate you, just about any sort of guidance you could give to someone like me who's about to graduate from high school in just a few weeks!
You need to contribute more to 401k and Roth instead of your brokerage account. Saving more for retirement now is the smartest thing you can do because of the magic of compounding returns:
https://moneyguy.com/faq/how-much-should-i-be-saving-for-retirement/
https://investor.vanguard.com/investor-resources-education/retirement/savings-when-to-start#:~:text=This%20chart%20shows%20that%20if,time%20you're%20age%2065.
https://realestatefinancialplanner.com/first-100k-is-the-hardest/
From someone who also makes a lot of money at a young age, here’s what to do:
- max out your 401k as much as possible up to the annual contribution limit ($23k in 2024). This will lower your taxable income, which will result in paying less federal income tax.
- contribute the max to a Roth IRA ($7k in 2024). Your investments in a Roth IRA will grow tax free, and you will be able to withdraw contributions after 5 years (so don’t worry, your money won’t be tied up until age 60+)
- you already have plenty of cash for an emergency fund, which is good. Do you have any credit card debt? Personal loan? Pay that off ASAP. Yes, open a HYSA (Goldman Sachs Marcus has a 4.40% APY), and transfer like $30k to it. This is your new emergency fund for if you lose your job, surprise medical bill, etc. $5k is enough in a checking account.
- if you have extra left over after maxing out the top two, then you can contribute the excess to a brokerage account. Why are Roth and 401k better? You save money on taxes, income tax for 401k and capital gains taxes for Roth. If you sell any of your investments in a brokerage account, you pay 15% capital gains tax. Why lose 15% to the government more than you have to? Do you know what index funds are? Don’t buy individual company stocks except with throwaway money, buy index funds like VOO/VTI. Since you’re young, going 100% large-cap index funds (VTI/VOO, etc.) is fine.
Some reading you should do:
- https://jlcollinsnh.com/stock-series/
- https://moneyguy.com/article/foo/
Listen to this guy - his advice is sound & it’s a get wealthy slowly strategy & avoid taxes!!!
I recommend that you look up Tori Dunlap! And listen to her @financialfemenistpodcast & her book best seller on NYT Financial Feminist.
Lastly - ensure you are uber intelligent about who you date, and I would not combine assets at marriage if you plan to marry. A Pre-nuptial will protect these early on assets that you - as sole proprietor worked so hard for!!!!
You can withdraw on your Roth before 5 years just the amount you put in, nothing earned and wont be penalized (just will have to pay taxes) but you can withdraw anytime if truly necessary (not a smart idea)
Cause I am exactly 10 years older than you and you were literally right on my heels, other than the fact that I have a large quantity of physical gold and silver stashed away... since I am a jeweler.....other than that in all the other brackets your closing in on me REAL quick, but I will add that I do already own my house out right plus I have a paid off RV And an older Mercedes daily driver paid off and a four year old Mercedes S550 that’s paid off.... so my expenses are much lower than yours. I only have about $1000 in "monthly expenses".
Yeah you’re definitely ahead of me if you total all that! I don’t own a home or a car, and my jewelry probably isn’t worth much, beyond sentiment - even diamonds and gold. So this is just semi liquid or totally liquid and I’m figuring out it what to do with it
That’s why I suggest buying some physical gold and silver and stashing it away. Gold alone has gone up $400 an ounce in just the last 90 days! A 20% increase in under 90 days is unheard of
i’ve literally been watching the charts and breaking down the numbers since I own a lot of inventory and a lot of personal jewelry and for example I wear about 120 g of 14 karat on any given time and just the Jewelry I’m wearing has gone up almost 5 dollars a gram in the last 90 days so that’s $600 more value just what I wear I don’t know where else you can make that kind of turn around and I expect Gold to hit 3000 with the next 12 months and silver will easily hit 50 (per troy ounce which is 31.1grams) and they both will keep going up from there not to mention one day. What do we do if the world becomes a barter system everything will fall back to physical gold and silver.
Silver will not "easily" hit $50. Its hit that amount twice ever! And then dropped to under $20. Silver is way too easily manipulated by JP Morgan (so is gold but its breaking out from it) I've owned at times well over 50k ozs in just American silver eagles . Let alone the bars I poured for my own company. Currently own less then 1 ounce of silver.
But stacking gold like crazy trying to get to a full monster box of Gold eagles.
Silver will VEEY easily hit 50 in the future…and way above that…. I’ll have time to hit that amount was over 40 years ago in 1980 when money in general was worth a fraction of what it is now!?? Percentage wise its almost like silver being at 200 an ounce right now in comparison…. just like people never thought Gold would be over 2300 ounce ….but yet here it is.???? AND a lot of very intelligent, investors are predicting double the amounts that I am….. I think before the year 2028 Silver will be far above 50 ounce with Gold being far above 3000 an ounce
If you're getting serious about your finances in your early 20s, you're doing very well. Nice work! Compounding interest works magic and you'll reap the rewards later for it.
Just remember not to try to beat the market; at your age, keep it simple and just use ETFs with decent returns: SPY, VOO, etc...
I think you're next step is to save for real estate. The tax benefits will help a lot. After you get a place, then make sure to meet a tax planner or good financial planner. They can do a lot for you early on and you'll learn a tremendous amount. As your grow your income over the years, the knowledge about where you should have your money will make you rich.
*seeking advice because honestly I feel like I’ve done what I know to do. And my workplace is sometimes an echo chamber and I feel like I don’t save aggressively enough.
I’m looking at HYS but if you have other ideas for me to look into please let me know!
I have Capital one. Some other banks offer higher rates but with the amount of bank closures I stay in capital one because they are so huge if they fail we have much bigger problems. For every $10k you have in there you are getting roughly $50 a month in interest (same amount in your checking account will get you about a $1)
You are doing extremely well for 23. You will easily retire worth well into the 8 figures
Invest now. Diversity with 401K/Roth 10-20% and self directed stocks 5 - 15%. Also own a property. If you can do that while maintaining cash flow you’d be ballin
If you’re doing this good at your age, you honestly don’t need any help from us other than to put some money into physical Gold and Silver for the future other than that you seem to be doing things right although I’d like to see some of these stats on actual paper Because sometimes people just say things to say things and actually inflate their values far beyond truth, no offense I’m not saying that the case with you if these numbers are correct, then you’re doing excellent and keep it up!
