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re: Money in savings at different ages
Posted on 6/5/15 at 12:03 pm to Skinner
Posted on 6/5/15 at 12:03 pm to Skinner
From ages 16 to 21 my goal was never to finance a car. So, when I bought my first car at 16 I had saved 3K in today's money to buy a used Dodge 440.
At 22 I bought my first new car and paid cash. It was a Chevy Nova with no features. I paid what would be about 20K in today's money.
After that my savings goal was all about buying a house with a large down payment. I saved enough to buy a house at age 25. I put down about $40K in today's money and had a very small monthly note.
My strategy was always to avoid interest payments over the long term.
At 22 I bought my first new car and paid cash. It was a Chevy Nova with no features. I paid what would be about 20K in today's money.
After that my savings goal was all about buying a house with a large down payment. I saved enough to buy a house at age 25. I put down about $40K in today's money and had a very small monthly note.
My strategy was always to avoid interest payments over the long term.
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