Age to wealth...what is considered wealthy at your age?

[GasX]

Originally posted by: TubStain

Originally posted by: rh71
My belief is that if you have the means to keep a car, funds for a house downpayment, and money to marry/start a family by age 27, you're doing just fine. It doesn't mean your wealthy, but it means you're well on track. This is true unless you went on with your education (lawyer, doctor, etc.) and are in debt for quite a few more years. Then I'd raise the age to about 30-35. IMO, that's a bit late to really get going with the best years of your adult life though...

Having 35k to spend on whatever you want at age 23 is way above the avg. The smart thing to do is to invest in/buy a house with it, but the inner child in me would love to spend that on a G35c (finance 0% over a few years, not all at once) in a heartbeat.

I had quite a bit of savings up until this mortgage every month came along. :| No regrets on where my life is going though... it's what you work for...

Work to live or live to work... I am very tempted by the G35 though. I would buy a house, but my situation is not conducive to buying just yet, since I anticipate moving frequently in the years ahead.

A true Ferengi never buys a new car...

 

[desy]

Yeah
I was swimming in money when me and the wife were dinks
Now. . .. Not so much now that shes stay at home mom. . .
We still pay the mortgage/bills and can long term save 10% of my net income but you have to make some clear want/need decisions

 

[Jzero]

A true Ferengi never buys a new car...

I was thinking those EXACT words!!!

 

[konichiwa]

Originally posted by: TubStain

Originally posted by: Quixfire
If someone else is signing your check you are not wealthy.

So you are saying that unless you have a business, you are doomed to never being wealthy? Hence by me having a job, I will never be wealthy? What if I use my job to pay the bills, but save and invest with excellent returns?

Well those dividend checks are, in effect, written by YOUR company

 

[marquee]

Originally posted by: rh71

Originally posted by: TubStain
I was fortunate to have parents who payed my college education(out of state no less), through their own savings. They pretty much passed on their ferengi ways to me. If I have anything it's because of what I learned from them.

Perhaps you should return the favor by paying for your children's education in the future. I was sorta in the same boat... parents paid for most of college (in-state) but I paid back some while working my first full-time job, now I have other things to worry about and they tell me it's ok. I have every intention of doing the same for my kids so long as I can.

same here, parents paid for my tuition (which was quite expensive ) but i'm thankful to get out of school with no debt at all. looking at my friends who have a ton of college debt, i'm really glad to be able to start work without worrying about having to pay off a few thousand dollars. i'll probably do the same for my kids too, its much easier affording college tuition after you've been working 15 years than when you've only just started working.

on the subject of the original post, i have about 15k saved up, own my car. i'd say i'm doing ok, just have to resist from buying that plasma tv i want!

 

[rh71]

Originally posted by: marquee

Originally posted by: rh71

Originally posted by: TubStain
I was fortunate to have parents who payed my college education(out of state no less), through their own savings. They pretty much passed on their ferengi ways to me. If I have anything it's because of what I learned from them.

Perhaps you should return the favor by paying for your children's education in the future. I was sorta in the same boat... parents paid for most of college (in-state) but I paid back some while working my first full-time job, now I have other things to worry about and they tell me it's ok. I have every intention of doing the same for my kids so long as I can.

same here, parents paid for my tuition (which was quite expensive ) but i'm thankful to get out of school with no debt at all. looking at my friends who have a ton of college debt, i'm really glad to be able to start work without worrying about having to pay off a few thousand dollars. i'll probably do the same for my kids too, its much easier affording college tuition after you've been working 15 years than when you've only just started working.

on the subject of the original post, i have about 15k saved up, own my car. i'd say i'm doing ok, just have to resist from buying that plasma tv i want!

See, we didn't come out spoiled... we are pretty financially responsible... parents just need to know how to moderate.

 

[TubStain]

Originally posted by: Jzero

A true Ferengi never buys a new car...

I was thinking those EXACT words!!!

Hey I can always be tempted and dream right? The dream ties into the fact that I could do it if I wanted to. Would I ever? HELL NO!

 

[rh71]

Originally posted by: TubStain

Originally posted by: Jzero

A true Ferengi never buys a new car...

