Looking to set some goals based on realistic expectations. West Coast Big City life.
Looking to set some goals based on realistic expectations. West Coast Big City life.
I am 25. I have about 50k saved. Hoping to add to that substantially in the next few years.
Ouch.
You've been in the working world for 7 years and have only saved 50? That's less than $600 a month. brutal dude
Not much cash at 25 but owned the house I lived in outright and had a half interest in an income property that was generating more than debt demand.
You don't think saving $600 a month is much? A lot of guys that age, no matter what they're making, blow it all.
obviousguy66 wrote:
Ouch.
You've been in the working world for 7 years and have only saved 50? That's less than $600 a month. brutal dude
lol, yeah, because no one goes to college or anything.
I have about $32,000 and zero debt, but I've been very fortunate in my life with college expenses (full ride scholarship, etc). I could be quite a bit better off right now financially if I cared more about money, but I don't. I took five months off after college to travel and live life for a while. I then took a job that offered great experience but not so great pay. I feel like I'm doing well all things considered. I know people who are 30 who have less to show for it than I do, and I know people my age who are making six figures, so it varies wildly. You have to figure out what is important to you and define your own success and not worry too much about other people.
obviousguy66 wrote:
Umm well they are idiots then.
If you are even half smart you should be able to save half your wage or more. Even factoring for education this guy should save a lot more.
I know 60k is probably the average for a 25 year old whatever state he is from but that is the underachieving attitude of these boards.
exp. for a 25yo who even has a 2 yr shit diploma making 60k is pretty average after tax.
= 30k a year saving.
If he has only had that job for 4 years that is 120k in the bank.
Median income for a male 25 years of age or older in this country is $33.5k/year, asshat.
http://en.wikipedia.org/wiki/Household_income_in_the_United_States#Education_and_genderExactly right. I totally appreciated a person who works a low paying or runs their own business and only cares about lifestyle.
But the OP, obviously, cares a great deal about money and it is clear he thinks that 50k is quite well, he is proud of that and wants validation.
Well if your #1 goal was money (unfortunately it is for most people) then that is NOT a good showing.
"lol, yeah, because no one goes to college or anything.
I have about $32,000 and zero debt, but I've been very fortunate in my life with college expenses (full ride scholarship, etc). I could be quite a bit better off right now financially if I cared more about money, but I don't. I took five months off after college to travel and live life for a while. I then took a job that offered great experience but not so great pay. I feel like I'm doing well all things considered. I know people who are 30 who have less to show for it than I do, and I know people my age who are making six figures, so it varies wildly. You have to figure out what is important to you and define your own success and not worry too much about other people.[/quote]
Haha wow insecure much?
Take stats courses much? Median wage? Are you kidding me?
You know that factors for interns, homeless, poor alabama trailer trash, artists and hippies who don't care about money etc etc.
I wouldn't be particularly proud of earning 33k if I was 25 and wanting to save money/ concerned about money.
For someone concerned about savings (as the OP clearly is) earning 33k at 25 is pathetic. If money is a primary concern and you are earning 33k that is horrible.
If you are a freethinking artist pursuing fully your passion in life and you couldn't give an f about money then great. 33k could be good or meaningless. Although obviously such a person wouldn't be posting asking if 50k is good savings for a 25yo.
insecure much man?
Median income for a male 25 years of age or older in this country is $33.5k/year, asshat.
http://en.wikipedia.org/wiki/Household_income_in_the_United_States#Education_and_gender
[/quote]
I am not 25 yet and don't have 50k yet either, so the person who posted after me that is that age and net worth isn't me. I appreciate the feedback though. I feel that I can save more each month by making lunches instead of leaving the office each day to buy a lunch and buy being more aggressive with portfolio allocations.
Yes, lets use averages when the top 1% holds 35% of the wealth in this country. Surely that will give us an accurate representation of what your typical American makes.
While aspiring to be equal to the median is probably not a goal anyone should have, very few 25 year olds are making $60k/year or more, less than 5% anyhow.
More info:
Well, I'm guessing (hoping) you're a troll.
Because here is some basic math for you...
If you go to college for 4 years to earn a Bachelors degree, and you pay for it yourself, it'll cost you ~80k on the low side for a major in-state institution. For a masters, you're talking ~120k or more.
If you are 18 when you start college (though some might turn 19 between HS and college), and you finish up your Bachelors in 4 years, that means you are 22 when you graduate. For someone that is 25, they have had 3 years to pay that off (if they took loans to pay for it) plus earn money. If they have saved up $50k without debt, that means they've made $130k in those 7 years - certainly almost all in the last 3 (say, 35-40k/year, which isn't bad for a starting position with only a BA or BS).
Same situation above, but going for a masters, that leaves ONE year to make up for the 120k spent on a college education - they'd have to have made $170k/year to have saved up $50k by the time they are 25. That would be a great starting wage, even if you have a masters degree.
Then, of course, if you're going for a PhD, you've somehow managed to earn almost 30k/year AND go to school, and you still aren't done yet.
That's not counting any additional expenses beyond schooling, of course. Things like buying a car, paying for any trips you might go on, etc.
Usually around $19
I'm the guy who said he saved 50k.
College cost about 90k. Paid for about half that myself. Finished paying off loans a little over a year ago, so savings didn't begin until then. I've been working for 3 years, currently make 60k (50k when I started).
I honestly don't know if that's better or worse than average, so I'm not trying to either brag or be humble. Just stating the facts.
Savings didn't begin until a little over a year ago, you make 60k, and yet you have saved 50k. Something tells me you aren't employed as a mathematician, or you live in a van down by the river.
Dear OP,
Don't freak out. I'm 26. At 25, I had about 3000 in an actual savings account. I'm one of those crazy people who does not value money as much as most. I make about 40,000 a year and save whatever I can when I have money left over in my budget. I also spend money one trips and things because I'm young and I should not deprive myself of great experiences because of what's in my savings account. Right now, I only have about 6,000 saved. That's not counting my coaching check that I'll be getting this month, so I'll be closer to 8,000 by the time the year is through. At 24 years old, I had about 0 dollars to save on a good month.
I am also single, and have 0 kids to support. I also have no family to help be with financial woes. I am very proud of this 6000 I have saved haha.
Last post.
I have several friends who have started saving money sooner than I (since they were 22-23ish). One friend who makes 60/year at 25 years old and had 30,000 saved before he put it down on a house. Another friend of mine is still in school and had about 10,000 saved at 23 years old. I'm just trying to help you with some examples.
I would assume a normal amount for a 25 year old who has had a steady job is around half of your current yearly income, and by 30, you should have close to that full amount.
Savings didn't begin until a little over a year ago, you make 60k, and yet you have saved 50k. Something tells me you aren't employed as a mathematician, or you live in a van down by the river.
My company has me stationed overseas with all major living expenses paid (food, housing, transportation).
IM 25 now, I have a few thousand ~3k saved. I graduated college at 23. Im starting med school in August.