Update to my $100,000 by age 30 goal

Update to my $100,000 by age 30 goal

When I originally set my $100,000 by age 30 goal I needed to sort of cheat and I made the goal to have $100,000 in principal (money I contributed) in my retirement accounts by Dec 31 of the year in which I turn 30. My birthday is in August and well according to my original calculations I would need at least those extra 4 months to reach my goal.

Well since I set my goal a few things have changed. I’m actually a little ahead of schedule due to the fact that I’ve gotten some unexpected bonuses and raises part of which was automatically invested into my Roth 401k for me. The other major thing that happened to me was I got a job and am now making more money so I figured I could raise the bar on my goal a little higher. Plus now it’s really $100,000 by age 30, not $100,000 while I’m still 30.

  • JohnR

    I appreciate your goal of $100,000 by age 30. But, what does $100,000 really mean? It has to be judged in the context of how your retirement is affected. Maybe need to set a retirement goal and see what you need at age 30 to get to that retirement goal. then post both progress bars. Just a thought.

  • My Financial Journey

    But, what does $100,000 really mean? It has to be judged in the context of how your retirement is affected.

    Yes that is one thing I keep putting off with this site. I haven’t picked that magic number out of the sky. $10 million is just some rough number that I think would be nice, but I’m not sure I need that much and I’m not really sure when I want to retire. 40 or 60 makes a big difference. Either way I should probably have a longer term goal….I think I want to hit $1 million in total retirement account value by age 40, but according to my calcs that is out of my range…will probably be in my mid 40s before that happens.

  • I think you have figure it as a rolling goal. If I had 4M tomorrow that’s worth a lot more than 4M at the age of 65.

  • Tim

    I’m with JohnR on this one. $100k by 30 is a nice goal, but you need to define the end state. The rolling goal is good, because you need to est. new goals once the other goals have been met. So what is the endstate and intervening benchmarks?

    You’ve done some rough calculations already, so you have an idea of some sort of end goal. Just est. it and adjust when necessary.

Comments are closed.