My Net Worth at 24 | Investments, Savings, & Retirement

[@abramsrob]

Just stumbled upon this video, im 25 and it was very helpful. Wish your channel the best.

[@MrVaporbailey]

Nice job! You’re in a better shape than 95-99% of people in their 20s! Keep it up 🎉

[@Bur6212]

He’s in better shape than probably most people in their 40s and 50s haha

[@cxxx8492]

I lived with parents for 2 years after college also and it allowed me to save up a lot. I’m now 27 with about 135K net worth. Aiming for 200K by end of 2025.

[@MitchellHiebert]

great stuff, I think you got it this year

[@HectorHernandez-xe5ec]

great vid man, keep it up!

[@MitchellHiebert]

Thank you!

[@johnfaucett5055]

Dude- this video is so helpful. Im 23 and also working in accounting Im about to cross over into 60k net worth and we have a pretty similar breakdown. Hoping next year I can start saving for a house so that I can buy one in my late 20s. Love the content man!

[@rupinderjitschohan]

Are you chartered accountant cpa?

[@MitchellHiebert]

I appreciate that a lot man, sounds like you’re killing it

[@johnfaucett5055]

@@rupinderjitschohan Not yet - Just completed one year under a CPA and hoping to pursue CPA in 2025!

[@rupinderjitschohan]

@@johnfaucett5055 that’s great to hear man good luck! By the way what was your degree and how long did it take to complete your degree? I am 25 myself and am wondering should I complete my bcomm and eventually get back into the accounting field because currently i have been in rut in terms of career and aspirations. If you have any advice as well that would be greatly appreciated bro.

[@alecosanchez9752]

Appreciate the video brother, I’m in a similar situation. Fresh out of college with a good job living with my parents - no debt. Refreshing to see a realistic young-person finance breakdown. Keep at it.

[@MitchellHiebert]

Thanks man, I appreciate that!

[@alperenepl]

great video! I wish I had family.

[@jackmmmula]

Super helpful information, thanks Mitchell!

[@MitchellHiebert]

Appreciate the support brotha!

[@Yugiboii]

Great job man! I highly suggest opening a Roth IRA and take some of that cash and max it out for 2024, tax free growth is incredible when you have 40+ years for compounding

[@MitchellHiebert]

Appreciate the compliment! I didn’t go into detail on this in the video because it’s a bit complicated the reason why I currently I don’t have a Roth IRA but pretty much my 401k is half traditional 401k half Roth 401k which has the same tax free growth as Roth IRA. Reason for that is because of my job we are limited on investment options so it’s easier for me just to do through my employer Roth 401k with etfs already pre approved by my employer rather than have to do my own work to get things in a Roth IRA approved. As always would love to hear feedback if there’s something I might be missing here. Thanks for the kind words and insight

[@Yugiboii]

@ I’d suggest going full Roth instead of any traditional at this point and be a tax free multi millionaire later I regret not going full Roth when I was younger, Roth IRA is usually better than any 401k because they have more investment options and lower fees because your company has to pay that custodial to help them manage the 401k structure. Go full Roth up to the company match, max out Roth IRA then go back and max the 401k if possible

[@Bur6212]

Love SoFi. I actually do my investing through their app as well and haven’t had any issues.. I’ve got everything in one place..

[@MitchellHiebert]

Oh nice, I haven’t looked into it as an investing platform but that’s good to know

[@STICKSAND]

Great job brother, you’re in a great position. Personally wouldn’t include your car in net worth and that cash pile is a bit excessive. I love robinhood for the same reasons. Personally invest in small caps for higher returns although like you said it’s pretty volatile. Great video 👍

[@MitchellHiebert]

Appreciate that a lot man! I agree on the cash bit. I touched on it briefly in the vid but just after this video was published I moved a decent chunk of cash into my brokerage account. I am always willing to accept advice and insight so thank you for commenting. The car part I’m conflicted on because I agree in the sense that its better to be more conservative and not try to over inflate the position, but what I decided on is ultimately it is an asset (even if the value drops over time) and if I did have a loan on it, it would be included on the liability side so made more sense for me to keep it in personally.

[@stonkedup]

Great video buddy, you’re doing great. And I think your channel is going to blow up. I’m a bit older than you, 30, but have had a similar trajectory in life. It only gets better! :) From one stranger to another, and take this with a grain of salt of course, I think you’re holding onto way too much cash. I know you’ll buy or rent in a year or two but you’re too young not to take advantage of being more fully invested. My 2 cents. Good luck!😊

[@MitchellHiebert]

Thank you for the compliments, going to keep working and hope to grow this more and more! Also on the cash thing, I agree with you. I touched on it briefly in the video but I think I've been sitting on too much cash. I didn't really see that until I was putting together everything for this video and thought to myself what am I doing. I moved a good chunk of cash into my brokerage account right after this video was published. I appreciate the insight and wisdom anybody is willing to provide, one of the benefits of sharing this sort of stuff is that we can all help each other out!

[@stonkedup]

@@MitchellHiebertawesome, just stay focused and you can’t lose. I live in the Bay Area so I have lived your life. Looking forward to watching your growth!

[@nickythao3434]

Did you have any liability to offset your assets? Net worth= Assets- liability. I didn’t see you list a Roth IRA. I suggest getting one asap.

[@MitchellHiebert]

No liabilities which was covered in the beginning of the video, and then also I didn’t go into the details of my 401k maybe like I should have but pretty much my 401k is split between traditional 401k and Roth 401k. Roth 401k is similar to Roth IRA meaning that the tax advantage is the same. Slightly more nuanced because of my job I can’t own individual stocks and can only hold certain etfs so it’s easier for me to go through my employer Roth 401k which already has preapproved etfs in their rather than figure out in my own Roth IRA. Not sure if that makes sense because it’s a little abnormal because of my investment options

[@DaveNoronha-h7c]

great job. Probably a good idea to invest in at least two company stocks to increase returns- MicroStrategy and tsla at 5per cent of net assets each could work. This will propel you to that first million earlier

[@MitchellHiebert]

Thank you! And thanks for the insight I'll make sure to look into it

[@jonathanbrooks6964]

He said he is unable to invest into individual companies due to his career at the accounting firm.

[@DaveNoronha-h7c]

there are loopholes like using his mum as a vehicle. He is a smart kid, he'll work it out. Thanks

[@mckarthy5771]

What can we expect the Hona Civic to be worth in another 4 years? Definitely not even half the current value correct?

[@MitchellHiebert]

Hard to say exactly but looking at civics 4 years older (2016) with roughly what I expect the mileage to be at in 4 years (90-100k) looks like they’re sitting at 13-15k.

[@mckarthy5771]

@ I will reply to you in exact 4 years and see if this is what happened.

[@christiansilva1918]

hey man, you financial position is looking great, congratulations! I was curious what firm (if you would like to share) and what service line you’re in? i’m halfway through my degree, looking to get my CPA in the next few years :)

[@herrickawalker5095]

Try to max out Roth IRA each year.

[@jeffb.4800]

Great job saving. You might want to consider opening a Roth IRA and throw a little extra into retirement.

[@__caramel_latte76__83]

My net worth at 20; -£2.5k

[@MitchellHiebert]

That’s totally normal, you’re young and you’ve got plenty of time to grow your net worth. I’m sure you will do great things!

[@__caramel_latte76__83]

@MitchellHiebert I'm making changes here and there. I just don't understand how someone only 4 years older than me, has made almost $100,000 yet I'm stood here, not in a career because no one wants to hire new people, just barely getting by

[@jamesstpatrick8493]

Stop caring about how people think of you. Do you just create content based on you.. Can other join your videos on your channel