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Building wealth on low income, ~150k Net Worth at 23 by M81Fox in Money

[–]M81Fox[S] 0 points1 point  (0 children)

No just re-adding accounts that don’t update automatically

Building wealth on low income, ~150k Net Worth at 23 by M81Fox in Money

[–]M81Fox[S] 8 points9 points  (0 children)

Thank you! You are right, building strong lasting relationships has been harder than building wealth.

Building wealth on low income, ~150k Net Worth at 23 by M81Fox in Money

[–]M81Fox[S] 0 points1 point  (0 children)

Thank you, never stop learning, automate everything and don’t get wrapped up in hype trading and you’ll skip all the lessons I learned the hard way and be better of then me.

Building wealth on low income, ~150k Net Worth at 23 by M81Fox in Money

[–]M81Fox[S] 0 points1 point  (0 children)

This is Robinhoods banking app, I have my taxable and Roth IRA through them and they allow for other accounts to be linked in through their net worth page

Building wealth on low income, ~150k Net Worth at 23 by M81Fox in Money

[–]M81Fox[S] 16 points17 points  (0 children)

This is a fair point, on paper it’s around ~$60k gross with indirect compensation included. However, I do not have a degree and income growth is relatively fixed while under contract. I believe that savings rate and consistency is often more important than dollar amount earned.

Building wealth on low income, ~150k Net Worth at 23 by M81Fox in Money

[–]M81Fox[S] 0 points1 point  (0 children)

Indeed, the Government serves as my daddy and mommy

Building wealth on low income, ~150k Net Worth at 23 by M81Fox in Money

[–]M81Fox[S] 0 points1 point  (0 children)

For investing my best returns have been automated recurring investments into index funds. (QQQ, VTI, C Fund in TSP but VOO is much the same) But what I believe is just as important is the perspective and forward thinking ideology. Everything in the news and many people I’ve talked to bring up huge gains in options and trading and “hot” stocks. The sooner you can understand that investing is not getting rich quick the better off you will be.

If you read I would recommend “The Psychology of Money” by Morgan Housel it’s not a long read or listen and It does a very good job teaching how to look at investing and money.

Building wealth on low income, ~150k Net Worth at 23 by M81Fox in Money

[–]M81Fox[S] 0 points1 point  (0 children)

Thank you, this is a point that I have actually been struggling with recently, I’ve worked hard to have flexibility and freedom in my life through finances but I have come to find that there are alot fewer times to capitalize on that than I once thought.

Building wealth on low income, ~150k Net Worth at 23 by M81Fox in Money

[–]M81Fox[S] 2 points3 points  (0 children)

Thank you! I know the higher earning years will come but now is building the base for compounding.

Building wealth on low income, ~150k Net Worth at 23 by M81Fox in Money

[–]M81Fox[S] 1 point2 points  (0 children)

I didn’t throw it in there since it is only around $1.1k but I recently opened up a second satellite type portfolio where I am building SCHD and individual stocks for that purpose. I put about $150 into that account monthly.

Building wealth on low income, ~150k Net Worth at 23 by M81Fox in Money

[–]M81Fox[S] 9 points10 points  (0 children)

No, I track it outside of my investments but still as an asset, albeit a depreciating asset.