I was thinking those EXACT words!!!

Hey I can always be tempted and dream right? The dream ties into the fact that I could do it if I wanted to. Would I ever? HELL NO!

Yeah you would.. the sound of that engine alone drives me wild. Come on, you know you want to.

 

[TubStain]

parents just need to know how to moderate.

:beer: for that one.

 

[spliffstar69]

Treat yourself and Lease a G35 or 350z

 

[TubStain]

Originally posted by: rh71

Originally posted by: TubStain

Originally posted by: Jzero

A true Ferengi never buys a new car...

I was thinking those EXACT words!!!

Hey I can always be tempted and dream right? The dream ties into the fact that I could do it if I wanted to. Would I ever? HELL NO!

Yeah you would.. the sound of that engine alone drives me wild. Come on, you know you want to.

:evil: <--- you

Nah, I've got my purse strings tight

 

[Viper GTS]

Originally posted by: rh71

Originally posted by: TubStain

Originally posted by: Jzero

A true Ferengi never buys a new car...

I was thinking those EXACT words!!!

Hey I can always be tempted and dream right? The dream ties into the fact that I could do it if I wanted to. Would I ever? HELL NO!

Yeah you would.. the sound of that engine alone drives me wild. Come on, you know you want to.

If you're going to blow that kind of money on a new car, there's much more exciting cars than a G35.

Viper GTS

 

[Quixfire]

Originally posted by: TubStain

Originally posted by: Quixfire

Originally posted by: TubStain

Originally posted by: Quixfire
If someone else is signing your check you are not wealthy.

So you are saying that unless you have a business, you are doomed to never being wealthy? Hence by me having a job, I will never be wealthy? What if I use my job to pay the bills, but save and invest with excellent returns?

Not everyone that has a business is wealthy, but if you depend on someone else for income you are not truly wealthy. I own my own business and I work for a company. My business is for my retirement and future interests. At my age, mid-thirties, I not ready to retire and I don't really care to manage my business anymore. I hired my brother to manage my real estate holdings while I work for a local company. I'm planning on retiring a 45 and having enough income so I will never ever have to depend on some else to provide for my family.

Excellent, I hope you achieve your goal.

I find it rare to meet people who are determined to be as fiscally responsible as you. I hope to reach somewhere along those lines as well. I realize what you mean by the depending on someone else for income. I think right now, my goal is to boost my bottom line, so that I can then invest in equity with solid steady returns to live off. I'm living very dangerously and taking plenty of managed risks right now in order to achieve that. So far so good.

When I was younger I did the same thing. I won some and lost some, but what I learned about the experience has guided to the point I am at now.

Good Luck to you and never give up.

 

[oog]

I didn't see anything that says that you've put money into a tax-sheltered retirement account. If you haven't, it's definitely time to do that.

 

[Quixfire]

Originally posted by: konichiwa

Originally posted by: TubStain

Originally posted by: Quixfire
If someone else is signing your check you are not wealthy.

So you are saying that unless you have a business, you are doomed to never being wealthy? Hence by me having a job, I will never be wealthy? What if I use my job to pay the bills, but save and invest with excellent returns?

Well those dividend checks are, in effect, written by YOUR company

I don't take dividend checks yet, all the monies made by my company is reinvested.

 

[StageLeft]

If you're 25 and you have a net worth in the positive, you're doing very well IMO. I have no CC debt, my house is worth what I owe, dito for my car note, but I still have student loans. Of course in an abstract sense my education is monetarily worth much more than the modest loans, so compared to somebody who never went to school and has a networth at 21 I'd be doing better (probably).

 

[TubStain]

Originally posted by: oog
I didn't see anything that says that you've put money into a tax-sheltered retirement account. If you haven't, it's definitely time to do that.

Yeah maxing out the 403b. Did that right from the get go.

 

[StageLeft]

It's a fact that if you want to be stinknig freaking rich basically the only way to do it is to own a busniess, like Quixfire mentioned.

Still, I have little aspirations to own a business (or be stinking freaking rich for that matter), but if you're in command of a good income (working for somebody or not), you can still retire a multi-millionaire if it's really important to you.

