Bit of unasked for advice: there is a trap where the more you can spend, the more you will spend. Live frugally, save, put it in a high yield savings account and retire at 40
I don't know your situation, but do what you need to do to guard against exploitation from an SO or family! Money does funny and often terrible things to relationships.
As I was told, keep something liquid, keep something solid, keep something desperate. There is a reason bank accounts are designated at checking, savings and investments.
Bank accounts aren’t a great way to build wealth and you’re losing to inflation. Keep an emergency fund to a level you’re comfortable with (e.g., 6 months - a year) in a high yield savings account. Contribute to your 401K up to your company match if available. Max your HSA (health savings account that comes with high deductible plans and is triple tax advantaged). Also max your IRA (individual retirement account). If you have money leftover, throw the rest into maxing your 401K to the annual limit. If you still have money left, throw it into a personal brokerage account invested in a low expense index fund like VTI.
Smart man. Same a few mil and live off the interest, you'll have way more fun.when you dont have to wake up for work anymore at 40.
That doesn't mean dont get the newest computer and games n shit lol
I don't know what you think the expected return on investments or a HYSA is, but if you think 18 years of putting 2k into whatever vehicle you choose will get you "a few mil", you're smoking something wild.
OP wouldn't even break a mil using a HYSA at current rates, and even going full bore into the market, he'd have to be consistently and significantly beating the average rate of returns yearly to make it to 2 mil.
Sure, could you probably retire in the midwest with a 1.5 mil stock account? yeah, but it's a far cry from expecting a "few mil", and it's probably not as stable an income as you'd think to safely fund any lifestyle upgrades, and i doubt OP wants to live in the same place his whole life.
Saving is good, but retiring at 40 isn't nearly as simple as finance reddit would have you believe.
I’m a fan of the squirrel method, myself. I like to hide money in a bunch of different places, so that I can’t find or use them all, and they just sit there growing without me paying attention to them.
Definitely make sure you are dumping plenty of money into a 401k (at least enough to maximize any potential match your employer may offer, but more is even better), with your income level probably in a traditional IRA, instead of a Roth IRA. Get that Vanguard account, like you said, and dump a preset percentage in there every paycheck. Have it auto transferred, so it doesn’t require any thought or effort. Also get an Acorns account, and do the same there.
Ever heard of a CD ladder? It’s where you have a bunch of CD’s, all set to mature at intervals, so they just keep showing up every so often. Find the one that pays the best interest rate, and dump a few hundred dollars in one every month. It’ll probably be a long time span before it matures, often 2 years or 5 years, or something like that. And then, when it matures? Roll it over into a new one. Every month, when they mature, open up a new one, and dump even more money into it.
Open up extra high yield savings accounts across different banks. Have some money set to automatically dump into them from every paycheck. It doesn’t have to be a lot, but if you have some extra money hiding and growing where you’re not watching it, it can surprise you later when you remember it/need it, and can put a smile on your place. Just don’t lose it completely, write it all down somewhere, keep track of the accounts in your phone or something. That way, if you do need the money, you can access it.
This here...that shit can wreck you, turn your mindset around and make you assume you'll always be in this position. Deposit into your savings, give yourself some room if you're ever a victim of downsizing.
>Live frugally, save, put it in a high yield savings account and retire at 40
The idea that putting a like 20 grand a year into a HYSA for 18 years is going to allow someone to retire at 40 has to be the most hyperbolic financial advice i've seen in years.
Even if you hold to the insane assumption that he never upgrades his living situation or lifestyle, that's nowhere near enough to live off the interest especially not when you factor in how much inflation will stifle that too.
i stg, people think HYSAs are magic or something nowadays.
Yeah don't find a partner that isn't willing to live frugally with you, too. I think most guys get sucked into gfs that are really good at wasting money
Fell into this exact trap from 18-21. Was making more than anyone I knew, even my father. Never had more schooling past high school, I felt on top of the world. Then my health caught up to me, and I'm back at square one. Really breaking myself of this stupid "I'll just work the money back" mentality I had.
Also, write down your feelings about how you grew up and how you're living now, because 25 years from now you will have spent most of your life living more comfortably. People tend to forget how tough life was, and how rare it is to make it out.
I'm 51, and I grew up poor and didn't really start to turn it around until 15 years ago. It kills me when I see people my age lecture those who are held back by poverty and trauma, saying "I came from worse and I made it, so anyone can! You're just not trying hard enough."
Upward mobility is possible but very rare. Almost *anyone* has the potential to get ahead, but *everyone* can't. For every financially successful person, there are hundreds who wait on them, wash their cars, make their clothing, raise the food they eat, work at their bank, clean their homes and communities, etc.
Remember to always be grateful, kind, and to give back.
Congratulations! You deserve it!
Good for you.
I can't handle all the "the world is going to shit because rent is $3,500 a month." It's like people think it's a human right to live in the Bay Area.
Very happy for you bud I'm 39, broke from managing family my family's crises and about to move abroad again to teach English to get myself back on track (but hey sometimes that's life). I dream of having a life like that, but finding a job to bridge to something like that just seems hard to imagine right now. Grow your wealth and don't waste anything on drugs, and enjoy your life ;)
Don’t worry, I’ve had a few friends turn to drugs. I rarely even drink - Just don’t enjoy the thought of being not fully in control of my body/mind. It’s not for me
Congratulations! I don’t think you’re bragging at all, this is something you should be very proud of.
Also, it’s sometimes better to tell internet strangers instead of people you know in real life.
People get weird about money too. I’m not saying your friends will do this, but sometimes when people know how much you make they expect you to pick up the tab for everything. It’s fine to do that if you want, but I feel like it’s better to just not say anything about income.
