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How much of your gross salary do you save/invest?
Posted on 11/28/24 at 8:44 pm
Posted on 11/28/24 at 8:44 pm
I never added it all up but apparently between retirement (401k + roth + employer Match), medium term savings and investment (Marcus HY savings + fidelity index funds) and short term savings and HSA, I’m at 38.2% of my gross salary. Now granted I don’t have kids. My wife is also at a similar level. Not gonna lie i am pretty proud of myself. Maybe when kids come that lowers a lot, but my whole life my dad has preached savings and I guess it paid off. Just curious what numbers others are at. Things feel tight but I guess that’s more on discretionary stuff which of course is fine to be tight on.
30
Posted on 11/28/24 at 8:53 pm to jlovel7
That’s really high and awesome for you. Keep it up as long as you can! I used to do similar but a wife and two kids changes things haha. As more time passes you will realize how to balance things. Saving all your money and having no fun is…no fun. Spending all your money and having no money is..no fun. No one can tell you what will make you happy. You will have to find out on your own but keep saving and be happy
Posted on 11/28/24 at 8:58 pm to jlovel7
I have a unique situation at the moment. No wife. No kids. I live in a country where the cost of living is crazy cheap.
This year I have saved/invested 95% of my income. Most years its between 80%-90%.
This year I have saved/invested 95% of my income. Most years its between 80%-90%.
Posted on 11/28/24 at 9:05 pm to jlovel7
I have no idea what percentage my wife and I save.
This post was edited on 11/28/24 at 9:06 pm
Posted on 11/28/24 at 9:22 pm to jlovel7
I always saved 10% while working.
Retired before 50 for the most part with multiple real estate investments.
Retired before 50 for the most part with multiple real estate investments.
Posted on 11/28/24 at 9:38 pm to jlovel7
My income changes on a yearly basis and is not salary based. So savings rates vary for me year by year. Some quick math of 401K + back door Roth + brokerage account looks like I’ll be around 49% for 2024.
Posted on 11/28/24 at 9:58 pm to jlovel7
for well over a decade and a half now...... i'd say roughly 60%.
Posted on 11/28/24 at 10:25 pm to Fat Bastard
The wife and I save 35% of our gross a month if you count all the avenues. We have been doing this for a decade now and should increase it to get close to 50% in the next few years
Posted on 11/28/24 at 10:41 pm to jlovel7
6 or 7%, but I tithe. Also have 3 kids. Just do the best I can. Probably not enough.
Posted on 11/28/24 at 11:22 pm to NewIberiaHaircut
I know people who have saved 15-20% and have done extremely well. For those saving 35-50% are you retiring at 45? 
Posted on 11/29/24 at 1:07 am to jlovel7
Damn, good for you! I think kids will absolutely change that.
I had kids young in my career growth and my wife stayed home until they were in school. It was a GRIND at times.
That said, I have saved 10% of every dollar I've ever made since I was 18 years old. Not even sure why that became the number, but I made it that and stuck to it. Throw in extra where I can with bonuses/commission and disbursements.
I had kids young in my career growth and my wife stayed home until they were in school. It was a GRIND at times.
That said, I have saved 10% of every dollar I've ever made since I was 18 years old. Not even sure why that became the number, but I made it that and stuck to it. Throw in extra where I can with bonuses/commission and disbursements.
Posted on 11/29/24 at 5:45 am to LSUShock
quote:
This year I have saved/invested 95% of my income. Most years its between 80%-90%.
You must be sitting in the dark eating Ramen noodles
Posted on 11/29/24 at 5:56 am to jlovel7
I max 401k/Roth/HSA. Will be able to retire at 52. Just turned 45 so have 7 more years in corporate life. Might get part time job at somewhere like Publix or Home Depot if I am bored. Who knows.
Posted on 11/29/24 at 6:32 am to jlovel7
For this year it's looking like I'll be saving around 36% of gross. That does not include employer match in 401K or HSA, which, are admittedly minimal.
Posted on 11/29/24 at 6:53 am to jlovel7
14%
3 years ago with 2 incomes it was north of 35%. Now with a stay at home wife and 2 kids under 3 I'm lucky to hit what I hit.
3 years ago with 2 incomes it was north of 35%. Now with a stay at home wife and 2 kids under 3 I'm lucky to hit what I hit.
Posted on 11/29/24 at 6:54 am to jlovel7
Bout 3.50%.
Posted on 11/29/24 at 7:00 am to Bestbank Tiger
52.22%. We still live well.
Posted on 11/29/24 at 7:02 am to Bestbank Tiger
I never understand people down voting this no matter the amount.
Posted on 11/29/24 at 7:13 am to jlovel7
I never add it up either but my general rule of thumb is every time I get a raise I add more to the amount I put in savings/invest.
This post was edited on 11/29/24 at 7:15 am
Posted on 11/29/24 at 7:24 am to LSUSports247
quote:
I never add it up either but my general rule of thumb is every time I get a raise I add more to the amount I put in savings/invest.
Same. Not only should the dollar amount raise, but the percentage relative to your gross.
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