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Message
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.
0
Posted on 6/6/15 at 7:45 am to STLhog
quote:Yeah I just turned 27 so I looked at the numbers for 26 and 27. bahaha ridiculous. A 26 worth 162k is my new financial advisor.
90th percentile in that one link for a 26 year old is 162,000 LOL.
Posted on 6/7/15 at 3:04 pm to Skinner
quote:
Or a 25 year old? I want to see where I stand and what to shoot for.
Take this advice from a burned out, money hungry, materialistic to the max, ex-banker, who can barely remember the go-go 80's (which is proof that I was there), and who's old enough to be your father: don't do that!
Develop and set your goals based on who YOU are and what YOU want to accomplish in life. Don't change your name to Jones and follow the herd around the pasture. You can stick your hand in water and learn that it's wet, if you want to. But I'm a tellin' ya... don't do it that way. What will happen? Most likely:
Posted on 6/7/15 at 10:21 pm to Jag_Warrior
Wise words
Young people, live a full life along the way. Better to give and live abundantly and have less wealth in the end than to live your life so frugally that you don't enjoy it.
Save and be responsible, but remember ordering a nice steak when you have no teeth left to chew it or owning a nice car when you can't see to drive it is no fun.
Young people, live a full life along the way. Better to give and live abundantly and have less wealth in the end than to live your life so frugally that you don't enjoy it.
Save and be responsible, but remember ordering a nice steak when you have no teeth left to chew it or owning a nice car when you can't see to drive it is no fun.
Posted on 6/8/15 at 9:10 am to Old Sarge
quote:
Young people, live a full life along the way. Better to give and live abundantly and have less wealth in the end than to live your life so frugally that you don't enjoy it.
Save and be responsible, but remember ordering a nice steak when you have no teeth left to chew it or owning a nice car when you can't see to drive it is no fun.
This.
I don't get why my company doesn't see it this way.
Giving all the old farts all the money when all they're going to do is die and hand it off makes no sense.
I want vacations and cars and hoes right now.
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