Personal Finance on Yik Yak | For those that have a net worth of over 200k or more, and we’re not handed any of it from mom or dad, how old were you and what advice do you have to achieving that?

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Personal Finance 11w

For those that have a net worth of over 200k or more, and we’re not handed any of it from mom or dad, how old were you and what advice do you have to achieving that?

Anonymous 11w

Reached it at 22, from high paying internships / side hustle consulting / investing. Just work hard, look out for opportunities and make the most out of what you encounter

Anonymous 11w

I cracked 200k around 27ish? Making money is about good risk management. Take risks while you’re young & Learn to manage your money prudently. When you have $200 it’s easy psychologically to put it on red and spin the wheel, whereas when you have 200 million it’s a lot more soul crushing to think about loosing it. Money makes money, always take a bit from your paycheck to save and invest even if it’s only a fraction of whatever.

Anonymous 11w

I have about six figures depending on the day at 23. Picked a difficult degree with high entry level pay. Got lots of internships that were also relatively high paying. Took off semesters to work full time at those internships. Worked hard in high school which secured good scholarship money. Took advantage of covid grants. Invested everything I earned very aggressively. Got lucky with my timing and made 2-4x on some investments. Now have a high paying desk job that brings in 75-85k a year

Anonymous

#3 11w

Lived off eggs, toast, rice, and chicken for most of college. Used campus gym. Skipped classes a lot to save on gas. Lived with parents during internships or couch surfed. Don’t really buy anything for myself outside of a couple games a year and maybe some Lego sets 😭

Anonymous

#3 11w

I already have six figures net worth, at 24 though lol. I meant specifically the 200k net worth entry or higher as it feels slower the climb from 100k to 200k than it did from 0 to 100k

Anonymous

#2 11w

Thank you. What investments did you do? Would you say they were aggressive or low cost index funds. Also, what percentage of your net worth do you have in investments versus something like a savings account

Anonymous

OP 11w

It should be significantly faster. You have more capital to risk and greater potential for returns. Going from 25k to 100k should take twice as long as 100k to 200k if you’re making good educated investments and taking moderate risk. I save roughly 50-60% of my salary at the moment so I should be there in only 3 years even with 0 gains on my current investments. Thats opposed to the 5 it took me to get where I’m at now which involved high risk investing

Anonymous

OP 11w

Default is ETFs (VOO, have a bit of a bet that r3k will outperform in medium term but that’s a diff topic). Beyond that, opportunistic stuff where you feel you have an actual edge that you deserve to get paid for. Hard to give a list you can emulate but at different points I’ve done value-based single name equities, event driven stuff, systematic arb, etc.

Anonymous

#2 11w

I don’t have a set % of income, just save as much as you can. I probably save ~80% of my full time income (including investment income) but hard to measure exactly. Though like when you don’t have that much money to invest (as in like <8 figures) you’re financially better off focusing your time on getting your job income up than your investment income up or your expenses down

Anonymous

#2 11w

*thats % of my post tax

Anonymous

#3 11w

Thank you!

Anonymous

#4 11w

Every $100 you put away makes ~$4 (or more) a year. So aggressively save, and aggressively invest. 1% returns on investments suck when it’s small money, but big money would kill for a 1% risk free investment. The more you learn to work the skills to be rich, the more valuable those skills will be when you get there. As for risk taking behaviors, the more you can do to insulate yourself from the risk, means the more risk you can take on.