Growing my investments to over $50,000 by the age of 23 was no easy feat. It took a lot of focus and discipline to not only accumulate this, but to KEEP it.
I was looking at my Empower dashboard recently and realized I had crossed an incredible milestone…
I now have over $50,000 invested!
(And I’m only 23 years old!)
This journey wasn’t always easy, but it was possible because of a few key things I did (and also had given to me – I will acknowledge privilege in this post).
So here’s exactly what I did/how it happened!
I Had a Head Start
Seriously, I did.
Now I know that not everyone was born into a family that was able to make room in a budget for a child’s future education fund and investments, so I am incredibly grateful that I had that while growing up.
I realize that it is a privilege, and I will always acknowledge that.
I’ve been transparent since day 1 of FOF about my UTMA that I still have (and it currently sits around $15k – $17k).
Previously, I also had a Coverdell account (I think?) that covered pretty much my entire Associate degree. Even if it wasn’t a “coverdell”, it was still a college fund that covered the majority of my college education thus far.
I Went to Community College
It seems like this wouldn’t be related to investing, but attending community college played a huge role in this accomplishment.
I know not everyone will agree with me on this one, but I personally think community college is massively underrated.
It’s pretty much the same education you can get a larger 4-year school, for a fraction of the price (and not to mention these are “commuter” schools too, so you save even more money by not having to dorm there).
Going to community college wasn’t actually my first choice, but once I learned about the real costs of college, I immediately applied to my local community college and never looked back!
Plus, going away to college never really appealed to me. By attending my local community college, I could save my money (and invest), as well as work a part-time job on the weekend while attending to help cover some costs.
(For a 17-year old girl who was in a personal finance class at the time, it was a no brainer! I will forever be satisfied with that decision.)
I Prioritized Saving & Investing Over Spending
Don’t get me wrong – I wasn’t always frugal and as ~focused on finances~ as I am now.
When I was 18/19 years old, I was a spender. It was mostly due to mental health issues I was dealing with at the time, but once I got past it, I realized how much money I missed out on by not putting that money into a Roth IRA.
Now that I’ve learned my lesson over the last few years, I have been focused on maxing out my Roth IRA ever year and putting as much money into taxable brokerages and savings as possible.
Living at home this whole time has helped me as well. Housing costs/rent eats up a large portion of budgets, and the money that I save by living at home is extra money that goes into my savings and investments!
I Worked Throughout College
I have worked consistently ever since I first started college back in 2017. From part-time jobs, a marketing internship, to my current full-time job.
Since I’m still in college today (finally finishing my bachelor’s degree lol), working full-time is helping cover my tuition and textbook costs without ever having to take out loans or even take out of my investment accounts.
Working numerous jobs over the last few years has helped me not only cover college costs after my education savings ran out, but it’s also helped me stay debt-free.
I Didn’t Accumulate Debt
I already mentioned that I never took out student loans while in college, but I also never had any debt period.
Although I did have a spending habit about 5 years ago, I never racked up any credit card debt (I didn’t even have one at the time lol).
Besides, going into debt for things like a “cooler” car or nights out drinking never appealed to me.
I haven’t accumulated any debt on my journey at all, and I don’t intend to at all as I work towards the next milestone – $100k invested.
I Found a Better Job
After working in the food industry as a cashier for nearly 3 years while in college (and during my break from college), it was time for greener pastures.
But how was I going to get a job in digital marketing without a bachelor’s degree? By learning those skills on my own!
That’s exactly what I did. I taught myself and watched YouTube videos/read blogs about SEO, social media marketing, email marketing, and more.
And I learned way more than I did in any college marketing course I ever took!
Those skills that I was able to develop landed me an internship in my final semester of community college before I got my associate degree, and then eventually a part-time social media marketing gig and my current full-time digital marketing specialist position.
By earning more money than minimum wage in these jobs, it positioned me to be able to save and invest more, which eventually brought me to $50k invested.
Summary
While luck and privilege definitely played a role, focus and discipline were also a very large component in achieving this milestone.
Getting to $50k+ invested is no easy feat, it takes time and work. But if I can do it, so can you! Trust me.