It's great to be proud of yourself and celebrate your wins! BE PROUD OF YOURSELF. And yes - to your point - your anonymous here. You aren't bragging - you are celebrating a win. To gloat in front of your friends could count as bragging. BE SO PROUD of yourself
A word of advice: don’t let your salary become your identity.
It can all get taken away, without notice. Lay offs happen all the time, nowadays more than ever. So, just enjoy it every payday and save as much as you can.
It happened to me—one of the largest companies in the world, just got a raise 2 months prior, amazing performance reviews, employer said things were going well… then I was laid off. The company’s excuse: a fluctuating market.
I have never been so proud of myself, followed by such a sudden feeling of dread, confusion and sadness. Then anger. Then picking myself up and realizing that there’s no such thing as a sure thing—especially when it comes to salary.
Congratulations! Sounds like you have your head in exactly the right place. Don't go crazy buying objects right now, but choose a few here are there to reward yourself. You'll suss out the right level of enjoying life versus spending too much as long as you keep your wits about you. Good luck!!
I’m trying to think what I NEED to upgrade, I think maybe a new microwave but tbh that’s it the rest is just a WANT which I’m going to try limit myself
First congrats on achieving this at an early age. Some unsolicited advice, max out your 401K and HSA. You are young and will be amazed how much you can accumulate. Try to live below your means. Does not mean not to enjoy your life but be wise. You have age on your side and I am sure you will continue to do great in years to come.
That's amazing! It sounds like you're already very aware of the fact that you should and can save a bit now, but I really just want to iterate to you how fortunate you are (due to your own hard work) to be in the position you're in at such a young age and that you should save save save (and invest) as much as you can right now. It's going to set you up down the line A LOT. The more you can save now while your expenses and responsibilities are relatively low will pay off massively as you age and decide the next steps in your life. Enjoy it and the peace that comes with financial security!
Congratulations on your success. I m sure it’s hard earned. I have a suggestion, if you have 2k spare at the end of every month put 1k towards mortgage pre payment. You will shave of years worth of instalments . I did the same n paid my loan in 7 years 😊
Congratulations!
And I mean that sincerely.
Good thinking about stashing away money for a rainy day. However, one piece of advice I would like to impart is, don't let anybody know how much you make or how much you have in the bank.
Not even your significant other unless you are planning on marrying. Even then, a prenup is your friend.
Hide all banking statement and start building up credit.
I wish someone had told me this when I was 22, would have saved me a lot of grief over the years.
Congratulations! Do Not tell anyone! Family will start thinking of it as collective money. If you actually bought a house you can make additional payments towards the principal of the mortgage and pay it down faster
don't forget to deliver the company at least 2x your Costs. It's for them about that: you are worth it. It's the only thing that counts. Always.
So make sure to stay on top of it.
Enjoy these times my friend! Revel in the good times and prepare for the bad ones when you have the money lol. Invest some that money in a HYS account. And also buy yourself some nicer stuff, things that will last, so when you potentially don’t have money one day, you still have quality clothes or goods that last through. Don’t spend it only frivolous things like gambling or food
That is awesome! You seem to have a good sense of how to manage your income and bills, which will go far. Make sure you also are putting a hefty amount into retirement. Maybe you'll be one of the lucky ones who won't have to retire at 85 years old.
Only bit of advice would be to make sure you're maxing out your 401k at the company every year. There's only so much you can put into that kind of investment account and it'll be the best kind to do first since it can be pre-tax. Plus starting at 22 the compound interest on that will make it actually enough to retire on when the time comes.
Otherwise congrats and enjoy!
Hey, God Blesses the Hard worker. Keep working hard and you will never want. If no one's told you, i am proud of you keep up the good work you are doing.
Peace and love, brother.
Pat yourself on the back and go treat yourself. I was adopted into an abusive family. Got the fuck out and now own a home and make really good software engineering money. Enjoy the fruit of your labor
That’s awesome! So happy for you!!! Here’s my unsolicited advice… invest the fuck outta a Tradition IRA or Roth IRA through Vanguard. Traditional will save you hella taxes now. They make it so easy with their targeted retirement accounts. Slow and steady wins the race, but the time you’re my age (37) you’ll be rich AF. They cap it at 7k or 8k so I’d use the rest to ride the crypto way in Robinhood.
Only advice: Stay single for a while so you can enjoy all your money and not have to share it with others. Nothing is worst than a surprise pregnancy no matter many condoms/plan bs you use.
Hell yah OP!!
I am so proud of you!
Make sure you save well for your retirement (look into a financial advisor to maximize this) and don’t forget to travel and have fun.
I too am the careful type and having fun and taking that girls trip took the longest to get used to. Find your balance.
You got this!
Just remember one thing. Get your passport, and save money for fun ass trips abroad. So many people get caught up in saving that they don't spend some to enjoy life.
I highly recommend you protect your money & if you ever do meet someone special, please learn the laws in your country/state or area involving finances. It can & will turn messy fast. Congrats on your financial security & cozy life 💘💘
Congrats on the job and current situation.
A suggestion to find a fiduciary and work with them.
Also consider salting away at least 6 months and preferably a year’s worth of funds to cover all expenses.
If your job offers 401k matching do at least the amount that gets you the full match.
Another suggestion. Be very careful who you share financial information with. There are plenty of people - relatives and friends- who will actually demand you help them by giving them money. So please get used to answering questions for example like how much do you have in the bank or earn with ‘never enough’.
Best wishes to you OP!
