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Author Topic: How much should you have saved by the time you hit 30?  (Read 10794 times)

Offline Karma 1224

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How much should you have saved by the time you hit 30?
« on: January 09, 2012, 01:31:03 PM »
Random thought.

Approximately how much should you have in your saving account by the time you hit 30?

Offline Choppra

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Re: How much should you have saved by the time you hit 30?
« Reply #1 on: January 09, 2012, 02:17:49 PM »

This is tough to say.

I can say I'm turning 30 and I live check to check right now.


It really depends on what you're trying to do.


If you don't plan on getting married and having kids, I would say about $20k.  I can say that a few of my friends at 30(my age) have that in the bank but arent planning on getting married or having kids. 


Once you do, its gone quick and then you start over to save for a house/apartment to own.  Which then disappears too.




Offline King of Long Island City

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Re: How much should you have saved by the time you hit 30?
« Reply #2 on: January 09, 2012, 02:18:57 PM »
Answer would really depend on a variety of factors. What are your financial goals? Debts? Other assets? Do you have kids? When do you want to retire? Where do you want to retire?


Best advice would be to sit down with a reputable financial planner.

Offline thanos27

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Re: How much should you have saved by the time you hit 30?
« Reply #3 on: January 09, 2012, 02:42:13 PM »
By the age of 30 if you dont own anything like a house or apt and have no kids while single i would say abt 35k-40k . Now ofcourse there are alot of factors like ...did you pay for your own schooling > ? College and Masters ? Do you have loans to pay which dont allow you to save as much ?  I didnt so i had no excuse but to save .  Also how good is your job ?   If you are pulling in 80-100k and dont have 30k in the bank , you really have no excuse .  There was an MTV show on TrueLife how people who had good jobs that they eventually lost , and mean really good jobs at a young age , while they didnt save anything . Once those jobs were gone , they lived check to check cuz they never saved much .   If you are pulling it in  , MAKE sure you save it too .
I think no matter what you are trying to do , you should be able to save something . I dont get how people who say they live check to check  go out all the time on weekends and more , smoke cigarettes , eat out all the time and cant budget . You dont need a financial advisor for common sense .

Offline thanos27

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Re: How much should you have saved by the time you hit 30?
« Reply #4 on: January 09, 2012, 02:46:08 PM »
I actually saved 50k by the time i was 21-22 yrs old . My goal was to buy a house and i saved everything i could . I was dead set to get my bank account up every week . I had a huge goal and was set to do it . My big luck was that i lived at home so i had no excuse . I didnt pay any real bills , food was for free and so was laudry . No rent either so if i didnt do it i only could blame myself .

Offline Choppra

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Re: How much should you have saved by the time you hit 30?
« Reply #5 on: January 09, 2012, 02:56:05 PM »
I actually saved 50k by the time i was 21-22 yrs old . My goal was to buy a house and i saved everything i could . I was dead set to get my bank account up every week . I had a huge goal and was set to do it . My big luck was that i lived at home so i had no excuse . I didnt pay any real bills , food was for free and so was laudry . No rent either so if i didnt do it i only could blame myself .


You're a good example of what you should do if someone is in a similar situation.  I unfortunately wasn't.  Paid for most of my school on my own.  Depended on credit cards to live and I can say that in 2 months I will be 100% debt free (minus school loans).  I'll finish paying those when I'm 60 and have learned to deal with it.


After that, getting engaged, then married, then house then kids.  So..yeah 401k is something I will have to depend on.  Let's just hope the economy doesn't tank when it comes times to retire.


Don't get me wrong, I live VERY comfortable and rarely live beyond my means.  I just have accepted the fact that its too difficult to save with what's coming in the very near future.

At a minimum, I think 20k from 22 years old to 30 is accurate.

Offline thanos27

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Re: How much should you have saved by the time you hit 30?
« Reply #6 on: January 10, 2012, 12:01:58 AM »
So you are getting engaged and then married , like its in the works ? or just saying down the road thats what you want to happen one day ?   Cuz you also said you want a house and kids too . Im not trying to be mean , but if you are living check to check how in the world can you get a house , esp in Astoria where prices never fall .EVER / 
 
I still think by 30 you should have more than 20k if you arent paying off big loans . School should be done and if work is pretty much set , then 20k doesnt sound like much .  If someone would lose their job and be unemployed close to a year , they would go through that 20k pretty quick on rent and bills . Maybe sooner than a year .  Thats why i dont think its enough . People get hurt or sick and could miss time as well , thats why its good to have for a rainy day .