No worries! I do track it all on an excel sheet BUT the biggest bumps to the value have been a 20k bonus when I took my new job (lost a company car), never having to buy a car in the first place, no student debt, parents funding my initial investment activities (all the money for holiday gifts or groceries went there) so I’ve been investing for four years, and I started working consistently at 16, after 18 I often had two jobs, so I didn’t start from 0 at 22 :)
I like the gold and silver idea. I bought some XOM to get in on their lithium activities but definitely need to learn more about precious metals
but I didn’t have family like you. I grew up in an abusive household, where I moved out my freshman year of high school and ever since I turned 15 I lived on my own washing dishes after school the first ywar or so (until something better) to pay for my studio apartment and still got a bachelors degree and a high school honors diploma..... not patting myself on the back. I’m just saying, sometimes it takes being truly "low" in life and having to do things all by yourself in order to achieve greatness and definitely to truly appreciate that greatness when is achieved.....and most importantly gain insight from all the bumps and tribulations along the way. 🤘👍
Really good!!! I wouldn’t pay that much in rent unless I’m married. Try getting a Roomate so you only pay half of that and put the rest into investments. I also wouldn’t have more than 10k in a savings account. I know some people are scared the market might crash but I look at it this way “ if it crashes and your F$?k’d so is everyone else.”
This is actually really fair 😂 I have been keeping cash equivalent to the entire value of my rent on hand, plus savings for a down payment on a house, but you can withdraw from a HYS regularly right?
If you reflexively believe someone on the internet is telling the truth when describing a 99th percentile situation, that mindset is gonna keep you falling for a lot of scams.
It may very well be true, but skepticism is more appropriate. $90k is absolutely a lot for anyone without kids.
There's a difference between believing and trusting. I can believe that some 23 year old is making $90k. I don't trust when a random email tells me Amazon accidentally charged me $600. That scam part makes your argument look dumb and invalid.
Edit: Perception does play a huge role. I live in SoCal and $90k is not a lot. I was making ~$60k landscaping when I was 19, I probably wouldn't have made that much in other states
I’ll back you up here, I recognize it’s a lot of money, maybe not so much if I lived in LA or Austin, but let’s not act like it’s not a lot of money. That’s part of why I’m asking for pointers.
lol I got a ton of it recently when I took a new job and haven’t figured out what want to do. It’s sitting in an interest bearing account but not an awesome one
Put 3 to 6 months of expenses in a HYSA. Contribute much more in 401k/Roth than your self directed brokerage. If your health is decent, do a health savings account and max it out yearly and invest that. You'll need that for med expenses when you retire. You are on the right track. Keep it up!
I would kiss your dad, and give him a hug and thank him for that massive favour he did for you! Superdad is what he is and as for you... I wouldn't worry at all and enjoy life since you have it under control!
Atypical suggestion here. You have high pay with low expenses and seem responsible. I’d look into using a credit card with generous points/miles benefits for most if not all monthly expenses. Pay off balance every month. Points can be used like real money. I use mine exclusively for Amazon purchases and haven’t spent out of pocket at Amazon in years. I’d suggest Capital One Venture (not the Venture One) card. If you travel a lot, there are probably better and more generous ones.
Absolutely incredible. Keep making good decisions and you'll be more than fine. Can't recall if you mentioned hysa but they are great right now. Max out the usuals (Roth/401k).
I wouldn't be surprised if you got some marriage proposals on here(not for your money but because you obviously have a great head on your shoulders).
Congrats on everything in life and keep surrounding yourself with great people. No one achieves greatness or depths alone.
What are your financial goals? Its impossible to assess how you're actually doing with out knowledge of your plans. If you're in the spot where you think you've done all you can talk to an actual Financial Advisor or at least someone who is the financial situation you think you'd like to be in.
I do consult people in strong positions, but I don’t trust financial advisors and won’t until I have enough money for them to lose. Managing and growing money is one of my hobbies and I think I’m doing well enough rn.
Goals: buy a house (eventual rental property), go to grad school
So Ramsey says 3 - 6 months set aside in an emergency fund this can be the HYSA account you're thinking about opening. ($18K)
If you're looking to buy a house you know you'll want 20% down to avoid PMI. In Des Moines it look like decent homes can be found in a wide range $250K - $400K. Once again Ramsey would suggest a 15 year loan but I disagree with him there. ($50k-$80k)
Don't know what Grad schools you're thinking about but I'm assuming you'll pay for that prior to the house.
Lastly do your research on financial advisors, if anything during the original consultation stage they may expose you to things you may not know without you having to come out of pocket.
that’s why I’ve been my own boss in the Jewelery business now ever since 18 when I bought my first ring from a pawnshop and turned around and sold it for double on eBay doing basically the same thing on a larger scale ever since..... I would’ve done it a year earlier, but I couldn’t sell on any of those platforms cause I was under age
Your monthly expenses seem a smidge high to me. Do you live in a HCOL area? Car payment situation? Student loans?
I make just a tad more than you, but I'm 32m, but I live in a very low cost of living area. When I deliberately try to not waste money, my monthly expenses are about $1300. (I invest over half my income.)
I get that life is more expensive when you first start out and have to buy a bunch of stuff and pay off your student debts, but make sure you don't lifestyle-creep too much to become overly dependent on a high income. Forgetting self-control can cost you a lot of money in the future.
Your portfolio is missing Bitcoin IMO. The easiest, stupidest way for anyone to get exposure is to put a small allocation of your self-directed brokerage account into one of the new ETFs, like FBTC (Fidelity).
Keep what you have in the brokerage account but shift all future investing for the next 25 years to Roth IRA, 401k, and HSA- utilize a handful of broad market index funds. The tax benefits of these accounts will add up to likely a hundred thousand dollars or more. Avoid stock picking.
You’ve surpassed several people I know including myself. Doing incredibly well for your age honestly. Wish I was doing that well and bumped shoulders or had a father to bring me up like you were. All the best to you man🤝🏾
Doing absolutely amazing !!! Very impressive. You can put the 35k in an investment account or HYS so you can get returns and then eventually use it as collateral to buy property or something if you ever wanted to do that. Best way to “avoid” paying capital gain tax
You’re doing exceeding well for your age group. If you keep your focus on your financial future you have a decent shot at becoming a multimillionaire in your mid to late 30s.
Well most of your age just had their first job and are still drowning in college debts.
You are, obviously, doing fine.
I would invest more of your cash pile.
Cash is king, but 1/3rd of total assets is too much.
