How much do you have saved up?

[BrooklynZoo]

Obviously there's a lot of variables like whether you own a house, expensive car, how old you are, etc. But how much do you have saved up?

I have about 30k... I owe about half of that on my car loan


Edit: Add your age (or age range) as well

[Akrazotile]

Not as much as I should, which is my fault. I only started making it a priority recently.

Fortunately it's not that hard to save if you actually cut out the things that really aren't necessary.

[Bandito]

Like 3 thou but at the end of the month is goong to be like maybe 21 hundred.

[MightyWhitey]

1 years salary.

[MightyWhitey]

Obviously there's a lot of variables like whether you own a house, expensive car, how old you are, etc. But how much do you have saved up?

I have about 30k... I owe about half of that on my car loan
Why don't you pay off the loan then? Why keep debt when you don't have too?

[MavsSuperFan]

Are you talking total net worth, or just liquid assets?

[Stuckey]

I own two condos

and I owe every penny I have saved towards paying off their mortgages

does that count?

[PHX_Phan]

Obviously there's a lot of variables like whether you own a house, expensive car, how old you are, etc. But how much do you have saved up?

I have about 30k... I owe about half of that on my car loan

What's the point of saving so much money when you have an outstanding debt? Especially when you have twice the amount of the debt saved up.

I don't have much saved up, but mainly because I did the opposite of that. Blew through a large chunk of money eliminating a bunch of debts and paid things like insurance/rent months in advanced. Much more satisfying seeing how much money I make when a large portion of it isn't going to bills every month.

[ALBballer]

Not as much because I finished paying off my place off and paying for my post-graduate degree. But for someone in my age group (mid 20s) I am definitely an outlier.

[BrooklynZoo]

I own two condos

and I owe every penny I have saved towards paying off their mortgages

does that count?

Yes it does :cheers:


Why don't you pay off the loan then? Why keep debt when you don't have too?

Good question. The loan is about 5 months old and I have paid more than the minimums each month (I owe about $500/month, paid $1000+/month). I can pay it all off now, but I was also told that though my credit is strong, I don't have a history of carrying major debt and that this would help (anyone know about this?). Another reason I was hesitant to pay it all off is cause my savings are in an online account and I tried to avoid touching it as I have a hard time saving any of the money in my checking account (paychecks, etc). But yeah, I should probably consider paying it all off.

[BrooklynZoo]

Are you talking total net worth, or just liquid assets?

liquid


Not as much because I finished paying off my place off and paying for my post-graduate degree. But for someone in my age group (mid 20s) I am definitely an outlier.


bought a place? if so, definitely good for mid-20s

[tgan3]

Probably 7k or so in liquid assets...ya im poor but my family has three properties so at least im not doing that bad...

[outbreak]

I have about 60k in the bank, but I also owe about double that on my mortgage

[fsvr54]

:biggums:

I hate you guys

I have like 3k saved up, pretty much 99% of my income goes to barely surviving.

[DCL]

this survey is meaningless without details like age, job, level of schooling (and who paid for it), and number of dependents.

some of you high school dropouts may even have more than very recent med school grads (if they paid for their own shit).

but i was very surprised to learn that more than one-third of working american adults don't even have $1,000 in savings. 36% of people don't even got ONE THOUSAND DOLLARS. you kidding me?? those are Third World economic figures.

http://www.usatoday.com/story/money/personalfinance/2014/03/18/retirement-confidence-survey-savings/6432241/

(i don't read USA TODAY, and neither should you, so those stats may or may not be bullshit. but even if they're off by 16%, it's still a strikingly high number.)

[Just2McFly]

-23423 or something like that

these threads stress me

[outbreak]

this survey is meaningless without details like age, job, level of schooling (and who paid for it), and number of dependents.

some of you high school dropouts may even have more than very recent med school grads (if they paid for their own shit).

but i was very surprised to learn that more than one-third of working american adults don't even have $1,000 in savings. 36% of people don't even got ONE THOUSAND DOLLARS. you kidding me?? those are Third World economic figures.

http://www.usatoday.com/story/money/personalfinance/2014/03/18/retirement-confidence-survey-savings/6432241/

(i don't read USA TODAY, and neither should you, so those stats may or may not be bullshit. but even if they're off by 16%, it's still a strikingly high number.)

that always surprises me too, a guy I work with lives pay cheque to pay cheque and always talks about how he has like $40 left in his bank account, also owes money on credit cards and loans still as well. Don't know how you live like that when I know he makes a decent wage.

