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With my 2018 backdoor Roth IRA contribution (and the incredible run up in the stock market for the last several years) the amount in my Roth account has now exceeded $100,000. My wife also has a similarly sized account.
I apologize for the humblebrag, but wanted to encourage everyone out there who maybe hasn’t gotten there yet to just keep making those contributions. The first year we contributed was the summer of 2008, taking most of the money from the proceeds of the sale of our medical school condo to fund our first Roths. We then watched the market rank and saw the value of our accounts drop from $5,000 to just below $3,500 in the span of a few short months. That was gut wrenching to say the least, but we kept investing. Our contributions total just over $58,000 to each account and the returns equal over $43,000 (for now...).
I wanted to thank everyone who contributes here, and mostly WCI, for this amazing resource. My student loans will be paid off in 2 months (starting at around $340,000), and then the majority of that money will be heading into our taxable account. I can almost feel the momentum...
I apologize for the humblebrag, but wanted to encourage everyone out there who maybe hasn’t gotten there yet to just keep making those contributions. The first year we contributed was the summer of 2008, taking most of the money from the proceeds of the sale of our medical school condo to fund our first Roths. We then watched the market rank and saw the value of our accounts drop from $5,000 to just below $3,500 in the span of a few short months. That was gut wrenching to say the least, but we kept investing. Our contributions total just over $58,000 to each account and the returns equal over $43,000 (for now...).
I wanted to thank everyone who contributes here, and mostly WCI, for this amazing resource. My student loans will be paid off in 2 months (starting at around $340,000), and then the majority of that money will be heading into our taxable account. I can almost feel the momentum...
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