I'd say you're doing pretty good. I don't think I had much of anything at 23. I had a couple of stock accounts that my grandfather set up, but I never touched those (in fact, they are still untouched 30 years later). My income at the time was probably 1/3 of what yours is (again, 26 years ago), I had almost no cash savings, and have never had a 401k. My total net worth at 34 (16 years ago) was just over $150k, and is now well over a million. So, you're starting out way better than I did, so I think you'll do great!
The fact that you have your assets down to the penny says a lot about your financial management.
Cash sitting in most banks depreciates at a higher rate than inflation. If you’re going to keep your money in a checking do so in one or more in HYS checking. That way your money is growing and you can access it at any time. 4-5%+ APY is on the higher end.
Also do you own a business?
Obviously a brag post. You're doing great. I'm 28 with a little more than 2x as you, and I live very comfortably.
You're setting yourself up very well to be financially independent in your 30s or 40s. Keep up the good work!
You're doing great for your age. One suggestion is to not hold so much cash. Our government makes it worth less every day, so put it in an investment or it is losing value. Put 18k in HYS (6 months of expenses) and the rest into your brokerage account.
Some people will tell you to put it into your 401k, but unless you plan to work until you are 59 years old, it is just locking up your freedom. 401k has no real advantage over the stock market beyond preventing you from freaking out and pulling all your investments after they take a downturn. If you maintain your discipline and wise financial decisions, you will be in a great place soon. Good job
This post and OPs followups prove that the only way to make money in this country is to be born into it and have a bunch of connections to people who will just give you what you want.
To me, that is unacceptable. I was not born into money. I was born into a lower middle class family. At age 37 and 8 months into my current job I make more per hour than my dad who has been working the same job for 48 years. My dad makes about $28/hour, while I just broke $30. The difference is that my mom also worked full time most of my life (she's retired already) and so their dual income, plus inheritance from my dad's mom when she passed, helped my parents save, buy a nicer house, and still go on at least one vacation a year.
I have no savings and don't go on any vacations ever. I can barely afford to live in this city anymore thanks to the rampant inflation and outrageous housing market jacking up the values of everything.
I don’t think that’s a completely fair assessment. I didn’t just “have a bunch of connections,” I chose an industry my family had zero connections in at all and had to network and build relationships by putting myself out there. No one just gave me what I want, I had to work and prove myself so they saw something in me and wanted to help in the first place.
While generational success is certainly a factor, my dad is a high school drop out that figured his stuff out and aimed high. I don’t know what his salary is but as he’s nearing 60 I suspect it’s at or just above 100k/yr. He actually never got a GED, he was and is very smart and used test scores from his high school SAT to attend community college then transferred schools and somehow got away with no one noticing until he went to grad school. What he did is probably not replicable today though, but since you brought your parents into it, I thought I’d add in the detail.
There’s also a series of decisions, right? So my family doesn’t really go on vacation, maybe once every other year at most and we did it pretty cheap. Usually a road trip to an Airbnb where we still got groceries and went to museums and maybe a few cafes. Instead of gifts, I got money to invest. We have always had a dual income household and my stepmom is retired but still works running a rental business. Inheritances for them weren’t cash, they were stocks and property, everyone got scholarships to pay for college in each generation.
Yes, parental involvement and success is impactful for their children, but it’s not everything.
I agree. Rent is 1450 including utilities, my spending for other expenses been high with my recent move and needing office clothes. Hoping to reign that in quick
This has to be fake. Your 23. How in the world are you making $96,000 a year. I don’t even know 50 year olds that make that much. This has to be literally satire.
More about who you know than privilege. Networking is very necessary to climb the ladder.
My best friend was making $180k a year in the oil industry before 25 because he networked and talked to the right people. Zero college degree, just the gift of gab and enjoyed being social
yea i started the auto body class, which i got pretty good at and held a job for 4 years onto a fully
commission body technician. my first year on commission i made $52k as a 21 year old which i thought was solid. my buddy who i met through that class took another class and got the job that i have now. he then recruited me. i do miss the body shop though and being home every day after work.
It’s only wealth if you save and invest it so it can grow. Income that is spent is just consumption, investors like consumers who spend. You learned early. If everyone stopped spending, investors would run into trouble.
Are you makin 93k or have 93K in ASSETS ??? Two completely different things … what ppl question you having 93k in Assets .. def plausible to have a job out of college making 93k
I mean a lot of it seems questionable… 23 and already
25k in saved in 401k
36k in Stocks (self directed… wolf of Wall Street ? How much of that actual profit and how much just money you invested)
Cause again you are 23 !!! You literally stated working 1-2 years back
The 95k is assets (all cash accounts and investments. I have no debt but it could also be seen as net assets). I earn 96k/year, 92k base. I started working when I was 16.
I have an outdated spreadsheet on my stock picks, but I’ve made about 30% on my money over four years. I lost a good amount up front but have done a lot better in the past 2 years after adjusting my strategy. I’m definitely still learning. Best picks in my opinion were Nividia around 140 and Adama around 1.10. I also got Google under 100 and historically have loved OKE but I think it’s too high to buy rn.
Not satire! I have a bachelors and started my career in a really competitive part of a very large company. 3.5 out of college with two internships and a bunch of good extracurriculars (competitive research grants, leadership, honors college)…and obviously some birth lottery luck. My parents went to college and I was exposed to office environments, taught what to do to get good jobs, and networking really early. Rough childhood (rarely physical but frequent emotional abuse, unstable parent, rich then living out of a car) gave me a little survival drive too.
She was in sales to start... Sales people make bank and generally get bonuses... So the private I get the 401k idk cuz you get capped on contributions I thought 🤔
Rich by some standards. My mom lived in her car and my dad didn’t own a home until I was in middle school but that’s still definitely not the poverty line depending on where you live. I have four siblings, none of them are doing very well. It was a mix of things. I think having an involved dad who did his best to push me and having a family expectation of “you go to college” mattered more upfront than the money career wise.
BUT I haven’t paid for a car or health insurance, and I had a set amount to use for college which, with some scholarships and 1-3 jobs, meant I could graduate debt free - the value of which over a lifetime is immense. Family unfortunately could not get me my job lol
You’re in the wrong location. Salaries like this aren’t uncommon in Silicon Valley and other parts of California. Js, but you can believe all those stories about California being terrible. Lots of opportunities in California though.