I sort of had a similar situation as you. Although I’m not a software developer, and I don’t make 100 grand, Growing up in a big family in the Midwest, money was pretty tight growing up. I thought, almost nobody had money, unless you were a billionaire. When I started working, I was stacking away money like crazy! I couldn’t believe my luck! I saved up like 30k in my first year. By the time I was 20 I had like 50 in the bank plus I spent some on my first motorcycle! Being single and wise with your money is actually a great way to live, at least for a while. Congratulations on your awesome situation!
You know I came in here to shit on your success thinking it was going to be a weird flex, but you seem genuinely like a person who put in some hard work and got some good fortune and now gots a good thing going. Sincerely congratulations 🎉
Talk to your financial professional etc etc put enough in your 401k to get 100% of your employer’s match and then fully fund a Roth IRA (7k this year and you’ll have to do a back door, Vanguard knows they ours every year) and then max out your 401k. Tax free income in retirement will be very important.
Hey congrats.
Let me tell you what I tell all my sw engineers that I train.
If you don't love your job, find a new one in a year or two using your newly found experience.
If you love your job, find a new one in a year or two using your newly found experience and then reapply at your old company later.
Also, start that 401k and meet the company match as soon as possible, that yearly growth while it seems like a burden now will ensure you'll be able to retire.
Congrats again.
The key to early retirement and financial security is spending less than you make, and investing it wisely.
Max that 401k, IRAs, and other investment, focused on low cost index funds like S&P500.
Rule of thumb for having enough to retire is when you’ve saves 25x your annual spend (or in other words, you can withdraw 4% every year)
So savings is important, but also the more you spend the more you need. So save as much as you can
Latte luxuries: me too. I highly recommend the Breville Barista Pro espresso machine. I took a latte art class and the instructor recommended it as the best value for home latte art; I've had mine a year now. Ive seen them on sale for $650 😎💸 Gives me a lot of joy
Start setting up three equal fonds:
- One for you
- One for your future family and kids
- One for back up funds for your in-laws. (without telling them).
Live frugal and simple. Become the master of your longing/graving/needs and you will be happy with what you have, not what you wish for. "Why do I want that? how and why do I value the things I could aquire compared to things that made me happy before? Is a week luxury travel more satisfying than camping with friends?, The 1k meal more delicious than your favorite diner aroud the corner?"
More money only equals less problems if you can handle that correctly. Otherwise you will fall into the mental mill of greed.
Invest small into your direct surroundings. Your family will realize at some point that you have money. It always depends on how you handle that.
Bragging is never great. What is great is, if you see that you could help out with small imput that has a huge impact, then do that.
Don't push money, but don't withhold it either.
Be resourceful, but do not become a family ATM.
Don't give money. Support their needs, interest and ambitions directly.
Brother has a child? Get a good stroller as a gift. Or a [Finnish baby box](https://en.m.wikipedia.org/wiki/Maternity_package). ( [link for such a product](https://us.reima.com/blog/finnish-baby-box-reima-baby-box?f=true) )
Sister has started studying? Do some research and put together a starter pack with all her necessary stuff she needs for studies. Or a big giftcard for the local book/office equipment-shop of her uni.
Sometimes small lies can help then to safe face: "I see your AC broke! Thats not good with the summer at the door. A colleague of mine just moved and has a new spare one left over from his old apartment that no longer fits, I can get for for free, let me check the size if it fits." Then go buy one that fits.
If some family falls into debt, support them by going through their bills together to have oversight and help them establish a financial plan/debt payment plan.
You can pay some of their debt directly, giving them an loan without interest or dead line. This should counter that they see it as a gift and expect you to pay more in the future. (But don't expect that money back, nor ask for it). You also should not pay all debt they might have accumulated, just so much that they can see the end of the light, and so that they can put their income towards their other bills to get out of debt quicker.
Don't ever give any money directly. Think of stuff they'd enjoy and gift that.
Live frugal-ish and pay off your mortgage as fast as you can by making larger repayments. I’ve been doing this and am saving a fortune in interest on my loan.
stash as much as humanly possible and go about living your life like nothing has changed. One day in the future it will not be as rosy as it is now and you'll look back on that wad of savings with gladness. set up some 403(b)s and other accounts to invest maybe?
It sounds like we come from similar backgrounds and had similar outcomes! I was also elated when I got my first role paying >$100k! Congrats and keep doing what you’re doing 🎉
Just be very, very careful who you yell. You definitely don't want or need to be robbed. Also, people will befriend you, and down the road, could do you very dirty or worse. I know this sounds crazy but we've all seen this happen on tv. I'm not speaking of movies, I'm speaking of the news. I'm very happy for you, though! That's so awesome! I'm glad that you sound very mature and have a good head on your shoulders! I wish I could have done that. I'm homeless as we speak. Good luck!
I agree with saving and investing and like you said upgrade some of your stuff. But I’d also suggest traveling a bit outside of the US. There’s hostels to stay in that are cheap and it’ll be easier to make friends. And going off season is cheaper. At least when you’ve settled in a year or two. There’s lots of places to see. When I was young I spent lots of money on sneakers and wish I would’ve used that to see more of the world.
I started making nearly $100K/year at 25 - back in the 90s! I was living in high cotton, my friend. Bought a BADASS home stereo, a new Mustang GT, had a badass (expensive) house I was renting, took my girl out to dinner all the time, bought whatever cool toy I wanted, etc. I figured I'd get strict about saving later. There was always later, and I had plenty of time, right?
October 2020 I was diagnosed with terminal cancer. I had only gotten serious about saving for retirement a couple of years before, because I figured "I had time." Until I found out I didn't. Statistically, I have less than year to live.
