How much saved up at age 21?

Less than $1000. Are you in school? If you are, don't worry about it... after you graduate, the world of "professional" jobs could be open to you... try to get the best one you can and a down payment will immediately seem less scary.

still in school yes. another yr. accounting/econ

$0

Had about $5000. Two years later, under $1000.

If you are the Winklevoss twins, you probably had enough to buy a house when you were 21.

If you are a typical student, you will spend about 10 years paying off your student loans, establishing credit, developing a career, saving money and then you can think about buying a home.

Had about $20,000 saved up by 21. I'm a big saver, though.

Regarding the house down payment... don't worry too much - give it another 5 or so years and the down payment will be much less when houses are about 50% of their current prices.

I probably had about $10,000.

Did you get a college degree? If so, how much did that cost? What did you take out in student loans? What did you do to earn/save $20,000, did you pay taxes on those earnings and what is your current income? What is your profession and what do you expect to make each year for the next five years.

I can get you on the Suze Orman program if you want.

Maybe $1500? Six years later, not much more...

How do people save money by the age of 21? if you're in college you should probably have zero dollars or actually negative if you take out loans. otherwise i dont get it. How do you pay for books, food, gas, tuition, rent, etc. and still have money left over?

If you only make $1500 a month six years after graduation and you owe student loans, you can contact government services to help you. They can take you and your children into a shelter for a few days if needed.

I had a few thousand because I went to college on full tuition scholarship with stipend (ROTC), I had a National Merit scholarship that covered most of my room and board, and I worked summer jobs.

If, however, you take your parents' money to pay for college you should have approximately $0 saved.

polar wrote:

How do people save money by the age of 21? if you're in college you should probably have zero dollars or actually negative if you take out loans. otherwise i dont get it. How do you pay for books, food, gas, tuition, rent, etc. and still have money left over?

Working?

How did you save $20,000 by 21? What did you do to save that money? Many 18-20 year olds who are planning on college are very interested in your technique to save $20,000 by 21 for college. Do you have a website or book that they can buy to teach them your learnings? Is there a number they can call and are there people answering the phones 24/7?

When I'm 21 in 8 months I'll probably have somewhere around 200 dollars in my savings.

Yes, got a college degree. Engineering undergrad, private college. Cost a lot. But between a scholarship, several small local scholarships, grants (need-based), working 2 years as a Resident Assistant, work study during school, and 2 nice-paying summer internships with an auto manufacturer, I got out in 4 years with $5500 in student loans. Paid that off 6 months after leaving school (on my $42k starting salary).

The key for me was saving almost everything I made. My brother definitely worked and made more than I did, but he always blew it on stuff, and never had anything left over. Same family, same opportunities, different result.

My family wasn't well-off (poor enough to receive reduced-school lunches). To earn/save the $20,000 I worked summer jobs starting after 8th grade, including stuff like manual labor in the fields, umpiring summer baseball games, etc. Working in the fields paid really well ($7/hr first year, and more later when my brother and I worked as contractors rather than hourly). It was hard work. Filed a tax return after the first summer of decent earnings (maybe age 16?). I doubt I had to pay much in tax since I probably made less than $2k total. My dad would pay us $4.50 an hour for extra help on his farm ("extra" meaning regular chores were not compensated). My grandpa would often give us $1 for doing well in a sporting event, and I always saved that stuff my whole life. Birthday & Christmas money from relatives (usually $5-$20) was always saved. I remember high school graduation was a huge windfall (like $300!). I would just put it all in my dresser drawer, then when $100 had built up it would go into the savings account or a CD. Never worked during the school year b/c I was too busy with sports and academics. Summers in high school were for working and playing baseball.

Probably had $8,000-$10,000 in the bank at 18 when I went to college, and was able to save the other $10,000 the next 3 years (work study, summer internships, scholarships, etc..) Of course, my $10,000 savings was earning 8% in interest at times those college years (mid/late 90s), so that interest helped ($800 per year on $10k). God, I miss those interest rates.

Never learned about investing (or what a stock was) until I was out of college.

Currently make mid-80s as a management consultant. As for the next five years, I could probably make as much or a little more, but I'm honestly considering working less. I live inexpensively and have realized that I have a knack for investing and probably have plenty of money to live off now (I'm 32). I really value my time and dislike having to get up every day for a job, so I doubt I'll continue doing it for another 5 years. I'd rather have freedom to do whatever I want with low stress than be tempted to acquire more "stuff".

I've read a few of Suze Orman's books, but I'm not sure what you mean by getting me on her program if I want.

No program for sale. And, the way I did it would be a little late for somebody starting at 18-20 in hopes to have it by 21.There are books books I've read that I really like: 1.) The Millionaire Next Door; and 2.) Your Money or Your Life.The Millionaire Next Door illustrates the importance of it's not so much the amount you make, but the amount you keep. It has examples of couples of modest incomes (some never made more than $40k in a year) dying with multi-million dollar portfolios. Just from living below their means and saving. Trying to keep up with the Joneses, and buying stuff you don't need doesn't work at any income level if you want to accumulate any amount of wealth... at least in my experience.

DaveW wrote:

How did you save $20,000 by 21? What did you do to save that money? Many 18-20 year olds who are planning on college are very interested in your technique to save $20,000 by 21 for college. Do you have a website or book that they can buy to teach them your learnings? Is there a number they can call and are there people answering the phones 24/7?

I think all of this depends on how much money your parents/family is investing in your college education, not how much youre saving.

and again im assuming we're talking about 21 year olds in college. Hell I dont even think my parents have 20,000 saved and theyre more than double the age of 21