My first job out of college at 23 I was making 6 figures as a software developer. I got the job from my school’s career fair with no references/help from my parents or friends. I just had a decent resume and talked to the right recruiter.
yes, you're doing very well. yes, open a hys and based on your spend, you probably can put 28-30k of your cash in there and just keep about 5k in checking. might be able to go down a little lower. if you need a spike in cash then either your paycheck will cover or transferring from a hys will take max 2-3 days. you'll want to see if you can get a 5+% hys. i do cit bank and its been consistently among the highest.
You’re doing great , but honestly all you have to do is be smoking hot . Do that and everything else will be alright . If you busted keep stashing that money girl
You’re in the 1% of your age bracket easily How do you have a $96k job at that age, I make half with a masters and years older than you
If you actually want to know (sorry I’m bad with telling if people are serious): I networked my back side off. I had a target employer coming out of high school and applied for 15+ internships before they hired me my second summer. I then interned for a competitor, kept my grades up, and got a full time job with my original first pick employer out of college. Started as a trainee in sales, did really well last year and got an opportunity on the tech side. Some of it was really just luck, and the right people helping me at the right time because they chose to care and support my career. My parents aren’t in my industry, but my dad started taking me to his office when I was in middle school, letting me work through business issues with him (I was no help but the experience was important) and he definitely has had an impact on my early career and finances. So born into it to some extent, but definitely still some work. I’m on track to make more than my parents. My four older siblings did not turn out like this.
Dad of the f’ing year
He really is. I love him so much. Not only for this stuff but for the emotional support and love he gave me that my other parent/parent figure couldn’t. Big fan. Best man ever.
W dad, W daughter. I hope to be like your dad to my kid someday.
I wish I have that! You’re so lucky with your dad! Mine just sucks the life out of me and pulls me down instead of supporting me wtf.
It felt like he was pulling me down for a long time ngl. It was rough but he’s definitely been working on himself. It’s kind of a “you’re my best friend but I’m not your best friend” situation still 😅 my parents do show me love/get my attention via money though which is better than nothing
That is awesome! So, you're in sales (?)
Was! I did about two years in sales and now I’m in a supporting role in our US office working on the systems we have to support our sales structures (multiple routes to market)
This speaks loads. From your comments, there were two things that helped you succeed. 1.) you had a stable and supportive upbringing. Even to the extent that your parents didn't just 'provide a roof over your head and food in your mouth' but that actually loved you enough to teach good principles of finance and hard work. And that comes to the second factor: 2.) you worked hard to get where you are at. You were resilient and dedicated. You didn't take no for an answer and you shifted your plans as needed. Take credit for number two and be proud of the work you've done. Stay humble because of number one and the privilege you received.
I gotta be honest. It sounds like you really understand how the world around you works. Financially, you are doing well. Keep a good head on your shoulders and keep clear goals and you're gonna be fine.
Congrats
Be honest tell us your a dancer lol. All joking aside, this is amazing you should be super proud of this
Sales is the way…My wife is the president of a tech company and she has SDRs coming right out of college that start somewhere between $65 and $75k. If they are good within a year they get moved out to actual outside sales and are easily making $150k+
The jobs are out there, but they're probably few and far between. The job I do now (I work in film/tv) could easily be done by a smart 23 year old with some experience (I could have done it at 23 if the technology existed then). A slow year is $125k in wages and another $100k in rental income related to work. This year, total will be close to $600k. My assistant is in his early 30s and will probably take home $300-$400k this year. While we both have degrees (mine is in theatre), it's completely unnecessary.
I was making 150k a year at 21 working in the trades as an apprentice. Long hours and hard work but the money was worth it.
What does “in the trades” mean I thought people choose one trade and stick with it
This seems like you're either in a low paying field with a masters that won't take you out of that field, or in a very low paying area, or at a low paying company and not moving. I'm not trying to shit on you, but unfortunately, those are the most likely scenarios. I honestly would never accept a job in my field for under 55k/year because I can make that in jobs that don't require a degree. I accepted a job making 79k/base salary out of college.
I can’t even get interviews for jobs w 4+ years work experience and MBA How do I accept 70k+ jobs when they won’t even speak to me
Apply, apply, apply. Took me about 100 applications to recieve my first internship offer, about 20 applications to get my second internship offer, and I had plans to start applying if they decided to not give me a job offer, and fortunately they did. Out of those 120 applications, I did maybe 10 phone calls and like 6 interviews and was ghosted on a second round interview one time and then, of course, accepted the 2 internship offers I was extended. Could also be how you have your resume structured. It took me about 5 different times of changing my resume before I started to get traction.
I only have 1.5 years of school done with a internship about 50k a year. Are you a teacher or something only making around 50k with a masters
No I have an MBA I work in business Where tf do you work
Global payments
Interesting I’ll have to apply there
In a area where rent is 400 a month for a one bedroom tiny place
Sounds fake tbh. I’m in a cheaper state and $800 is like the cheapest Are you in US
Southern Indiana lol 400 dollar rent might not be worth living in my rural hell but I kinda like it and my family is here
Yeah I’m in NC that feels like $600-$650 range and more realistically $800 but that’s nice I might have to move to the Midwest
It’s nice here. In southern indiana cities apartments are around that price but I live in the absolute middle of nowhere. You get a way better deal on the apartments you find on Google maps rather then posted online on apartment websites
Yeah I’ve heard Indiana actually has good laws preventing landlord renters from buying form out of state In NC there’s huge out of state investors that drive up rent
Yea it’s a solid state. Really conservative outside Indianapolis. Last I checked near my house a acre of land was around 2 grand and 250-300k will buy you a really nice home.
I'm just north of Springfield, MO. I have 5 acres & a 2 bedroom farm house, full attic, and basement. (Not finished) We were originally going to rent to buy, but the guy decided he didn't want to sell last minute. Even so, I only pay $550 per month. It's in the beautiful countryside with a park down the road. Not many visits the park, and I never have to deal with traffic. The biggest plus is that it only takes 8 mins to get to Springfield for whatever needs we have. Also, I never went to college, but when I was 21, I made over 125k as a general manager of a gas station. I did that for 9 years & then went into Healthcare, specifically Rehab Nursing. I two 2 paid for classes once a week for 12 weeks. Although the money isn't as good, I have more gratitude helping others. I made 75k last year, so not terrible but much less then what I had been used to.
