How much savings should you have by 30?

Ender

Golden Member
Jul 24, 2001
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Savings? You mean in the bank or just your net worth (i.e. house and car + money in bank)?
 

eflat

Platinum Member
Feb 27, 2000
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If you can save 1k that would put you well ahead of most people who at that age are usually at around negative 10k...
 

Red

Diamond Member
Aug 22, 2002
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Originally posted by: SONYFX
Does 500k sounds reasonable?

If a man of your exquisite grammar can save 500,000 U.S. Dollars by the age of 30, I'm going to have it made!
 

Alchemist99

Golden Member
Oct 15, 2002
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They say you should have $30,000 in retirement savings, I was close but then the market smashed that idea all to pieces. :|
 

rh71

No Lifer
Aug 28, 2001
52,853
1,048
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Savings (like in a bank) ? Hah!

A house on top of everything else kinda blew that idea out of the water. I'll be able to start "saving" again in a few years once all my debt (other than mortgage) is paid off.
 

Riprorin

Banned
Apr 25, 2000
9,634
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Originally posted by: SONYFX
Does 500k sounds reasonable?

No. Asssuming you graduate at 22, you would have to save about $70K per year. Not likely to happen.

Having $500K by 40 is reasonable though.
 

DaveSimmons

Elite Member
Aug 12, 2001
40,730
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There are retirement calculators at places like Aetna and Schwab, but I'd say to save as much as you can afford to, and especially to get all the tax-advantaged savings from 401k/ IRA that you qualify for.

<captain obvious>
The more you save early, the less you'll need to save later. Compunding is a Good Thing.

Also stay out of CC debt, and get at least three months' expenses into a "high" interest savings account lik INGdirect so you never have to cash out your IRA / 401k or slip into debt.
</captain obvious>
 

notfred

Lifer
Feb 12, 2001
38,241
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Heh, Yes, you graduate from school at 22, immediately get a job making $50k/year, work till you turn 30, and have made a total of $400,000. Yes, $500k in savings sounds totally reasonable
rolleye.gif
 

Spac3d

Banned
Jul 3, 2001
6,651
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Originally posted by: notfred
Heh, Yes, you graduate from school at 22, immediately get a job making $50k/year, work till you turn 30, and have made a total of $400,000. Yes, $500k in savings sounds totally reasonable
rolleye.gif
Not all of us are idiots
rolleye.gif
. My brother will have $500,000 in the bank within 4 years of graduating college.
 

DaveSimmons

Elite Member
Aug 12, 2001
40,730
670
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Originally posted by: Spac3d
Not all of us are idiots
rolleye.gif
. My brother will have $500,000 in the bank within 4 years of graduating college.
We can't all work for the Columbian drug cartels.





But seriously: trust fund? ambulance-chasing lawyer? international man of mystery?

 

notfred

Lifer
Feb 12, 2001
38,241
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Originally posted by: Spac3d
Originally posted by: notfred
Heh, Yes, you graduate from school at 22, immediately get a job making $50k/year, work till you turn 30, and have made a total of $400,000. Yes, $500k in savings sounds totally reasonable
rolleye.gif
Not all of us are idiots
rolleye.gif
. My brother will have $500,000 in the bank within 4 years of graduating college.

How the hell do you know what's going to happen in the future? And you're right, not all of us are idiots, but if you think that it's reasonable to expect the average American to save $70,000 a year until he's 30, you are.

Even if your brother is saving $125k/year, it's still not "reasonable" it's EXTREMELY high.
 

HappyPuppy

Lifer
Apr 5, 2001
16,997
2
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After reading this thread my brain did a hard lock and I fell out of my chair in spastic convulsions.

Most of you folks need a serious reality check. Life in this uncertain world is obviously not what you think it is.
rolleye.gif
 

ultimatebob

Lifer
Jul 1, 2001
25,135
2,445
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Quicken has a great retirement planner that will help you figure this out.

I'd imagine that it varies by person, but my plan says that I should have a bit over $50,000 saved for retirement for 30, and around $200,000 (inflation adjusted) by 40. Compound interest really starts to kick in from there, and I should have around $800,000 (inflation adjusted) ready for retirement.
 

Mallow

Diamond Member
Jul 25, 2001
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I think most americans would be happy just not to be in debt by 30. To have 500K in the back would be a dream.
 

shootsfor3

Member
Jun 7, 2003
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Originally posted by: Spac3d
Originally posted by: notfred
Heh, Yes, you graduate from school at 22, immediately get a job making $50k/year, work till you turn 30, and have made a total of $400,000. Yes, $500k in savings sounds totally reasonable
rolleye.gif
Not all of us are idiots
rolleye.gif
. My brother will have $500,000 in the bank within 4 years of graduating college.

Ur brother? How bout u?
rolleye.gif

500K definitely on the high end of expectatations.......depends what kind of job u have or business u run. 100K sounds about right
 

brigden

Diamond Member
Dec 22, 2002
8,702
2
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I only know one person over thirty who has a significant amount of money saved. He is the single most boring human I have ever met. Played it safe his entire life.
 

Ranger X

Lifer
Mar 18, 2000
11,218
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500k? Are you joking? Like what everyone has been saying, you'd be lucky to not be in debt. By 30, some (if not most) of us will have a home of our own so it's going to be tough saving money every month.