Just want to say, you are crushing it. My wife and I didn't hit $100k net worth until 27. I am 30 and already at $560k. Things really took off around 200k!
$100k NW at 23 is already the top 1% for your age. So don't stress about it, you'll both be millionaires in your 30s as long as you don't let your lifestyle creep up too much.
I’m 24 and was lucky enough to be able to pay off my house this year. It’s a cheap house (only 200,000) but I’m able to put so much into my investments since the house is paid off vs losing so much on interest
Wife and I just took a look at our net worth for the first time last week (we are 26 and 27) and it was super surprising for us to see how much we had been saving once it was all added up. I had the same feelings as you about the house not really counting since we would have to buy another house with any extra money. We had started paying extra to pay down the house a few years ago, but thankfully we realized that was a mistake pretty early on. Over the last 2 years I could have been making 4% by paying down the house, or I could have the 20+% that was made in the markets over the last years. Obviously some years in the market are luckier than others, but to me it really does make sense to invest rather than pay down. (especially if you will be moving anyway).
I started investing just a little bit after you at 25, opened a Roth IRA but I also had a SEP by working in my family business. My SEP isn't getting any more contributions because I don't work for our family business anymore, but I do have a 457B Roth account since starting a new job, so I'm contributing to both of my Roth accounts. I'm 29 now and my net worth with my wife is just under $270k. I randomly found your video and wanted to stop by and say keep up the good work!
Good video, Alice! I also like looking at people's finances. For me, looking at people's income / net worth can be inspiring and motivating but I need a little more context as to what's going on otherwise your net worth is just kind of a number in the void. Is all/most of this money coming from income that was invested? Were you gifted money to help with your house? Big respect to those people who acknowledge privilege or luck and express gratitude.
Hi-thanks so much for the comment! Most of the net worth comes from automated investments into a 401k that we have through work. We saved up for our house by living with in-laws for free. Helped A LOT! Best of luck
If your investments on average have a higher increase in % than the interest % on your mortgage, than yes, it is a net positive on your networth. If your mortgage % is somehow higher than the % your investments go up year over year, it's definitely better to first do the mortgage, or you are losing money. Either way, make sure you have an emergency fund for rainy days.