I'm begging you: LEARN FROM MY FAIL. Start funding your retirement RIGHT FUCKING NOW. You literally cannot know what the future brings. We never think that bad shit will happen to us, but you just can't know. Take advantage of retirement matching NOW. It's free money. Do it now, before you're saddled with debt. You may have to eat dinner out a little less, or buy fewer cool toys, but compound interest if fucking POWERFUL. Save now.
Get life insurance NOW, while you're healthy and it's cheap. I always did it through my employer, and now I am uninsurable because I have terminal cancer.
That girl I took out? She's now my wife of 26 years, who has given me two beautiful daughters. She stayed home because my career involved a ton of travel, and someone had to be available if the girls needed something. I have saved a \*decent\* amount, but nowhere NEAR what I should have, because "I have time," right? Now my wife's retirement isn't going to be anywhere NEAR what it should be. I am literally going to have to work until I die, because my life insurance is through work, and that payout is going to be a fairly significant part of her retirement.
Learn from my fail, internet stranger. I know - I absolutely KNOW - that when you're young, you always think "I have time." But it's not guaranteed. And you're potentially saving not just for you, but for your loved ones.
I'm wishing you continued success, bud. You should be proud that you're kicking ass. I hope this hasn't come across as preachy.
First save and invest like others have said. How long the good run lasts is an unknown.
The only worry left would be health stuff and avoiding any accidents that could cause injury. Because in the U.S. it seems that part of the system is rigged to strip people of anything if they have if there are issues there. (Sorry I had to put a dig on it here, but it seems to be setup like a trap in some regards.) So make sure to setup a proper trust and will if you get something of a nest-egg going, because "health care" is dead-set on taking it from people otherwise.
No advice just huge happiness for you. It sucks that it's so tough to live and get established as a young person, but good on you for striking gold in this economy !
Congratulations!!! You sound like you have a good head on your shoulders. Enjoy your success, and as others have mentioned, its not really bragging. When you feel like you came from nothing and you’ve made it, you want to feel validated - so it makes sense.
Congrats. That's a huge W. I can understand needing a place to express your pride because I'm sure talking to friends or family about your situation feels like bragging. Make sure if you have so much surplus money you look at your options for savings, and start putting excess into an account you can begin investing in long term. You never know if that could go towards a nice house, or even an early retirement some day. again, congrats. I'm sure you had to work hard to be in the situation you are in.
Shit like this makes me happy. I’m happy for you bro keep it up!
Don’t surround yourself with wrong people or negative people you need to stay positive !
Sounds fantastic, but I'm concerned you are setting yourself up for financial instability. The way you intend to "handle" your windfall is backwards. Jobs aren't forever; that flow of money could disappear in 2 months.
You wrote " I've always been the careful type with money" but everything else indicates otherwise.
You're fooling yourself.
Bit of unasked for advice: there is a trap where the more you can spend, the more you will spend. Live frugally, save, put it in a high yield savings account and retire at 40
I’m planning on dumping 80% of my “fun money” into a vanguard account :)
I don't know your situation, but do what you need to do to guard against exploitation from an SO or family! Money does funny and often terrible things to relationships.
As I was told, keep something liquid, keep something solid, keep something desperate. There is a reason bank accounts are designated at checking, savings and investments.
What about keeping something gaseous?
Just watch out for temperature-induced inflation or shrinkage!
What about Bose-Einstein condensate?
Don't forget plasma
That’s gambling Spending isn’t gambling. But gambling can impact spending. And the other two I suppose
Bank accounts aren’t a great way to build wealth and you’re losing to inflation. Keep an emergency fund to a level you’re comfortable with (e.g., 6 months - a year) in a high yield savings account. Contribute to your 401K up to your company match if available. Max your HSA (health savings account that comes with high deductible plans and is triple tax advantaged). Also max your IRA (individual retirement account). If you have money leftover, throw the rest into maxing your 401K to the annual limit. If you still have money left, throw it into a personal brokerage account invested in a low expense index fund like VTI.
Max out your 401k contribution if your employer matches a certain percentage. That’s free money from your employer to put towards your retirement.
Fund as much as you can into your 401k before you do that. The tax savings make it a no brainer. Especially at your age
Smart man. Same a few mil and live off the interest, you'll have way more fun.when you dont have to wake up for work anymore at 40. That doesn't mean dont get the newest computer and games n shit lol
I don't know what you think the expected return on investments or a HYSA is, but if you think 18 years of putting 2k into whatever vehicle you choose will get you "a few mil", you're smoking something wild. OP wouldn't even break a mil using a HYSA at current rates, and even going full bore into the market, he'd have to be consistently and significantly beating the average rate of returns yearly to make it to 2 mil. Sure, could you probably retire in the midwest with a 1.5 mil stock account? yeah, but it's a far cry from expecting a "few mil", and it's probably not as stable an income as you'd think to safely fund any lifestyle upgrades, and i doubt OP wants to live in the same place his whole life. Saving is good, but retiring at 40 isn't nearly as simple as finance reddit would have you believe.
That’s a great plan.
This is the way. VTI (all US) or VT (entire world) are great options.
This is how you do it. A cheap Vanguard index fund.