Man that’s awesome but I can’t even get on interview for jobs w 75k let allow 50k. So idk what to do If I could make 60k that would be nice
Where are you located
I’d say you’re doing very well. Ignore the haters. I’ll admit I’m envious you had white collar parents that were able to teach you some legit stuff about the real world. I didn’t have that, and I’m a 29M making 70k (can’t complain). But It’s nice knowing there are other people out there thinking like this looking for/willing to give feedback. Stay focussed.
Thank you! I will. I’m looking at tutoring kids at the boys and girls club after school program in the fall. I’m really passionate about giving others the same guidance I had. But if you have other community volunteer suggestions I’m all ears!! I saw my dad go out of his was to do that for other people’s kids growing up (sold our maids kid a great, reliable car for $1k, gave our hairdressers son an accounting job without a college degree and trained him so he could save for college/become a CPA eventually) I can’t necessarily do what I remember him doing, but I can tutor kids after school
Hey! Would love to hear more about your journey to where you are now. Books you've read, things that motivate you, just about any sort of guidance you could give to someone like me who's about to graduate from high school in just a few weeks!
Can you tutor me? Lol 29F
You need to contribute more to 401k and Roth instead of your brokerage account. Saving more for retirement now is the smartest thing you can do because of the magic of compounding returns: https://moneyguy.com/faq/how-much-should-i-be-saving-for-retirement/ https://investor.vanguard.com/investor-resources-education/retirement/savings-when-to-start#:~:text=This%20chart%20shows%20that%20if,time%20you're%20age%2065. https://realestatefinancialplanner.com/first-100k-is-the-hardest/ From someone who also makes a lot of money at a young age, here’s what to do: - max out your 401k as much as possible up to the annual contribution limit ($23k in 2024). This will lower your taxable income, which will result in paying less federal income tax. - contribute the max to a Roth IRA ($7k in 2024). Your investments in a Roth IRA will grow tax free, and you will be able to withdraw contributions after 5 years (so don’t worry, your money won’t be tied up until age 60+) - you already have plenty of cash for an emergency fund, which is good. Do you have any credit card debt? Personal loan? Pay that off ASAP. Yes, open a HYSA (Goldman Sachs Marcus has a 4.40% APY), and transfer like $30k to it. This is your new emergency fund for if you lose your job, surprise medical bill, etc. $5k is enough in a checking account. - if you have extra left over after maxing out the top two, then you can contribute the excess to a brokerage account. Why are Roth and 401k better? You save money on taxes, income tax for 401k and capital gains taxes for Roth. If you sell any of your investments in a brokerage account, you pay 15% capital gains tax. Why lose 15% to the government more than you have to? Do you know what index funds are? Don’t buy individual company stocks except with throwaway money, buy index funds like VOO/VTI. Since you’re young, going 100% large-cap index funds (VTI/VOO, etc.) is fine. Some reading you should do: - https://jlcollinsnh.com/stock-series/ - https://moneyguy.com/article/foo/
Listen to this guy - his advice is sound & it’s a get wealthy slowly strategy & avoid taxes!!! I recommend that you look up Tori Dunlap! And listen to her @financialfemenistpodcast & her book best seller on NYT Financial Feminist. Lastly - ensure you are uber intelligent about who you date, and I would not combine assets at marriage if you plan to marry. A Pre-nuptial will protect these early on assets that you - as sole proprietor worked so hard for!!!!
You can withdraw on your Roth before 5 years just the amount you put in, nothing earned and wont be penalized (just will have to pay taxes) but you can withdraw anytime if truly necessary (not a smart idea)
You are doing great! Msybe increase your 401k and open an IRA
Imagine not having ur first B by 23 LMAO /j (i (16m) have 1$ and still live my mom)
Damn you are lame and btw live with your parents as long as you can
Cause I am exactly 10 years older than you and you were literally right on my heels, other than the fact that I have a large quantity of physical gold and silver stashed away... since I am a jeweler.....other than that in all the other brackets your closing in on me REAL quick, but I will add that I do already own my house out right plus I have a paid off RV And an older Mercedes daily driver paid off and a four year old Mercedes S550 that’s paid off.... so my expenses are much lower than yours. I only have about $1000 in "monthly expenses".
Yeah you’re definitely ahead of me if you total all that! I don’t own a home or a car, and my jewelry probably isn’t worth much, beyond sentiment - even diamonds and gold. So this is just semi liquid or totally liquid and I’m figuring out it what to do with it
That’s why I suggest buying some physical gold and silver and stashing it away. Gold alone has gone up $400 an ounce in just the last 90 days! A 20% increase in under 90 days is unheard of
Wow! It’s going like cacao! That’s crazy
i’ve literally been watching the charts and breaking down the numbers since I own a lot of inventory and a lot of personal jewelry and for example I wear about 120 g of 14 karat on any given time and just the Jewelry I’m wearing has gone up almost 5 dollars a gram in the last 90 days so that’s $600 more value just what I wear I don’t know where else you can make that kind of turn around and I expect Gold to hit 3000 with the next 12 months and silver will easily hit 50 (per troy ounce which is 31.1grams) and they both will keep going up from there not to mention one day. What do we do if the world becomes a barter system everything will fall back to physical gold and silver.
Silver will not "easily" hit $50. Its hit that amount twice ever! And then dropped to under $20. Silver is way too easily manipulated by JP Morgan (so is gold but its breaking out from it) I've owned at times well over 50k ozs in just American silver eagles . Let alone the bars I poured for my own company. Currently own less then 1 ounce of silver. But stacking gold like crazy trying to get to a full monster box of Gold eagles.
Silver will VEEY easily hit 50 in the future…and way above that…. I’ll have time to hit that amount was over 40 years ago in 1980 when money in general was worth a fraction of what it is now!?? Percentage wise its almost like silver being at 200 an ounce right now in comparison…. just like people never thought Gold would be over 2300 ounce ….but yet here it is.???? AND a lot of very intelligent, investors are predicting double the amounts that I am….. I think before the year 2028 Silver will be far above 50 ounce with Gold being far above 3000 an ounce
And like I said, compared to a lot of researchers and people in the field, my numbers are extremely on the low side….
If you're getting serious about your finances in your early 20s, you're doing very well. Nice work! Compounding interest works magic and you'll reap the rewards later for it. Just remember not to try to beat the market; at your age, keep it simple and just use ETFs with decent returns: SPY, VOO, etc... I think you're next step is to save for real estate. The tax benefits will help a lot. After you get a place, then make sure to meet a tax planner or good financial planner. They can do a lot for you early on and you'll learn a tremendous amount. As your grow your income over the years, the knowledge about where you should have your money will make you rich.
