Goal:
Starting 2020, achieve financial independence (FI) target of $800,000 net worth in 12 years (by the end of 2031 or age 34). For those not familiar with the concept of FI, a quick summary is roughly when you reach a point where your investment income can sustain your cost of living indefinitely. An approach/goal to early life that I’ve always found attractive and sensible. I intend to document my thought process, and journey here along the way to benchmark my progress and share details along the way. Hopefully, you may find this interesting, insightful, or serve as encouragement on your own journey!
Timeline:
- 2019 Net Worth – $14K (At 22; Pre-full time Job)
- Investments:
- Personal Investments: $8K
- IRA: $5.5K
- Salary: n/a
- Spending: n/a
- Investments:
- 2020 Net Worth – $68K (July)
- Investments:
- Brokerage: $48,068
- Roth IRA: $16,342
- 401k: $7,321
- HSA: $1,100
- Salary: $85K (gross)
- Spending: $32K
- Investments:
- 2021 Net Worth – $105K (Beginning of Jan); (Target $90K)
- Investments:
- Brokerage: $86,000
- Roth IRA: $26,00
- 401k: $20,000
- HSA: $3,200
- Debt: ~$30,000 (borrowed from friends & family)
- Salary: $85K (gross)
- Spending: $22,300 (for the year)
- Investments:
- 2022 Net Worth – (Target $128K)
- 2023 Net Worth – (Target $170K
- 2024 Net Worth – (Target $216K)
- 2025 Net Worth – (Target $270K)
- 2026 Net Worth – (Target $340K)
- 2027 Net Worth – (Target $416K)
- 2028 Net Worth – (Target $500K)
- 2029 Net Worth – (Target $594K)
- 2030 Net Worth – (Target $695K)
- 2031 Net Worth – (Target $800K)