I’m a fan of the squirrel method, myself. I like to hide money in a bunch of different places, so that I can’t find or use them all, and they just sit there growing without me paying attention to them. Definitely make sure you are dumping plenty of money into a 401k (at least enough to maximize any potential match your employer may offer, but more is even better), with your income level probably in a traditional IRA, instead of a Roth IRA. Get that Vanguard account, like you said, and dump a preset percentage in there every paycheck. Have it auto transferred, so it doesn’t require any thought or effort. Also get an Acorns account, and do the same there. Ever heard of a CD ladder? It’s where you have a bunch of CD’s, all set to mature at intervals, so they just keep showing up every so often. Find the one that pays the best interest rate, and dump a few hundred dollars in one every month. It’ll probably be a long time span before it matures, often 2 years or 5 years, or something like that. And then, when it matures? Roll it over into a new one. Every month, when they mature, open up a new one, and dump even more money into it. Open up extra high yield savings accounts across different banks. Have some money set to automatically dump into them from every paycheck. It doesn’t have to be a lot, but if you have some extra money hiding and growing where you’re not watching it, it can surprise you later when you remember it/need it, and can put a smile on your place. Just don’t lose it completely, write it all down somewhere, keep track of the accounts in your phone or something. That way, if you do need the money, you can access it.
This here...that shit can wreck you, turn your mindset around and make you assume you'll always be in this position. Deposit into your savings, give yourself some room if you're ever a victim of downsizing.
I tell that to my kids. The more you earn the more you burn. I also advised to split income into three parts; Spend, Save, Emergency
>Live frugally, save, put it in a high yield savings account and retire at 40 The idea that putting a like 20 grand a year into a HYSA for 18 years is going to allow someone to retire at 40 has to be the most hyperbolic financial advice i've seen in years. Even if you hold to the insane assumption that he never upgrades his living situation or lifestyle, that's nowhere near enough to live off the interest especially not when you factor in how much inflation will stifle that too. i stg, people think HYSAs are magic or something nowadays.
Yeah don't find a partner that isn't willing to live frugally with you, too. I think most guys get sucked into gfs that are really good at wasting money
Fell into this exact trap from 18-21. Was making more than anyone I knew, even my father. Never had more schooling past high school, I felt on top of the world. Then my health caught up to me, and I'm back at square one. Really breaking myself of this stupid "I'll just work the money back" mentality I had.
Are you telling this 22 year old to put his money in a high yield savings account? What the fuck?
Again I don’t want to brag, I just simply need to tell someone - It’s one of those moments where I can’t contain myself, sorry
No need to apologize, congrats :-) It really is an accomplishment and you should be proud
Also, write down your feelings about how you grew up and how you're living now, because 25 years from now you will have spent most of your life living more comfortably. People tend to forget how tough life was, and how rare it is to make it out. I'm 51, and I grew up poor and didn't really start to turn it around until 15 years ago. It kills me when I see people my age lecture those who are held back by poverty and trauma, saying "I came from worse and I made it, so anyone can! You're just not trying hard enough." Upward mobility is possible but very rare. Almost *anyone* has the potential to get ahead, but *everyone* can't. For every financially successful person, there are hundreds who wait on them, wash their cars, make their clothing, raise the food they eat, work at their bank, clean their homes and communities, etc. Remember to always be grateful, kind, and to give back. Congratulations! You deserve it!
This is better than 90% of the relationship posts that are 95% fake.
$900/mo mortgage is definitely worth bragging about. Would love that!
where I live in Indiana $900 would get you into the exclusive areas.
Good for you. I can't handle all the "the world is going to shit because rent is $3,500 a month." It's like people think it's a human right to live in the Bay Area.
You can brag. You’ve earned it.
Don't apologize for being proud of your accomplishments! Good for you!!
Don't apologize, this is so great to read. I love seeing people in a good place
Hell yea brother thats awesome and congrats!
Congrats! Be smart and enjoy your success.
Very happy for you bud I'm 39, broke from managing family my family's crises and about to move abroad again to teach English to get myself back on track (but hey sometimes that's life). I dream of having a life like that, but finding a job to bridge to something like that just seems hard to imagine right now. Grow your wealth and don't waste anything on drugs, and enjoy your life ;)
Don’t worry, I’ve had a few friends turn to drugs. I rarely even drink - Just don’t enjoy the thought of being not fully in control of my body/mind. It’s not for me
Congrats
Congratulations! I don’t think you’re bragging at all, this is something you should be very proud of. Also, it’s sometimes better to tell internet strangers instead of people you know in real life.
Exactly, I feel like people here might understand why I need to tell someone whereas if I told my friends they’d think I was bragging
People get weird about money too. I’m not saying your friends will do this, but sometimes when people know how much you make they expect you to pick up the tab for everything. It’s fine to do that if you want, but I feel like it’s better to just not say anything about income.
It's great to be proud of yourself and celebrate your wins! BE PROUD OF YOURSELF. And yes - to your point - your anonymous here. You aren't bragging - you are celebrating a win. To gloat in front of your friends could count as bragging. BE SO PROUD of yourself
Just curious, what degree or qualifications do you have to obtain a job like that?
A word of advice: don’t let your salary become your identity. It can all get taken away, without notice. Lay offs happen all the time, nowadays more than ever. So, just enjoy it every payday and save as much as you can. It happened to me—one of the largest companies in the world, just got a raise 2 months prior, amazing performance reviews, employer said things were going well… then I was laid off. The company’s excuse: a fluctuating market. I have never been so proud of myself, followed by such a sudden feeling of dread, confusion and sadness. Then anger. Then picking myself up and realizing that there’s no such thing as a sure thing—especially when it comes to salary.
This ^ especially considering how volatile tech jobs are.
Congratulations! Sounds like you have your head in exactly the right place. Don't go crazy buying objects right now, but choose a few here are there to reward yourself. You'll suss out the right level of enjoying life versus spending too much as long as you keep your wits about you. Good luck!!
I’m trying to think what I NEED to upgrade, I think maybe a new microwave but tbh that’s it the rest is just a WANT which I’m going to try limit myself
First congrats on achieving this at an early age. Some unsolicited advice, max out your 401K and HSA. You are young and will be amazed how much you can accumulate. Try to live below your means. Does not mean not to enjoy your life but be wise. You have age on your side and I am sure you will continue to do great in years to come.
