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re: How much money should you have in the bank by age 30.
Posted on 9/21/17 at 3:39 pm to GermantownTiger
Posted on 9/21/17 at 3:39 pm to GermantownTiger
3-6 months of living expenses
0
Posted on 9/21/17 at 3:40 pm to Burt Reynolds
quote:
people who save money in the bank are dumbasses. The interest rates don't even keep up with inflation.
It's a place for emergency money, not much else.
Plenty of wealthy people have more money in the bank than they need, but it doesn't make it a sound financial strategy.
Posted on 9/21/17 at 3:42 pm to GermantownTiger
I'm 30 my wife is 29. We have just over 20k in savings right now. It's a lot more than we usually keep in there, but we have reasons.
1. We just had a kid and were nervous hoarders
2. We are saving up for a VW Atlas.
3. We are saving up for 2 small and 1 big vacation in the next 9 months.
1. We just had a kid and were nervous hoarders
2. We are saving up for a VW Atlas.
3. We are saving up for 2 small and 1 big vacation in the next 9 months.
Posted on 9/21/17 at 3:42 pm to GermantownTiger
Your money needs to be invested and working for you at 30 not sitting in an account.
Posted on 9/21/17 at 3:44 pm to 777Tiger
Yeah my daughter has $2000 in hers. And that's way more than I have.
Posted on 9/21/17 at 3:44 pm to GermantownTiger
Each person will be different according to the needs of the individual. If you spend more per month on utilities, mortgage, etc, you should have at least six months to cover all of your expenses. You also need an emergency fund on top of your typical bills in case your car or household items break.
Posted on 9/21/17 at 3:45 pm to cas4t
quote:
Why exclude 401k? Many people have theirs maxed out and have a high salary
Define "many".
The best data I've seen says ~12% of people who make 401k contributions actually max out their individual contribution.
Posted on 9/21/17 at 3:47 pm to The Mick
Nb4 Roth ira
Posted on 9/21/17 at 3:48 pm to Displaced
Thataboy. Just enjoy your life . I have a list in my head a mile long of all the people I have known that died young with impressive 401ks. Just be responsible , save and invest in a way that makes you feel smart , buy some term life to protect your dependents and enjoy your life . If we could get more people to do what you are doing - spoiling your family a bit with vacations and fun - we'd be a lot better off. We need to spend more time connecting to our people and less time obsessing about accumulation.
Posted on 9/21/17 at 3:51 pm to GermantownTiger
By 30? Probably a grand or so in various accounts of money. I technically have my Roth IRA as an emergency fund if needed, but honestly if you have a positive net worth by 30 you should be happy.
Posted on 9/21/17 at 3:52 pm to Jcorye1
quote:
honestly if you have a positive net worth by 30 you should be happy.
Lotta truth to this.
Posted on 9/21/17 at 3:55 pm to GermantownTiger
raising three kids I was lucky not to be in the hole 
Posted on 9/21/17 at 3:55 pm to Lsupimp
Don't get me wrong, we are on track with retirement accounts too, but we save cash to blow it.
We both work for a company that has one of the better 401k matches that I've ever heard of though
We both work for a company that has one of the better 401k matches that I've ever heard of though
Posted on 9/21/17 at 3:56 pm to GermantownTiger
Enough for a down payment on a house
Posted on 9/21/17 at 3:58 pm to Displaced
quote:
We both work for a company that has one of the better 401k matches that I've ever heard of though
Well, we're waiting...
Posted on 9/21/17 at 3:59 pm to slackster
quote:
Define "many". The best data I've seen says ~12% of people who make 401k contributions actually max out their individual contribution.
The vast majority of people aren't contributing $18K/year to their 401(k)
Posted on 9/21/17 at 4:00 pm to tgrbaitn08
quote:
doing the math if his 3 year old has $10k in the bank then at 30 you should have $99,999.99 in your bank account.
Have to take in account bills too.....at 3 you have none, but at 30 you clearly need to have that $99,999.99 + 3 months worth of salary...so that's close to 400k or so...and that's just if you're a welder.
IRL though, what the hell is a savings account? That's that jar with change on the bathroom counter?
This post was edited on 9/21/17 at 4:10 pm
Posted on 9/21/17 at 4:03 pm to GermantownTiger
2-3 months salary in liquid assets seems reasonable, plus 5% of your working income in a 401k.
Posted on 9/21/17 at 4:04 pm to slackster
Automatic 6% + 100% match up to 6%
So 12%
So 12%
Posted on 9/21/17 at 4:05 pm to slackster
Mine was maxed out until the wife went back to school. Still very close. And many was a strong choice of words.
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