How I reached my first $100K Net Worth.
And the tools I used to get there.
The Tools*
Google Sheets: You can’t go wrong with a spreadsheet. I have a master spreadsheet which I use to track my monthly spending, which stocks I’m buying or selling for the year, and any large sums of money I owe to (or am owed by) friends and family. I also keep a separate tab which has been tracking my net worth since I was 20.
Intuit Mint (Monarch Money): Because Mint got shut down, I transferred my information to Monarch. In my opinion, they’re the best alternative on the market and have been very supportive of ex-Mint users.
Discover Credit: My first credit card was the Student IT card. The company has served me well ever since. If you’re looking for a high interest savings account, they also have a pretty high APY for their online banking. It’s where I keep most of my savings.
FreeTaxUSA: Hard to beat free! They make it really simple to input all the information yourself. Federal Taxes are free, but state taxes will usually run you about $15, and small business filing can vary in price. Still, compared to TurboTax, this is a steal! I use it every year.
Vanguard: I have my Roth IRA with them. They’re pretty straightforward and although the site can sometimes be a pain to navigate, they really explain every transaction you make before you commit. It’s fine.
Charles Schwab: I do my stock-picking with them. I like their site a lot, and it’s very easy to research different companies. They’re really good on the buying and selling of stocks as well, with email notifications if anything comes up.
*Disclaimer: Some of these are affiliate links, which support Fortuna’s Atlas at no extra cost to you. I only recommend products or services that I genuinely believe will add value to your life. Your support through these links is greatly appreciated and helps me continue to write informative and valuable content.
The Story Behind Them
Like a true American, my first job was at McDonald's. I made $10 an hour as a drive-thru cashier. It wasn't always easy – I was a bit socially awkward, and my colleagues liked to joke around at my expense a lot. Still, they were kind at heart and had my back against mean customers. It was a start.
I didn't work at all during my freshman year of college, since I was more focused on adapting to the student life and making friends. It was during my Sophomore year that I got my next job: a tutor at my university's writing center, making $15 an hour. Here, I helped students from all walks of life become better writers. My clients ranged from undergrads to international students and even professionals working on their MBAs. I reviewed countless papers, from regular essays to thesis papers and scientific reports.
I was lucky in that my schooling was mostly covered by government grants and university scholarships. I was extra lucky that my parents were willing and able to pay about $10K total over my 4 years in school, most of which went into my Freshman and Sophomore housing and food programs when the grant and scholarship money couldn’t cover it.
For the summer between Freshman and Sophomore year, I worked at a clothing factory, earning $12 an hour. This job was more relaxed than McDonald's since they allowed us to listen to podcasts and music as we worked. But it was very repetitive. I spent my time folding shirts and packaging them, and the only break from the monotony was my 30 minute lunch break. I biked to work, stood for 7 hours, and biked back home.
I decided to use the summer after Sophomore year to improve my writing and just enjoy time in my hometown. I did a lot of biking that summer. Did a lot of self-reflection, too.
During my Junior and Senior years at university, I became a Resident Advisor (RA). This position came with free housing and free food, allowing me to stop depending too much on my family for financial support.
To make some extra money, I regularly participated in research studies, either online or at my university. It was a way to contribute to research while adding a little extra to my income. I also took on making art online. I think my efforts totaled to about $1500?
During my Junior and Senior year summers, I landed two marketing internships with big companies, earning $17 an hour through both. These experiences taught me a lot about marketing and added valuable skills to my repertoire.
At graduation, I had $40K in savings, no debt, and a 720 credit score.
After graduation, I earned a software sales job, making $60K a year plus commission. As my performance excelled, I managed to increase my base salary to $75K a year plus commission.
Choosing to cohabitate with my partner after university significantly helped me save on rent and food expenses. It was a practical decision that allowed me to allocate more money toward my financial goals.
It was these two factors which helped me skyrocket my savings and investments to finally hit $100K at 24 years old, but none of it would’ve been possible without the work I put in to reach $40K.
It was a journey filled with diverse experiences, challenges, and learning opportunities that shaped my financial path. I had my privileges through parental engagement and government support, but that doesn’t mean I didn’t work hard to make sure those opportunities weren’t wasted.
If you’re on a journey to hit $100K, what are you working on to reach it? If you’ve hit $100K, what’s your plan to grow it?
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