She Strengthens

A Six-Figure Milestone: Unpacking the Surprising Reality of My Net Worth

As I sit here, reflecting on my financial journey, I’m still trying to wrap my head around the astonishing fact that I’ve reached a six-figure net worth. It’s a staggering sum, especially considering I’m not yet 40, don’t own a house, and haven’t inherited a fortune.

Tracking My Progress

It all started when I decided to create a simple Excel spreadsheet to monitor my net worth. I listed all my retirement and savings accounts, updating the balances every month. The result? A clear picture of my financial growth. From $95,500 to $107,500 in just a few years – it’s a remarkable increase.

The Power of Financial Education

I attribute my success to a family finance class I took in college. That class taught me the importance of budgeting, saving for retirement, and understanding compound interest. It empowered me to take control of my finances, starting with opening a Roth IRA and contributing 10% of my income to retirement accounts. Today, I contribute twice that amount.

Planning for the Unexpected

My net worth also means I’ve got my funeral expenses covered – a morbid but necessary consideration. I want to ensure that my loved ones aren’t burdened with financial stress during a difficult time. However, I need to create an “in case of death” folder, detailing all my accounts and beneficiaries, so they can access the necessary funds.

The Road Ahead

Reaching $100,000 is a significant milestone, but it’s just the beginning. I still have a long way to go to achieve my retirement goals. With $84,000 in my retirement accounts, I’ll need to continue saving and investing to reach financial independence. The good news is that compound interest will work in my favor, making each subsequent milestone easier to reach.

Slow and Steady Wins the Race

Hitting $100,000 has taught me that slow, consistent effort can lead to remarkable results. It’s a testament to the power of financial discipline and planning. As I look to the future, I’m excited to see what the next chapter holds. Here’s to the next $100,000!