Offline odenhal

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Re: How much should you have saved by the time you hit 30?
« Reply #7 on: January 10, 2012, 12:50:34 PM »
 $37.00
you can not deny this gorgeosness, you can only hope to handle it

Offline Choppra

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Re: How much should you have saved by the time you hit 30?
« Reply #8 on: January 10, 2012, 01:57:09 PM »
So you are getting engaged and then married , like its in the works ? or just saying down the road thats what you want to happen one day ?   Cuz you also said you want a house and kids too . Im not trying to be mean , but if you are living check to check how in the world can you get a house , esp in Astoria where prices never fall .EVER / 
 
I still think by 30 you should have more than 20k if you arent paying off big loans . School should be done and if work is pretty much set , then 20k doesnt sound like much .  If someone would lose their job and be unemployed close to a year , they would go through that 20k pretty quick on rent and bills . Maybe sooner than a year .  Thats why i dont think its enough . People get hurt or sick and could miss time as well , thats why its good to have for a rainy day .


Well, I'm check to check currently but that will end soon.  Pay raises / debt paid off 100% in the next few months.  After that I won't be.  But all my money will be going towards engagment / wedding (with her helping with the wedding of course).


Also, I live check to check but I do it because I'm trying to eliminate debt.  That will change soon.  The point I was making is that you save for each step in life right?  Ring (if your a guy).  Then a house (Def not in Astoria, moving to LI or Jersey probably).  Then after that you have kids.  Which is very expensive.  I'm just generally speaking.




Offline thanos27

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Re: How much should you have saved by the time you hit 30?
« Reply #9 on: January 10, 2012, 02:04:35 PM »
Smart to get out of debt first . Any credit cards and anything that adds up interest , you wanna get paid off quick .
Yea i know what you mean , kids are a huge expense but thats life . IF you choose to have them . In my case they came in pairs . TWINS.So double the expense and i cant hand down any toys or clothes either . Really sucks . lol 
Moving out of Astoria makes sense ,  houses are really expensive here but nice areas of LI arent cheap either and the taxes are killer . Then again you do get good schools .   I would only suggest not to pay those taxes untill your kids start those schools though . I have friends who got married , moved to LI right away and paid taxes like that for yrs and yrs and didnt get what they paid for (schools) until many yrs later . If you add up the yrs , they paid a ton that couldve went into savings before the kids were born .

Offline Choppra

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Re: How much should you have saved by the time you hit 30?
« Reply #10 on: January 10, 2012, 02:16:47 PM »
Smart to get out of debt first . Any credit cards and anything that adds up interest , you wanna get paid off quick .
Yea i know what you mean , kids are a huge expense but thats life . IF you choose to have them . In my case they came in pairs . TWINS.So double the expense and i cant hand down any toys or clothes either . Really sucks . lol 
Moving out of Astoria makes sense ,  houses are really expensive here but nice areas of LI arent cheap either and the taxes are killer . Then again you do get good schools .   I would only suggest not to pay those taxes untill your kids start those schools though . I have friends who got married , moved to LI right away and paid taxes like that for yrs and yrs and didnt get what they paid for (schools) until many yrs later . If you add up the yrs , they paid a ton that couldve went into savings before the kids were born .


Definitely having kids but taxes outside of queens are high everywhere (from my choices at least).   Its just something you have to live with.

Offline Karma 1224

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Re: How much should you have saved by the time you hit 30?
« Reply #11 on: December 26, 2012, 05:59:58 PM »
Almost a year later. Hope everyone is doing well.

Next Question:
Is it safe to keep all your money in the bank? or under the mattress?

Offline thanos27

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Re: How much should you have saved by the time you hit 30?
« Reply #12 on: December 27, 2012, 02:28:22 AM »
How abt in the bank but in a safe deposit box ?

Offline PJ

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Re: How much should you have saved by the time you hit 30?
« Reply #13 on: January 03, 2013, 01:21:05 PM »
Just hit 30 but after monthly student loans, car insurance, rent, utilities, food, small credit card and bud.... im about broke.
Astoria.....\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\"A Shady Place For Shady People"\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\......So LOVE it OR LEAVE IT !!!!

Offline Mer

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Re: How much should you have saved by the time you hit 30?
« Reply #14 on: January 03, 2013, 01:38:16 PM »
Suze Orman (and others) recommend having at the minimum a rainy day fund of 8 months worth of living expenses.  I learned that lesson very quickly during 2007/2008 (the year my then company went downhill) and finally learned how to save due to the threat that I could lose my job at any time.  Happily, that did not happen, but within a year I was able to feel a bit more prepared if the job loss had come.
« Last Edit: January 03, 2013, 01:52:10 PM by Mer »

Offline Mer

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Re: How much should you have saved by the time you hit 30?
« Reply #15 on: January 03, 2013, 01:50:35 PM »
Almost a year later. Hope everyone is doing well.

