First 100k is the hardest; am I doing it right? /s
Absolutely life changing last 12 months. 4.5 years 0->100k
12 months from $100,800 -> $335,000
Adding some generics here to answer q’s:
The sad reality is dumb luck and lifestyle changes that allowed me to do it. I never actively saved until my 30s, and opened a 401(k) a month before I turned 34. My family has 0 financial literacy and my parents worked until their 70s
That $70k contribution was closer to an initial $10k, then by late 2024 it was just at $40k, with very little gains if any. All IVV
Around then I got a great opportunity and moved from HCOL to MCOL, with a pay bump from $100k -> $175k, to $190k 6 months later, and now 12 months later $210k + incentives
I let my lifestyle creep with it, but at the same time for the first time ever I opened a 401(k) 18months ago, and set up auto savings on my taxable at 9% (6% +5% match 401(k), + 9% of pre tax value into brokerage). I saved more in a year than the previous 4 total.
I put most of it into early rocketlab, and in the last 6 months asts, NBIS, and some energy
Rocketlab is maybe a $200k portfolio from $40k investment- safe to say that’s doing the work for me.
ASTS/ NBIS are both up over 100% in less than a year
With my latest raise I’ve upped my 401(k) to 9%, so I will max it for the first time. This was in January this year
I also added my entire raise increase to my pre- planned brokerage savings. I estimate I’ll save ~$70k a year across all platforms, around 30% of my pre tax income. Saving 90% of what my income was in late 2021!
I acknowledge I’m in an incredibly fortunate spot to be able to do this; and still have no real idea what I’m doing but I’m making a commitment to save as much as I can and make the most of my situation.