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Started By
Message
age vs. money in the bank
Posted on 1/1/13 at 11:58 am
Posted on 1/1/13 at 11:58 am
How do you determine whether you have done well for yourself ? I understand there are many factors that could determine the answer but is there a simply way to do a self assessment ?
Posted on 1/1/13 at 12:04 pm to Teauxler
This is like the, "how long is a piece of string" question.
Everyone has a different measure of success. The only way I know is to ask yourself and be honest.
Everyone has a different measure of success. The only way I know is to ask yourself and be honest.
Posted on 1/1/13 at 12:08 pm to TrueTiger
I find myself asking this question and I have zero clue how I am doing relative to my professional peers.
I know I am ahead of the curve compared to my peers in general (graduating class), but I don't have any baseline professionally.
I know I am ahead of the curve compared to my peers in general (graduating class), but I don't have any baseline professionally.
Posted on 1/1/13 at 12:26 pm to lynxcat
How old are ya and how much ya got?
Posted on 1/1/13 at 12:42 pm to Mercy Percy
Let's use 30 years old and $300 K including 401k, IRA and savings accounts as an example.
Posted on 1/1/13 at 12:44 pm to Teauxler
I am not a OT baller by Any means but w 401k Roth checking savings I got about 330k I'm 37
Posted on 1/1/13 at 12:58 pm to Teauxler
quote:
Let's use 30 years old and $300 K including 401k, IRA and savings accounts as an example.
I'd say you are in the top 3% for people you're age. I'm almost 30 and my net worth isn't that much or even close to be honest.
Posted on 1/1/13 at 1:14 pm to Teauxler
If OT 10's continue to throw themselves at you as you get older and older, you are doing well.
Posted on 1/1/13 at 1:35 pm to Teauxler
quote:Rough ROT:
I understand there are many factors that could determine the answer but is there a simply way to do a self assessment ?
At age 35, you should have saved an amount equal to your annual salary.
At age 45, you should have saved three times your annual salary.
At 55, you should have five times your salary.
When you retire at age 67, you should have saved 8-10X your annual salary.
Posted on 1/1/13 at 1:44 pm to NC_Tigah
quote:Did that X 4.
At age 35, you should have saved an amount equal to your annual salary.
quote:Did that X 8.
At age 45, you should have saved three times your annual salary.
quote:Did that X 15.
At 55, you should have five times your salary.
quote:I'm a ways off from that age, but I've already done it X 12, assuming I don't lose my arse in the stock market anytime soon.
When you retire at age 67, you should have saved 8-10X your annual salary.
How am I doing, boss???
Posted on 1/1/13 at 1:52 pm to LSURussian
quote:Sounds like your salary at age 55 sucked!
At 55, you should have five times your salary.
Did that X 15.
How am I doing, boss???
Posted on 1/1/13 at 2:25 pm to NC_Tigah
I see no way that ill have 300k in the bank at 30. My salary at 30 should be around 130-150k and I can get to 300k savings shortly after 30.
FWIW, I just turned 24.
FWIW, I just turned 24.
This post was edited on 1/1/13 at 2:26 pm
Posted on 1/1/13 at 2:30 pm to NC_Tigah
quote:Well......yeah. There's that, too.
Sounds like your salary at age 55 sucked!
Posted on 1/1/13 at 2:35 pm to NC_Tigah
All jokes aside, yours are numbers that come from living well w/in means -- especially as a young adult. That is the ticket. Cannot emphasize it enough.
Haven't seen 55, but we're working with almost embarrassing multiple levels at this point. Way out there. Same m.o. Understand where your money is going. Develop savings goals and a plan to attain them.
I've watched high income folks rifle through earnings over the years. As money came in, it was spent. Ferraris, Yachts, hot airplanes -- seemed like a great idea at the time. Now, not so much. They lived then as they do now, paycheck-to-paycheck. Makes for grim reality in the retirement equation. Not where anyone wants to be.
Haven't seen 55, but we're working with almost embarrassing multiple levels at this point. Way out there. Same m.o. Understand where your money is going. Develop savings goals and a plan to attain them.
I've watched high income folks rifle through earnings over the years. As money came in, it was spent. Ferraris, Yachts, hot airplanes -- seemed like a great idea at the time. Now, not so much. They lived then as they do now, paycheck-to-paycheck. Makes for grim reality in the retirement equation. Not where anyone wants to be.
Posted on 1/1/13 at 2:37 pm to lynxcat
My goal is to contribute 100k into my 401k by the time I'm 30, not including company matches. Between growth and company matches this will hopefully come to around 175-200k total. 300k net worth at 30 would be pretty awesome.
Posted on 1/1/13 at 2:51 pm to Chris Farley
lynx, what is your profession? Doesn't have to be specific.
Posted on 1/1/13 at 2:52 pm to Chris Farley
So what is good savings at this point for someone working for a couple years?
10, 20, 30, 40, 50+ thousand?
10, 20, 30, 40, 50+ thousand?
Posted on 1/1/13 at 3:10 pm to lynxcat
Lynx - I didn't start making a good income till I turned 26. I'm 29.
I've got roughly 15k in savings.
30k in roth, 401k, etc
5k in checking
100 - 120k in housing equity on rental properties. (This was amassed while making less than 50k a year)
I'm getting close to making 6 digits a year now so I hope to increase these numbers dramatically. Specifically in the NNN market with grade a tenants.
I've got roughly 15k in savings.
30k in roth, 401k, etc
5k in checking
100 - 120k in housing equity on rental properties. (This was amassed while making less than 50k a year)
I'm getting close to making 6 digits a year now so I hope to increase these numbers dramatically. Specifically in the NNN market with grade a tenants.
This post was edited on 1/1/13 at 3:14 pm
Posted on 1/1/13 at 3:31 pm to lynxcat
quote:Starting at age 22, 5-6% (or more) of income savings per year + accrued CGs at ~6-7% will acquire the 35 y/o benchmark (savings = annual income)
So what is good savings at this point for someone working for a couple years?
Posted on 1/1/13 at 3:40 pm to NC_Tigah
Are we talking net worth or savings?
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