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chiquen81 · Nov 24th, 2008, 12:44 PM

I'm trying to figure out if I'm on a good track. I've talked to some people my age, and they have so much more saved than me. Part of my problem is that I started my 401K when I was 25, and not earlier.

Age: 27
Retirement 401K: $10,000
Regular emergency savings (ING): $6,000

So that's basically it. I feel like I suck. But, maybe I don't? I am maxing my 401k.

If anyone has any tips for people in their 20s(since i know there are a lot of lades in their 30s or 40s on here) I'd love it.

lovely_bag · Nov 24th, 2008, 02:25 PM

hi chiquen81,

maybe this helps: no matter how much I earn, I always (at least try) to save 25-30% of my monthly income.
Only when it went below 1000$/month I could not spend 25% of my income.

You are looking for answers of your saving is average?
Friends I know save more (30% and more) or less (nothing).

I own more money than you - since I am in my midthirties

I think you are on a good track already!

Allisonfaye · Nov 24th, 2008, 02:37 PM

I think you are doing great. ( I am not telling my age or how much I have saved.) It used to be a lot more... the saved part, I mean. haha

cherubicanh · Nov 24th, 2008, 02:45 PM

God, you are in great shape. I just turned 26 and haven't even thought of it. I'm living in the moment to much. LOL. I think I'm ready to buckle down. But I'm in freelance event marketing, so it's a little harder. I'll think of the savings once I finally commit to a full time job. =)

lorihmatthews · Nov 24th, 2008, 03:51 PM

I'm conservative, so I'd suggest beefing up your emergency cash savings. I've been listening to Suze Orman and she's recommending 8 months' worth of cash for an emergency fund.

Jahpson · Nov 24th, 2008, 03:59 PM

your doing really good.

I'm 24 and I havent hit the $5,000 mark yet in my savings. as for retirement. I havent even looked at how much I got so far

lunatwinkle · Nov 24th, 2008, 04:14 PM

Originally Posted by lorihmatthews

I'm conservative, so I'd suggest beefing up your emergency cash savings. I've been listening to Suze Orman and she's recommending 8 months' worth of cash for an emergency fund.

I don't really want to post how much I've saved up on a public forum. Sorry sweetie, don't take offense. But I do think you're off to a good start. But I'd also take Suze Orman's advice and beef up on your cash savings.

dbtbandit67 · Nov 24th, 2008, 06:39 PM

I'm 22 and I have $300 in my savings account. I have $200 worth of stocks, and I have zero debt.

I own 8 websites, and have just brokered a deal for 6 more. They are worth $4,000, with potential to increase in value and paying out a recurring income. I have only gotten into this 6 months ago, so be nice to me ladies

My advice is to get into entrepreneurship, and to get into it now. ask yourself, what do you love doing? then ask yourself how you can make money off it, and how you can make money as soon as possible. and it's going to be hard, i've had my ups and downs in what i'm doing, and i still am nowhere close to where i want to be. but every day it gets better, and it's a game i'm going to try to win until the end

madamestuff · Nov 24th, 2008, 08:22 PM

27, 2-3 hundred thousand in retirement savings, in the tens of thousands in cash savings, tens of thousands in stock market, low tens of thousands in art, few hundred thousand in property (although this is mortgaged, not owned outright).

how's that for vague and specific at the same time?! haha

personally, I think that suze orman's 8 months worth of cash thing is total bunk. I have three months. I think if you have a seriously healthy amount of money floating about (like she does) you can afford to have 8, but the opportunity cost of that other 5 months worth is far too great (for me, anyway).

lorihmatthews · Nov 24th, 2008, 09:56 PM

Originally Posted by madamestuff

27, 2-3 hundred thousand in retirement savings, in the tens of thousands in cash savings, tens of thousands in stock market, low tens of thousands in art, few hundred thousand in property (although this is mortgaged, not owned outright).

how's that for vague and specific at the same time?! haha

personally, I think that suze orman's 8 months worth of cash thing is total bunk. I have three months. I think if you have a seriously healthy amount of money floating about (like she does) you can afford to have 8, but the opportunity cost of that other 5 months worth is far too great (for me, anyway).

Well -- if you've got that much money invested in other venues, then I'd agree that you specifically don't need 8 months cash. However, in looking at the OP's situation, that's why I suggested the 8 months of cash reserve. I also think that the US being in the dire straits that it is now, where the OP is from, it is a safe move to hoard as much cash as possible.

chiquen81 · Nov 24th, 2008, 10:15 PM

Quote:

27, 2-3 hundred thousand in retirement savings, in the tens of thousands in cash savings, tens of thousands in stock market, low tens of thousands in art, few hundred thousand in property (although this is mortgaged, not owned outright).

May I ask how you are that far along at your age? Did you inherit or do you have a high paying job? Or does it all boil down to just saving since you were young?

chiquen81 · Nov 24th, 2008, 10:16 PM

OH ps - you don't have to explain the pension thing, because I know in australia it is mandatory.

dbtbandit67 · Nov 24th, 2008, 10:52 PM

income generation is just as important as savings. if you don't have the first one, then you don't have the second one

so can anyone tell me where i can dig up a lockbox filled with $1M?

Kiss Me Deadly · Nov 24th, 2008, 11:04 PM

I wont give exact figures, but im 23 and have over $15K in savings.. ive been working and saving since I was 14.. dont worry, I have TONS of school debt

BoyAboutTown · Nov 26th, 2008, 03:27 PM

18, have about $8,000 saved up. i work full time in the summers, and part time while im in school. i live with my dad so my costs are only cell phone bill and going out (food, movies, etc.)
i dont have a retirement savings plan because i would like to have access to my money at any time, which is why i'm waiting for the new year to invest in the new tax free savings account.

