Comments on: From $24,000 In Debt To Positive Net Worth In 1 Year

By: Nicole

Nicole — Fri, 23 Jul 2010 01:13:18 +0000

Go you! I LOVE these stories. How awesome.

By: Daniel

Daniel — Tue, 20 Jul 2010 19:14:05 +0000

@Budgeting in the Fun Stuff, Yah I maxed out my 2009 Roth IRA, am on my way for 2010 as well, and the rest is in my Roth 401(k), which just slightly makes up for the 0% match.

By: Budgeting in the Fun Stuff

Budgeting in the Fun Stuff — Tue, 20 Jul 2010 17:58:53 +0000

CONGRATS! Mr. BFS and I had about $3000 between the two of us when we got out of college. 5 years later, our net worth is around $130,000. You have a bunch of great years to look forward to, especially since you are making such great progress on your own financially-speaking! That’s impressive!

By: Budgeting in the Fun Stuff

Budgeting in the Fun Stuff — Tue, 20 Jul 2010 17:55:40 +0000

@Daniel, 0%! Yuck! I take it you max out a Roth IRA and the rest of that is in a 401(k)?

By: Doug Warshauer

Doug Warshauer — Tue, 20 Jul 2010 01:13:25 +0000

Congratulations! Your success is really inspiring.

Are you saving money toward buying a car and a home, too? Sometimes I feel like those goals can get overlooked in the frenzy of saving for retirement, but most people buy multiple cars and homes long before they retire, so having the cash put away for them is important, too.

By: Daniel

Daniel — Mon, 19 Jul 2010 13:59:02 +0000

@Financial Samurai, I have thought about it, but I know that many things will change over the coming years, so I don’t want to project, get too excited, and then be disappointed when things change. For now, I can accept the path I’m on, and when things are steady, run some more calculations.

You have no idea how much I like running numbers and projecting just how much I can save for retirement, but it’s a little soon, I think.

By: Daniel

Daniel — Mon, 19 Jul 2010 13:57:25 +0000

@Benjamin Bankruptcy, Ah, that sounds so fantastic. That’s a little bit farther away, but sounds really exciting, I just got a boost of confidence and can’t wait to pay it all off!

By: Daniel

Daniel — Mon, 19 Jul 2010 13:56:40 +0000

@RetirementInvestingToday, I don’t know about all funds to retirement, I think that maxing out my Roth IRA is a good goal for now, as I have other medium-term savings goals that probably come first. But you can bet that any money after that is going toward my Roth 401(k)!

By: Benjamin Bankruptcy

Benjamin Bankruptcy — Mon, 19 Jul 2010 03:37:56 +0000

CONGRATULATIONS!!!!!!!!!!!!! Next step is to get out of debt entirely?

By: Financial Samurai

Financial Samurai — Sun, 18 Jul 2010 22:56:11 +0000

Great stuff mate! That is fantastically quick to get up there so soon just one month out of school.

Have you done a pro forma networth calculation in excel or something if you keep up the way you are going?

By: RetirementInvestingToday

RetirementInvestingToday — Sun, 18 Jul 2010 22:32:25 +0000

Congratulations Daniel. I’m averaging 60% of net earnings saved and that really takes focus to maintain. Luckily I’ve already paid off my student loan so all savings go to retirement. Once you pay off your student loans are you intending to divert all funds to retirement?

By: Moneyedup

Moneyedup — Sun, 18 Jul 2010 04:29:40 +0000

Congratulations! It is great to read about your success story. Paying off student loans can be a long and hard process but you are well on your way. I hear so many stories about how life is really rough for newly graduated college students because of all the debt, but if you can make it through this, anyone can.

By: Daniel

Daniel — Sun, 18 Jul 2010 02:01:35 +0000

@Greg McFarlane, The retirement savings is tracking the S&P 500 and the student loans at 3.5% and a variable 2.24%. Does that make it easier? Or harder? Hard to predict, right?!

By: Amanda L Grossman

Amanda L Grossman — Fri, 16 Jul 2010 22:02:41 +0000

Dear Daniel,

Great job!!!

By: Greg McFarlane

Greg McFarlane — Fri, 16 Jul 2010 20:14:27 +0000

What’s the interest rate on your student loans, and what interest rate is your retirement savings earning?

If a>b, you’ve got to vanquish that student debt before worrying about contingencies half a century down the road. If a

By: Moneymonk

Moneymonk — Fri, 16 Jul 2010 17:49:09 +0000

Congrats, now build saving and revamp investing!!! Great accomplishment

By: Daniel

Daniel — Fri, 16 Jul 2010 15:51:56 +0000

@ira, I wish I had employer contributions! This is all with my robust 0% match.

By: ira

ira — Fri, 16 Jul 2010 14:27:01 +0000

Actually, of all the figures, we were most impressed with the $9710 invested for retirement. This is a great number for someone in his first year of employment. I assume this includes your contributions plus employer contribution right? Great job!

Ira and Sharon