Next Question:
Is it safe to keep all your money in the bank? or under the mattress?

 :huh:

The bank, of course.  There are so, so many reasons one should not keep money "under the mattress," and besides theft, a big one is that money minus interest or investment returns loses value due to inflation.  Bank savings accounts don't offer much in the way of interest these days, but Bank savings accounts (money market accounts) have the big huge plus of FDIC insurance.  So, the bank it is.  However, if you have the freedom to do so, one should consider investing some savings - get that money working for you.  I'm pretty risk-adverse, so my investing is pretty moderate on the risk scale.

Offline thanos27

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Re: How much should you have saved by the time you hit 30?
« Reply #16 on: January 03, 2013, 10:46:08 PM »
Cash at home may lose due to inflation but money in the bank that earns next to nothing is basically the same exact thing . The FDIC part ofcourse is the reason to keep it there  but the interest is a total joke . I was just researching online banks last night cuz im finally gonna pull out all my money from Citibank which earns a measly .30%  .  Horrible !       I have the highest interest savings /Money Market Acct and it sucks .  I recently found Ally bank offering .90 which should equal to 3 times the interest monthly that i get from Citicrap. Only like 4-5 yrs ago i was getting 5.00% for a savings acct from online CountryWide savings bank which was great . Then the roof caved in .    That was some good interest which in return paid off some bills every month .
 
Right now the smart thing to do  if someone has cash is to invest in real estate . Co-op Condo house whatever ,  with rates this low if you have the 20% that would be the way i would go . Stock market is too shaky  and real estate in NYC has showed the true test of time thru this economy barely budging .
 

Offline thanos27

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Re: How much should you have saved by the time you hit 30?
« Reply #17 on: January 03, 2013, 10:53:02 PM »
Just hit 30 but after monthly student loans, car insurance, rent, utilities, food, small credit card and bud.... im about broke.

 
Student loans do suck and if anything those should be the loans that are interest free but ofcourse the avg man never catches a break .  By bud im guessing u mean Cigs ? or weed /    Either way cutting those out would save u alot monthly ,.  esp the cigs part if you smoke a pack a day like most do . Add it up , it gets expensive .    Eating home n making enough for leftovers  can save you alot in the end too .  I have a friend who is single , eats out every day lunch n dinner and he doesnt even go fancy or anything but ends up spending like $40-50 a day .   A month thats $1200+  /             Much much cheaper to cook at home .

Offline PJ

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Re: How much should you have saved by the time you hit 30?
« Reply #18 on: January 07, 2013, 11:21:20 AM »
Student loans do suck and if anything those should be the loans that are interest free but ofcourse the avg man never catches a break .  By bud im guessing u mean Cigs ? or weed /    Either way cutting those out would save u alot monthly ,.  esp the cigs part if you smoke a pack a day like most do . Add it up , it gets expensive .    Eating home n making enough for leftovers  can save you alot in the end too .  I have a friend who is single , eats out every day lunch n dinner and he doesnt even go fancy or anything but ends up spending like $40-50 a day .   A month thats $1200+  /             Much much cheaper to cook at home .
Your right ! i do need to eat home more often, esp. its so hard with so many good places to take out in Astoria.... i just bought a open indoor grill from Amazon  - its a start ! (i live in a studio basement apt, no gas).... next step is to consolidate my 2 student loans, reduce my smoking ...maybe even get a side job.....
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Offline thanos27

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Re: How much should you have saved by the time you hit 30?
« Reply #19 on: January 07, 2013, 02:29:54 PM »
At least u r trying ...but cut the smoking totally . Use some of the extra money for a gym  and it pays itself .  Why would anyone pay to cut yrs off your life ?  Sorry not meaning to rip into you but its such a waste in every aspect .

Offline NY Yankees Dynasty

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Re: How much should you have saved by the time you hit 30?
« Reply #20 on: May 09, 2013, 09:17:52 AM »
I agree with Thanos , alot of younger people blow money very easily by smoking and drinking and always eating out . By the time they hit 30 , they dont have much saved and it only gets harder and harder .    I think by that age you should at least have 30k in the bank but it also depends on you situation . If you are married , you should have more , being that both people work and you split the bills . Life is expensive and yea  saving isnt easy .

