age vs. money in the bank | TigerDroppings.com
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Teauxler
LSU Fan
League City, TX
Member since Jan 2010
1384 posts

age vs. money in the bank

How do you determine whether you have done well for yourself ? I understand there are many factors that could determine the answer but is there a simply way to do a self assessment ?


TrueTiger
LSU Fan
Chicken's most valuable
Member since Sep 2004
12980 posts

re: age vs. money in the bank
This is like the, "how long is a piece of string" question.

Everyone has a different measure of success. The only way I know is to ask yourself and be honest.


lynxcat
Rutgers Fan
Member since Jan 2008
14724 posts

re: age vs. money in the bank
I find myself asking this question and I have zero clue how I am doing relative to my professional peers.

I know I am ahead of the curve compared to my peers in general (graduating class), but I don't have any baseline professionally.


Mercy Percy
Florida Fan
Norman Oklahoma
Member since Oct 2009
1274 posts

re: age vs. money in the bank
How old are ya and how much ya got?


Teauxler
LSU Fan
League City, TX
Member since Jan 2010
1384 posts

re: age vs. money in the bank
Let's use 30 years old and $300 K including 401k, IRA and savings accounts as an example.


Mercy Percy
Florida Fan
Norman Oklahoma
Member since Oct 2009
1274 posts

re: age vs. money in the bank
I am not a OT baller by Any means but w 401k Roth checking savings I got about 330k I'm 37


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I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
33748 posts

re: age vs. money in the bank
quote:

Let's use 30 years old and $300 K including 401k, IRA and savings accounts as an example.



I'd say you are in the top 3% for people you're age. I'm almost 30 and my net worth isn't that much or even close to be honest.


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Cold Pizza
Ohio State Fan
Member since Sep 2011
7639 posts

re: age vs. money in the bank
If OT 10's continue to throw themselves at you as you get older and older, you are doing well.


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NC_Tigah
LSU Fan
Member since Sep 2003
56678 posts

re: age vs. money in the bank
quote:

I understand there are many factors that could determine the answer but is there a simply way to do a self assessment ?
Rough ROT:

At age 35, you should have saved an amount equal to your annual salary.

At age 45, you should have saved three times your annual salary.

At 55, you should have five times your salary.

When you retire at age 67, you should have saved 8-10X your annual salary.


LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: age vs. money in the bank
quote:

At age 35, you should have saved an amount equal to your annual salary.
Did that X 4.

quote:

At age 45, you should have saved three times your annual salary.
Did that X 8.

quote:

At 55, you should have five times your salary.

Did that X 15.

quote:

When you retire at age 67, you should have saved 8-10X your annual salary.


I'm a ways off from that age, but I've already done it X 12, assuming I don't lose my arse in the stock market anytime soon.
How am I doing, boss???


NC_Tigah
LSU Fan
Member since Sep 2003
56678 posts

re: age vs. money in the bank
quote:

At 55, you should have five times your salary.

Did that X 15.

How am I doing, boss???
Sounds like your salary at age 55 sucked!

















lynxcat
Rutgers Fan
Member since Jan 2008
14724 posts

re: age vs. money in the bank
I see no way that ill have 300k in the bank at 30. My salary at 30 should be around 130-150k and I can get to 300k savings shortly after 30.

FWIW, I just turned 24.
This post was edited on 1/1 at 2:26 pm


LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: age vs. money in the bank
quote:

Sounds like your salary at age 55 sucked!

Well......yeah. There's that, too.


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NC_Tigah
LSU Fan
Member since Sep 2003
56678 posts

re: age vs. money in the bank
All jokes aside, yours are numbers that come from living well w/in means -- especially as a young adult. That is the ticket. Cannot emphasize it enough.

Haven't seen 55, but we're working with almost embarrassing multiple levels at this point. Way out there. Same m.o. Understand where your money is going. Develop savings goals and a plan to attain them.

I've watched high income folks rifle through earnings over the years. As money came in, it was spent. Ferraris, Yachts, hot airplanes -- seemed like a great idea at the time. Now, not so much. They lived then as they do now, paycheck-to-paycheck. Makes for grim reality in the retirement equation. Not where anyone wants to be.


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Chris Farley
Maryland Fan
Regulating
Member since Sep 2009
3792 posts

re: age vs. money in the bank
My goal is to contribute 100k into my 401k by the time I'm 30, not including company matches. Between growth and company matches this will hopefully come to around 175-200k total. 300k net worth at 30 would be pretty awesome.


Dead Mike
LSU Fan
Cell Block 4
Member since Mar 2010
1830 posts

re: age vs. money in the bank
lynx, what is your profession? Doesn't have to be specific.


lynxcat
Rutgers Fan
Member since Jan 2008
14724 posts

re: age vs. money in the bank
So what is good savings at this point for someone working for a couple years?

10, 20, 30, 40, 50+ thousand?


I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
33748 posts

re: age vs. money in the bank
Lynx - I didn't start making a good income till I turned 26. I'm 29.

I've got roughly 15k in savings.
30k in roth, 401k, etc
5k in checking

100 - 120k in housing equity on rental properties. (This was amassed while making less than 50k a year)


I'm getting close to making 6 digits a year now so I hope to increase these numbers dramatically. Specifically in the NNN market with grade a tenants.
This post was edited on 1/1 at 3:14 pm


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NC_Tigah
LSU Fan
Member since Sep 2003
56678 posts

re: age vs. money in the bank
quote:

So what is good savings at this point for someone working for a couple years?
Starting at age 22, 5-6% (or more) of income savings per year + accrued CGs at ~6-7% will acquire the 35 y/o benchmark (savings = annual income)


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StrangeBrew
LSU Fan
Salvation Army-Thanks Obama
Member since May 2009
14125 posts

re: age vs. money in the bank
Are we talking net worth or savings?


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