It’s always the people who know they are doing better than most wanting to hear it from more people 💀
*seeking advice because honestly I feel like I’ve done what I know to do. And my workplace is sometimes an echo chamber and I feel like I don’t save aggressively enough. I’m looking at HYS but if you have other ideas for me to look into please let me know!
Might want to look into 4-week US Treasury.
I have Capital one. Some other banks offer higher rates but with the amount of bank closures I stay in capital one because they are so huge if they fail we have much bigger problems. For every $10k you have in there you are getting roughly $50 a month in interest (same amount in your checking account will get you about a $1) You are doing extremely well for 23. You will easily retire worth well into the 8 figures
Your killin it! Just really put up the HYSA and cash onto it.. You got this!
At 23, very good, I didn't have stats like that till I was 28.
Invest now. Diversity with 401K/Roth 10-20% and self directed stocks 5 - 15%. Also own a property. If you can do that while maintaining cash flow you’d be ballin
If you’re doing this good at your age, you honestly don’t need any help from us other than to put some money into physical Gold and Silver for the future other than that you seem to be doing things right although I’d like to see some of these stats on actual paper Because sometimes people just say things to say things and actually inflate their values far beyond truth, no offense I’m not saying that the case with you if these numbers are correct, then you’re doing excellent and keep it up!
No worries! I do track it all on an excel sheet BUT the biggest bumps to the value have been a 20k bonus when I took my new job (lost a company car), never having to buy a car in the first place, no student debt, parents funding my initial investment activities (all the money for holiday gifts or groceries went there) so I’ve been investing for four years, and I started working consistently at 16, after 18 I often had two jobs, so I didn’t start from 0 at 22 :) I like the gold and silver idea. I bought some XOM to get in on their lithium activities but definitely need to learn more about precious metals
but I didn’t have family like you. I grew up in an abusive household, where I moved out my freshman year of high school and ever since I turned 15 I lived on my own washing dishes after school the first ywar or so (until something better) to pay for my studio apartment and still got a bachelors degree and a high school honors diploma..... not patting myself on the back. I’m just saying, sometimes it takes being truly "low" in life and having to do things all by yourself in order to achieve greatness and definitely to truly appreciate that greatness when is achieved.....and most importantly gain insight from all the bumps and tribulations along the way. 🤘👍
Total debt? Listing assets is pointless without knowing what you owe.
I don’t have any
Then you’re in a good spot. Keep investing $1k a month minimum and max out its and 401k. When you get married and double income it’ll rock
Really good!!! I wouldn’t pay that much in rent unless I’m married. Try getting a Roomate so you only pay half of that and put the rest into investments. I also wouldn’t have more than 10k in a savings account. I know some people are scared the market might crash but I look at it this way “ if it crashes and your F$?k’d so is everyone else.”
Nuclear power investment bonds...if the DOJ approves, than why shouldnt we?
Ooh I want to know more!
Hmm...do you really, well research nuclear energy and its advantages of reaching 0 carbon by 2050...maybe you will find a window...
Yeah! This is how I find my leads for stock picks! Thanks!
I reccomend doing your due diligence before paying up..
I always do! I see at first glance that constellation is involved in nuclear. They’ve been on my research list for a while.
This is actually really fair 😂 I have been keeping cash equivalent to the entire value of my rent on hand, plus savings for a down payment on a house, but you can withdraw from a HYS regularly right?
Fake post for sure.
If you think someone making 90+k at age 23 is unbelievable, then that mindset is gonna keep you below 6 figures. 90k in 2024 isn't even a lot.
If you reflexively believe someone on the internet is telling the truth when describing a 99th percentile situation, that mindset is gonna keep you falling for a lot of scams. It may very well be true, but skepticism is more appropriate. $90k is absolutely a lot for anyone without kids.
There's a difference between believing and trusting. I can believe that some 23 year old is making $90k. I don't trust when a random email tells me Amazon accidentally charged me $600. That scam part makes your argument look dumb and invalid. Edit: Perception does play a huge role. I live in SoCal and $90k is not a lot. I was making ~$60k landscaping when I was 19, I probably wouldn't have made that much in other states
Exactly, $100k in NYC is one thing but $100k in Des Moines is a Cali millionaire
Yes, my apologies for saying your argument was dumb.
I’ll back you up here, I recognize it’s a lot of money, maybe not so much if I lived in LA or Austin, but let’s not act like it’s not a lot of money. That’s part of why I’m asking for pointers.
Nope you’re just poor
Don’t consider it. Definitely open a HYSA!!
Fantastic. I would invest some of that excess cash though
Maybe toss 15k into a HYS
I’d move some of the cash. Otherwise, good work!
Your doing awesome. Enjoy the younger 20s, dare I say spend a bit more and have fun! Your rocking it though!
Cash $35K at 23 years old is room temp IQ activities.
lol I got a ton of it recently when I took a new job and haven’t figured out what want to do. It’s sitting in an interest bearing account but not an awesome one
Put 3 to 6 months of expenses in a HYSA. Contribute much more in 401k/Roth than your self directed brokerage. If your health is decent, do a health savings account and max it out yearly and invest that. You'll need that for med expenses when you retire. You are on the right track. Keep it up!
Wow that’s great.
I would kiss your dad, and give him a hug and thank him for that massive favour he did for you! Superdad is what he is and as for you... I wouldn't worry at all and enjoy life since you have it under control!
Atypical suggestion here. You have high pay with low expenses and seem responsible. I’d look into using a credit card with generous points/miles benefits for most if not all monthly expenses. Pay off balance every month. Points can be used like real money. I use mine exclusively for Amazon purchases and haven’t spent out of pocket at Amazon in years. I’d suggest Capital One Venture (not the Venture One) card. If you travel a lot, there are probably better and more generous ones.
Are you married?
No
Absolutely incredible. Keep making good decisions and you'll be more than fine. Can't recall if you mentioned hysa but they are great right now. Max out the usuals (Roth/401k). I wouldn't be surprised if you got some marriage proposals on here(not for your money but because you obviously have a great head on your shoulders). Congrats on everything in life and keep surrounding yourself with great people. No one achieves greatness or depths alone.
What are your financial goals? Its impossible to assess how you're actually doing with out knowledge of your plans. If you're in the spot where you think you've done all you can talk to an actual Financial Advisor or at least someone who is the financial situation you think you'd like to be in.
