Have a net worth of $22,000 (includes Savings, Checking, 401k, and broker accounts)
About a year ago I was sitting on less than $5,000 in my savings account and to some people that`s not that bad. I also owed over $2,000 to the credit card companies and $2,500 in student loans. I was only worth about $500 when you subtract my liabilities.
How Could This Be?
I have worked and busted my butt for 12 years and somehow the money I made was gone. It's called consumerism in my book. I liked the fancy Bulova watches, Jordan shoes, and Express clothing. I didn't need any of it. It took me a long time to wake the hell up. My experiences I write here are to explain how someone who came from nothing turned his life around. In just one year I was able to pay off those credit cards and I am now sitting on over $22,000 in multiple accounts. This is way better than $500 from where I am standing. The numbers are real and it wasn't hard to accomplish this goal. I am going to keep pushing forward and I want to prove to myself that $50,000 is not that hard to save. To some people that is a lot of money, including myself. I plan on explaining how I save the next $28,000 right here on my blog.
Invest, invest, and invest your money.
Make your money work for you. Work hard, play soft. Another words make your money and stop spending and start investing. In a year from now when I am sitting on $50,000 I will be much more confident and closer to being an entrepreneur. Think about it, I can start a business or buy investment properties with that to make even more money. Money is power. Knowledge is power to. Work hard and invest is my philosophy and it got me this far. The next 28K will be a piece of cake with a cheap bottle of champagne!
Congrats on hitting your goal! $500 to $22,000 is a mighty impressive feat.
ReplyDeleteYou know what they say - money never sleeps and never calls in sick to its job of making you more money!
Seraph,
DeleteI couldn't agree with you more. Every week I invest a little into great companies and it's finally starting to pay off. The key is to stay consistent and never lose site of your goals. Thanks for stopping by!
Congrats on hitting your net worth goal. Going from less than $5000 to $22,000 is very impressive. Keep working hard. :)
ReplyDeleteTawcan,
DeleteI am surprised to have hit this goal with 3 months left of the year. I can't wait to continue building my wealth and I am hoping to get into real estate investing next year. This will hopefully continue to increase my net worth and passive income. For now I am reading a ton of books about real estate investing before I get into it. Best regards!
Congrats! Keep up the great process! Are you going to up your goal before the year-end?
ReplyDeleteCheers.
Thanks a lot. I was going to post 2015 year end goals. I still have to knock off some of my other 2014 goals first. I'm just happy to have come this far already. If I continue on staying consistent I should have a 25k net worth by the end of 2014. Thanks for the support!
DeleteCOngrats on hitting that goal, DM. Keep it up. Onwards and upwards with your next goal
ReplyDeleteR2R
R2R,
DeleteI feel like the next net worth goal will be much easier to achieve because I have the snowball started and I am much smarter financially than a year ago. Cheers to a successful 2014 so far!
Mongrel,
ReplyDeleteCongrats on the jump in net worth. Looks like things are rocking along very nicely for you!!!
Couldn't agree more about investing. Invest early and often. :)
Keep it up!
Best wishes.
Hey DM,
DeleteI still can't believe I was able to accomplish this goal with 3 months left in the year. I have made a few sacrifices along the way but it was well worth it. It's good to know I can go right into a car dealership and buy a brand new car in cash. I would never do that but the thought entertains me. Thanks for your continuous support!
congrats on achieving your goal! It's amazing how everything adds up!
ReplyDeleteHHWG,
DeleteThis was one goal that I really worked hard to achieve. It's true that hard work pays off. It has been almost a full year of non stop 60 hour work weeks for a year. I am finally going to reward myself with a short trip to New Jersey next week.
Mongrel,
ReplyDeleteThanks definitely a nice chunk of coin right there you got! Awesome to hear you went form .5k to 22k in such a short amount of time. coming from another guy in his 20s, those fancy things are hard to pass up so congrats on that too!
lookin forward to more posts!
Ace
Hey Ace,
DeleteI couldn't agree with you more. It's hard for a guy in his 20's to not want to spend his hard earned money. Recently I have been buying real estate investing books to educate myself on how that market works. Most guys my age would be buying the latest clothes and gadgets but that stuff doesn't make me happy. I love to learn about investing. It's great to see other like minded 20 something year olds like yourself with similar goals. I'll have to add you to my blogger list so I can stay updated. Thanks for stopping by!
Congratulations! That's a huge jump in NW and its only going to get larger and larger! I'll be following your journey to 50k and beyond.
ReplyDeleteAD,
DeleteThanks! It's nice to have the support from other bloggers. I just noticed you started a new blog and I will add you to my blogsters list soon. Best of luck to you!
Thanks for sharing your goal accomplishment. You took your first steps and made investing a priority and now your sacrifices have paid off. Keep up the good work and look forward to your next update and goals being met.
ReplyDeleteDivHut,
ReplyDeleteThanks for the support. The hardest part to the journey was the start of it. I have given up little things in order to pave my way to a better future. I am hoping to keep staying consistent. Good luck to you and your future investments!
Great inspirational post! 50k will be piece of cake!
ReplyDeleteOgie,
ReplyDeleteIt's crazy to look back when I was living paycheck to paycheck. So many people are in this position and it took me going back to college and lowering expenses to get back on my feet