When people mention the goal of "saving $100,000 by age 30", are they referring to cash in the bank or net worth including investments? Isn't $100,000 too much to have in the bank?

Generally, it depends on two things, 1) your income; and 2) your expenses.

If you work hard enough and control your spending, then it is definitely possible to accumulate $100k by age 30.

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That would depend on your income level. If you earn in excess of 420k a year, I would argue that 100k is too little if your expenses scale in relation to your income. At that income bracket, 100k would barely cover your income taxes for a year.

Most would refer to 100k cash in the bank. A better strategy that is scalable would be to do a multiplier of your base annual salary. 5 times your annual income in cash would indicate that you have been very disciplined during your 20s.​​​