[BrooklynZoo]

this survey is meaningless without details like age, job, level of schooling (and who paid for it), and number of dependents.

some of you high school dropouts may even have more than very recent med school grads (if they paid for their own shit).



exactly.. Let's add age and liquid assets/houses/etc to the mix. And no, this isn't a thread meant for us to show off or let everyone know how broke we are (but feel free to :D). Just a small study to get a gauge.

I am just about 30 and have 30k and a 15k car loan.

[It's A VC3!!!]

Why don't you pay off the loan then? Why keep debt when you don't have too?

The whole point of a loan, especially a low-interest loan, is to pay it as you go. I have enough money to pay my car off right now too but I'm not going to because I would rather pay monthly payments with minimal interest. I don't agree that enough money in the savings should equal paying off the car now.

[GatorKid117]

I have about 10k. Paid off my student loans and no CC debt either but I don't own a car or any property.

I'm able to put away 1500+ every month though so I'm hoping to have 20k saved up by July/August with my bonus. Need all the money I can get because I have no idea what I'm going to do when I go back to America :oldlol:

[rufuspaul]

I owe $230,000 on 2 mortgages, 7 years left to pay them off. Savings has fluctuated but right now around $600,000 in 401K, mutual funds, annuities, $28,000 in my daughter's college fund.

[Jet]

ISH is the last place I would go to make any kind of life achievement comparisons. Way to set the bar high guys.

[Jailblazers7]

I have around 8-10% of the income I've made since starting out of college (9 months now). About half split between my savings account and the Roth IRA I opened up.

[BrooklynZoo]

ISH is the last place I would go to make any kind of life achievement comparisons. Way to set the bar high guys.

Yeah this is a thread to measure your life achievements and judge each other :facepalm GTFO

[IGOTGAME]

Yeah this is a thread to measure your life achievements and judge each other :facepalm GTFO

I only have about 12k saved up but I'm aggressively paying down my student loans. just seems like the right move for me at this stage.

[glidedrxlr22]

I have about $67,000. Owe about $260,000 on my home in Southern California.

[DukeDelonte13]

I owe $230,000 on 2 mortgages, 7 years left to pay them off. Savings has fluctuated but right now around $600,000 in 401K, mutual funds, annuities, $28,000 in my daughter's college fund.


dat dentist money


i'm only a few years out of grad school but I own a house and a car and have no debt. No loans, no mortgage, nada. I don't have any kids. My home is only 1500 square feet and my car is nothing spectacular (2012 nissan) I got a nice bankroll saved but i'll probably blow it in a few years for a down payment on a bigger house. I'll probably keep the one I got as a rental. I don't wanna gigantic mortgage though, and i'll never take out a loan for a car for as long as I live.

[rufuspaul]

dat dentist money


i'm only a few years out of grad school but I own a house and a car and have no debt. No loans, no mortgage, nada. I don't have any kids. My home is only 1500 square feet and my car is nothing spectacular (2012 nissan) I got a nice bankroll saved but i'll probably blow it in a few years for a down payment on a bigger house. I'll probably keep the one I got as a rental. I don't wanna gigantic mortgage though, and i'll never take out a loan for a car for as long as I live.


You've got a good, sound plan. Stick with that. The toughest thing for me was taking out a business loan when I started my practice. I had to borrow enough to upfit the office space, buy all the equipment and supplies, plus working capital to pay staff and expenses until the office was profitable. I was still paying student loans at the time also. I was scared shitless to say the least.

[embersyc]

Sweet now I know who's identities to go after first!

[Draz]

I don't have a job. I just save up. I have about $1,200 saved up. Not bad considering I blew $400 in casual pants that I don't wear. Biggest mistake of my life.

Birthdays, girlfriends birthdays, valentine's, occasions, Christmas, runs me dry.

[DukeDelonte13]

You've got a good, sound plan. Stick with that. The toughest thing for me was taking out a business loan when I started my practice. I had to borrow enough to upfit the office space, buy all the equipment and supplies, plus working capital to pay staff and expenses until the office was profitable. I was still paying student loans at the time also. I was scared shitless to say the least.


my office expenses disgust me, and they aren't even that bad. Yours are probably astronomical. I can't imagine how much that equipment costs. I was lucky and I found guys I could mooch an office out of for my first year. My only expenses are pretty much one secretary I share with somebody else, rent, and splitting up my telcom and copier lease.