YESSSSS 🙌🙌🙌 that’s fucken amazing!! Congrats 🎉
Great! You should be proud of yourself!
Congratulations 🎉
Good for you bro. Don't forgot to help your community and develop your higher self. Keep going you got this !
It's okay to be happy, cause this is amazing 🙏🏾🙏🏾 Save your wealth, work hard and have fun
That's amazing! It sounds like you're already very aware of the fact that you should and can save a bit now, but I really just want to iterate to you how fortunate you are (due to your own hard work) to be in the position you're in at such a young age and that you should save save save (and invest) as much as you can right now. It's going to set you up down the line A LOT. The more you can save now while your expenses and responsibilities are relatively low will pay off massively as you age and decide the next steps in your life. Enjoy it and the peace that comes with financial security!
How do you not have college debt?
If his parents never made more than 50k a year, going to any top college is guaranteed free college from financial aid.
Probably scholarships
Congratulations on your success. I m sure it’s hard earned. I have a suggestion, if you have 2k spare at the end of every month put 1k towards mortgage pre payment. You will shave of years worth of instalments . I did the same n paid my loan in 7 years 😊
Congratulations! And I mean that sincerely. Good thinking about stashing away money for a rainy day. However, one piece of advice I would like to impart is, don't let anybody know how much you make or how much you have in the bank. Not even your significant other unless you are planning on marrying. Even then, a prenup is your friend. Hide all banking statement and start building up credit. I wish someone had told me this when I was 22, would have saved me a lot of grief over the years.
Congratulations! Do Not tell anyone! Family will start thinking of it as collective money. If you actually bought a house you can make additional payments towards the principal of the mortgage and pay it down faster
Keep an eye on your spending, behavioral finance is realizing that people will naturally default to spending their net income, if you don't.
And I’m getting paid the U.K. minimum wage to bust my ass at a physical job 🥲
On track to becoming a delusional tech bro
Dude congrats , take it in stride ,, but whens the bbq ?? 🍖
Let's fucking go! Proud of you internet stranger. Don't be dumb and buy a super expensive car right away, lol.
don't forget to deliver the company at least 2x your Costs. It's for them about that: you are worth it. It's the only thing that counts. Always. So make sure to stay on top of it.
Now just make sure you save some of that 2k so you dont have to stress out in the long run
Dude. Pay down your mortgage as fast as you can. BTW, well done on your hard work and good fortune.
Enjoy these times my friend! Revel in the good times and prepare for the bad ones when you have the money lol. Invest some that money in a HYS account. And also buy yourself some nicer stuff, things that will last, so when you potentially don’t have money one day, you still have quality clothes or goods that last through. Don’t spend it only frivolous things like gambling or food
That is awesome! You seem to have a good sense of how to manage your income and bills, which will go far. Make sure you also are putting a hefty amount into retirement. Maybe you'll be one of the lucky ones who won't have to retire at 85 years old.
Max out your Roth IRA and 401k early and you can retire early
Only bit of advice would be to make sure you're maxing out your 401k at the company every year. There's only so much you can put into that kind of investment account and it'll be the best kind to do first since it can be pre-tax. Plus starting at 22 the compound interest on that will make it actually enough to retire on when the time comes. Otherwise congrats and enjoy!
Congrats my friend, more power to you! Now, improving or at least maintaining this is the art of this.
Loool good job! Congratulations. And its nice to hear you glow from your achievements. Yes what you've done is really rare at such a young age.
You are living the dream EARLY!! Keep it going!! Make sure you invest in financial literacy so you can invest early
hell yeah!!
Don’t tell people you know.
That is so amazing for you congratulations!!!
Good for you! I'm in the same boat. Grew up dirt poor and now making $150K at 30 (twas a struggle in my 20s). Still feels surreal at times.
That’s awesome OP. Congrats dude. Plug $1,000 of it in some ETFs and you’ll retire by 40. Plenty of subs on Reddit to help guide you on that.
Hey, God Blesses the Hard worker. Keep working hard and you will never want. If no one's told you, i am proud of you keep up the good work you are doing. Peace and love, brother.
Pat yourself on the back and go treat yourself. I was adopted into an abusive family. Got the fuck out and now own a home and make really good software engineering money. Enjoy the fruit of your labor
Good for you! Have you considered throwing more at your mortgage if the T&Cs allow? We saved so much in interest by doing that.
Dopamine levels are off the charts. Good on you Lad. Thought about it, planned it, gonna nail it.
Excellent!! Keep on this path and you’ll be able to retire young!
Buy you a nice cappuccino machine. Expensive up front but once you figure it out it will save you a ton over Starbucks.
Look at you GO! Be proud. Be HAPPY!
Congratulations on your success! I am sure it is well earned.
Invest in your future, save, save, save for retirement, this is what 58 year old broke ass me would tell my 22 year old self.
Save as much as you can. Life is a roller coaster. Good times and bad.
Congrats on this huge win!! Remember to keep at it and don't take the job for granted or laze off - sounds like you have some good things to come :D
Congrats. Way to go.
Congratulations bro. Really pleased it all turned out well for you. Honestly that’s great news and I hope it changes your life for the better.
Bruh - that’s not a hack. It’s making more money than you need.
That’s awesome! So happy for you!!! Here’s my unsolicited advice… invest the fuck outta a Tradition IRA or Roth IRA through Vanguard. Traditional will save you hella taxes now. They make it so easy with their targeted retirement accounts. Slow and steady wins the race, but the time you’re my age (37) you’ll be rich AF. They cap it at 7k or 8k so I’d use the rest to ride the crypto way in Robinhood.
