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Where should I be financially for my age?

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 Where should I be financially for my age?
Unread 5 years agoclass of '05 - away - #1
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specialk103185 70 heat pts70 space
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This may be a silly question but I just wanted to get an idea from some different folks. I'm a 24 year old female with a decent job. But i've never really cared about money like that. I'm never really broke, and i understand how money and investments work (i read a lot). But i've never really cared about being a millionaire or anything like that. I've come across a lot of older adults that just dont have their s**t together--meaning they dont have a car or more than 500 dollars in the bank and i'm just like image...at the same time--ive come across people my age with 50 stacks saved up already...Where am i supposed to be financially at this age? Just a question.image
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21 comments for "Where should I be financially for my age?"

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Unread 5 years agoclass of '08 - away - #2
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^^

Its all depending on how you want to live your life. Some peoples jobs are stable in that they will receive pension, medical benefits etc. whereas some do not. I know people who have great salaries but because of their way of life they save next to nothing. And others who make a fair salary but live within their means and therefore have more money at the end of the day. Always plan with finances, like anything else in life.
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Unread 5 years agoclass of '05 - away - #3
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A car is only going to depreciate...I wouldn't consider that a sign of having yourself together financially. I'm sure if Bill Gates didn't need one for various tasks he wouldn't even own a car.

But I feel where you are coming from. The posts above are correct. Where would YOU like to be?

I'm 22, and my 5 year plan is to have a stable government job, put a major dent in my college loan debt or have it paid off completely, and work on various forms of income (stocks, business ventures, etc.)
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Unread 5 years agoclass of '04 - away - #4
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specialk103185 said:
This may be a silly question but I just wanted to get an idea from some different folks. I'm a 24 year old female with a decent job. But i've never really cared about money like that. I'm never really broke, and i understand how money and investments work (i read a lot). But i've never really cared about being a millionaire or anything like that. I've come across a lot of older adults that just dont have their s**t together--meaning they dont have a car or more than 500 dollars in the bank and i'm just like ...at the same time--ive come across people my age with 50 stacks saved up already...Where am i supposed to be financially at this age? Just a question.
I feel u girl and I still havent got my z yet..haah but back to your question..its how u feel about yourself...Im your age and I look at life like this...Im trying to build my future up so the 2nd half of my life (retirement years) i can just ball the f**k out and not worry about a thing...right now, I got a mortgage and soon to be car note over my head..a lil crazy but im fine with it...right now..im not out buying those $250 shoes or $800 gucci jackets...because thats outside my means..if being well established in your later life isn't really a big deal, than live every day as its your last...i used to not give a f**k about a price about anything..if i wanted it, I got it..but now i have to think of my purchases and be realistic...i dont have 50 stacks saved up but i got my 401k going and mutual funds going so hopefully by the time im 65-70, i'm gonna be a millionaire
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Unread 5 years agoclass of '04 - away - #5
Kalon 4 heat pts space
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well you are at that magical 25 age...you should be planning to start paying off student and credit card debt if you have any, and having an 8 month emergency fund and savings account.
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Unread 5 years agoclass of '06 - away - #6
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Black Magick said:
There's no written rule that states where you're supposed to be financially at a certain age. It's all about where you want to be.
Pretty much.

I promised myself the first car I'll buy is a Gallardo. Keeps me on my toes and looking for money opportunities ... ways to save and ways to keep my money working for me.

You gotta find out where you wanna be and then work towards it.
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Unread 5 years agoclass of '04 - away - #7
- JaEdEe24 - 14 heat pts14 space
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Most of the guys hit the note on living by your means, and it's as good as it gets...

If you want a good evaluation of where you should be at, I have a solution to share from the book:
The Millionaire Next Door, here it is:

You multiply your annual income by your age, you take that sum and divide it by 10, and that number is what your aiming for in your bank account, this is the book's definition of just right. If you've doubled that savings number, you would then be considered a great accumulator of wealth.

Once again:

(annual income) X (your age) = Sum

Sum divided by 10= what your savings should look like.


Hope that helps.

Last edited by - JaEdEe24 -; 02-22-2010 at 10:23 PM..
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Unread 5 years agoclass of '04 - away - #8
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- JaEdEe24 - said:
Most of the guys hit the note on living by your means, and it's as good as it gets...

If you want a good evaluation of where you should be at, I have a solution to share from the book:
The Millionaire Next Door, here it is:

You multiply your annual income by your age, you take that sum and divide it by 10, and that number is what your aiming for in your bank account, this is the book's definition of just right. If you've doubled that savings number, you would then be considered a great accumulator of wealth.

Once again:

(annual income) X (your age) = Sum

Sum divided by 10= what your savings should look like.


Hope that helps.
I like this.
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Unread 5 years agoclass of '05 - away - #9
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- JaEdEe24 - said:
If you want a good evaluation of where you should be at, I have a solution to share from the book:
The Millionaire Next Door, here it is:

You multiply your annual income by your age, you take that sum and divide it by 10, and that number is what your aiming for in your bank account, this is the book's definition of just right. If you've doubled that savings number, you would then be considered a great accumulator of wealth.

