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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 8:35 pm to GermantownTiger
Posted on 9/21/17 at 8:35 pm to GermantownTiger
Why wouldn't 401k be your biggest worry ?
0
Posted on 9/21/17 at 8:36 pm to fishfighter
quote:
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.
Let me guess, they were managing your money when the market crashed, you took it over during a historic bull run where you could have picked an investment out of a hat and made 50+% in the last 9 years, right?
Posted on 9/21/17 at 8:37 pm to djangochained
At 30???? How???
I don't get how people my age have all this money. I make a damn good living and at 27 I'm doing really good to have 8k in the bank. Just a mortgage and a low student loan payment.
I have friends who claim to have $30k+ in their retirement, a way bigger house than me, way nicer car than me, way more expensive shite than me, and are talking about opening a business and shite.
If I had put every dollar I made over the last two years in the bank I wouldn't have enough money to do that shite, much less build a 401k and have all that nice shite.
I don't get it.
I don't get how people my age have all this money. I make a damn good living and at 27 I'm doing really good to have 8k in the bank. Just a mortgage and a low student loan payment.
I have friends who claim to have $30k+ in their retirement, a way bigger house than me, way nicer car than me, way more expensive shite than me, and are talking about opening a business and shite.
If I had put every dollar I made over the last two years in the bank I wouldn't have enough money to do that shite, much less build a 401k and have all that nice shite.
I don't get it.
Posted on 9/21/17 at 8:38 pm to DownshiftAndFloorIt
People lie and have shite tons of debt
Any of them back their claims up with statements?
Any of them back their claims up with statements?
Posted on 9/21/17 at 8:38 pm to DownshiftAndFloorIt
quote:
much less build a 401k and have all that nice shite.
Just keep pounding it - every raise increase your percentage a little
Posted on 9/21/17 at 8:41 pm to Thib-a-doe Tiger
Many of them are not liars, some are. Still don't get it.
One of them bought and sold a business already, the other is seriously considering opening a franchise, one has a brand new corvette, they all have houses over $200k
Maybe they do have assloads of debt. I just don't get it. Where's all the income coming from?
One of them bought and sold a business already, the other is seriously considering opening a franchise, one has a brand new corvette, they all have houses over $200k
Maybe they do have assloads of debt. I just don't get it. Where's all the income coming from?
Posted on 9/21/17 at 8:43 pm to DownshiftAndFloorIt
If they're people like I know, mom and dad. They work hard and have good jobs, but mom and dad are funding a lot of it.
Posted on 9/21/17 at 8:44 pm to DownshiftAndFloorIt
Trust me, people who have real money don't talk about it
Posted on 9/21/17 at 8:46 pm to DownshiftAndFloorIt
My FIL put 50k in an account and I put 10
How do you know my age ?
How do you know my age ?
This post was edited on 9/21/17 at 8:47 pm
Posted on 9/21/17 at 8:48 pm to Thib-a-doe Tiger
Yea I realize that. Still frustrating as hell just to hear about it while I'm rolling around in a beat up arse 04 Camry 
Posted on 9/21/17 at 8:48 pm to djangochained
I guessed. The thread says @ 30, figured you were around 30.
Posted on 9/21/17 at 8:49 pm to jimbeam
Gotta be. That's the only thing I can figure. Even if they were making twice as much as I am, and I know they aren't, it still wouldn't completely add up.
Posted on 9/21/17 at 8:52 pm to DownshiftAndFloorIt
I make around 200-220k a year. I feel that’s about average for my age/experience
Posted on 9/21/17 at 9:06 pm to Thib-a-doe Tiger
quote:
30% taxes out of that extra 6% baw
Could be invested in a self-directed traditional IRA and taxes wouldn't be an issue. The fees on the self-directed account could be lower than the 401k fees. It could also help fund a Roth IRA, depending on your income level.
There are situations where it would be better to get the 6% raise rather than 6% auto-contribution, but there are also situations where the 6% contribution would be better. Just something to think about.
Posted on 9/21/17 at 9:15 pm to djangochained
Exactly what do you do?
Posted on 9/21/17 at 9:30 pm to slackster
quote:
Could be invested in a self-directed traditional IRA and taxes wouldn't be an issue. The fees on the self-directed account could be lower than the 401k fees. It could also help fund a Roth IRA, depending on your income level.
There are situations where it would be better to get the 6% raise rather than 6% auto-contribution, but there are also situations where the 6% contribution would be better. Just something to think about.
I do this for a livin baw. You're right, but there are a few things you have to keep in mind
Most people are going to frick up in a self directed IRA chasing returns, and retire with a shite ton of risk in their portfolio because they haven't rebalanced or reallocated since they were 30. Run their trading fees up chasing the next best thing. Roth makes most sense if your income will rise in retirement, otherwise it's a crapshoot on if you should fund Roth vs traditional
And the company will choose the match because if they have a traditional 6 year vesting schedule, it helps to keep people from bolting
ETA: most people's allocations in their 401k's are shite too, but the 401k does a good job of limiting the scope of what people have to choose from
This post was edited on 9/21/17 at 9:32 pm
Posted on 9/21/17 at 9:40 pm to jimbeam
quote:
mom and dad
I may just be an idiot but my dad gave me money once when I was in a pinch, and I'll never let him give me money again. My savings account could be 50x larger and my life could be way less stressful with one phone call but that just doesn't feel right to me. I realize every situation is different but I learned the hard way gifts always come with strings attached.
This post was edited on 9/21/17 at 9:42 pm
Posted on 9/21/17 at 10:00 pm to GermantownTiger
at least enough for next week's bills.
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.
Posted on 9/21/17 at 11:07 pm to GermantownTiger
All of it. Maybe keep $100 in your wallet though
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