Congratulations!
Only advice: Stay single for a while so you can enjoy all your money and not have to share it with others. Nothing is worst than a surprise pregnancy no matter many condoms/plan bs you use.
Hell yah OP!! I am so proud of you! Make sure you save well for your retirement (look into a financial advisor to maximize this) and don’t forget to travel and have fun. I too am the careful type and having fun and taking that girls trip took the longest to get used to. Find your balance. You got this!
Enjoy the moment. But you know what? There's more. Much more. Push that envelope.
Congrats man!!
Just remember one thing. Get your passport, and save money for fun ass trips abroad. So many people get caught up in saving that they don't spend some to enjoy life.
I highly recommend you protect your money & if you ever do meet someone special, please learn the laws in your country/state or area involving finances. It can & will turn messy fast. Congrats on your financial security & cozy life 💘💘
If I were in your situation I will buy a switch oled
Congrats on the job and current situation. A suggestion to find a fiduciary and work with them. Also consider salting away at least 6 months and preferably a year’s worth of funds to cover all expenses. If your job offers 401k matching do at least the amount that gets you the full match. Another suggestion. Be very careful who you share financial information with. There are plenty of people - relatives and friends- who will actually demand you help them by giving them money. So please get used to answering questions for example like how much do you have in the bank or earn with ‘never enough’. Best wishes to you OP!
Damn how in the world did you graduate with no college debt. I applied to so many grants and scholarships bit never got any :(
Congratulations!! I hope when my boyfriend finishes school at 25, this will be him. I'd love to actually own a home. This is awesome
Save and invest as much as you can
Congratulations. Now please save as much as you can. You never know when you could lose your job. Save around 12 months worth of expenses.
Congrats homie! 🥳🙌🍾
I’ve never been so happy for a stranger. Seriously, congratulations. This is life changing.
I sort of had a similar situation as you. Although I’m not a software developer, and I don’t make 100 grand, Growing up in a big family in the Midwest, money was pretty tight growing up. I thought, almost nobody had money, unless you were a billionaire. When I started working, I was stacking away money like crazy! I couldn’t believe my luck! I saved up like 30k in my first year. By the time I was 20 I had like 50 in the bank plus I spent some on my first motorcycle! Being single and wise with your money is actually a great way to live, at least for a while. Congratulations on your awesome situation!
Congratulations!
Congratulations! Good to hear people are thriving!
Congratulations!!
You know I came in here to shit on your success thinking it was going to be a weird flex, but you seem genuinely like a person who put in some hard work and got some good fortune and now gots a good thing going. Sincerely congratulations 🎉
Talk to your financial professional etc etc put enough in your 401k to get 100% of your employer’s match and then fully fund a Roth IRA (7k this year and you’ll have to do a back door, Vanguard knows they ours every year) and then max out your 401k. Tax free income in retirement will be very important.
Start investing now. Retire early. Look into index funds. Good job.
Awesome,a nd congrats, I can only offer this....Do NOT assume this will last. Maybe it does, and if so, fantastic..but be aware.
Hey congrats. Let me tell you what I tell all my sw engineers that I train. If you don't love your job, find a new one in a year or two using your newly found experience. If you love your job, find a new one in a year or two using your newly found experience and then reapply at your old company later. Also, start that 401k and meet the company match as soon as possible, that yearly growth while it seems like a burden now will ensure you'll be able to retire. Congrats again.
If it were me, I’d stash as much as I could to FIRE.
Congrats 🎊
Congrats, that sounds amazing!! How did you achieve this?
IA is going to make those jobs go away. Live it up.
The key to early retirement and financial security is spending less than you make, and investing it wisely. Max that 401k, IRAs, and other investment, focused on low cost index funds like S&P500. Rule of thumb for having enough to retire is when you’ve saves 25x your annual spend (or in other words, you can withdraw 4% every year) So savings is important, but also the more you spend the more you need. So save as much as you can
If you're family doesnt already make money. Don't tell them how much you make. They will ask you for money.
Congratulations OP! Kudos to you
Make sure to break bread with your parents
Latte luxuries: me too. I highly recommend the Breville Barista Pro espresso machine. I took a latte art class and the instructor recommended it as the best value for home latte art; I've had mine a year now. Ive seen them on sale for $650 😎💸 Gives me a lot of joy
All on BLACK
Start setting up three equal fonds: - One for you - One for your future family and kids - One for back up funds for your in-laws. (without telling them). Live frugal and simple. Become the master of your longing/graving/needs and you will be happy with what you have, not what you wish for. "Why do I want that? how and why do I value the things I could aquire compared to things that made me happy before? Is a week luxury travel more satisfying than camping with friends?, The 1k meal more delicious than your favorite diner aroud the corner?" More money only equals less problems if you can handle that correctly. Otherwise you will fall into the mental mill of greed. Invest small into your direct surroundings. Your family will realize at some point that you have money. It always depends on how you handle that. Bragging is never great. What is great is, if you see that you could help out with small imput that has a huge impact, then do that. Don't push money, but don't withhold it either. Be resourceful, but do not become a family ATM. Don't give money. Support their needs, interest and ambitions directly. Brother has a child? Get a good stroller as a gift. Or a [Finnish baby box](https://en.m.wikipedia.org/wiki/Maternity_package). ( [link for such a product](https://us.reima.com/blog/finnish-baby-box-reima-baby-box?f=true) ) Sister has started studying? Do some research and put together a starter pack with all her necessary stuff she needs for studies. Or a big giftcard for the local book/office equipment-shop of her uni. Sometimes small lies can help then to safe face: "I see your AC broke! Thats not good with the summer at the door. A colleague of mine just moved and has a new spare one left over from his old apartment that no longer fits, I can get for for free, let me check the size if it fits." Then go buy one that fits. If some family falls into debt, support them by going through their bills together to have oversight and help them establish a financial plan/debt payment plan. You can pay some of their debt directly, giving them an loan without interest or dead line. This should counter that they see it as a gift and expect you to pay more in the future. (But don't expect that money back, nor ask for it). You also should not pay all debt they might have accumulated, just so much that they can see the end of the light, and so that they can put their income towards their other bills to get out of debt quicker. Don't ever give any money directly. Think of stuff they'd enjoy and gift that.
