Age at which you saved your first $100,000
Recently hit this milestone after 3 years of diligent saving. Just curious how long it took everyone else, or if you are still reaching the milestone.
Age at which you saved your first $100,000
- Last Updated:
- Feb 9th, 2020 10:50 am
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- SCORE-7
- TylerK [OP]
- Member
- May 25, 2011
- 216 posts
- 65 upvotes
- BC
42 replies
- smartie
- Deal Guru
- Dec 5, 2006
- 13436 posts
- 8810 upvotes
- Markham
By "saved", you mean in savings account as cash or total asset such as investment?
- TylerK [OP]
- Member
- May 25, 2011
- 216 posts
- 65 upvotes
- BC
Total assets minus liabilities. Sorry, should have been clearer.
- zcypher
- Member
- Jan 4, 2017
- 366 posts
- 277 upvotes
Assets minus liabilities, so I think that could be considered as net worth.
>30 yrs old for me. I'm not very happy about that but I'll spare you the wall o text.
For all the youngins out there, the personal finance forums like this one and r/personalfinancecanada can be a treasure trove. You still have time on your side, so let the magic of compounding work for you, find the discipline to avoid the mistakes so many of us made and you'll thank yourself later.
>30 yrs old for me. I'm not very happy about that but I'll spare you the wall o text.
For all the youngins out there, the personal finance forums like this one and r/personalfinancecanada can be a treasure trove. You still have time on your side, so let the magic of compounding work for you, find the discipline to avoid the mistakes so many of us made and you'll thank yourself later.
- Guest37273939
- Deal Addict
- Jul 27, 2017
- 2180 posts
- 949 upvotes
OP if you were to ask that today to someone that is age 20, 25, 30, 35, 40, 50, 60, 70, 80+ year old person, you would get different responses, for the reason that $100k net assets 60 years ago would have been a far reach, 30 years ago doable & again what year & what age they were for your question.
so maybe a rephrase on the question might be - if you are between age 20 - 35 today, when did you reach that $100k net assets. or better still was it 10, 15, 20, 25, 30, 40, 50, 60, 70+ years ago with a what age were you at that time?
take me & the wife now in our early 70's, I dont think we hit $100k in net assets till we were in our early 30's (that's 40 something years ago) with only one of us working + one child, and at that time we likely were doing better than most since we were mortgage free, property prices around $85k where we lived in the GTA, with the then mortgage rates somewhere in the 15% ++ range maybe higher.
so maybe a rephrase on the question might be - if you are between age 20 - 35 today, when did you reach that $100k net assets. or better still was it 10, 15, 20, 25, 30, 40, 50, 60, 70+ years ago with a what age were you at that time?
take me & the wife now in our early 70's, I dont think we hit $100k in net assets till we were in our early 30's (that's 40 something years ago) with only one of us working + one child, and at that time we likely were doing better than most since we were mortgage free, property prices around $85k where we lived in the GTA, with the then mortgage rates somewhere in the 15% ++ range maybe higher.
- robsaw
- Deal Addict
- May 16, 2017
- 2454 posts
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A poll like this may be entertaining but given the vast variety of circumstances is going to have pretty much zero value on its own.
- GoodFellaz
- Deal Fanatic
- Jun 24, 2015
- 7530 posts
- 2439 upvotes
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Age 25 to 29 i had 100,000 in Cash
would have hit it sooner but i had some locked up in my retirement investments aka rrsp, mutual funds ,etc, so if u include those, maybe age 24 ish? i had 100,000 in assets in total including investments and rrsps and tfsas and crap. but thats not the question is it?
would have hit it sooner but i had some locked up in my retirement investments aka rrsp, mutual funds ,etc, so if u include those, maybe age 24 ish? i had 100,000 in assets in total including investments and rrsps and tfsas and crap. but thats not the question is it?
Say NO to the WAR!
PEACE is the answer!
PEACE is the answer!
- callernamet
- Deal Fanatic
-
- Mar 10, 2018
- 5129 posts
- 1596 upvotes
- does it matter?
