[USER]

Finally reached a net worth of $1,000,000 at age 55. A million isn’t what it used to be but I’ll take it and keep moving forward.

Thank you to the podcast and the many encouraging people and their stories that I read.

I first heard the ChooseFi pod and learned about FI in 2016 or 2017.

At age 49 my net worth was only 389k. It’s amazing it took that long to reach 389k but only took 6 years to go up another 600k.

I didn’t have my first real job with a salary and benefits until age 29. I worked in various corporate IT jobs and then in IT at a state university for many years.

In 2014 my salary was only 60k at age 44. On that salary I wasn’t able to save much and build wealth but invested consistently in retirement accounts.

The job also had great benefits and a state pension.

I earned a master’s degree in cybersecurity at age 46 and that’s when I was able to earn a much higher salary in the private sector.

I reached a 100k salary at age 50. Last year I earned 177k, much more than I thought I’d ever earn.

The amazing thing is that my net worth over the past two years has increased more than I have earned each year. I was stunned when I saw that.

For years my retirement accounts only increased in value by few thousand dollars beyond my contributions. It was frustrating, especially hearing about people on the podcast retiring in their 30s.

The game changer is the high income.

Once you have that you can save a higher percentage of your income.

Here’s a breakdown:
– About 525k is in my retirements accounts.
– 350k equity in my home.
– 50k emergency fund
– 85k is cash value of state pension if I were to cash it in. But I’m not doing that as it will pay me 30k a year for life beginning at age 60.
– 10k in HSA

My next goal is $1,000,000 in retirement accounts. Good luck all.

Thanks again for all the information and stories.

[Erin]

This is so huge, I’m smiling ear to ear reading this! It’s a great testament to “it’s never too late”.

I’m in my 40s and have friends that refuse to invest and continue the YOLO mentality because they feel like they will never catch up.

You should be so, so, so proud of yourself!

[Lisa]

Well done! It’s all about mind set and compounding interest! Keep going, you’ll hit your next goal in no time.

[Lee]

That’s amazing! Can I ask you a question about cyber security? Was it difficult to land a job as a new grad?

I know the IT world is oversaturated.

[Jim]

Outstanding!! Keep the momentum, compounding is our best friend!!

[Theah]

Woo hoo amazing! The pension is, based on 4% rule, a value equal to 750k, as that’s the invested amount that would provide 30k a year through 4%.

So, I feel like you need to see your amassed amount as a lot more in some way to account for that!

I too have a pension at my university job. Not nearly as much as yours.

It can be tricky to plan with it. I try to account for it in my calculation of my FI number by the reduction I need to get from investments.

[Amanda]

Congrats! If you don’t mind me asking, did you find it difficult starting out in cybersecurity at 46 and getting hired?

I’m on that path now and worry about whether it’s worth it and whether it will be hard to find a job once I’m out of school.

[Author]

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