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re: Money in savings at different ages
Posted on 6/2/15 at 3:43 pm to kennypowers816
Posted on 6/2/15 at 3:43 pm to kennypowers816
quote:
This whole concept just seems really bogus.
it is
a 25 year old is what? 3 years out of college? and only making $30k but has $37.5k in savings?
that is $12.5k/per year, over $1k per month
that is only net $2500 a month, which after taxes and whatnot, would live them with like $700/month for living expenses
Posted on 6/2/15 at 3:45 pm to anc
quote:
Your salary times your age divided by 20 should be your goal
well shite.
Posted on 6/2/15 at 3:46 pm to anc
quote:
age divided by 20 should be your goal until your are 35, then the divisible factor should be 10, then at 50, the factor should be 5.
Crazy.. I just calculated this and compared it to my up to date net worth from my Mint account and it is a mere $53 off.
ETA: this also includes my home equity and current vehicle value though..
ETA2: I have had roommates essentially covering my mortgage for 2 years as well. So I would fall well short if not for that.
This post was edited on 6/2/15 at 3:51 pm
Posted on 6/2/15 at 3:51 pm to WG_Dawg
Seems like the general consensus is $0 at 21 haha
Time to cash out my savings and spend it on hookers and blow for the summer I guess
Time to cash out my savings and spend it on hookers and blow for the summer I guess
Posted on 6/2/15 at 3:52 pm to Skinner
Yeah frick me. I guess I'll just go hit Vegas.
Posted on 6/2/15 at 3:52 pm to Skinner
quote:
Time to cash out my savings and spend it on hookers and blow for the summer I guess
nah
you're just ahead of the game if you have savings at that age
be proud
Posted on 6/2/15 at 3:59 pm to Skinner
Check this out. Idk what kind of people were interviewed for this, but I found it to be a pretty cool tool.
LINK
You can play around with the ages and numbers.. But as shown above, a total net worth (not just savings) of $2500 would put you at the 50th percentile of 21 year olds.
ETA: With a total net worth of $0, you are doing better than 33% of other 21 year olds
LINK
You can play around with the ages and numbers.. But as shown above, a total net worth (not just savings) of $2500 would put you at the 50th percentile of 21 year olds.
ETA: With a total net worth of $0, you are doing better than 33% of other 21 year olds
This post was edited on 6/2/15 at 4:02 pm
Posted on 6/2/15 at 4:00 pm to jimbeam
quote:
Yeah frick me. I guess I'll just go hit Vegas.
Wait until you have a job locked up after college, but yeah go do this.
I have given this advice to friends before, but if you busted it during college and came out with a well-paying professional job, I think you should just live it up for a defined period of time right when you start your job. My recommendation is 3 or 6 months and just blow it out. Go out every night, go on trips, buy a new TV or whatever else you want. Don't go into debt, but take a little bit of time to really really enjoy yourself. After that, go back to living like you're poor and save save save.
Posted on 6/2/15 at 4:03 pm to PhiTiger1764
91.18% of 23 year olds. Turned 23 less than a month ago.. would be 96.75% for 22 year olds.. Trending downward
This post was edited on 6/2/15 at 4:04 pm
Posted on 6/2/15 at 4:13 pm to PhiTiger1764
quote:
Check this out. Idk what kind of people were interviewed for this, but I found it to be a pretty cool tool.
LINK
You can play around with the ages and numbers.
Something is off with this thing. I just left the salary the same for ages 25-30 and resulting percentile initially dropped significantly, then climbed back up a little, and then dropped slightly (as expected).
As a matter of fact, it says my net worth is better for a 30 year old than it is for 26 year old. Something aint right.
Posted on 6/2/15 at 4:17 pm to PhiTiger1764
quote:
age divided by 20 should be your goal until your are 35, then the divisible factor should be 10, then at 50, the factor should be 5.
Crazy.. I just calculated this and compared it to my up to date net worth from my Mint account and it is a mere $53 off.
ETA: this also includes my home equity and current vehicle value though..
These ratios are completely out of whack for the majority of people. I wouldn't read too much into it.
this is a better one IMHO, but still flawed.
And to whoever said you should have saved 5 figures in college that is just ridiculous. I had a full ride and 2 jobs throughout most of school, and I felt lucky to leave college with no debt.
quote:
Check this out. Idk what kind of people were interviewed for this, but I found it to be a pretty cool tool.
LINK
You can play around with the ages and numbers.. But as shown above, a total net worth (not just savings) of $2500 would put you at the 50th percentile of 21 year olds.
ETA: With a total net worth of $0, you are doing better than 33% of other 21 year olds
Its very cool but I think a lot of people must be liars. Cause I would think I would be higher than I am.
This post was edited on 6/2/15 at 4:20 pm
Posted on 6/2/15 at 4:20 pm to Hawkeye95
90th percentile in that one link for a 26 year old is 162,000 LOL.
Posted on 6/2/15 at 4:25 pm to kennypowers816
Idk.. it says the number of samples by age vary. If you restrict it to just one age, the results won't be as accurate as there are far fewer samples to compare to.
I think a 4-6 year window would be more accurate than just doing it by one age. At that point there are hundreds of samples to compare to.
I think a 4-6 year window would be more accurate than just doing it by one age. At that point there are hundreds of samples to compare to.
Posted on 6/2/15 at 4:30 pm to PhiTiger1764
quote:
dk.. it says the number of samples by age vary. If you restrict it to just one age, the results won't be as accurate as there are far fewer samples to compare to.
I think a 4-6 year window would be more accurate than just doing it by one age. At that point there are hundreds of samples to compare to.
That is exactly the flaw. There aren't enough samples for each specific age. Let's take a 6 year window from 24 to 30... the savings for those two should be vastly different IMO. It's not even comparable. The survey needs more data for each age.
Posted on 6/2/15 at 4:32 pm to kennypowers816
quote:
That is exactly the flaw. There aren't enough samples for each specific age. Let's take a 6 year window from 24 to 30... the savings for those two should be vastly different IMO. It's not even comparable. The survey needs more data for each age.
probably skews high too, people who are going to take a wealth survey are more likely to have wealth
Posted on 6/2/15 at 4:33 pm to Hawkeye95
It also says this data is for "U.S. Households."
So I would assume a lot of those samples come from married couples as well who have 2 incomes to contribute to a net worth.
So I would assume a lot of those samples come from married couples as well who have 2 incomes to contribute to a net worth.
Posted on 6/2/15 at 4:43 pm to Hawkeye95
quote:
These ratios are completely out of whack for the majority of people. I wouldn't read too much into it.
Its from the Millionaire Next Door. Thomas Stanley is a genius. He recognizes that many younger workers will not be able to hit the goals, but by your late 30s/early 40s, you should be able to comfortably hit them. Never underestimate the power of a high goal.
I hit the 35 goal at 36 years old, 4 months, but I am on pace to hit the 50 at 42, 7 months.
This post was edited on 6/2/15 at 4:46 pm
Posted on 6/2/15 at 4:45 pm to Skinner
I started a Roth IRA back in high school
Posted on 6/2/15 at 4:51 pm to anc
quote:
Its from the Millionaire Next Door. Thomas Stanley is a genius. He recognizes that many younger workers will not be able to hit the goals, but by your late 30s/early 40s, you should be able to comfortably hit them. Never underestimate the power of a high goal.
I hit the 35 goal at 36 years old, 4 months, but I am on pace to hit the 50 at 42, 7 months.
I am not saying they are useless, but generally a one size fits all rule for incomes are going to be problematic.
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