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re: Here's how much money you should have saved at every age
Posted on 2/24/17 at 2:22 am to Street Hawk
Posted on 2/24/17 at 2:22 am to Street Hawk
That list is ridiculous bc if you make $50,000 there is no way you're saving $200,000 age 40 unless you have no social life and just stay at home and eat ramen noodles. There is no respectable rental available in any city that's under $1,000 anymore. I own a slew of section 8 housing that fetches $900+ a month for $50k properties. I suppose you could if you lived at home with family,paid no bills, and just saved up. It would be near impossible to save up 25% on a $50k salary. Taxes and rent/mortgage alone would be 50% or more.
5
Posted on 2/24/17 at 2:40 am to dabigfella
What?
If you start shortly after college, and graduate without delays, you'll accomplish this by contributing at least 10% of your salary to your 401k. And that's 10% AFTER match or profit sharing contributions.
If you maximize match, the average employer contribution to my 401k is at 9%. Free money.
How on earth is that impossible? Even without draconian savings? Hell, forget employer contributions, if you aren't saving at least 10% of your check then you have serious cash flow issues.
If you start shortly after college, and graduate without delays, you'll accomplish this by contributing at least 10% of your salary to your 401k. And that's 10% AFTER match or profit sharing contributions.
If you maximize match, the average employer contribution to my 401k is at 9%. Free money.
How on earth is that impossible? Even without draconian savings? Hell, forget employer contributions, if you aren't saving at least 10% of your check then you have serious cash flow issues.
Posted on 2/24/17 at 8:14 am to dabigfella
Was very doable for me. I haven't hit 35 yet.
Posted on 2/24/17 at 8:26 am to dabigfella
quote:Well the goals only say you need 3x at 40, which is $150k. Saving 10% of your income with about 5.5% returns on that savings gets you there.
That list is ridiculous bc if you make $50,000 there is no way you're saving $200,000 age 40 unless you have no social life and just stay at home and eat ramen noodles.
Posted on 2/25/17 at 11:04 am to dabigfella
quote:
There is no respectable rental available in any city that's under $1,000 anymore. I own a slew of section 8 housing that fetches $900+ a month for $50k properties.
That's why you live with roommates it can save you an arm and a leg if you're single and in your 20's.I easily spend less than 1,000 a month, granted Houston is fairly cheap for a large metropolitan.
Posted on 2/27/17 at 12:16 am to dabigfella
Retirement included.
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