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Financial Goals and Milestones
Posted on 6/17/13 at 10:19 am
Posted on 6/17/13 at 10:19 am
What are some good goals and/or milestones financially at different ages? I'm talking about how much in your 401k, roth ira, savings, checking account, active debt, etc.. by a certain age?
25,30,40,50...
I know this will be absurdly different based on salaries, benefits, kids and what nots but just give me a general idea of what to shoot for
25,30,40,50...
I know this will be absurdly different based on salaries, benefits, kids and what nots but just give me a general idea of what to shoot for
9
Posted on 6/17/13 at 10:21 am to 1860pissed
quote:
1860pissed
What kind of retirement lifestyle do you want to live on, in today's dollars?
Posted on 6/17/13 at 10:45 am to 1860pissed
I can speak for my retirement timeline. I really don't have any sort of goals for the rest beyond the next 5 years or so.
25 - full time job and paying off debt opening retirement. I would say putting at least $8-10k a year towards retirement would be wonderful.
30 - Debt free besides a home or car. Contributing no less than $10k a year towards retirement and have 6 month emergency in checking or savings. And would like to have enough in taxable accounts to spend $10k on vacations a year if I have no kids.
40 - Contributing $20k a year towards retirement. Probably not doing too hot otherwise due to children
50 - Contributing $10k - $20k a year to retirement.
25 - full time job and paying off debt opening retirement. I would say putting at least $8-10k a year towards retirement would be wonderful.
30 - Debt free besides a home or car. Contributing no less than $10k a year towards retirement and have 6 month emergency in checking or savings. And would like to have enough in taxable accounts to spend $10k on vacations a year if I have no kids.
40 - Contributing $20k a year towards retirement. Probably not doing too hot otherwise due to children
50 - Contributing $10k - $20k a year to retirement.
Posted on 6/17/13 at 11:10 am to RickAstley
I don't really have a dollar amount in mind but when I retire, I want to live comfortably and be able to do what I want, when I want.
Rick, that seems like a decent retirement timeline. Are you including what your company matches (if they do) in your 10-20k a year for a retirement?
Rick, that seems like a decent retirement timeline. Are you including what your company matches (if they do) in your 10-20k a year for a retirement?
Posted on 6/17/13 at 11:25 am to 1860pissed
Posted on 6/17/13 at 11:29 am to 1860pissed
All I want is $100 Billion Dollars and fricken sharks with fricken laser beams
Posted on 6/17/13 at 11:52 am to 1860pissed
Early on I set net worth goals of $300k by 30 and $1m by 40. I barely scraped by at 30 and am still in the ballgame for 40.
But chasing those goals has helped me be more disciplined and want to track things closely. My first six months or so it seemed like every penny I made just vanished, and I realized that wasn't going to work long term.
But chasing those goals has helped me be more disciplined and want to track things closely. My first six months or so it seemed like every penny I made just vanished, and I realized that wasn't going to work long term.
Posted on 6/17/13 at 11:56 am to Sigma_
Solid first post. 
and yeah, that is more what I was looking for. something to shoot towards. I am goal oriented so that makes it much easier. Also, thanks for the link fatbastard
and yeah, that is more what I was looking for. something to shoot towards. I am goal oriented so that makes it much easier. Also, thanks for the link fatbastard
Posted on 6/17/13 at 12:13 pm to Sigma_
quote:I like those number if you get out of college and start working at around 22. I went to grad school and had two kids before I was 30, so I missed the first number. The second one will be in reach for me now that I am putting that advanced degree to good use.
Early on I set net worth goals of $300k by 30 and $1m by 40
Posted on 6/17/13 at 12:29 pm to Sigma_
If you want 300k by 30 you better start humping it.
Posted on 6/17/13 at 12:42 pm to I Love Bama
Keep in mind he did say net worth, not savings.
With grad school and two kids, I had zero debt (including a house) by the time I was 30. Net worth around 150k probably. During that time my wife worked for about three years averaging around 25k before staying home with the kids. With an extra three years working in my early 20's and investing that income, I think I would have been around 300k by 30.
With grad school and two kids, I had zero debt (including a house) by the time I was 30. Net worth around 150k probably. During that time my wife worked for about three years averaging around 25k before staying home with the kids. With an extra three years working in my early 20's and investing that income, I think I would have been around 300k by 30.
This post was edited on 6/17/13 at 12:43 pm
Posted on 6/17/13 at 2:05 pm to eelsuee
quote:
Keep in mind he did say net worth, not savings.
Very important distinction and something that the general public really doesnt know how to calculate. They like to add up the value of cars, houses and 401k's but forget to subtract their liabilities...
Posted on 6/17/13 at 2:22 pm to wiltznucs
quote:
Very important distinction and something that the general public really doesnt know how to calculate. They like to add up the value of cars, houses and 401k's but forget to subtract their liabilities...
Help me out with net worth, maybe give a hypothetical scenario:
savings+house+cars+... -...-... = 300k
I was an engineering major, finance is not my specialty.
This post was edited on 6/17/13 at 2:23 pm
Posted on 6/17/13 at 2:24 pm to hiltacular
- mortgage - car loan - credit card debt - student loans etc.
Posted on 6/17/13 at 2:25 pm to hiltacular
It's how much you own on each.
If you just bought a house to 200k, you don't have a net worth of 200k, if you've paid 10k of it, that 10k is included.
If you just bought a house to 200k, you don't have a net worth of 200k, if you've paid 10k of it, that 10k is included.
Posted on 6/17/13 at 2:27 pm to wegotdatwood
quote:
If you just bought a house to 200k, you don't have a net worth of 200k, if you've paid 10k of it, that 10k is included.
ah gotcha
Posted on 6/17/13 at 2:30 pm to hiltacular
Yeah, that's it.
Assets - Liabilities = Net Worth
Your house can be considered an asset generally speaking, while your mortgage would be the liability.
So a $300k house - $200k mortgage = $100k net
I'm going to shoot for the $500k (<--- edit: Happy V&S?) mark by 30. Should be tough to get there with a kid coming this year but it will be close.
Assets - Liabilities = Net Worth
Your house can be considered an asset generally speaking, while your mortgage would be the liability.
So a $300k house - $200k mortgage = $100k net
I'm going to shoot for the $500k (<--- edit: Happy V&S?) mark by 30. Should be tough to get there with a kid coming this year but it will be close.
This post was edited on 6/17/13 at 2:41 pm
Posted on 6/17/13 at 2:33 pm to 1860pissed
quote:
Also, thanks for the link fatbastard
no problem!
Posted on 6/17/13 at 2:34 pm to eng08
So if you were young, bought a house, had little saved, you would likely have negative net worth?
Posted on 6/17/13 at 2:36 pm to eng08
quote:
I'm going to shoot for the $500 mark by 30
$500? I hope you're aiming a little higher than that
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