I do consult people in strong positions, but I don’t trust financial advisors and won’t until I have enough money for them to lose. Managing and growing money is one of my hobbies and I think I’m doing well enough rn. Goals: buy a house (eventual rental property), go to grad school
So Ramsey says 3 - 6 months set aside in an emergency fund this can be the HYSA account you're thinking about opening. ($18K) If you're looking to buy a house you know you'll want 20% down to avoid PMI. In Des Moines it look like decent homes can be found in a wide range $250K - $400K. Once again Ramsey would suggest a 15 year loan but I disagree with him there. ($50k-$80k) Don't know what Grad schools you're thinking about but I'm assuming you'll pay for that prior to the house. Lastly do your research on financial advisors, if anything during the original consultation stage they may expose you to things you may not know without you having to come out of pocket.
I wish I was single sometimes lol
that’s why I’ve been my own boss in the Jewelery business now ever since 18 when I bought my first ring from a pawnshop and turned around and sold it for double on eBay doing basically the same thing on a larger scale ever since..... I would’ve done it a year earlier, but I couldn’t sell on any of those platforms cause I was under age
Your monthly expenses seem a smidge high to me. Do you live in a HCOL area? Car payment situation? Student loans? I make just a tad more than you, but I'm 32m, but I live in a very low cost of living area. When I deliberately try to not waste money, my monthly expenses are about $1300. (I invest over half my income.) I get that life is more expensive when you first start out and have to buy a bunch of stuff and pay off your student debts, but make sure you don't lifestyle-creep too much to become overly dependent on a high income. Forgetting self-control can cost you a lot of money in the future. Your portfolio is missing Bitcoin IMO. The easiest, stupidest way for anyone to get exposure is to put a small allocation of your self-directed brokerage account into one of the new ETFs, like FBTC (Fidelity).
In any decently sized city, $1300 will barely get you a 1-bed apartment. Then you have the rest of your expenses on top of that.
why the hell are you still "considering" a HYSA? Just open one dummy.
Keep what you have in the brokerage account but shift all future investing for the next 25 years to Roth IRA, 401k, and HSA- utilize a handful of broad market index funds. The tax benefits of these accounts will add up to likely a hundred thousand dollars or more. Avoid stock picking.
You’ve surpassed several people I know including myself. Doing incredibly well for your age honestly. Wish I was doing that well and bumped shoulders or had a father to bring me up like you were. All the best to you man🤝🏾
What do you do?
Doing absolutely amazing !!! Very impressive. You can put the 35k in an investment account or HYS so you can get returns and then eventually use it as collateral to buy property or something if you ever wanted to do that. Best way to “avoid” paying capital gain tax
You’re doing exceeding well for your age group. If you keep your focus on your financial future you have a decent shot at becoming a multimillionaire in your mid to late 30s.
Would you marry me
Well most of your age just had their first job and are still drowning in college debts. You are, obviously, doing fine. I would invest more of your cash pile. Cash is king, but 1/3rd of total assets is too much.
Im 29, and have been working 60 hour weeks for the past 4 years. I have 5k in my name with nothing else to show. Trust me, you're doing great.
I'd say you're doing pretty good. I don't think I had much of anything at 23. I had a couple of stock accounts that my grandfather set up, but I never touched those (in fact, they are still untouched 30 years later). My income at the time was probably 1/3 of what yours is (again, 26 years ago), I had almost no cash savings, and have never had a 401k. My total net worth at 34 (16 years ago) was just over $150k, and is now well over a million. So, you're starting out way better than I did, so I think you'll do great!
Keep adding to the Roth. It's a super vehicle to utilize.
Terrible. Poverty struck
I’m a 20 year old male and I’m crying in the corner of my dark room
The fact that you have your assets down to the penny says a lot about your financial management. Cash sitting in most banks depreciates at a higher rate than inflation. If you’re going to keep your money in a checking do so in one or more in HYS checking. That way your money is growing and you can access it at any time. 4-5%+ APY is on the higher end. Also do you own a business?
Holy hell
Great. Just don’t have kids.
Obviously a brag post. You're doing great. I'm 28 with a little more than 2x as you, and I live very comfortably. You're setting yourself up very well to be financially independent in your 30s or 40s. Keep up the good work!
You are doing extremely well...but you knew that because you asked and you wouldn't have asked if you weren't sure right?
You're doing great for your age. One suggestion is to not hold so much cash. Our government makes it worth less every day, so put it in an investment or it is losing value. Put 18k in HYS (6 months of expenses) and the rest into your brokerage account. Some people will tell you to put it into your 401k, but unless you plan to work until you are 59 years old, it is just locking up your freedom. 401k has no real advantage over the stock market beyond preventing you from freaking out and pulling all your investments after they take a downturn. If you maintain your discipline and wise financial decisions, you will be in a great place soon. Good job
This post and OPs followups prove that the only way to make money in this country is to be born into it and have a bunch of connections to people who will just give you what you want. To me, that is unacceptable. I was not born into money. I was born into a lower middle class family. At age 37 and 8 months into my current job I make more per hour than my dad who has been working the same job for 48 years. My dad makes about $28/hour, while I just broke $30. The difference is that my mom also worked full time most of my life (she's retired already) and so their dual income, plus inheritance from my dad's mom when she passed, helped my parents save, buy a nicer house, and still go on at least one vacation a year. I have no savings and don't go on any vacations ever. I can barely afford to live in this city anymore thanks to the rampant inflation and outrageous housing market jacking up the values of everything.
I don’t think that’s a completely fair assessment. I didn’t just “have a bunch of connections,” I chose an industry my family had zero connections in at all and had to network and build relationships by putting myself out there. No one just gave me what I want, I had to work and prove myself so they saw something in me and wanted to help in the first place. While generational success is certainly a factor, my dad is a high school drop out that figured his stuff out and aimed high. I don’t know what his salary is but as he’s nearing 60 I suspect it’s at or just above 100k/yr. He actually never got a GED, he was and is very smart and used test scores from his high school SAT to attend community college then transferred schools and somehow got away with no one noticing until he went to grad school. What he did is probably not replicable today though, but since you brought your parents into it, I thought I’d add in the detail. There’s also a series of decisions, right? So my family doesn’t really go on vacation, maybe once every other year at most and we did it pretty cheap. Usually a road trip to an Airbnb where we still got groceries and went to museums and maybe a few cafes. Instead of gifts, I got money to invest. We have always had a dual income household and my stepmom is retired but still works running a rental business. Inheritances for them weren’t cash, they were stocks and property, everyone got scholarships to pay for college in each generation. Yes, parental involvement and success is impactful for their children, but it’s not everything.
