My First $100K


The time has come I finally hit my first $100K! Could not feel more grateful for the journey that has brought me here. Looking forward to seeing where it will take me overall.

This is really two milestones in my eyes.

  • $100K net worth
  • $100K in liquid assets

This journey has been bittersweet so to speak. It all started in 2015 when I decided I wanted to get my shit together. At that time I had about $20K saved up. I did not know much except that I wanted to do better and have the freedom of options. So my journey of self-education began. Little did I know at that time that journey would change not just my finances but my whole life. I have learned a great deal in the last three years.

Simplicity in life is the golden rule. I have learned true simplicity and fully understand how much I value having a simple life. The more simplistic approach you have with money I believe the better off you will be. So just how did I tackle simplicity with money?

I learned a few principles.

  • Time in the market is more important than timing the market.
  • Index funds are the bus ticket to wealth. They aren’t sexy. They aren’t fast. But as long as you get on board you’ll get to where you need to be (This was coined by Jermy Pelham).
  • A high savings rate is needed not a high income.

I have learned what my priorities are and what I value. I don’t spend on stuff that I don’t value or does not bring me long-term happiness. By doing this the byproduct is the ability to save even more money because you ultimately spend less.

I have come to realize that a high income is not needed to become wealthy. I have $100K in liquid assets and the most I have made is $50.7K a year. Income has zero to do with our savings. Our choices have everything to do with our savings.

The more wealth I build the less I want flashy things. I use to always want the nice car, house, phone, sunglasses, shoes, and clothes. Now that I can pay cash for any of those items I have no desire for them. I much rather buy a book now than the newest phone. I rather drive a used Honda or Toyota than a BMW and invest the difference.

I did not find some kind of magic wand to create this wealth! There is nothing that I did that everyone cannot replicate. I did not get lucky and build $100K over the last three years. I made the right choices consistently. I made mistakes on the way and adjusted and learned from those mistakes. I asked tons of questions from people that were where I wanted to be. Nothing about it was flashy or quick.

I still have a long journey ahead of me. This was one huge milestone for many to come. I encourage everyone to follow my journey and reach out to me if you need a mentor.


Hopefully, everyone enjoyed reading this and has a great day!

 

 

3 Replies to “My First $100K”

  1. This is fantastic! I just crossed the same mark this month too without a massive income. I think living well below one’s means as a result of really questioning how much spending is necessary to be happy has a lot to do with it. Reducing spending has that wonderful double benefit of both increasing savings rate while simultaneously reducing the total amount necessary to reach FI.

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