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There are those that save, then there are those that SAVE
Posted on 3/23/12 at 7:09 pm
Posted on 3/23/12 at 7:09 pm
LINK
23% of respondents save 40%-50% of income, cha ching. Forget taking 15-20 years to hit $200k in a 401k. I once saved/invested 70%+ of income one year and still had a lot of fun.
23% of respondents save 40%-50% of income, cha ching. Forget taking 15-20 years to hit $200k in a 401k. I once saved/invested 70%+ of income one year and still had a lot of fun.
2
Posted on 3/23/12 at 7:42 pm to tirebiter
I'm saving about 30% of income, but I could easily save more with higher salary.
IE, I cover all my "hard" expenses already and save the rest, the more salary I would earn would probably go 90% into savings easy.
I'm just a simple man.
ETA: I do believe there is something called "excessive saving." What is the point of working if all the joy money can bring you is 60 years down the road?
IE, I cover all my "hard" expenses already and save the rest, the more salary I would earn would probably go 90% into savings easy.
I'm just a simple man.
ETA: I do believe there is something called "excessive saving." What is the point of working if all the joy money can bring you is 60 years down the road?
This post was edited on 3/23/12 at 7:58 pm
Posted on 3/23/12 at 8:32 pm to tirebiter
Kudos to them, but there must be a bunch of poor people in this survey.
I max my 401, Roth, and HSA every year. I figure that so long as I can do that I can blow the excess. Since I post on the OT that isn't even 10%.
I max my 401, Roth, and HSA every year. I figure that so long as I can do that I can blow the excess. Since I post on the OT that isn't even 10%.
Posted on 3/24/12 at 11:38 am to foshizzle
quote:
but there must be a bunch of poor people in this survey
Maybe some of the initial respondents, but there a lot of posters on that board with $2M-15M in invested assets, too, plus a lot of early retirees. Runs the gamut from lower earners to very high earners, no degree to doctorates.
High income and high savings rates make it happen.
Posted on 3/24/12 at 11:42 am to Teddy Ruxpin
quote:
ETA: I do believe there is something called "excessive saving." What is the point of working if all the joy money can bring you is 60 years down the road?
I don't disagree, but 20% of gross is a good starting point with a first job. The level of retirement assets in this country, which are abysmal per family, tell the story that the vast majority are not disciplined enough to save/invest squat.
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