There is a fun little challenge going around the personal finance community called the 10 year challenge, where you look at where you were financially 10 years ago and compare it to where you are now – surely it’s a play off all those folks posting pictures of themselves 10 years ago, but a little evaluation of how far we’ve come is always a fun thing.

You look at your finances, what sort of funds you had setup, your health and exercise habits and evaluate how things have changed.

10 Years Ago

Age: 25

Money

Approximate Net Worth: Unsure

I didn’t start getting into personal finance and tracking my net worth until I was 28. I’d estimate it was around $15,000.

Financial Situation: I had an IRA and a checking account.

I had dated a boy the year before who peer pressured me into opening an IRA (seriously, thank you again, Doug!), so I had a few thousand dollars in there. Back in the day, it cost $2,000 to open an IRA.

These days, you can open an IRA with nothing other than a commitment to put a little money in it each month. Much easier.

Beyond the IRA, at 25 I also had some extra cash in my checking account with no real plan and the urge to go back to school nagging me, so I applied to doctoral programs for theater and didn’t get into any. A co-worker of mine was British and mentioned that schools in the UK were still accepting applications and so by this time 10 years ago, I had just been accepted into the University of Sheffield’s MA in Theatre and Performance Studies program – which quickly ate up all my saved money and I graduated about $30,000 in debt.

But at this time 10 years ago, I wasn’t actually back in debt yet, so that was nice.

Life

I was well into year two on ships. I was a little past the middle on my longest and favorite contract at sea on the best ship (the Eurodam). My Facebook memories remind me that we were largely in the Mediterranean this time and I just saw a memory about my one and only stop in Africa so far – Tunisia. I rode a camel. Everyone was right, it is very cheap to get on the camel and very expensive to get off. And just jumping off is terrifying, they are very tall.

I was spending my free time doing literal piles of paperwork to get a UK student visa. Those applications are no joke.

And I had just started seeing a guy that I would wind up dating for the rest of my twenties.

Health

I was 25 and I helped build ridiculously large sets every night. I was way fitter than I realized at the time (I have always thought I was fat – when I look back at the pictures now, I really wasn’t).

I used to do 50 sit-ups, 50 crunches and 50 side-to-side crunch things most mornings. And that was the full extent of my workouts.

I ate all sorts of garbage and drank way, way too much. 25 was the year of Team Jager and I only half joke that I don’t really remember much of 25.

I definitely was not getting enough sleep.

Today

Age: 35

Money

Net Worth: Approx. $230k

I have a lot more accounts than I used to, though I do still have the IRA and checking account.

Checking: Ally, who have been fantastic, and TD Bank, for the rare occasion I need something from a brick and mortar bank. I also just opened an account at the Actors Federal Credit Union as part of my mortgage hunt.

Savings: An Emergency Fund and mid and long term goal accounts (annual car insurance payment, taxes, house down payment, tuition, new car)

Health Savings Account: Old National Bank

Retirement: Roth IRA, several 401ks from past jobs, a 403b, Profit Sharing Keogh (for self-employed freelancers)

Brokerage: Rainy Day portfolio at E*Trade

I’m in a really strong financial situation right now. I don’t have any debt. I’m trying to buy a house, which means I’ve got my down payment saved up, but not spent yet. I’ve also been saving up for a new car for a few years, which is almost fully funded. So my cash reserves are in a good spot right now.

I am sure Murphy’s Law will apply and the day after I close on a house, my car will implode or something and I will take a major net worth dive all in one go.

The only precarious situation right now is employment. My contract is not being renewed at the college and my industry is on life support at the moment. But it will be what it will be.

Life

I’ve been working as a visiting instructor where I went to college, teaching in the theater department. It has been cool and frustrating and eye opening and a very definite growing experience. I’m not sad to be leaving academia at the moment, but I do think I would like to return someday.

As I have been quarantined, I don’t see any great adventures likely to happen this year other than the questionable adventure of quarantine itself.

I do still love traveling as much as I did 10 years ago.

Health

I put way more effort into being healthy with way less effect. Though I’m probably still not exactly fat, just also not exactly fit. LoL

I’ve recently been prioritizing stretching and yoga. I really do miss swimming, but who knows when pools will open again. Probably not this summer. I try to go for walks regularly. It’s one of those things that I’m always happy I did it but it takes and awful lot of energy to make myself go do it.

I have also recently started meditating in an effort to improve my ability to concentrate, which is definitely getting worse as I get older. I like meditating, but I’m not that good at it yet.

I eat slightly less garbage, and I don’t drink as much as I did 10 years ago… most of the time.

As a side note, I have not been sad to see there isn’t a huge difference in these pictures over 10 years! 🙂 

10 Years From Now

Ok, so this wasn’t part of the challenge, but I think it should be. I’m a big fan of setting some goals to provide direction for where you want to go.

Where do you want to be 10 years from now?