8 years for first $100K in net worth and only 1 year for the most recent +$100K in net worth

15 years from negative net worth to $1.1 million net worth

May 08, 2024

Net Worth Stories:

Every Wednesday, we focus on a net worth “story” to help you peek inside someone’s personal finances and get the inside view that nobody usually talks about. This week we have a 43 year old who is now married with kids. His net worth history starts in 2010 (age 28) when his net worth was negative ($1,268). At that time, after 5 years of working, he is single, had started saving for retirement (401k) but still had some student loans and credit card debt.

He has ~140 monthly net worth entries on networthshare.com! Lots of commentary from borrowing to buy wedding rings and for a honeymoon, to purchasing their first home and saving for retirement. It took until age 30 (8 or 9 years) for this couple to get to their first $100K of net worth but their most recent $100K of net worth took ~1 year. The exponential power of compounding!

2010-2024 - age 28-43 - Negative net worth to $1.1M

2010 - starts tracking net worth; 5+ years of working since graduation; slightly negative net worth ($1,268)
- sets up automatic payments “Pay $300 to my student loan. Current 401k contribution 6%. Save at least $200 month. Put $200/mth into Roth IRA (automatic). Automatically invest $100/mth in stocks through Sharebuilder.”
2011 - get married, combined finances and purchase home for $285K
2012 - crosses first $100K in net worth
2014 - crosses $200K in net worth (home value +$100K since 2011)
2015 - pays off student loans and other consumer debt - over $300K net worth
2016 - building emergency fund and saving money for new car
2019 - net worth end the year at $588K ($7K in 529 for kids college)
2020 - In April, refinanced to 2.875% 15 year fixed mortgage - net worth $722K
2021 - purchases motorcycle for $8,000
2022 - home has more than doubled since 2011 ($607K) - net worth $936K
2024 - extra payments on mortgage last few years - net worth crosses $1.1 million

Retirement Accounts - 33% of net worth in 2024 - 10+ years for first $100K

They both started saving consistently in their employer 401K with their first jobs and now retirement savings make up ~1/3 of their net worth. They did experience some market volatility in balances. You can see a decrease in March 2020 (18%) at the beginning of the pandemic. In addition, another down market in 2022 (15%). Despite the volatility, They kept investing with every paycheck and now in 2024, They are at an all-time high of $374,032 in retirement savings.
May 2015 (age 34): $104,046 - 10+ years for first $100K in retirement savings
December 2019 (age 38): $207,975 - 4.5 years for next $100K
May 2021 (age 40): $305,027 - 1.5 years for next $100K
May 2024 (age 44): $374,032 - current retirement balances

Home Equity - increases from $54K to $583K - 51% of net worth

Purchased home in 2011 for $272,250 with $217,800 mortgage
Refinanced to 2.875% 15 year mortgage in April 2020
Current home value in 2024 is $640,900 with $57,283 remaining mortgage

Cars - ~5% of net worth

purchased used cars in May 2011, July 2017 and July 2023
minimal use of car loans (primarily saved to purchase cars for cash)
blue line is a good reminder that cars are depreciating assets

2024 - age 43 - $1,140,312 net worth - 89th percentile based upon age/net worth

If you’re not already, start tracking your net worth!

If you would like to see more financial information on the individual discussed today, you can click here username: littlehai and continue to follow their growth in net worth over the next decade. You can also join thousands who are tracking their net worth on networthshare.com and be encouraged monthly by a like-minded community. Also, subscribe to this weekly Net Worth Stories newsletter for real life examples (net worth stories like this and other useful tips to create the life you want!)

NetworthShare helps you calculate net worth, and track it online. You can publicize your net worth anonymously (or keep it private), compare it to others & see where you stack up. There are interactive charts that let you slice & dice community data (like those included in this newsletter).

It's also a community of financially like-minded people where you can ask questions, get advice, and share financial stories. You are able to search by your occupation, age range, education level, or salary range and see where you rank!

What is the meaning behind Ten Wilsons?

The $100,000 bill is the highest denomination ever issued by the U.S. Federal Government. Woodrow Wilson is the president on the $100,000 bill.

In theory, if you had 1 of these $100,000 ‘Wilson’ bills you would have $100,000 net worth. If you had 2 Wilsons you would have a $200,000 net worth. Therefore, if you had 10 Wilsons you would have a $1 million net worth. Therefore TenWilsons = Millionaire