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

[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?

 

[Orsorum]

I have $8000 in the bank and after the next four years I'll be at least $60,000 in debt. That's assuming I don't get a part-time job working as an accountant during law school.

20 years old.

 

[crumpet19]

yeah... I'm in my third year of school and I'm only 6k in debt.. So, I'm happy.

 

[Quixfire]

If someone else is signing your check you are not wealthy.

 

[desy]

So at 23 your debt free and 35 in the black?

Verrry Good!
I was debt free at 23 but maybe 2-3 in the Black but I didn't own anything not even a car

 

[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?

 

[TubStain]

Originally posted by: desy
So at 23 your debt free and 35 in the black?

Verrry Good!
I was debt free at 23 but maybe 2-3 in the Black but I didn't own anything not even a car

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.

I am running into a sticky situation with the gf though, she and I dont see eye to eye in terms of spending.

 

[Orsorum]

Originally posted by: TubStain

Originally posted by: desy
So at 23 your debt free and 35 in the black?

Verrry Good!
I was debt free at 23 but maybe 2-3 in the Black but I didn't own anything not even a car

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.

I am running into a sticky situation with the gf though, she and I dont see eye to eye in terms of spending.

One of my two best friends is engaged to a young woman unwise in the ways of the Ferengi. It's very frustrating to hear them plan their wedding and their future apt. I care for both of them and don't want to see them take on debt so young, especially right out of school (both graduating this Spring, she's an English major, he's a CS major), but from the sounds of it she's going to get her way - they've registered at the Bon for their wedding, they're buying a whole bunch of extra stuff for their apt. Total waste of money, imo, save your money and pay off your car first, then start saving for a house.

But, that's just my opinion. They're free to live their lives as they see fit.

Cheers!
Nate

 

[djNickb]

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?

You should go read "Rich Dad Poor Dad" and "Cashflow Quadrant" by Robert Kiyosaki

 

[gopunk]

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 i think what he's saying is that you're not currently wealthy, but if you continue on the path you're on and eventually just live off of your portfolio income, you will be

 

[Orsorum]

Originally posted by: djNickb

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?

You should go read "Rich Dad Poor Dad" and "Cashflow Quadrant" by Robert Kiyosaki

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).

 

[SP33Demon]

<<<Age to wealth...>>>

Two words: Olsen Twins.

 

[TubStain]

Originally posted by: djNickb

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?

You should go read "Rich Dad Poor Dad" and "Cashflow Quadrant" by Robert Kiyosaki

I attempted to read both those books, but didnt really like his style. I strongly disagree with him and his views. But then that's the point of this thread, to determine how different people view weath and what is wealthy. Is having a condo on the beach in Hawaii wealthy? Is being a billionaire wealthy? What do you consider wealthy and since time is linked to it, at what age? I'm just trying to guage peoples goals.

 

[rufruf44]

Originally posted by: Orsorum

Originally posted by: djNickb

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?

You should go read "Rich Dad Poor Dad" and "Cashflow Quadrant" by Robert Kiyosaki

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).

Its good for those who're clueless about finance. But those thats already responsible and has a good logical sense in their finance won't learn much new stuff in it.

I'm never happy with my wealth situation. Way behind in my projected wealth accumulation, since I'm still committed on paying my biggest debt (mortgage), investment is limited to 401K and IRA, and I couldn't take much chances on that.

 

[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.

 

[SherEPunjab]

6 figures.

 

[Jzero]

There's more to wealth than money. You might make more being self-employed , but you have to think twice about even taking a day off...

 

[GasX]

I would say you are ahead of the game, but a few mistakes, a wife some kids, etc... and your thrifty nature could give way to reality.

Save your money and tell you girlfriend that she can spend her money and that your money is YOUR money. If she wants to make it OUR money, she has to bring something to the table.

additional note - regular BJs do not count as bringing something to the table as they will stop as soon as she has a ring on her finger.

 

[Quixfire]

Originally posted by: rufruf44

Originally posted by: Orsorum

Originally posted by: djNickb

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?

You should go read "Rich Dad Poor Dad" and "Cashflow Quadrant" by Robert Kiyosaki

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).

Its good for those who're clueless about finance. But those thats already responsible and has a good logical sense in their finance won't learn much new stuff in it.

I'm never happy with my wealth situation. Way behind in my projected wealth accumulation, since I'm still committed on paying my biggest debt (mortgage), investment is limited to 401K and IRA, and I couldn't take much chances on that.

You are stuck in the rut that most people end up in. If you need more money to expand your investments start cutting expenses or increase your cash flow.

 

[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...

 

[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.

 

[TubStain]

Originally posted by: Mwilding
I would say you are ahead of the game, but a few mistakes, a wife some kids, etc... and your thrifty nature could give way to reality.

Save your money and tell you girlfriend that she can spend her money and that your money is YOUR money. If she wants to make it OUR money, she has to bring something to the table.

additional note - regular BJs do not count as bringing something to the table as they will stop as soon as she has a ring on her finger.

Shes in med school right now, so if we do hook up for good, she will definitely boost the bootom line in the long term, at the same time, we'll have to handle her immense med school debt as well. That will suck.

 

[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.

 

[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.

 

[TubStain]

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.

To me paying for my kids education goes without saying. I would never sleep peacefully knowing that my kids would be in debt at graduation, due to education. It is rough to graduate, stress about debt and find a job at the same time.