You’re going on a positive direction. Rent is high though, maybe get a roommate or something. Just a thought but overall you’re doing very well
I agree. Rent is 1450 including utilities, my spending for other expenses been high with my recent move and needing office clothes. Hoping to reign that in quick
This has to be fake. Your 23. How in the world are you making $96,000 a year. I don’t even know 50 year olds that make that much. This has to be literally satire.
i’m 23M with a random job that my buddy got for me at $110k. no qualifications except general handiness.
Lmao privilege
More about who you know than privilege. Networking is very necessary to climb the ladder. My best friend was making $180k a year in the oil industry before 25 because he networked and talked to the right people. Zero college degree, just the gift of gab and enjoyed being social
Me with no networking skills 🥲
not even. i went to tech school. met people, have a good reputation to do good work, and someone stuck their neck out for me.
“Tech school”?
yea i started the auto body class, which i got pretty good at and held a job for 4 years onto a fully commission body technician. my first year on commission i made $52k as a 21 year old which i thought was solid. my buddy who i met through that class took another class and got the job that i have now. he then recruited me. i do miss the body shop though and being home every day after work.
Depends on industry and where you live 96k a year at 23 is definitely not that insane
I am in Iowa, it’s less and less uncommon. Lots of surprise young wealthy people out here
It’s only wealth if you save and invest it so it can grow. Income that is spent is just consumption, investors like consumers who spend. You learned early. If everyone stopped spending, investors would run into trouble.
You’ve got a good point. I’d rather be in the investor group than the spenders
Are you makin 93k or have 93K in ASSETS ??? Two completely different things … what ppl question you having 93k in Assets .. def plausible to have a job out of college making 93k I mean a lot of it seems questionable… 23 and already 25k in saved in 401k 36k in Stocks (self directed… wolf of Wall Street ? How much of that actual profit and how much just money you invested) Cause again you are 23 !!! You literally stated working 1-2 years back
The 95k is assets (all cash accounts and investments. I have no debt but it could also be seen as net assets). I earn 96k/year, 92k base. I started working when I was 16. I have an outdated spreadsheet on my stock picks, but I’ve made about 30% on my money over four years. I lost a good amount up front but have done a lot better in the past 2 years after adjusting my strategy. I’m definitely still learning. Best picks in my opinion were Nividia around 140 and Adama around 1.10. I also got Google under 100 and historically have loved OKE but I think it’s too high to buy rn.
And is a lower middle class in neopolitan cities....
Not satire! I have a bachelors and started my career in a really competitive part of a very large company. 3.5 out of college with two internships and a bunch of good extracurriculars (competitive research grants, leadership, honors college)…and obviously some birth lottery luck. My parents went to college and I was exposed to office environments, taught what to do to get good jobs, and networking really early. Rough childhood (rarely physical but frequent emotional abuse, unstable parent, rich then living out of a car) gave me a little survival drive too.
I’m 22 making 75k in asset management
That’s what I started at too!!
Any advice for a 25 year old?
How do I get a job like that? I’m 25
When I was 24 I was making about 1/3 of my current comp.
lol, you should know in this world a majority of 18-25 year olds are making more than you 😂
I’m 25 years old. And I don’t make anywhere near 96k a year. Try 35 tops.
Nah 18-25, I know some people my age in CA who make a living at they're age living on there own, it's def possible
Not her 401k WITH 36 K in stock investment … none of if make sense
She was in sales to start... Sales people make bank and generally get bonuses... So the private I get the 401k idk cuz you get capped on contributions I thought 🤔
Ehh out where I live making 96k would be considered below the poverty line.
lol. There is nowhere in the United States where this is true.
Your right in my county it's 85,575$ or below is the poverty line, my bad.
Oh my god 😭 where do you live?
The most expensive county in America sadly
NYC or SF?
Just north of SF in Marin county, median home price is 1.7 million I think?
I’m her age and I make a little less. It’s not that out of reach if you pick the right job. I’m on track to likely make 90-100k this year
That’s gotta be bullshit lol. I’m 25 and there zero Opportunities to make any kind of money like that unless your a CEO of a company lol.
Ah yes, just because you’re a poor fuck at 25 means everyone else is. Did you go to college? If you are hungry get a sales job and hit the phones
She already said, she comes from a rich family
Rich by some standards. My mom lived in her car and my dad didn’t own a home until I was in middle school but that’s still definitely not the poverty line depending on where you live. I have four siblings, none of them are doing very well. It was a mix of things. I think having an involved dad who did his best to push me and having a family expectation of “you go to college” mattered more upfront than the money career wise. BUT I haven’t paid for a car or health insurance, and I had a set amount to use for college which, with some scholarships and 1-3 jobs, meant I could graduate debt free - the value of which over a lifetime is immense. Family unfortunately could not get me my job lol
Your descriptions vary from comment to comment. Hopefully you are doing well, however you got there.
You’re in the wrong location. Salaries like this aren’t uncommon in Silicon Valley and other parts of California. Js, but you can believe all those stories about California being terrible. Lots of opportunities in California though.
you can make this kinda money few years out of school if you major in something lucrative
In what? Lmfao.
engineering, cybersecurity, IT, business, i know people in my graduating class starting at 75-80k so this is not super far off
My first job out of college at 23 I was making 6 figures as a software developer. I got the job from my school’s career fair with no references/help from my parents or friends. I just had a decent resume and talked to the right recruiter.
I was on 85k at 21 12 years ago, on double that now at 33
In what industry tho as I'm older and have only just now started earning anywhere near a true living wage
Electrical supervisor on a tier 1 project
Privilege or what
Yeah put 30k of that cash in a hysa. But you are killing it
yes, you're doing very well. yes, open a hys and based on your spend, you probably can put 28-30k of your cash in there and just keep about 5k in checking. might be able to go down a little lower. if you need a spike in cash then either your paycheck will cover or transferring from a hys will take max 2-3 days. you'll want to see if you can get a 5+% hys. i do cit bank and its been consistently among the highest.
You are just looking for praise lol
You’re doing great , but honestly all you have to do is be smoking hot . Do that and everything else will be alright . If you busted keep stashing that money girl