Don't bother. "The Richest Man in Babylon", "The Greatest Salesman in the World", "The Millionaire Next Door". Kiyosaki made his money peddling these books, which IMO don't really contain any special info, just common sense tips (minimize your tax liability, get to a point where your essentials are covered by dividends/real estate income).

The millionaire next door is a book I can not recommend enough. I agree it's common sense. Almost all of the finances that will get a person where they need to be are common sense if you actually think about it. But, I had not thought about them before reading that book, and most adults in America haven't though about finances properly either. A book like the millionaire next door is like a slap across the face. For me it was invaluable, and for others too.

 

[TubStain]

Originally posted by: Skoorb
It's a fact that if you want to be stinknig freaking rich basically the only way to do it is to own a busniess, like Quixfire mentioned.

Still, I have little aspirations to own a business (or be stinking freaking rich for that matter), but if you're in command of a good income (working for somebody or not), you can still retire a multi-millionaire if it's really important to you.

Don't bother. "The Richest Man in Babylon", "The Greatest Salesman in the World", "The Millionaire Next Door". Kiyosaki made his money peddling these books, which IMO don't really contain any special info, just common sense tips (minimize your tax liability, get to a point where your essentials are covered by dividends/real estate income).

The millionaire next door is a book I can not recommend enough. I agree it's common sense. Almost all of the finances that will get a person where they need to be are common sense if you actually think about it. But, I had not thought about them before reading that book, and most adults in America haven't though about finances properly either. A book like the millionaire next door is like a slap across the face. For me it was invaluable, and for others too.

Yup I have the Millionaire Next door on my bookshelf. I read it every now and then when I lose track of my goals and get tempted. It is amazingly effective at putting me back on track.

 

[StageLeft]

Originally posted by: TubStain

Originally posted by: Skoorb
It's a fact that if you want to be stinknig freaking rich basically the only way to do it is to own a busniess, like Quixfire mentioned.

Still, I have little aspirations to own a business (or be stinking freaking rich for that matter), but if you're in command of a good income (working for somebody or not), you can still retire a multi-millionaire if it's really important to you.

Don't bother. "The Richest Man in Babylon", "The Greatest Salesman in the World", "The Millionaire Next Door". Kiyosaki made his money peddling these books, which IMO don't really contain any special info, just common sense tips (minimize your tax liability, get to a point where your essentials are covered by dividends/real estate income).

The millionaire next door is a book I can not recommend enough. I agree it's common sense. Almost all of the finances that will get a person where they need to be are common sense if you actually think about it. But, I had not thought about them before reading that book, and most adults in America haven't though about finances properly either. A book like the millionaire next door is like a slap across the face. For me it was invaluable, and for others too.

Yup I have the Millionaire Next door on my bookshelf. I read it every now and then when I lose track of my goals and get tempted. It is amazingly effective at putting me back on track.

Another thing that will keep you on track is reading about, and laughing at, people who do the stupidest things finances wise. You can find stories on MSN, or here on Anandtech. Such a story would be a person who buys a car and then two days later realizes they can't afford it, so they return it (at a loss obviously). As long as you're sufficiently mocking of other people's inadquacies in the area, you can stay focused

 

[TubStain]

Originally posted by: Skoorb

Originally posted by: TubStain

Originally posted by: Skoorb
It's a fact that if you want to be stinknig freaking rich basically the only way to do it is to own a busniess, like Quixfire mentioned.

Still, I have little aspirations to own a business (or be stinking freaking rich for that matter), but if you're in command of a good income (working for somebody or not), you can still retire a multi-millionaire if it's really important to you.

Don't bother. "The Richest Man in Babylon", "The Greatest Salesman in the World", "The Millionaire Next Door". Kiyosaki made his money peddling these books, which IMO don't really contain any special info, just common sense tips (minimize your tax liability, get to a point where your essentials are covered by dividends/real estate income).

The millionaire next door is a book I can not recommend enough. I agree it's common sense. Almost all of the finances that will get a person where they need to be are common sense if you actually think about it. But, I had not thought about them before reading that book, and most adults in America haven't though about finances properly either. A book like the millionaire next door is like a slap across the face. For me it was invaluable, and for others too.

