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Message
4
Posted on 2/10/16 at 11:03 am to Salmon
quote:
I had over $500k in my 401k at age 28 making about $40k/year
its not that hard
You forgot the sarcasm font.
Posted on 2/10/16 at 11:03 am to Salmon
no you didn't. 
Posted on 2/10/16 at 11:03 am to GEAUXT
quote:Don't worry about it. You'll catch up if you make sound financial decisions. I'm assuming you'll have student loan debt--just pay off the highest interest rate loans first, assuming they're about 5% or so. If they're lower, frick it, make minimum payments and invest the extra in index funds with low expense ratios. You'll get more than a 5% return in the long run. Don't buy stupid shite you don't need, like an $80k car or truck. The more you invest in your early years, the better off you'll be when you're 65 and ready to retire.
Yeah, I'll be 30 when I finish residency. I've been able to save a little bit, but really won't get started until after 30. These threads just make me have a sad :(
This post was edited on 2/10/16 at 11:05 am
Posted on 2/10/16 at 11:03 am to mailman
Is this like a savings account? Or does this include 410k, investments, etc.. Huge difference.
It's very hard to say since it also depends on income. I would never expect someone making 40k to have close to what someone making 80k does by 25 especially.
It's very hard to say since it also depends on income. I would never expect someone making 40k to have close to what someone making 80k does by 25 especially.
Posted on 2/10/16 at 11:04 am to mailman
The rule I have always followed is.
20s- whatever you can
30s - start formulating a true plan.
By 40, you should have your Age times your salary divided by 20.
By 50, you should have your age times your salary divided by 10.
By 60, you should have your age times your salary divided by 5.
Note, this includes retirement savings vehicles as well.
20s- whatever you can
30s - start formulating a true plan.
By 40, you should have your Age times your salary divided by 20.
By 50, you should have your age times your salary divided by 10.
By 60, you should have your age times your salary divided by 5.
Note, this includes retirement savings vehicles as well.
This post was edited on 2/10/16 at 11:07 am
Posted on 2/10/16 at 11:04 am to AUCE05
I admit I might have had slightly above average returns
Posted on 2/10/16 at 11:04 am to mailman
6 months salary at minium plus 4 months living expenses.
Posted on 2/10/16 at 11:06 am to anc
quote:Using my current salary at age 30, that sounds reasonable. I expect my salary to increase relative to inflation by the time I'm 40, but even then, I think I'm on course to hit that number.
By 40, you should have your Age times your salary divided by 20.
By 50, you should have your age times your salary divided by 10.
By 60, you should have your age times your salary divided by 5.
Posted on 2/10/16 at 11:10 am to Scooba
quote:
By 25, about half a mil. Retire by 30.
Posted on 2/10/16 at 11:12 am to mailman
The answer starts with the kind of lifestyle you want in retirement and your age at that time. It's different for everyone and there are many factors to consider in coming to a consensus.
Posted on 2/10/16 at 11:16 am to Hog on the Hill
quote:
Using my current salary at age 30, that sounds reasonable. I expect my salary to increase relative to inflation by the time I'm 40, but even then, I think I'm on course to hit that number.
Its from the Millionaire Next Door. Best financial book out there if you can weave through the sociology.
Posted on 2/10/16 at 11:24 am to Salmon
quote:
I had over $500k in my 401k at age 28 making about $40k/year
its not that hard
Oh frick off
Posted on 2/10/16 at 11:26 am to SomethingLikeA
quote:
Move to money board to get at least a couple positive and constructive answers
That board is ridiculous and completely unrealistic 
Posted on 2/10/16 at 11:27 am to mailman
27- have about 40k between 401k and stocks. Should've had about 70k but I sold stocks like a dipshit that have now tripled in value. Have an auto transfer every Friday to move $100 into my savings account. May bump that up to $150 which would be an additional 100k by the time I'm 40, I'll probably start investing those funds soon though
This post was edited on 2/10/16 at 11:28 am
Posted on 2/10/16 at 11:33 am to Salmon
Did you start work/401k at 16 and buy stock in apple? 
Posted on 2/10/16 at 11:34 am to anc
(no message)
This post was edited on 2/10/16 at 4:47 pm
Posted on 2/10/16 at 11:35 am to Salmon
Even If you put exactly half of your salary and then they covered the full amount to match. Assuming you worked a minimum of ten years you still would have only saved about 400K.
FIFY
quote:
its not that hard to come up with a better lie
FIFY
Posted on 2/10/16 at 12:16 pm to anc
quote:
The rule I have always followed is.
20s- whatever you can
30s - start formulating a true plan.
By 40, you should have your Age times your salary divided by 20.
By 50, you should have your age times your salary divided by 10.
By 60, you should have your age times your salary divided by 5.
Note, this includes retirement savings vehicles as well.
Brilliant, I've seen this model before
Posted on 2/10/16 at 12:19 pm to Cdawg
quote:
25-$0
30 - $100k
40 - 500k
50 - 1 million
Hi Dave Ramsey
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