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Started By
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re: How much money should you have in the bank by age 30.
Posted on 9/21/17 at 5:50 pm to TigerTatorTots
Posted on 9/21/17 at 5:50 pm to TigerTatorTots
quote:
The rest should be invested or in an emergency fund
No less then 6 months take home pay. Better upping that to 12 months.
Way back then, I think I had on hand around 20K in cash.
0
Posted on 9/21/17 at 5:53 pm to S
quote:
Ill ask my accountant
It's called a Wealth Manager
Posted on 9/21/17 at 6:08 pm to MBclass83
quote:
It's called a Wealth Manager
Just BS for someone to be paying someone to watch over their money at that age. Them cocksuckers lost a shite load of monies for me till I taught myself better. If one can't teach their self, then they will be giving up an easy 10% of their earnings easy.
Posted on 9/21/17 at 6:09 pm to GermantownTiger
None. You should be paying off your student loan.
Posted on 9/21/17 at 6:26 pm to lsuwontonwrap
This is the OT, if you don't have at least 100k laying around you ain't shite.
Posted on 9/21/17 at 6:34 pm to 50_Tiger
Asking how much money in actual dollars you should have at x age is just a peter measuring contest.
The real answer depends on your monthly expenses. All financial magazines and advisors now say 6 months, instead of 3, after it took way longer than 3 months for those laid off in the Great Recession to find a job.
Also, I think a lot of people confuse "max out the 401K" with put enough in to get your full employer match. The stats simply prove there ain't many Americans contributing $18K/yr to a 401K, but everyone loves to say they "max it out."
The real answer depends on your monthly expenses. All financial magazines and advisors now say 6 months, instead of 3, after it took way longer than 3 months for those laid off in the Great Recession to find a job.
Also, I think a lot of people confuse "max out the 401K" with put enough in to get your full employer match. The stats simply prove there ain't many Americans contributing $18K/yr to a 401K, but everyone loves to say they "max it out."
Posted on 9/21/17 at 6:45 pm to GermantownTiger
Single, about 6 digits.
With a wife, kids, mortgage, and vehicle note? About $45
With a wife, kids, mortgage, and vehicle note? About $45
Posted on 9/21/17 at 6:50 pm to GermantownTiger
0 if you are married.
Posted on 9/21/17 at 7:28 pm to HeyHeyHogsAllTheWay
quote:
My 3 year old has $10K in her bank account.
Just to give you an idea.
At first I laughed, then got sad for myself because you’re probably telling the truth, then I realized my 3 year old has $15k in savings and then the depression really hit.
Posted on 9/21/17 at 7:29 pm to pioneerbasketball
To the people saying they don't want to die with a bank account full of money, what's wrong with investing a lot while young so you can retire early? Delaying gratification can lead to huge results.
Posted on 9/21/17 at 8:01 pm to GermantownTiger
30 I was still saving until I invested about 90% into a business when I was 34. Now I live paycheck to paycheck 
It's slowly starting to trickle back in.
It's slowly starting to trickle back in. Posted on 9/21/17 at 8:12 pm to Displaced
quote:
Automatic 6% + 100% match up to 6%
So 12%
Pssshhhhhh
If I put in at least 6, company puts in 8
ETA: I'm a dumbass and didn't pay attention to their automatic 6%. 12% is crazy
This post was edited on 9/21/17 at 8:15 pm
Posted on 9/21/17 at 8:14 pm to slackster
quote:
That's legit, you're right.
Slightly off topic, but when a plan has an automatic contribution, I wonder how much of that is essentially taken out of what they would otherwise pay you? Depending on what you did with it, getting 6% extra pay could be better than getting a 6% automatic contribution.
30% taxes out of that extra 6% baw
Posted on 9/21/17 at 8:17 pm to colorchangintiger
I have 60k in a college fund for my three kids. They are 3, 1, and on the way. And I feel very behind
Posted on 9/21/17 at 8:19 pm to djangochained
quote:
I have 60k in a college fund for my three kids. They are 3, 1, and on the way. And I feel very behind
You are going to get deep dicked by penalties if they don't go to college or go to a cheap school
Posted on 9/21/17 at 8:20 pm to Thib-a-doe Tiger
You can pass it on to their kids can't you
Posted on 9/21/17 at 8:21 pm to jimbeam
quote:
You can pass it on to their kids can't you
Yeah but it has been my experience that most people don't change the beneficiary and just take the penalty
Posted on 9/21/17 at 8:23 pm to Thib-a-doe Tiger
Yea my fil started this account and kinda fricked me. Not worth the penalty. Would have rathered the cash to invest formally
This post was edited on 9/21/17 at 8:24 pm
Posted on 9/21/17 at 8:24 pm to djangochained
All depends who the owner of the account is
Posted on 9/21/17 at 8:33 pm to fishfighter
If one can't teach their self, then they will be giving up an easy 10% of their earnings easy.
My guy charges 1%....
If you have somebody who is not selling you crap for the commission, and really managing your wealth, then 10% is way out there...
My guy charges 1%....
If you have somebody who is not selling you crap for the commission, and really managing your wealth, then 10% is way out there...
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