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"By 35, You Should Have Double Your Salary Saved" - Do You?
- Thread starter BWoog
- Start date
You're doing pretty well.
I think this article assumes that you've been employed consistently since you were old enough to work or something. I started working full time only after grad school ended for me and I turned 26. Up until then I only worked part time and a lot of my savings were used when I moved to a new city for work opportunities.
If you include assets sure. Straight liquid no. But I make six figures so it's harder. I'll be fine.
People always act like you need the same income you're accustomed to when you retire but I've been living like I make 50k a year for like 7 years now. I doubt I'll ever change.
People always act like you need the same income you're accustomed to when you retire but I've been living like I make 50k a year for like 7 years now. I doubt I'll ever change.
Most people don't even have a savings account so very very few would have that.
It comes down to working a lot when you are young and being lucky. If you can live with your parents and pay little or no rent do it. Going to college unless you have a clear goal is not smart.
It comes down to working a lot when you are young and being lucky. If you can live with your parents and pay little or no rent do it. Going to college unless you have a clear goal is not smart.
I actually do. Did I win life? Cause it doesn't feel that way.
I actually don't know what is a good amount to have saved up or I'm just saving too much whilst I should be enjoying more what I've earned instead.
I actually don't know what is a good amount to have saved up or I'm just saving too much whilst I should be enjoying more what I've earned instead.
No way, I spent most of my savings on buying my apartment, but I'm guessing this is region-specific advice that isn't apply to my country anyway.
I do have a company pension, but I have no idea how much it's worth.
I do have a company pension, but I have no idea how much it's worth.
I'm 31 and on track, yeah. The cruel part of this is that if you keep your living costs down, the more you make the easier this goal is to attain (despite the target itself increasing). People who are on lower salaries don't have a chance at achieving this and I think we're in for a rude awakening in the mid-future.
I've just a little over my current salary saved but it's going towards a house deposit so that'll be zero soon enough :/
I own about three bricks of my house (only just got a mortgage)
I'm balls deep in my overdraft and have a card balance to pay too. I'm probably one month's wage in debt before taking in to account my share of the mortgage, which is like 188% of my annual wage.
I saved quite well for the house deposit, but it's going to be harder now I've got the house. At least for a while.
Some of it is about personal choice, but capitalism is a con for 99% of us.
I'm balls deep in my overdraft and have a card balance to pay too. I'm probably one month's wage in debt before taking in to account my share of the mortgage, which is like 188% of my annual wage.
I saved quite well for the house deposit, but it's going to be harder now I've got the house. At least for a while.
Some of it is about personal choice, but capitalism is a con for 99% of us.
Why would I need to save money for my chldren's education? I expect my government to take care of that.
31 and hit that target with home equity
I got lucky though
Someone just wanted rid of the house so bought a house valued at 250k for 200k
Admittedly I've spent 20k getting it up to scratch.
But it's still win win
I got lucky though
Someone just wanted rid of the house so bought a house valued at 250k for 200k
Admittedly I've spent 20k getting it up to scratch.
But it's still win win
Seems like an odd metric.
I'd say you should find a 4 percent rule calculator online, plug in your current numbers and retirement goal, and get to saving. Seems like a much better method than some semi-arbitrary number/age.
I'd say you should find a 4 percent rule calculator online, plug in your current numbers and retirement goal, and get to saving. Seems like a much better method than some semi-arbitrary number/age.
24 and I have around my yearly pay saved so I should be well over double by 35 at this pace.
But I'll likely buy a house at some point so it'll be invested in that rather than banked.
But I'll likely buy a house at some point so it'll be invested in that rather than banked.
I'm 30, with 2.5x my annual salary saved and expect to have 3x my annual salary saved within a year.
remember, it's just a guideline and not a doctrine. We don't have to be mad (or sad) if you are nowhere near the target.
the guideline for every adult of a certain age to be of the certain reasonably fitness level...how does that work out in the real world though?
the guideline for every adult of a certain age to be of the certain reasonably fitness level...how does that work out in the real world though?
Is this meant to include home equity?It has been fidelity's guidance for years. I wonder why it is blowing up now?
Nope, like a dumbshit idiot I bought a house and then got injured and had to sit out a lot of work. I was banking on my overtime to make my life easier bills wise. Without it I chewed through all my savings.
Well real estate still is kinda like savings, unless you made a bad deal with the house.
I suppose I could make it happen in the next 7 years. Will depend upon how fast I can pay off my student loans and if I get married and have kids.
Well, projecting six years into the future I'll probably reach that amount in total funds/monetary assets (i.e. all savings and accounts). Maybe...
Not including my house I have 6 times my salary in 401k, Roth IRA and after tax investing. I'm 41. Im lucky enough to make a decent engineer's salary and am relatively decent at saving money. I was 40k in debt in my late 20s when I finally got some financial sense. I'm thinking i was close to double at 35 since i got out of debt and started saving more regularly at 30. Mad I didn't start saving early in sure I'd have 10 or more times my salary.
Every step of my job career my salary has gone up
So I feel by the time I get my bachelors then masters, I'll have doubled it.
So I feel by the time I get my bachelors then masters, I'll have doubled it.
I wish I could but I still owe so much in student fuckin loans so I don't see it changing by the time I'm 35, if I even make it that far
If and only if you're planning to sell your home and downsize when you retire. In that case you need to estimate cost of the smaller house minus what you'd get for the selling yours.