Once again:

(annual income) X (your age) = Sum

Sum divided by 10= what your savings should look like.


Hope that helps.


That is stupid as hell.

That means an 18 year old who is making 5 thousand dollars per year should have 9 thousand dollars in the bank right now.

What 18 year old you know, that works a part time job, has 9,000 saved up (That he earned, excluding what was given to him)

Anyway, I was locked up from 20 years old to 21 years old, had like 3 thousand saved up, spent it all on lawyers and all that s**t. Got out a day after my 21st birthday, with 0 dollars. I am now 22, been out for like 18 months, and I have a little over 5 thousand saved up. I seem to be pretty good as I have more money then the majority of my friends (Although a lot of them have been in college for the past 4 years and didnt really work). I work a full time job making between 10-18 dollars an hour (Commision based) and have managed to save over 5 grand in the past 18 months or so.

Your a couple years older then me, so by that age I hope to have between 15-20 grand saved up.

But, if your livin paycheck to paycheck its no big deal. Your 20's are the time to figure out where you want to go with your life and what kind of life you want to live.

Some people are 25 with 80 grand in the bank. Some people are 25 unemployed still trying to find out what they want to do with their life.

Theres no set amount you have to have to be going in the right direction. Just stop spending money on stupid s**t (I'm one to talk, I figured it out the other day and I spend about 2,000 on cigarettes per year, and almost 5,000 dollars on alcohol per year....stupid s**t at its finest.) But dont go out as soon as you get paid and buy a bunch of clothes and accesories and spend your entire check. Chill for a few weeks, let a few paychecks build up, then occasionally buy some s**t for yourself. Just occasionally, though. When your sittin on a few paychecks, you feel so much more secure.

Dont worry about what other people tell you, as long as YOU are secure with your finances you are in good shape.
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Unread 5 years agoclass of '04 - away - #10
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It definitely depends on the individual. It also depends on how good you are with money to begin with. That's a huge factor in saving. If you like to spend heavily, or if you have a poor/broke mentalilty...that's what you're goig to be until you start both thinking, and acting differently. That is the reason why so many people that win the lottery end up broke again shortly thereafter. They never learned how to manage their money while they had little, so the lotto just multiplies the management problem.

Start small, and once you learn how to save and manage, then start investing, and saving more and more and time goes by.
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Unread 5 years agoclass of '04 - away - #11
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- JaEdEe24 - said:
Most of the guys hit the note on living by your means, and it's as good as it gets...

If you want a good evaluation of where you should be at, I have a solution to share from the book:
The Millionaire Next Door, here it is:

You multiply your annual income by your age, you take that sum and divide it by 10, and that number is what your aiming for in your bank account, this is the book's definition of just right. If you've doubled that savings number, you would then be considered a great accumulator of wealth.

Once again:

(annual income) X (your age) = Sum

Sum divided by 10= what your savings should look like.


Hope that helps.

DO NOT LISTEN TO THIS AT ALLL!!!!!!!!!!!!.....having over 50-100k in your bank account is not smart unless ur a rapper/nba player..u need to re-invest your money into your 401k and mutual funds, stocks...

Last edited by NYCNYCNYC; 02-23-2010 at 02:25 AM..
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Unread 5 years agoclass of '04 - on now - #12
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SMH.. Dont follow that calculation rule of thumb.. it will lead you to a road of stress if you are perfectionist.

This rule of thumb really is that you shoudl be able to save at least 10% of your earning for the year to start off.. When you are young you dont have any type of 401k unless you have a good job and that if you really keep it for a long time. which in most cases doesnt happen often. once you really get into your field of find a place that you have been working more than 3 years than you whole 401k kicks isn and you start to look into more stock options and other ways to invest money.

Just like investing money in the stock " Never put out what you arent willing to loose". with that being said. you can alway play it safe and just stay with the min on the 401k being deposited or you can but stock in the company that you work for (if they are trading)

NOW.. For the Under 25 people in the room. You are what we call the "HAVES" an "HAVE NOTS"....
The "HAVES" are the people that parents were fortunate enough to put money away for them while they were younger so they would be able to have a jump start on life once they get to that age. but this doesnt always plann out as it should be. ONce the person comes of age and they are released the money 85% of them would blow it on school and 10% would blow it on Credit card bills, the last 5% would acutally save it for something.

Than we have the "HAVE NOTS"- These are the people that werent so fortunate but still given what they needed but they just had to work a little harder. The thing with this is that they have KNOW how to manage money at the stage that they are at. so when they come into something or a little wealth they are able to hold on to it longer becuase they dont to go back to the same rut as they were before.