Offline liddlemar

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Re: How much should you have saved by the time you hit 30?
« Reply #21 on: May 29, 2013, 01:21:52 PM »
at least 10k

Offline thanos27

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Re: How much should you have saved by the time you hit 30?
« Reply #22 on: June 04, 2013, 12:42:01 AM »
10k at the age of 30? Sorry but that's garbage.  people are ready to get married and have kids at that age . 10k at that point wouldn't even buy 9k. Maybe Im just thinking above but I would prefer to want to save more than just settle for less.

Offline liddlemar

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Re: How much should you have saved by the time you hit 30?
« Reply #23 on: June 12, 2013, 11:27:56 AM »
I thought it was a general question and not an HOW MUCH HAVE YOU SAVED?
 

Offline thanos27

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Re: How much should you have saved by the time you hit 30?
« Reply #24 on: June 12, 2013, 12:08:13 PM »
I guess Im just shocked at everyone's low standards in todays expensive life

Offline KidMurdock

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Re: How much should you have saved by the time you hit 30?
« Reply #25 on: June 17, 2013, 06:14:37 PM »
Frankly, I wouldn't take financial advice from anyone on an internet message board, and would instead look for a good financial advisor.
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Offline James Maxx

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Re: How much should you have saved by the time you hit 30?
« Reply #26 on: July 03, 2013, 02:31:28 PM »
6 month salary, and when you lose your job be ready to downgrade your lifestyle.  No cigarettes, restaurants and bars.  All those are severely overpriced to begin with.

Offline thanos27

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Re: How much should you have saved by the time you hit 30?
« Reply #27 on: July 03, 2013, 04:06:11 PM »
A smoker will always smoke no matter what. I have friends who  r struggling for money and yet the husband and wife both smoke. I know so many people like this .Also others have the same problem eating out all the time then can't understand why they can't save any money

Offline beansiegal

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Re: How much should you have saved by the time you hit 30?
« Reply #28 on: October 29, 2013, 02:02:19 PM »

Are we talking savings as in you can touch it or savings as in retirement savings?  Big difference there. 

No easy answer to this question because of the various situations.  The school one being a huge one if you go to college.  Many people are faced either with loans or paying for school as they go and neither are cheap options.  In my situation, I grew up and went to school in Indiana.  Didn't move to NY until I was 25.  I can assure you that event part time wages are much lower there.  True, things are more expensive in NY, but if you live with your parents and don't have to pay for anything, you're going to save more money.  I was able to pay for a lot of school as I went, but am still paying off a loan.  I should have it paid off in full by the end of next year. 


I think the biggest mistake that most (young) people make is not maxing out 401K opportunities through their employer.  It's hard, especially if you have loans and you have an entry level salary, but there are ways to make it work.  Saving for retirement in general for young people is hard.  Even as a teenager, kids would be smart to put away a percentage of what they make into an IRA.  Try to max it out if you can, but that's hard when you're younger. 


But people should realize that everyone makes financial mistakes and what is done is done.  Learn from it and don't repeat it.  My biggest mistake was moving into a 1BR apartment by myself before I could properly afford it.  It ended up working out ultimately, but there were some tough months. 


With all that said, I think if you have $20K by the time you're 30, especially if your schooling wasn't paid for, you're doing a-ok. 

Offline Chris

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Re: How much should you have saved by the time you hit 30?
« Reply #29 on: December 10, 2013, 10:23:21 AM »
Looking back, it is a good idea to save money when you are young.  Before you know it, you are looking at retirement.  I can't remember how much I had saved by the time I was 30, but the company I worked for at the time had one of those matching savings plans. I think it was up to 4% of your salary. It wasn't a 1-to-1 match, but I think if I put in 6% of my own money, I would be able to get the maximum 4% from the company.  It was like getting 4% more salary and people at work stupidly didn't participate in the savings plan.


One other thing, since changed, is that in the 1980s when I was in my 20s, the government came up with or changed the IRAs.  You could put up to $2,000 in an account each year and it was 100% tax deductible. I did that three years in a row and that original $6,000 investment has grown quite nicely. Eventually they changed the plan.


Finally, I did lost my job in the dot.com bust in the early 2000s.  All I will say is, thank God I had money in the bank to tide me over.

Offline thanos27

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Re: How much should you have saved by the time you hit 30?
« Reply #30 on: December 15, 2013, 03:04:11 PM »
How much did that IRA turn into? When u withdrew was there any max u can withdraw  or any age penalty ?

Offline baxterdavid

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Re: How much should you have saved by the time you hit 30?
« Reply #31 on: March 29, 2014, 06:48:40 AM »
I’ve saved a good amount considering how little I’ve made since I graduated and I’m confident I’ll have 1x my salary by thirty. And I’m like you, my retirement savings gets locked away otherwise I know I’ll be tempted to book a plane ticket to India or something.


 

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