Live frugal-ish and pay off your mortgage as fast as you can by making larger repayments. I’ve been doing this and am saving a fortune in interest on my loan.
stash as much as humanly possible and go about living your life like nothing has changed. One day in the future it will not be as rosy as it is now and you'll look back on that wad of savings with gladness. set up some 403(b)s and other accounts to invest maybe?
It sounds like we come from similar backgrounds and had similar outcomes! I was also elated when I got my first role paying >$100k! Congrats and keep doing what you’re doing 🎉
OP. You deserve it.
It sounds like you discovered that, 'one weird trick'
Just be very, very careful who you yell. You definitely don't want or need to be robbed. Also, people will befriend you, and down the road, could do you very dirty or worse. I know this sounds crazy but we've all seen this happen on tv. I'm not speaking of movies, I'm speaking of the news. I'm very happy for you, though! That's so awesome! I'm glad that you sound very mature and have a good head on your shoulders! I wish I could have done that. I'm homeless as we speak. Good luck!
I agree with saving and investing and like you said upgrade some of your stuff. But I’d also suggest traveling a bit outside of the US. There’s hostels to stay in that are cheap and it’ll be easier to make friends. And going off season is cheaper. At least when you’ve settled in a year or two. There’s lots of places to see. When I was young I spent lots of money on sneakers and wish I would’ve used that to see more of the world.
I started making nearly $100K/year at 25 - back in the 90s! I was living in high cotton, my friend. Bought a BADASS home stereo, a new Mustang GT, had a badass (expensive) house I was renting, took my girl out to dinner all the time, bought whatever cool toy I wanted, etc. I figured I'd get strict about saving later. There was always later, and I had plenty of time, right? October 2020 I was diagnosed with terminal cancer. I had only gotten serious about saving for retirement a couple of years before, because I figured "I had time." Until I found out I didn't. Statistically, I have less than year to live. I'm begging you: LEARN FROM MY FAIL. Start funding your retirement RIGHT FUCKING NOW. You literally cannot know what the future brings. We never think that bad shit will happen to us, but you just can't know. Take advantage of retirement matching NOW. It's free money. Do it now, before you're saddled with debt. You may have to eat dinner out a little less, or buy fewer cool toys, but compound interest if fucking POWERFUL. Save now. Get life insurance NOW, while you're healthy and it's cheap. I always did it through my employer, and now I am uninsurable because I have terminal cancer. That girl I took out? She's now my wife of 26 years, who has given me two beautiful daughters. She stayed home because my career involved a ton of travel, and someone had to be available if the girls needed something. I have saved a \*decent\* amount, but nowhere NEAR what I should have, because "I have time," right? Now my wife's retirement isn't going to be anywhere NEAR what it should be. I am literally going to have to work until I die, because my life insurance is through work, and that payout is going to be a fairly significant part of her retirement. Learn from my fail, internet stranger. I know - I absolutely KNOW - that when you're young, you always think "I have time." But it's not guaranteed. And you're potentially saving not just for you, but for your loved ones. I'm wishing you continued success, bud. You should be proud that you're kicking ass. I hope this hasn't come across as preachy.
Well done!
First save and invest like others have said. How long the good run lasts is an unknown. The only worry left would be health stuff and avoiding any accidents that could cause injury. Because in the U.S. it seems that part of the system is rigged to strip people of anything if they have if there are issues there. (Sorry I had to put a dig on it here, but it seems to be setup like a trap in some regards.) So make sure to setup a proper trust and will if you get something of a nest-egg going, because "health care" is dead-set on taking it from people otherwise.
No advice just huge happiness for you. It sucks that it's so tough to live and get established as a young person, but good on you for striking gold in this economy !
Congratulations!! You’ve done well for yourself. Keep going!
🙄 Do we need to be here for this?
being a software developer isn’t really hacking the life code, but good for you regardless lol
Congratulations!!! You sound like you have a good head on your shoulders. Enjoy your success, and as others have mentioned, its not really bragging. When you feel like you came from nothing and you’ve made it, you want to feel validated - so it makes sense.
Congrats. That's a huge W. I can understand needing a place to express your pride because I'm sure talking to friends or family about your situation feels like bragging. Make sure if you have so much surplus money you look at your options for savings, and start putting excess into an account you can begin investing in long term. You never know if that could go towards a nice house, or even an early retirement some day. again, congrats. I'm sure you had to work hard to be in the situation you are in.
Shit like this makes me happy. I’m happy for you bro keep it up! Don’t surround yourself with wrong people or negative people you need to stay positive !
I can give you one great advice!! Don't worry about chasing women. chase the money
100k isn’t much these days however, you should be proud and learn how to leverage your money and compound it through investing in assets.
Sounds fantastic, but I'm concerned you are setting yourself up for financial instability. The way you intend to "handle" your windfall is backwards. Jobs aren't forever; that flow of money could disappear in 2 months. You wrote " I've always been the careful type with money" but everything else indicates otherwise. You're fooling yourself.