Growing your Net Worth is hard. But I have good news for you; it gets easier! I decided to check how long it has taken me to cross these milestones, just for some extra motivation. I once heard the first million is the hardest, but since I don’t have a million to share with you, I’ll go over my first $100,000 and beyond. I’m starting the journey in June 2001 as it was my first job, and the first time I was able to save money.
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It took me 12 years and 10 months to get my first $100,000. I Finally crossed the $100,000 mark in April 2014. In that time my salary went from $3,300 a year, to $51,000 a year. I also bought my condo (Which is now my investment property) in this period.
After another 2 years and 6 months, I crossed over $200,000. December 2016 I was finally able to become a multi-hundred-thousandaire! My salary went from $51,000 to $69,000 in this time. I also purchased my second home (my current house) in this time.
I actually think I’ll hit this in early 2019 at the pace I’m going. A lot will happen between my last $100,000 and this one. The main thing? Kids! I had my first baby in 2017 and might even have my second by the time I hit $300,000. Only time will tell!
The Magic of Compounding Interest
I love having the time frame in here because of what compounding interest is doing for me. Right now it takes me a little over 2 years to cross $100,000. I started messing around with my Financial Freedom Number while writing, and if I can keep hitting my growth goal of 12.25% a year, 12 years from now I should be gaining $100,000 yearly! 20 years from now I should be doing so every 6 months!
That’s why to me it’s so important to invest early! Whether you choose to throw a lot into your 401k, Investment properties, or just a regular brokerage (Click here to get you started with a free share), just start already, and continue to grow that portfolio!
How long did it take you?
How long did it take you to hit your first milestone? Your first $10,000, $100,000, or the elusive $1,000,000?? If you still haven’t gotten there, when is your projected date to hit it?
Don’t know your Net Worth yet? Learn how to calculate it here!
Let me know in the comments!