[DukeDelonte13]

I don't have a job. I just save up. I have about $1,200 saved up. Not bad considering I blew $400 in casual pants that I don't wear. Biggest mistake of my life.

Birthdays, girlfriends birthdays, valentine's, occasions, Christmas, runs me dry.


if your biggest life mistake is blowing 400 bucks you are doing pretty good for yourself.

[It's A VC3!!!]

K.

[rufuspaul]

my office expenses disgust me, and they aren't even that bad. Yours are probably astronomical.


Typical overhead for a general dental practice is 65-70%, most of it for staff salaries and benefits. :mad:

[Akrazotile]

I owe $230,000 on 2 mortgages, 7 years left to pay them off. Savings has fluctuated but right now around $600,000 in 401K, mutual funds, annuities, $28,000 in my daughter's college fund.


RuPaul lets go into bidness together my dude

[Draz]

if your biggest life mistake is blowing 400 bucks you are doing pretty good for yourself.
I mean I wear them so they aren't misused or unused as I mentioned but that could of went towards other shit.

[red1]

I owe $230,000 on 2 mortgages, 7 years left to pay them off. Savings has fluctuated but right now around $600,000 in 401K, mutual funds, annuities, $28,000 in my daughter's college fund.
:applause:

[rufuspaul]

RuPaul lets go into bidness together my dude


Actually I have terrible business sense. I'm the one that always wants to spend any $ I have. If it weren't for my wife I wouldn't have any savings at all.

[Akrazotile]

Actually I have terrible business sense. I'm the one that always wants to spend any $ I have. If it weren't for my wife I wouldn't have any savings at all.


Thats how the men in my family are as well, at least on my dads side and including me. Its imperative that we marry women with financial sensibility :oldlol:


The men on my moms side are very modest, disciplined, low-extravagence Polish Catholics even despite having good careers. Its weird how even personality types get passed down thru genes.

[It's A VC3!!!]

Actually I have terrible business sense. I'm the one that always wants to spend any $ I have. If it weren't for my wife I wouldn't have any savings at all.

If you have the time and expertise, go into real estate development. You build a 10-15 family home (total investment approximately $700,000) then you refinance that home for around $1.2 million. need to go to a private bank for this refinance though. obviously that is a $500k profit within 1 to 1.5 years. and the $700k initial investment will primarily be a loan from the bank. A LOT more work than i just mentioned but that is what i do. was taught from my uncles.

[ALBballer]

bought a place? if so, definitely good for mid-20s

Yep. I guess if we want to put in some stats:

Age:Mid 20s
Education: Bachelor going for Masters
Background: Business
Money Saved Up: 70-80k in Savings/Investment. Another 10k or so in retirement.

[Shabba Ranks]

35, Retired to Jamaica. Have enough money to live on for the next 20 years . Have small investments to hold me up after that until my death maybe around 85 y/o

[mlh1981]

Not very much. Being in a low.paying career (education), student loan debt, and moving around a few times haven't helped my cause.

[BrooklynZoo]

Yep. I guess if we want to put in some stats:

Age:Mid 20s
Education: Bachelor going for Masters
Background: Business
Money Saved Up: 70-80k in Savings/Investment. Another 10k or so in retirement.

how the heck does someone in his mid 20s go to grad school, own a house and have 80k in savings? Is this all from your earnings?

also you're saying 80k isnt much?


Not as much because I finished paying off my place off and paying for my post-graduate degree. But for someone in my age group (mid 20s) I am definitely an outlier.

[plowking]

About 15k, but most of that is going to be gone as I'm heading on an around the world trip at the end of the year.

I hate seeing money disappear out of my account, but travelling with friends can never be a bad idea.

[tomtucker]

35, Retired to Jamaica. Have enough money to live on for the next 20 years . Have small investments to hold me up after that until my death maybe around 85 y/o

prob. gonna be murdered before you turn 40.........:oldlol:

[DukeDelonte13]

how the heck does someone in his mid 20s go to grad school, own a house and have 80k in savings? Is this all from your earnings?

also you're saying 80k isnt much?


maybe he didn't have to take on student loans?


I went to one of the cheapest state universities in my state, and also went to the cheapest grad school in my field.. I worked the entire time.

I had countless friends go to ridiculously expensive private schools and not work and/or take max student loan money out and blow it instead of using it solely on tuition.