Yup I have the Millionaire Next door on my bookshelf. I read it every now and then when I lose track of my goals and get tempted. It is amazingly effective at putting me back on track.

Another thing that will keep you on track is reading about, and laughing at, people who do the stupidest things finances wise. You can find stories on MSN, or here on Anandtech. Such a story would be a person who buys a car and then two days later realizes they can't afford it, so they return it (at a loss obviously). As long as you're sufficiently mocking of other people's inadquacies in the area, you can stay focused

Haha...

<runs off to MSN>

 

[Orsorum]

Originally posted by: TubStain

Originally posted by: Skoorb

Originally posted by: TubStain

Originally posted by: Skoorb
It's a fact that if you want to be stinknig freaking rich basically the only way to do it is to own a busniess, like Quixfire mentioned.

Still, I have little aspirations to own a business (or be stinking freaking rich for that matter), but if you're in command of a good income (working for somebody or not), you can still retire a multi-millionaire if it's really important to you.

Don't bother. "The Richest Man in Babylon", "The Greatest Salesman in the World", "The Millionaire Next Door". Kiyosaki made his money peddling these books, which IMO don't really contain any special info, just common sense tips (minimize your tax liability, get to a point where your essentials are covered by dividends/real estate income).

The millionaire next door is a book I can not recommend enough. I agree it's common sense. Almost all of the finances that will get a person where they need to be are common sense if you actually think about it. But, I had not thought about them before reading that book, and most adults in America haven't though about finances properly either. A book like the millionaire next door is like a slap across the face. For me it was invaluable, and for others too.

Yup I have the Millionaire Next door on my bookshelf. I read it every now and then when I lose track of my goals and get tempted. It is amazingly effective at putting me back on track.

Another thing that will keep you on track is reading about, and laughing at, people who do the stupidest things finances wise. You can find stories on MSN, or here on Anandtech. Such a story would be a person who buys a car and then two days later realizes they can't afford it, so they return it (at a loss obviously). As long as you're sufficiently mocking of other people's inadquacies in the area, you can stay focused

Haha...

<runs off to MSN>

I just turn to someone next to me in class and ask how they're doing. It always comes up. :beer: Always gives me a grin for the rest of the day, and a bit more focus.

 

[DaWhim]

Originally posted by: TubStain
So I'm 23, and have been working for the past year and a half, no debt. I'm an aggressive investor/trader, and probably got into this mode to make up for my lower pay (30K-35K). So far, I've managed to have a nice piggy bank about 35K large, the entire amount which I trade volatile stocks. It's very hard to not get tempted to plunk down some dough to buy a nice car, especially with all the G35 threads. I already have a car, but I was trying to figure out what my goal is in terms of wealth. Where am I heading and at what age-income level will I be satisfied? How much should a person be worth at say 25, in order to be secure?

So how do you guys tie your age to your wealth and whether you are happy or not with your current financially position (net worth)? Do you live for the moment or live for the future?

this is something you may want to do before the age of 30. take a few months off and travel all over the europe with a backpack.

 

[Ameesh]

my personal philosophy is: whatever i have is not good enough and it never will be, i always want more. comparing yourself to the average 25 year old is lowering your bar not raising it.

 

[rh71]

Originally posted by: Skoorb
It's a fact that if you want to be stinknig freaking rich basically the only way to do it is to own a busniess, like Quixfire mentioned.

Still, I have little aspirations to own a business (or be stinking freaking rich for that matter), but if you're in command of a good income (working for somebody or not), you can still retire a multi-millionaire if it's really important to you.

Don't bother. "The Richest Man in Babylon", "The Greatest Salesman in the World", "The Millionaire Next Door". Kiyosaki made his money peddling these books, which IMO don't really contain any special info, just common sense tips (minimize your tax liability, get to a point where your essentials are covered by dividends/real estate income).

The millionaire next door is a book I can not recommend enough. I agree it's common sense. Almost all of the finances that will get a person where they need to be are common sense if you actually think about it. But, I had not thought about them before reading that book, and most adults in America haven't though about finances properly either. A book like the millionaire next door is like a slap across the face. For me it was invaluable, and for others too.

Putting my order in BN.com today... (I hardly read, mind you)