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Message
Money in savings at different ages
Posted on 6/2/15 at 2:51 pm
Posted on 6/2/15 at 2:51 pm
In ya'lls opinion what would be the low, average, and high amount that should be in a savings account for a 21 year old? How about a newly college graduate? Or a 25 year old?
I want to see where I stand and what to shoot for.
I want to see where I stand and what to shoot for.
15
Posted on 6/2/15 at 2:57 pm to Skinner
quote:
21 year old
low -0, average -0, and high -0
Posted on 6/2/15 at 3:04 pm to Skinner
I have 5 figures quite easily
This post was edited on 6/2/15 at 4:18 pm
Posted on 6/2/15 at 3:04 pm to Skinner
a 21 year old still in college? probably very little. I was too worried about going broke in college to worry about savings
A new college graduate? just depends on income. I was saving roughly 25% though
at 25? should be matching employee 401k contribution and contributing to a roth IRA at the least and should probably have several thousands in general savings
A new college graduate? just depends on income. I was saving roughly 25% though
at 25? should be matching employee 401k contribution and contributing to a roth IRA at the least and should probably have several thousands in general savings
This post was edited on 6/2/15 at 3:07 pm
Posted on 6/2/15 at 3:04 pm to Skinner
Dude at 21 I was worried about my account going negative everytime they swiped my card on thursday nights at Shady's.
Being a broke college student is OKAY! Have fun.
If you can be debt free with 3-6 months of expenses a year or two after you graduate, you're lightyears above the majority, imo.
Being a broke college student is OKAY! Have fun.
If you can be debt free with 3-6 months of expenses a year or two after you graduate, you're lightyears above the majority, imo.
This post was edited on 6/2/15 at 3:05 pm
Posted on 6/2/15 at 3:07 pm to Skinner
Being chronically broke in college was a really good thing for me. It made me know that I did not want to live that way. However, saving up money in college is insane to me. You should be using your time to gather life experiences. Saving $200 a month when you only have $400 a month in disposable income is absurdly difficult when compared to saving an extra $200 a month when you are 5 years into your career and making $75,000 or more.
I think the real gauge of how much you have in savings is your amount of fixed expenses. If you rent an apartment and drive a paid off car, your required capital reserves are much lower than someone with $2,000+ in car and home loans.
I think the real gauge of how much you have in savings is your amount of fixed expenses. If you rent an apartment and drive a paid off car, your required capital reserves are much lower than someone with $2,000+ in car and home loans.
Posted on 6/2/15 at 3:12 pm to Skinner
quote:
In ya'lls opinion what would be the low, average, and high amount that should be in a savings account for a 21 year old?
enough to buy shots
Posted on 6/2/15 at 3:12 pm to Skinner
Question: on all of these topics regarding savings, does this include 401k contributions or is it strict post-tax cash contributions to savings?
Posted on 6/2/15 at 3:23 pm to Skinner
Even in college i don't see why you shouldn't have five figures saved if you work during your summers and fall break. Wouldn't be hard to have at least $10k even if your parents didn't save for you.
Posted on 6/2/15 at 3:25 pm to Skinner
Your salary times your age divided by 20 should be your goal until your are 35, then the divisible factor should be 10, then at 50, the factor should be 5.
25 year old making $30,000 = $37,500 goal
35 year old making $60,000 = $210,000 goal
50 year old making $80,000 = $800,000 goal
This is all savings vehicles, including retirement accounts
25 year old making $30,000 = $37,500 goal
35 year old making $60,000 = $210,000 goal
50 year old making $80,000 = $800,000 goal
This is all savings vehicles, including retirement accounts
Posted on 6/2/15 at 3:26 pm to Skinner
I'd be intereted in how I stack up against other people who just turned 30.
Posted on 6/2/15 at 4:45 pm to Skinner
I started a Roth IRA back in high school
Posted on 6/2/15 at 5:57 pm to Skinner
I'd shoot to save as much as possible, but don't freak out if you're in your late 20's and don't have a ton of money saved. I'm 27 and only have about 30k saved, but I also have a graduate degree and a wife with two years left of a 4 year professional program and our only debt is one car note. I know I'm behind the 8 ball versus some of my friends, but I'm confident I'll "catch up" when my wife gets out of school.
Posted on 6/3/15 at 12:59 pm to Skinner
A new college graduate would be 22 or so right? So not much difference there. If you have any money in savings at 21 or 22 that's way better than I was.
Every paycheck I got in college went towards bar tabs and rent.
Every paycheck I got in college went towards bar tabs and rent.
This post was edited on 6/3/15 at 1:03 pm
Posted on 6/5/15 at 12:03 pm to Skinner
From ages 16 to 21 my goal was never to finance a car. So, when I bought my first car at 16 I had saved 3K in today's money to buy a used Dodge 440.
At 22 I bought my first new car and paid cash. It was a Chevy Nova with no features. I paid what would be about 20K in today's money.
After that my savings goal was all about buying a house with a large down payment. I saved enough to buy a house at age 25. I put down about $40K in today's money and had a very small monthly note.
My strategy was always to avoid interest payments over the long term.
At 22 I bought my first new car and paid cash. It was a Chevy Nova with no features. I paid what would be about 20K in today's money.
After that my savings goal was all about buying a house with a large down payment. I saved enough to buy a house at age 25. I put down about $40K in today's money and had a very small monthly note.
My strategy was always to avoid interest payments over the long term.
Posted on 6/7/15 at 3:04 pm to Skinner
quote:
Or a 25 year old? I want to see where I stand and what to shoot for.
Take this advice from a burned out, money hungry, materialistic to the max, ex-banker, who can barely remember the go-go 80's (which is proof that I was there), and who's old enough to be your father: don't do that!
Develop and set your goals based on who YOU are and what YOU want to accomplish in life. Don't change your name to Jones and follow the herd around the pasture. You can stick your hand in water and learn that it's wet, if you want to. But I'm a tellin' ya... don't do it that way. What will happen? Most likely:
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