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Money in savings at different ages
Posted on 6/2/15 at 2:51 pm
Posted on 6/2/15 at 2:51 pm
In ya'lls opinion what would be the low, average, and high amount that should be in a savings account for a 21 year old? How about a newly college graduate? Or a 25 year old?
I want to see where I stand and what to shoot for.
I want to see where I stand and what to shoot for.
15
Posted on 6/2/15 at 2:57 pm to Skinner
quote:
21 year old
low -0, average -0, and high -0
Posted on 6/2/15 at 2:59 pm to RadTiger
To me it's crazy to try and save money at that age.. Enjoy life when you can without responsibilities. Travel if you have extra money. I would say start saving at 25
Posted on 6/2/15 at 3:04 pm to Skinner
I have 5 figures quite easily
This post was edited on 6/2/15 at 4:18 pm
Posted on 6/2/15 at 3:04 pm to Skinner
a 21 year old still in college? probably very little. I was too worried about going broke in college to worry about savings
A new college graduate? just depends on income. I was saving roughly 25% though
at 25? should be matching employee 401k contribution and contributing to a roth IRA at the least and should probably have several thousands in general savings
A new college graduate? just depends on income. I was saving roughly 25% though
at 25? should be matching employee 401k contribution and contributing to a roth IRA at the least and should probably have several thousands in general savings
This post was edited on 6/2/15 at 3:07 pm
Posted on 6/2/15 at 3:04 pm to Skinner
Dude at 21 I was worried about my account going negative everytime they swiped my card on thursday nights at Shady's.
Being a broke college student is OKAY! Have fun.
If you can be debt free with 3-6 months of expenses a year or two after you graduate, you're lightyears above the majority, imo.
Being a broke college student is OKAY! Have fun.
If you can be debt free with 3-6 months of expenses a year or two after you graduate, you're lightyears above the majority, imo.
This post was edited on 6/2/15 at 3:05 pm
Posted on 6/2/15 at 3:07 pm to Skinner
Being chronically broke in college was a really good thing for me. It made me know that I did not want to live that way. However, saving up money in college is insane to me. You should be using your time to gather life experiences. Saving $200 a month when you only have $400 a month in disposable income is absurdly difficult when compared to saving an extra $200 a month when you are 5 years into your career and making $75,000 or more.
I think the real gauge of how much you have in savings is your amount of fixed expenses. If you rent an apartment and drive a paid off car, your required capital reserves are much lower than someone with $2,000+ in car and home loans.
I think the real gauge of how much you have in savings is your amount of fixed expenses. If you rent an apartment and drive a paid off car, your required capital reserves are much lower than someone with $2,000+ in car and home loans.
Posted on 6/2/15 at 3:12 pm to Skinner
quote:
In ya'lls opinion what would be the low, average, and high amount that should be in a savings account for a 21 year old?
enough to buy shots
Posted on 6/2/15 at 3:12 pm to Skinner
Question: on all of these topics regarding savings, does this include 401k contributions or is it strict post-tax cash contributions to savings?
Posted on 6/2/15 at 3:23 pm to Skinner
Even in college i don't see why you shouldn't have five figures saved if you work during your summers and fall break. Wouldn't be hard to have at least $10k even if your parents didn't save for you.
Posted on 6/2/15 at 3:25 pm to Skinner
Your salary times your age divided by 20 should be your goal until your are 35, then the divisible factor should be 10, then at 50, the factor should be 5.
25 year old making $30,000 = $37,500 goal
35 year old making $60,000 = $210,000 goal
50 year old making $80,000 = $800,000 goal
This is all savings vehicles, including retirement accounts
25 year old making $30,000 = $37,500 goal
35 year old making $60,000 = $210,000 goal
50 year old making $80,000 = $800,000 goal
This is all savings vehicles, including retirement accounts
Posted on 6/2/15 at 3:26 pm to Skinner
I'd be intereted in how I stack up against other people who just turned 30.
Posted on 6/2/15 at 3:28 pm to bayoudude
quote:
ven in college i don't see why you shouldn't have five figures saved if you work during your summers and fall break. Wouldn't be hard to have at least $10k even if your parents didn't save for you.
I had a full ride in college and I worked every summer/break and made very well for a summer job ($800-$1000/week) and it was always a struggle to make it till the next summer
I have no idea why you think it would be "easy"
Posted on 6/2/15 at 3:29 pm to anc
quote:
25 year old making $30,000 = $37,500 goal
Posted on 6/2/15 at 3:34 pm to Salmon
I'm 26 and didn't start working until 24 because of a master's. I've got about 25k, 10 in a roth, 10 in current 401 and 5 liquid. I feel pretty good about it.
It could be a lot better than that but I have debt from school and my parents haven't helped me with jack shite.
I don't plan on having kids until 32-34 and I expect my salary to double by that age so I'm not too worried about it. I pay a lot on loans/month but also have a very healthy amount of fun. I'll start saving more as my salaries/bonus increase and I pay off loans/car.
Just develop a specific plan and stick with it. Focus on that plan rather than worrying about yourself and others.
A lot of people are saving to pass shite onto their kids who become little shits. I wasn't one of those and don't want to have one of those.
It could be a lot better than that but I have debt from school and my parents haven't helped me with jack shite.
I don't plan on having kids until 32-34 and I expect my salary to double by that age so I'm not too worried about it. I pay a lot on loans/month but also have a very healthy amount of fun. I'll start saving more as my salaries/bonus increase and I pay off loans/car.
Just develop a specific plan and stick with it. Focus on that plan rather than worrying about yourself and others.
A lot of people are saving to pass shite onto their kids who become little shits. I wasn't one of those and don't want to have one of those.
Posted on 6/2/15 at 3:34 pm to Salmon
(no message)
This post was edited on 6/2/15 at 3:35 pm
Posted on 6/2/15 at 3:35 pm to LSU1018
If you have the means to do so why not? I make more money than i need to spend. Go out 2-3 times a week, pay for golf and quick vacations. But I have left over money anyway. So why spend it just to spend it?
Posted on 6/2/15 at 3:36 pm to Salmon
quote:
25 year old making $30,000 = $37,500 goal
LOL. That is MAYBE .01% of the population. And they probably started with 10-20 from mom and dad or whoever.
Posted on 6/2/15 at 3:36 pm to anc
quote:
50 year old making $80,000 = $800,000 goal
Posted on 6/2/15 at 3:40 pm to anc
quote:
Your salary times your age divided by 20 should be your goal until your are 35, then the divisible factor should be 10, then at 50, the factor should be 5.
25 year old making $30,000 = $37,500 goal
35 year old making $60,000 = $210,000 goal
50 year old making $80,000 = $800,000 goal
This is all savings vehicles, including retirement accounts
This whole concept just seems really bogus. I crunched a few of the numbers and nothing really makes a whole lot of sense.
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