Nov 24th, 2008, 12:44 PM	#1
chiquen81 OP Member Joined: Feb 2008 Location: Boston, MA Posts: 362	What is your age and how much $ do you have saved (and where) ? I'm trying to figure out if I'm on a good track. I've talked to some people my age, and they have so much more saved than me. Part of my problem is that I started my 401K when I was 25, and not earlier. Age: 27 Retirement 401K: $10,000 Regular emergency savings (ING): $6,000 So that's basically it. I feel like I suck. But, maybe I don't? I am maxing my 401k. If anyone has any tips for people in their 20s(since i know there are a lot of lades in their 30s or 40s on here) I'd love it.
	Last edited by chiquen81; Nov 24th, 2008 at 12:50 PM.

Nov 24th, 2008, 02:37 PM	#3
Allisonfaye Member Joined: Oct 2006 Posts: 5,618	I think you are doing great. ( I am not telling my age or how much I have saved.) It used to be a lot more... the saved part, I mean. haha
Allisonfaye Member Joined: Oct 2006 Posts: 5,618	__________________ If you can afford it, for God's sake, BUY SOMETHING!

Nov 24th, 2008, 03:59 PM	#6
Jahpson Member Joined: Aug 2007 Location: The Playground Posts: 22,390	your doing really good. I'm 24 and I havent hit the $5,000 mark yet in my savings. as for retirement. I havent even looked at how much I got so far
	__________________ Michael Joseph Jackson 1958-2009

Nov 24th, 2008, 08:22 PM	#9
madamestuff Junkie Joined: Nov 2006 Location: Melbourne Posts: 829	27, 2-3 hundred thousand in retirement savings, in the tens of thousands in cash savings, tens of thousands in stock market, low tens of thousands in art, few hundred thousand in property (although this is mortgaged, not owned outright). how's that for vague and specific at the same time?! haha personally, I think that suze orman's 8 months worth of cash thing is total bunk. I have three months. I think if you have a seriously healthy amount of money floating about (like she does) you can afford to have 8, but the opportunity cost of that other 5 months worth is far too great (for me, anyway).
	__________________ I'm not brandist... I fall for the bag, not the tag Current Wishlist (in no particular order): Miu Miu Coffer in Deep Blue Marc Jacobs Airliner Clutch in Seafoam or Emerald Balenciaga Envelope Clutch in Officer (giant silver hardware) Anya Hindmarch 3 pocket clutch or bag in black Prada Fairy

Nov 24th, 2008, 11:04 PM	#14
Kiss Me Deadly :heart: Joined: Sep 2006 Location: New York!! Posts: 5,538	I wont give exact figures, but im 23 and have over $15K in savings.. ive been working and saving since I was 14.. dont worry, I have TONS of school debt
	__________________

Nov 24th, 2008, 02:25 PM	#2
lovely_bag Member Joined: Nov 2008 Location: Europe Posts: 430	hi chiquen81, maybe this helps: no matter how much I earn, I always (at least try) to save 25-30% of my monthly income. Only when it went below 1000$/month I could not spend 25% of my income. You are looking for answers of your saving is average? Friends I know save more (30% and more) or less (nothing). I own more money than you - since I am in my midthirties I think you are on a good track already!

Nov 24th, 2008, 02:45 PM	#4
cherubicanh I'm Spicy BABY! Joined: Dec 2006 Location: In my closet! Posts: 2,390	God, you are in great shape. I just turned 26 and haven't even thought of it. I'm living in the moment to much. LOL. I think I'm ready to buckle down. But I'm in freelance event marketing, so it's a little harder. I'll think of the savings once I finally commit to a full time job. =)

Nov 24th, 2008, 03:51 PM	#5
lorihmatthews Fall is here! Joined: Oct 2006 Location: San Francisco Posts: 11,048	I'm conservative, so I'd suggest beefing up your emergency cash savings. I've been listening to Suze Orman and she's recommending 8 months' worth of cash for an emergency fund.

Nov 24th, 2008, 06:39 PM	#8
dbtbandit67 I came back for you. Joined: Oct 2008 Location: Los Angeles Posts: 1,524	I'm 22 and I have $300 in my savings account. I have $200 worth of stocks, and I have zero debt. I own 8 websites, and have just brokered a deal for 6 more. They are worth $4,000, with potential to increase in value and paying out a recurring income. I have only gotten into this 6 months ago, so be nice to me ladies My advice is to get into entrepreneurship, and to get into it now. ask yourself, what do you love doing? then ask yourself how you can make money off it, and how you can make money as soon as possible. and it's going to be hard, i've had my ups and downs in what i'm doing, and i still am nowhere close to where i want to be. but every day it gets better, and it's a game i'm going to try to win until the end

Nov 24th, 2008, 10:16 PM	#12
chiquen81 OP Member Joined: Feb 2008 Location: Boston, MA Posts: 362	OH ps - you don't have to explain the pension thing, because I know in australia it is mandatory.

Nov 24th, 2008, 10:52 PM	#13
dbtbandit67 I came back for you. Joined: Oct 2008 Location: Los Angeles Posts: 1,524	income generation is just as important as savings. if you don't have the first one, then you don't have the second one so can anyone tell me where i can dig up a lockbox filled with $1M?

Nov 26th, 2008, 03:27 PM	#15
BoyAboutTown Member Joined: Jul 2006 Location: Toronto Posts: 502	18, have about $8,000 saved up. i work full time in the summers, and part time while im in school. i live with my dad so my costs are only cell phone bill and going out (food, movies, etc.) i dont have a retirement savings plan because i would like to have access to my money at any time, which is why i'm waiting for the new year to invest in the new tax free savings account.

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