Age at which you saved IS? Mine 35
Tried new coffee and doughnut. Found same old stale thing. expected bill of six bucks but it was 600 million. Big mistake so the guy said don't worry it is on the house. going back to McD.
- Spiritwalker2222
- Member
- Dec 5, 2017
- 266 posts
- 249 upvotes
Back when I was your age $100,00 was worth $200,000.... err wait, how does that work...
@porticoman don't overthink it, heck I'm certain a certain percentage of the polled will make up their numbers.
@porticoman don't overthink it, heck I'm certain a certain percentage of the polled will make up their numbers.
- TylerK [OP]
- Member
- May 25, 2011
- 216 posts
- 65 upvotes
- BC
33
- M-e-X-x
- Deal Fanatic
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- Aug 17, 2003
- 5590 posts
- 388 upvotes
- Mississauga
TRUTH!zcypher wrote: ↑ Assets minus liabilities, so I think that could be considered as net worth.
>30 yrs old for me. I'm not very happy about that but I'll spare you the wall o text.
For all the youngins out there, the personal finance forums like this one and r/personalfinancecanada can be a treasure trove. You still have time on your side, so let the magic of compounding work for you, find the discipline to avoid the mistakes so many of us made and you'll thank yourself later.
- Kestral
- Sr. Member
-
- Jul 30, 2005
- 905 posts
- 677 upvotes
- Downtown Toronto
Do another one called "Age at which you saved your first $1,000,000"
PS: Reddit is a sh!thole.
PS: Reddit is a sh!thole.
- Shadow Rider
- Deal Addict
- Sep 11, 2006
- 2157 posts
- 818 upvotes
This thread probably makes every feel bad except the "under 18" people....which....how.
- smartie
- Deal Guru
- Dec 5, 2006
- 13436 posts
- 8810 upvotes
- Markham
Or "whats the largest cash gift you ever got from family members?" LolShadow Rider wrote: ↑This thread probably makes every feel bad except the "under 18" people....which....how.
- Guest37273939
- Deal Addict
- Jul 27, 2017
- 2180 posts
- 949 upvotes
agree, I was having a senior moment overthinking it, age does this too meSpiritwalker2222 wrote: ↑ Back when I was your age $100,00 was worth $200,000.... err wait, how does that work...
@porticoman don't overthink it, heck I'm certain a certain percentage of the polled will make up their numbers.
agree
is the thread a parody?
'time is money'
like the song 'if I had a $1,000,000 (I'd be rich') recorded back in 1988 - that was 32 years ago - how many of you remember 1988 or were even born?
a newer version might be 'if I had $5,000,000' (I'd be rich)
.
Last edited by Guest37273939 on Feb 4th, 2020 2:56 am, edited 1 time in total.
- wiab89
- Deal Addict
- Feb 7, 2018
- 1126 posts
- 1924 upvotes
3 months old... would have been sooner but the hospital screwed up my birth certificate to open the bank account.
/s
Seriously though - why does everyone have to compare against people at age XXX. Live your life, make smart decisions, and stop worrying that you’re ahead or behind. If you’re a decent human being, nobody worth your time will care how fast you make money or how ahead you are.
/s
Seriously though - why does everyone have to compare against people at age XXX. Live your life, make smart decisions, and stop worrying that you’re ahead or behind. If you’re a decent human being, nobody worth your time will care how fast you make money or how ahead you are.
- Electrah
- Deal Addict
- Jun 18, 2018
- 1559 posts
- 986 upvotes
- Toronto
Very circumstantial since some people would live at home and be able to save up more, etc.
- speedyforme
- Deal Guru
- Dec 11, 2008
- 11400 posts
- 2336 upvotes
I think 27? I don't even remember tbh
- awais
- Deal Addict
- Jan 29, 2006
- 1866 posts
- 1525 upvotes
- Center of the univer…
- diggidydave
- Sr. Member
- Sep 29, 2015
- 530 posts
- 614 upvotes
- Toronto, ON
This thread is such an RFD flex. I’m like, halfway there and 29. No handouts though, and started with a bit of student debt.