Neither mine nor my husband‘s family like to talk about money. None of my friends like to talk about money. I’m grateful for channels like this that have open dialogue about money.
My husband and I hit 500k when I was 31 too, checking my old excel sheet. 6 years later we're around 1.3 million. It's much easier when everything is automated, and the market had some great years in that time. Need to save enough for our disabled child to live on, so that's a big motivator, but we luckily were good savers before that came up (he was born the year I turned 31).
@@TheFirstRealChewy We fully fund one 401k and both Roth IRAs, plus 5% match from my husband's work and 5k into the HSA at the end of the year. Ended up being about 35% of gross for 2024, with more invested in a non- retirement fund around the summer. Had a little more income than usual, this year we will probably make 20-30k less (depending if I get a contract like last year) but we still do 15% to max the 401k automatically. We will do IRAs as usual if we have enough extra later in the year, we do have a trip planned that might eat into savings a little this year. We have 23k in an emergency fund that was funded a few years ago.
What Nicole said around 6:53, I think is important. It's easy to say no to discretionary things when money is tight and it's less of a "choice." Once income or net worth increases and it actually becomes a full choice, it's easy to lose the vigilance that got you where you are.
Our investment accounts (plus emergency fund and kids college savings) is also just over 500k at 31 too! Doing our best to be diligent and responsible with the opportunity.
It’s important on my opinion to only look at investable or liquid assets as your net worth. Technically this is wrong, but gives you a truer picture of where you are. Also your business only has value if you can sell it. Should never be included unless it meets that criteria.
I great passive way my wife and I have set things up for our kids is creating a 529 for each of them, putting $3000 in initially and then putting our $2000 child tax credit towards the fund every year when we get our tax return. It's simple, doesn't require a budget item, and hopefully will be worth upwards of 80k when they are 18. enough to start them off without a heap of student loans or to roll over into a Roth IRA. Maybe down the road we'll do more but for now we are happy with the strategy.
Yeah I would really like to see how much she brought in as compare to husband in that 500k dough .....TBH each only have 250k at 31 ....so there is that .
I’d give up everything for my kids. Marriage and kids…and sobriety, gave me a life worth living. if I didn’t have kids I don’t know what I would be saving for. More stuff to buy myself? Seems hollow to me. Don’t knock it til you try it.
Track your net worth with Empower (free): www.marriagekidsandmoney.com/empower (affiliate)
Neither mine nor my husband‘s family like to talk about money. None of my friends like to talk about money. I’m grateful for channels like this that have open dialogue about money.
We're all about making money a topic people talk about more openly. The more we talk about it, the easier it is to understand.
What a positive and vibrant lady! Keep going. They are raising an amazing family!
Thank you for sharing positive and kind words in the comments. I appreciate you!
I love this perspective! It’s just like Lost Scrolls of Jewish Wealth teaches-success comes from learning the right things, not following the crowd.
My husband and I hit 500k when I was 31 too, checking my old excel sheet. 6 years later we're around 1.3 million. It's much easier when everything is automated, and the market had some great years in that time. Need to save enough for our disabled child to live on, so that's a big motivator, but we luckily were good savers before that came up (he was born the year I turned 31).
How old was he, when you were 31? lol.
I'm 31 currently, single, net worth about 360k
@Lolatyou332 35. I'd say you're doing much better with that net worth if you're single!
That's the power of consistency and compound interest! Way to go!
We are way behind. Also, going from $500K to $1.3 million in 6 years is very impressive. What is your savings rate as a percentage of gross income?
@@TheFirstRealChewy We fully fund one 401k and both Roth IRAs, plus 5% match from my husband's work and 5k into the HSA at the end of the year. Ended up being about 35% of gross for 2024, with more invested in a non- retirement fund around the summer. Had a little more income than usual, this year we will probably make 20-30k less (depending if I get a contract like last year) but we still do 15% to max the 401k automatically. We will do IRAs as usual if we have enough extra later in the year, we do have a trip planned that might eat into savings a little this year. We have 23k in an emergency fund that was funded a few years ago.
Excellent episode!!! Loved it!
I'm so glad to hear that. Thank you for supporting the channel and commenting!
What Nicole said around 6:53, I think is important. It's easy to say no to discretionary things when money is tight and it's less of a "choice." Once income or net worth increases and it actually becomes a full choice, it's easy to lose the vigilance that got you where you are.
Great catch and smart commentary. Thank you.
This was a fantastic episode. My favorite yet! Love what she had to say.
I'm so glad to hear that! Nicole's ability to share openly was refreshing and so helpful.
Our investment accounts (plus emergency fund and kids college savings) is also just over 500k at 31 too! Doing our best to be diligent and responsible with the opportunity.
That's awesome! You are doing so well!
Excellent episode!! Wife and I just reached Coast Fire!
That's awesome! WAY TO GO!
If you'd like to share you story and inspire others, please contact me!
@@MarriageKidsandMoneyI would love to discuss my wife and I journey on your podcast. We have also reached coast fire. How can we connect with you?
@ Excellent - my contact info is here: marriagekidsandmoney.com/contact/
They're off to a great start - well done! :)
Absolutely! Impressive numbers for early 30s!
"My husband's wife." Giving me real "Wife's father-in-law" vibes. 😂
I'm so glad we didn't edit that out ... too real and funny 😂
It’s important on my opinion to only look at investable or liquid assets as your net worth. Technically this is wrong, but gives you a truer picture of where you are. Also your business only has value if you can sell it. Should never be included unless it meets that criteria.
What a pretty and smart girl❤ lucky hubby
I great passive way my wife and I have set things up for our kids is creating a 529 for each of them, putting $3000 in initially and then putting our $2000 child tax credit towards the fund every year when we get our tax return. It's simple, doesn't require a budget item, and hopefully will be worth upwards of 80k when they are 18. enough to start them off without a heap of student loans or to roll over into a Roth IRA. Maybe down the road we'll do more but for now we are happy with the strategy.
I like that strategy a lot.
It's a simple and easy way to prioritize generational wealth investing.
I will come out ahead because I will never marry and thus will never lose half of my assets
Women usually are the spenders in the relationship, but I would still not want to risk never having children.
Yeah I would really like to see how much she brought in as compare to husband in that 500k dough .....TBH each only have 250k at 31 ....so there is that .
I’d give up everything for my kids. Marriage and kids…and sobriety, gave me a life worth living. if I didn’t have kids I don’t know what I would be saving for. More stuff to buy myself? Seems hollow to me. Don’t knock it til you try it.
First 🎉
Thanks for your support!
I’m at $500k at age 42.
That's impressive! You are well above the median net worth range for your age (according to Empower data).