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re: How much money should you have in the bank by age 30.
Posted on 9/21/17 at 10:52 pm to DownshiftAndFloorIt
Posted on 9/21/17 at 10:52 pm to DownshiftAndFloorIt
HIGHLY income dependent. I'm finally blessed enough to max my 401k. I'm 32 and have about 200k there. Liquid assets? Lol. I've got 2 paid-for cars and a few K in cash plus a high credit card limit if I really need a cushion. Anybody that says you need 3+ months in expenses is stupid and/or lazy. Make your money work (401k, paying down debt, investing, etc). Don't sit on 60k in cash.
2
Posted on 9/22/17 at 12:01 am to ScopeCreep
I agree wholeheartedly. I've been in a strange position where I needed cash to pay for school tuition every few months and I'll graduate in May debt free.
From the time I have graduated from undergrad, I've saved at least $1,000 a month in free cash flow after a minimum 401k contribution to hit my employer match. As my income has risen, my cost of living has risen much slower (but I do spend more than at 22).
Most people have an income problem in their twenties and large debt problems just emphasize the income problem. To be fair, the marginal benefit of each raise in your early 20s is amazing. Going from $30k to $35k a year is a big deal.
My recommendation is to work a place for a few years, gain some valuable skills, and try to get one promotion. Then, jump ship and go to a new company at ideally a higher title. Generally, this approach yields an additional 15%+ base salary improvement which does huge things for your SOL. Changing companies is typically how to maximize salary growth early in your career.
To the OP, most have $0 and have a lot of debt in their name.
From the time I have graduated from undergrad, I've saved at least $1,000 a month in free cash flow after a minimum 401k contribution to hit my employer match. As my income has risen, my cost of living has risen much slower (but I do spend more than at 22).
Most people have an income problem in their twenties and large debt problems just emphasize the income problem. To be fair, the marginal benefit of each raise in your early 20s is amazing. Going from $30k to $35k a year is a big deal.
My recommendation is to work a place for a few years, gain some valuable skills, and try to get one promotion. Then, jump ship and go to a new company at ideally a higher title. Generally, this approach yields an additional 15%+ base salary improvement which does huge things for your SOL. Changing companies is typically how to maximize salary growth early in your career.
To the OP, most have $0 and have a lot of debt in their name.
This post was edited on 9/22/17 at 12:03 am
Posted on 9/22/17 at 8:16 am to ScopeCreep
quote:
Anybody that says you need 3+ months in expenses is stupid and/or lazy. Make your money work (401k, paying down debt, investing, etc). Don't sit on 60k in cash.
3-6 months of expenses is sound financial advice. More specifically, the ability to get to 3-6 months of expenses without borrowing or paying a penalty is important.
Otherwise, I agree about investments.
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