200K net worth

[carolcole]

I just broke the 200k net worth line and since I can’t say it to many people I felt like saying it here. I’m proud. I have a mortgage and no more debt. No kids yet but soon. My partner earns around 30k.

30y/o. E-6 w/9 years TIS. Checking = 16k. HYSA= 25k. TSP = 65k. IRA = 23k. Brokerage = 72k.

It is also my first year maxing out TSP and IRA. So I will be able to save 30k this year alone. Which makes me realize that my current lifestyle is sustainable with a 55-60k yearly salary.

Going forward my plan is to keep maxing TSP/IRA as long as I can and to retire from the military in 11 years.

 

[axelminecraft2014]

@carolcole Do not release this information to anyone you work with. People become jealous over other peopl trying to better themselves.

 

[landeigestapo]

@axelminecraft2014 I think differently, there’s a big difference between someone flexing cash / cars / jewelry. Compared to those talking about real estate / investing / & retirement planning! Everything military members make is public information. As leaders, informing your junior sailors how they can secure their financial future is important. Just my opinion though! I help sailors all the time with their TSP, real estate questions, and budgeting.

 

[carolcole]

@axelminecraft2014 Wasn’t planning on it but thanks!

 

[raisinoatmeal]

@axelminecraft2014 Yes and no. Find mentees and mentors. Know who to trust and not to trust. Information exchange is a wonderful thing, not just on Reddit haha

 

[4thwatch]

@carolcole Congrats! I’m right there with you but my husband (he’s a E6 @ 11 years) and I haven’t combined our finances so I’m curious where he’s at. I also have one child.

 

[xoxo97]

@carolcole Congrats man that’s awesome!

 

[mrdj204]

@carolcole Very nice! I'm 25y/o E-5 with 6.5 TIS. Net worth $231k.

Cash - $30k
Real estate equity - $72k
TSP/IRA - $40K
Brokerage account - $26k
Depreciating assets - $63k

Total - $231k

I had a huge crypto windfall this year that cashing out almost doubled my net worth this year. Otherwise it's slow and steady to win the race. I contribute 13% of my base pay to ROTH TSP increasing my contribution by 1% every time I get a pay raise. For my brokerage account I'm putting $400 per month into my brokerage account buying mostly total stock market ETFs.

I wish I could invest more, but having a family on just my income makes money a bit tight.

 

[proudboy1026]

@mrdj204 Nice work! You’re killing it. What crypto?

 

[mrdj204]

@proudboy1026 Meme coins mostly lol. Made 2,600% gains on one called Floki. I wouldn't recommend this kind of investment as it's pretty much as risky as you can get, but I got pretty lucky buying a bunch during the crypto crash in 2022 and holding it.

 

[leszed]

@carolcole Great job! Why so much in checking? Could put it in savings and earn interest

 

[carolcole]

@leszed Yeah you are right. My normal checking account fluctuates between 5-8k as I pay bills and get my paycheck. The other ones is just that I like having readily available money for my parents in case they need them. Not the most efficient but is for my peace of mind.

 

[gadsden]

@carolcole Great work man! Keep aggressively getting more money in the market and putting your dollars to work for you.

 

[rainbowlife1]

@carolcole I’m sorry I’m new to the navy but what terminology- iRA TIS HYSA

 

[carolcole]

@rainbowlife1 Individual Retirement Account
Time in Service
High-Yield Savings Account

 

[rainbowlife1]

@carolcole Thank you