SO what it comes down to it what you are able to do.. IF you are able to save a little something on the side and it not hurt your pockets by all means do it. There isnt really any set age that you should have a certain amount of money saved. that entirly up to you. but you should hav something saved up.

I am 27 years old.. I didnt have anything saved up in the bank untill last year. BUT i have stocks that ive traded for when i was 22 and a 401k that i got when i was 23. So im playing all my options but im still saving up also as we speak...

If you need any advice let me know..
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Unread 5 years agoclass of '04 - on now - #13
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Black Magick said:
I see a whole bunch of "play it safe" advice in here.....

Threadstarter, let me ask you. Where do you want to be? Do you want to be "comfortable" or financially independent? Let me know which one and I'll give you the best advice I know of to suit you.
For someone that doesnt have the capital to even play with. the only thing he can do it play it safe... Most young kids dont have anything to put forward without loosing it and being a.ssed out.. That what it really comes down to. ARe they really able to take that gamble???

I my self I gamble on s**t all the time.. Im win more than i loose but im able to make back what i lost easily for others its not that simple...

But as always More advice is better than NONE.. you just have to pick and Choose WHOMS advices fits you best....
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Unread 5 years agoclass of '05 - away - #14
specialk103185 70 heat pts70 space
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- JaEdEe24 - said:
Most of the guys hit the note on living by your means, and it's as good as it gets...

If you want a good evaluation of where you should be at, I have a solution to share from the book:
The Millionaire Next Door, here it is:

You multiply your annual income by your age, you take that sum and divide it by 10, and that number is what your aiming for in your bank account, this is the book's definition of just right. If you've doubled that savings number, you would then be considered a great accumulator of wealth.

Once again:

(annual income) X (your age) = Sum

Sum divided by 10= what your savings should look like.


Hope that helps.
I read that book...but it's next to impossible...I think that equation is designed for people far older...According to that I'm supposed to have 140K in the bank...i've only been outta college for 2 1/2 years...Without an inheritance that number is a little unrealistic.
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Unread 5 years agoclass of '05 - away - #15
specialk103185 70 heat pts70 space
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Black Magick said:
I see a whole bunch of "play it safe" advice in here.....

Threadstarter, let me ask you. Where do you want to be? Do you want to be "comfortable" or financially independent? Let me know which one and I'll give you the best advice I know of to suit you.
Yea...It's decent advice and i guess there is no definitive answer i just wanted to see what everyone thought. To answer your question...I'm pretty comfortable now. Usually when people say financially independent they are talking about starting your own business if your ambitious OR having the ability to sit home and not do s**t all day. At this point in my life, neither of those really interest me. So i would say being comfortable would be my goal...I'm pretty comfortable now...FOR MY AGE--meaning i pretty much buy what i want and if I lost my job I wouldnt have to work for 2 years if i didnt pick up new expenses. but I can't live like that ALL my life, lol
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Unread 5 years agoclass of '08 - away - #16
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s**t don't know about ya'll, but I'm aiming for a million
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Unread 5 years agoclass of '04 - away - #17
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Right now, I'm 24 and living/working in NYC, and my goal has always been to be able to have enough cash on hand (not counting what I invest into my 401k automatically and what I put into various investments) to pay all of my bills and cost of living expenses for a year if I was ever out of work.

So it cost me roughly 2,500 a month to live in NYC (its 2,000 for living and 500 for loans every month), so I would like to have 30,000 in cash on hand in a general money market fund, and the rest of the money I save every month is invested into my portfolio. If I ever move out of what is arguably the most expensive city in the world, I'll adjust that number, but that's how I've been taught to save money, make sure you can live how you live now for a year if you ever had to be out of work.
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Unread 5 years agoclass of '04 - away - #18
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and a follow-up

Really, at 24-25, the only thing you really want to do is NOT have to go back home or rely on someone else if you were to become unemployed. If you can build up that stability, then you can take whatever extra money you make and invest it into high risk / high return investments.

So get stability first, then try and pad your pockets , too many young people try to pad their pockets, and then when their first bad investment happens (which WILL happen, happens to everyone), they are dead broke and a mess financially...you'll feel much better when you can have the freedom to take more risks (Leave your job, go overseas for work, start your own business, make investments, ect. ect.) without losing it all
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Unread 5 years agoclass of '04 - away - #19
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TheMagicMan said:
and a follow-up

Really, at 24-25, the only thing you really want to do is NOT have to go back home or rely on someone else if you were to become unemployed. If you can build up that stability, then you can take whatever extra money you make and invest it into high risk / high return investments.

So get stability first, then try and pad your pockets , too many young people try to pad their pockets, and then when their first bad investment happens (which WILL happen, happens to everyone), they are dead broke and a mess financially...you'll feel much better when you can have the freedom to take more risks (Leave your job, go overseas for work, start your own business, make investments, ect. ect.) without losing it all
i dont think that is correct..i would say in ur 30's yes but twenties..no...this is actually the time where you learn the most and might need help from the rents still
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