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Started By
Message
How much did you save in your early twenties?
Posted on 6/24/15 at 10:09 am
Posted on 6/24/15 at 10:09 am
Recent college Grad, enrolled in Business School. Looking to my (part-time) income over the next couple years?
How much did you save per paycheck? (ie. I'm being paid minimum wage, working 40 hour weeks)
How much did you save per paycheck? (ie. I'm being paid minimum wage, working 40 hour weeks)
21
Posted on 6/24/15 at 10:31 am to sonicsam
If you don't have at least 7 figures saved in the bank by the time you're 25, you've done something wrong, brah
Posted on 6/24/15 at 10:33 am to sonicsam
I doubt you'll be able to save much on that salary
This post was edited on 6/24/15 at 10:33 am
Posted on 6/24/15 at 10:59 am to sonicsam
$12,000. Ask me how quickly that shite disappeared once I got engaged.
Posted on 6/24/15 at 10:59 am to jimbeam
Nothing. Was still in grad school, better half's law school....we were prob 30 before we had a cushion.
This post was edited on 6/24/15 at 11:03 am
Posted on 6/24/15 at 11:00 am to sonicsam
I worked a $10-$12/hr job right out of college and grad school and I wasn't able to save anything from those checks after rent $400, bills $100, grocery $75, and the measly $20 i used to party. I was living with 3 other guys too.
I don't know your current situation but I suspect if its similar to mine, you would be very strapped to save much of anything at minimum wage. You can possibly save $20 - $50 here and there which is great but I imagine it will only make you more cash strapped and end up needing to dip into that savings or just not do it at all. My suggestion, which may not be smart to many but being realistic, would be to just enjoy being a recent grad with little responsibility and keep finding ways to climb the ladder in that job or apply at better paying/more strategic jobs and climb that ladder. The 2 main ways to save are better pay or cost reduction and since I don't know your expenses, I'd say keep working toward better pay.
FWIW, i'm now 29 and in the past 2-3 years have just started successfully saving between my companies 401k, extra cash from paychecks, and mutual funds. Minus my school loans and bills.
I don't know your current situation but I suspect if its similar to mine, you would be very strapped to save much of anything at minimum wage. You can possibly save $20 - $50 here and there which is great but I imagine it will only make you more cash strapped and end up needing to dip into that savings or just not do it at all. My suggestion, which may not be smart to many but being realistic, would be to just enjoy being a recent grad with little responsibility and keep finding ways to climb the ladder in that job or apply at better paying/more strategic jobs and climb that ladder. The 2 main ways to save are better pay or cost reduction and since I don't know your expenses, I'd say keep working toward better pay.
FWIW, i'm now 29 and in the past 2-3 years have just started successfully saving between my companies 401k, extra cash from paychecks, and mutual funds. Minus my school loans and bills.
Posted on 6/24/15 at 11:00 am to hungryone
Early 20's? Not a damned thing. Wish I had but don't really regret it.
Posted on 6/24/15 at 11:06 am to sonicsam
quote:
I'm being paid minimum wage, working 40 hour weeks
Unless your housing, food, and utility bills are being paid by someone else, you are going to have a hard time saving anything .
Posted on 6/24/15 at 11:11 am to sonicsam
I didn't save anything until my first "real" job out of graduate school at 26. I was able to immediately start contributing the IRS max into my company's 401k at that time. After a couple of years started adding extra to an IRA. So nothing in my early 20s and then started pretty aggressively in mid and late 20s.
Posted on 6/24/15 at 11:13 am to sonicsam
Other than the small amount that went to my 401k, not a single cent. Mid-20's is when I started saving.
Posted on 6/24/15 at 11:17 am to sonicsam
$0
Posted on 6/24/15 at 11:33 am to sonicsam
Early 20's? I had like 2k socked away. I ended up using to help pay for college.
Right now I'm 26, I have ~2k in IRAs, 10k in a work retirement account, and I'm working on getting money into my savings account to open up a regular mutual fund to start saving for a house.
Right now I'm 26, I have ~2k in IRAs, 10k in a work retirement account, and I'm working on getting money into my savings account to open up a regular mutual fund to start saving for a house.
Posted on 6/24/15 at 11:47 am to sonicsam
Save? It was a good month when I didn't overdraw.
Posted on 6/24/15 at 11:58 am to LSUAfro
About 10k in my 401k from work and that was it. I didn't start working a real job until 24 though so I didn't too terrible IMO.
I was living in LA and spending every damn dime. I'm 26 right now and putting a shite ton more away. Big difference is I have a decent amount of liquid savings.
I hope to have about 75-100k (depending how career progresses) in my 401 by 30 and 30-35k liquid for a house.
I'm living on the dirt cheap here in STL though so its been pretty easy.
I was living in LA and spending every damn dime. I'm 26 right now and putting a shite ton more away. Big difference is I have a decent amount of liquid savings.
I hope to have about 75-100k (depending how career progresses) in my 401 by 30 and 30-35k liquid for a house.
I'm living on the dirt cheap here in STL though so its been pretty easy.
Posted on 6/24/15 at 11:59 am to LSUAfro
quote:
Save? It was a good month when I didn't overdraw.
In college after turning 21, there were so many schemes I used to use to get 20-50 bucks to go out every weekend and a solid hangover meal on Sunday lol.
It wasn't all that bad living that way in hindsight. It was a very singular goal, get drunk, get laid, eat, repeat.
Posted on 6/24/15 at 12:13 pm to STLhog
I graduated at 21 working my real job, so I was able to save a fair amount. In your situation, keep working for more pay. Minimum wage for a college grad sounds pretty bad.
Posted on 6/24/15 at 12:17 pm to LSUAfro
Yeah I still had to hit up my parents for rent til I was damn near married. 
Posted on 6/24/15 at 12:36 pm to sonicsam
quote:
sonicsam
You can do way better than minimum wage.
Go work at U-Club or CCL. I worked at CCL for a couple years while at LSU and made good money for a college student.
Posted on 6/24/15 at 12:46 pm to sonicsam
Posted on 6/24/15 at 1:08 pm to sonicsam
I worked a lot while I was in college and lived in places that didn't cost very much. I was on scholarship until I went to grad school also so I was able to save a lot of money in my early 20's. I bought my house with 20% down at 25 so I had at least 50k saved by that point. 10k of that was from a relative dying though.
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