I know plenty of people that had well over 100k in loans after their first 4 years.

[JohnFreeman]

$200 million

[Myth]

I've saved up $150k+ in debt.

[Akrazotile]

35, Retired to Jamaica. Have enough money to live on for the next 20 years . Have small investments to hold me up after that until my death maybe around 85 y/o


You livin on the island, eh mon? Some of me family come from Kingston mon. Its always a treat for I to connect with other islanders. Keep it irey mon :cheers:

[ALBballer]

how the heck does someone in his mid 20s go to grad school, own a house and have 80k in savings? Is this all from your earnings?

also you're saying 80k isnt much?

I went to a state school and commuted to school, and had some scholarship/grants so I didn't pay much. I lived with my parents until a few years ago and had some help from my parents but vast majority of my "wealth" is my own doing and working since I was 15 and saving up.

Also I tend to be frugal. I have a cheap phone plan, rarely eat out and etc. My girl is the same way so it helps.

[Shabba Ranks]

You livin on the island, eh mon? Some of me family come from Kingston mon. Its always a treat for I to connect with other islanders. Keep it irey mon :cheers:

everything irie mon, keep up the good posting my brotha

[tomtucker]

I've saved up $150k+ in debt.

why not pay off the debt. ?

[Akrazotile]

everything irie mon, keep up the good posting my brotha


A mi fi tell yu mon. Gude luck wit every ting on the island mon. Someday me come down, hit I up and we'll smoke a spliff a da ganja. Den we go out n beat up de fish mon! :oldlol:

[sundizz]

I have 11k in checkings.

I have 7.3k debt on my credit cards (basically racked this up right now trying to start my business...we'll see how this pans out)

I have 63k on student loans

I'm 28.

I am going to graduate pretty soon with 3.97+ from a Masters of Finance and Accountancy program (the irony of my pathetic financial situation).

[Ai2death]

14k. I still owe 4k on my car, 7k on my bike.

I'm trying to save for a house but the misses wants to keep holidaying.

[IGOTGAME]

I went to a state school and commuted to school, and had some scholarship/grants so I didn't pay much. I lived with my parents until a few years ago and had some help from my parents but vast majority of my "wealth" is my own doing and working since I was 15 and saving up.

Also I tend to be frugal. I have a cheap phone plan, rarely eat out and etc. My girl is the same way so it helps.

Weren't you the guy asking all those questions bout law school. How much do you make a year because 80k is a really good amount for someone in their mid 20s who has gone through grad school...good for you.

[code green]

I have a little under 7k right now. It isn't a ton, but I've never had a job that let me put much aside before December of last year.

My situation:
26 years old
Moved back home 2 years ago to go back to school
Still working on the bachelors, but I have certifications that got me a job as a data/voice network engineer. Pay's solid for someone without a degree.
Saving to put a decent down payment on a house.
No debt

[BrooklynZoo]

Not very much. Being in a low.paying career (education), student loan debt, and moving around a few times haven't helped my cause.


Don't teachers start at around 50k? Doesn't sound so bad to me tbh lol

[ALBballer]

Weren't you the guy asking all those questions bout law school. How much do you make a year because 80k is a really good amount for someone in their mid 20s who has gone through grad school...good for you.

Thanks. Ye I was that guy and I held off on going because I can't stomach to spend over 120k+ for a degree. I might still take a shot at law school part time for the right price b/c I can move up in my company with a law degree but the salary difference isn't that significant.

I don't really make that much and I prefer not to say how much but let's say it's in the 50-70k range. But my girl makes similar money and we both graduated debt free.

Debt is the biggest issue with people in my generation and I think of it as a modern day version of "slavery." It affects where you live, where you work, whether you can buy or rent, what you can buy etc. If people free themselves from the shackles of debt their opportunities will increase significantly.

[DukeDelonte13]

Thanks. Ye I was that guy and I held off on going because I can't stomach to spend over 120k+ for a degree. I might still take a shot at law school part time for the right price b/c I can move up in my company with a law degree but the salary difference isn't that significant.

I don't really make that much and I prefer not to say how much but let's say it's in the 50-70k range. But my girl makes similar money and we both graduated debt free.

Debt is the biggest issue with people in my generation and I think of it as a modern day version of "slavery." It affects where you live, where you work, whether you can buy or rent, what you can buy etc. If people free themselves from the shackles of debt their opportunities will increase significantly.


if you don't want to practice law it's not worth it.