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re: Met a personal financial milestone today!
Posted on 2/21/15 at 4:41 pm to Fat Bastard
Posted on 2/21/15 at 4:41 pm to Fat Bastard
quote:
Average person? Son the average person at retirement has 35k. That's it. Plenty have NOTHING!!!! You are the 1%. Lol.
It's insane. I didn't really start working until 26 and I'm not yet 30 (sooooon). It's crazy people don't have that.
But then I look at what we make and expenses and don't see how people afford kids and all that making less. Which means they aren't saving for retirement to have them I imagine. Then I see all these babies and that's when my mind explodes.
2
Posted on 2/21/15 at 5:23 pm to Teddy Ruxpin
quote:
But then I look at what we make and expenses and don't see how people afford kids and all that making less. Which means they aren't saving for retirement to have them I imagine. Then I see all these babies and that's when my mind explodes.
I make a pretty good living for my age I guess, but the key to my being able to have as much saved as I do is what I did as I got raises and before we had a child. Every raise I got went to increasing my retirement and employee stock purchase program contributions. I was in a house with a small note and the wife and I both made decent livings. Now my 401k and employee stock program are both maxed out (25% of each check). And we live off of the rest now that my wife is staying home with our son. I stress out about walking a fine line with bills/expenses, then realize that I'm contributing 25% of my check to retirement/savings which I could cut back on in an emergency.
As far as the cost of a kid, right now (5 months), it's nothing really. I am just much more cautious to have a safety net. I've got more to be responsible for now.
Posted on 2/21/15 at 5:41 pm to KG6
quote:
Reached 100k in my 401k . What's considered a good age to get there? I'm not quite 30, so I feel I'm doing okay.
excellent, man!...
believe me, retirement is not nearly as far away as you think it is...one day you will realize that it is just around the corner and you will be damn glad you prepared...
I am no financial expert, but dumping as much as you can into a 401K saves you a ton due to deferring the taxes on all of that money. couple that with any match provided by your employer and I can't think of a way to get ahead faster than that...
Posted on 2/22/15 at 7:23 am to KG6
Damn. I'm jelly. I'm 40 and about halfway there. 
Posted on 2/22/15 at 8:54 am to Teddy Ruxpin
quote:
It's insane. I didn't really start working until 26 and I'm not yet 30 (sooooon). It's crazy people don't have that.
But then I look at what we make and expenses and don't see how people afford kids and all that making less. Which means they aren't saving for retirement to have them I imagine. Then I see all these babies and that's when my mind explodes.
Kids aren't that expensive.
I have 3 grils and the requirement on my income is very small. Obviously there are things you need at the start, but there is no need to buy some of the things parents buy kids....
Posted on 2/22/15 at 9:12 am to JayDeerTay84
Not until braces, cars and weddings. 
Posted on 2/22/15 at 9:33 am to secondandshort
quote:
Not until braces, cars and weddings.
True, but those things matter. Not the latest 1z.
Posted on 2/22/15 at 9:47 am to KG6
Posted on 2/22/15 at 1:33 pm to DawgSmoke
Didn't get to 100k until 32.....
my company matches 7%.....
my company matches 7%.....
Posted on 2/22/15 at 1:48 pm to KG6
Personal or shared account?
Posted on 2/22/15 at 2:49 pm to austin2015
Great! How much did you have to save to get there along with the match?
Posted on 2/22/15 at 3:01 pm to jimbeam
It's just me contributing to this account, but it's for both my wife and I. All her income has gone to knocking out student loans.
I started out just contributing 6% with a 5% company match. Kicked that up a bit each time I got a raise until I'm maxing out the 401k contribution for the past year or two. Company throws an additional 4% lump sum contribution at the end of the year, so that helps a lot as well (basically 9% company match)
I started out just contributing 6% with a 5% company match. Kicked that up a bit each time I got a raise until I'm maxing out the 401k contribution for the past year or two. Company throws an additional 4% lump sum contribution at the end of the year, so that helps a lot as well (basically 9% company match)
Posted on 2/22/15 at 7:52 pm to KG6
Good work so far OP. Keep it up man 
When I turned 30 I made a financial goal of reaching 1M net worth by the time I turn 40. This thread inspired me to do a check on my progress towards that goal and so far I am on the right track.
When I turned 30 I made a financial goal of reaching 1M net worth by the time I turn 40. This thread inspired me to do a check on my progress towards that goal and so far I am on the right track.
Posted on 2/22/15 at 8:41 pm to KG6
$305k @ 36
Posted on 2/22/15 at 9:07 pm to Teauxler
Finally reached $1M net worth. Since I am not an OT'er, it was a long time coming and took a lot of sacrifices and saving early on. It sounds odd but with multiple kids and the costs to retire it does not seem like that much money.
Posted on 2/23/15 at 6:51 am to KG6
That's great. You def benefited in coming into the work force when the stock market was gaining ~15-20% back in 2010.
I am only at 70K at 29 yrs old. I feel it should be more but I'm just not at a place right now. I am looking into adding a Roth with about another 5% of my income since my tax bracket is so low.
I am only at 70K at 29 yrs old. I feel it should be more but I'm just not at a place right now. I am looking into adding a Roth with about another 5% of my income since my tax bracket is so low.
Posted on 2/23/15 at 7:42 am to Fat Bastard
< 51 $795,000
Posted on 2/23/15 at 7:51 am to trident
wow, I'm 28 and only have 26k
Posted on 2/23/15 at 8:55 am to LSU6262
I think you guys are reading way too much into the actual dollar figures. I think a figure based on salary is a slightly better indicator. How much you need for retirement is directly related to how much you'll spend. Salary is a better indicator of this.
This is rough guidelines, and there's other charts as well.
Here's another I found interesting:
Based on these, I may have eclipsed 100k by 27, but I may not meet the above charts. I'm clear of the first chart, but not quite there on the 2nd.
This is rough guidelines, and there's other charts as well.
Here's another I found interesting:
Based on these, I may have eclipsed 100k by 27, but I may not meet the above charts. I'm clear of the first chart, but not quite there on the 2nd.
Posted on 2/23/15 at 10:29 am to LSUtigerME
Cash flow is a better indicator. Once you have enough passive monthly income to meet or exceed your bills you are then technically retired. That's WITHOUT drawing down from a retirement account. That's maintaining principal and having that money work for you in the form of sustainable monthly Cashflow.
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