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re: What retirement savings balance is your goal, and by what age?
Posted on 1/2/21 at 11:59 am to AUCE05
Posted on 1/2/21 at 11:59 am to AUCE05
I'm a young guy, I reference this board a lot for information.
The number 1 thing I've taken away from it is I need to invest in myself ASAP. I'm 28 and put 10% in a 401k, max an HSA, and am looking towards starting a Roth soon.
Meanwhile, a lot of my buddies think I'm nuts for "locking up" so much money.
I come from a background where I would have never even considered making those decisions if I hadn't wandered on to this board 5 or 6 years ago.
The number 1 thing I've taken away from it is I need to invest in myself ASAP. I'm 28 and put 10% in a 401k, max an HSA, and am looking towards starting a Roth soon.
Meanwhile, a lot of my buddies think I'm nuts for "locking up" so much money.
I come from a background where I would have never even considered making those decisions if I hadn't wandered on to this board 5 or 6 years ago.
3
Posted on 1/2/21 at 12:10 pm to baseballmind1212
It is how you allocate, too. I would wager some of these down voters in here put 6% of their salaries in bonds for 25 years and are now mad they have very little money.
Posted on 1/2/21 at 12:23 pm to baseballmind1212
quote:
I'm a young guy, I reference this board a lot for information.
The number 1 thing I've taken away from it is I need to invest in myself ASAP. I'm 28 and put 10% in a 401k, max an HSA, and am looking towards starting a Roth soon.
Meanwhile, a lot of my buddies think I'm nuts for "locking up" so much money.
I come from a background where I would have never even considered making those decisions if I hadn't wandered on to this board 5 or 6 years ago.
Well, they are dumbasses. The time value of money is the single most important factor in the whole deal imo.
If person A starts saving at say age 20 a set amount each month for 10 years and then stops. Then person B starts 10 years later and saves the same amount per month with the same return, person A will still have more money after 40 years. Tell them to stew on that.
Posted on 1/2/21 at 12:58 pm to baseballmind1212
quote:
Meanwhile, a lot of my buddies think I'm nuts for "locking up" so much money.
Your buddies will be broke their whole lives. Money + time is a winning combo.
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