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How much have you saved and should have saved? Here is mine


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I am 31, and have $110K saved up now. $10K is in my Roth IRA (401K converted) and remaining $100K breaks out to $80K in stocks and $20 in an emergency fund. Next year, I plan to save aggressively against and have $200K saved up in stocks. I need to put more money into my retirement accounts, but I don't feel save not be able to withdraw them in case I need it.

 

What do you think of this plan? What is your plan? I grew up rather poor, so I wasn't taught a lot of financial advice, just to be frugal.

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I am 31, and have $110K saved up now. $10K is in my Roth IRA (401K converted) and remaining $100K breaks out to $80K in stocks and $20 in an emergency fund. Next year, I plan to save aggressively against and have $200K saved up in stocks. I need to put more money into my retirement accounts, but I don't feel save not be able to withdraw them in case I need it.

 

What do you think of this plan? What is your plan? I grew up rather poor, so I wasn't taught a lot of financial advice, just to be frugal.

 

I'd say you are doing quite good for 31 y/o. That's a bit more than I'd saved at the same age and I'm now comfortably retired. It's a good habit to have. I'd put as much as possible into the Roth or whatever other plan you may have in the future. Put the rest in equities. Nothing in bonds until you get much older. The stuff outside your retirement should provide enough emergence liquidity should you need it.

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I am 31, and have $110K saved up now. $10K is in my Roth IRA (401K converted) and remaining $100K breaks out to $80K in stocks and $20 in an emergency fund. Next year, I plan to save aggressively against and have $200K saved up in stocks. I need to put more money into my retirement accounts, but I don't feel save not be able to withdraw them in case I need it.

 

What do you think of this plan? What is your plan? I grew up rather poor, so I wasn't taught a lot of financial advice, just to be frugal.

 

I'd say you are doing quite good for 31 y/o. That's a bit more than I'd saved at the same age and I'm now comfortably retired. It's a good habit to have. I'd put as much as possible into the Roth or whatever other plan you may have in the future. Put the rest in equities. Nothing in bonds until you get much older. The stuff outside your retirement should provide enough emergence liquidity should you need it.

 

 

I live in the Bay Area so I can't even afford to buy a house yet. My goal is by 35 to have $100K in my Roth. It's unlikely given the numbers, so maybe 35-36 and continuously investing in it. The money I have money is mostly liquid, so I could use it to buy a car, or down payment for a house, an engagement ring, paying for a wedding, etc.

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how much do you allow yourself to have towards fun money/hobbies? may i ask how much you make and where you live? my bank is poor and im 29 :(

 

Not a ton for fun. I'm being pretty frugal. But I would like to have $5K annually.

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I am 31, and have $110K saved up now. $10K is in my Roth IRA (401K converted) and remaining $100K breaks out to $80K in stocks and $20 in an emergency fund. Next year, I plan to save aggressively against and have $200K saved up in stocks. I need to put more money into my retirement accounts, but I don't feel save not be able to withdraw them in case I need it.

 

What do you think of this plan? What is your plan? I grew up rather poor, so I wasn't taught a lot of financial advice, just to be frugal.

 

I'd say you are doing quite good for 31 y/o. That's a bit more than I'd saved at the same age and I'm now comfortably retired. It's a good habit to have. I'd put as much as possible into the Roth or whatever other plan you may have in the future. Put the rest in equities. Nothing in bonds until you get much older. The stuff outside your retirement should provide enough emergence liquidity should you need it.

 

 

I live in the Bay Area so I can't even afford to buy a house yet. My goal is by 35 to have $100K in my Roth. It's unlikely given the numbers, so maybe 35-36 and continuously investing in it. The money I have money is mostly liquid, so I could use it to buy a car, or down payment for a house, an engagement ring, paying for a wedding, etc.

 

 

I live in the Bay Area too, it's amazing that you've managed to save anything. It's ridiculously expensive. Do you currently rent?

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I am 31, and have $110K saved up now. $10K is in my Roth IRA (401K converted) and remaining $100K breaks out to $80K in stocks and $20 in an emergency fund. Next year, I plan to save aggressively against and have $200K saved up in stocks. I need to put more money into my retirement accounts, but I don't feel save not be able to withdraw them in case I need it.

 

What do you think of this plan? What is your plan? I grew up rather poor, so I wasn't taught a lot of financial advice, just to be frugal.

 

I'd say you are doing quite good for 31 y/o. That's a bit more than I'd saved at the same age and I'm now comfortably retired. It's a good habit to have. I'd put as much as possible into the Roth or whatever other plan you may have in the future. Put the rest in equities. Nothing in bonds until you get much older. The stuff outside your retirement should provide enough emergence liquidity should you need it.

 

 

I live in the Bay Area so I can't even afford to buy a house yet. My goal is by 35 to have $100K in my Roth. It's unlikely given the numbers, so maybe 35-36 and continuously investing in it. The money I have money is mostly liquid, so I could use it to buy a car, or down payment for a house, an engagement ring, paying for a wedding, etc.

 

 

I live in the Bay Area too, it's amazing that you've managed to save anything. It's ridiculously expensive. Do you currently rent?

 

 

Yeah I do. I was living with someone so that helped a lot. I can't see anyone saving anything here.

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I am 31, and have $110K saved up now. $10K is in my Roth IRA (401K converted) and remaining $100K breaks out to $80K in stocks and $20 in an emergency fund. Next year, I plan to save aggressively against and have $200K saved up in stocks. I need to put more money into my retirement accounts, but I don't feel save not be able to withdraw them in case I need it.

 

What do you think of this plan? What is your plan? I grew up rather poor, so I wasn't taught a lot of financial advice, just to be frugal.

I'd say you are doing quite good for 31 y/o. That's a bit more than I'd saved at the same age and I'm now comfortably retired. It's a good habit to have. I'd put as much as possible into the Roth or whatever other plan you may have in the future. Put the rest in equities. Nothing in bonds until you get much older. The stuff outside your retirement should provide enough emergence liquidity should you need it.

I live in the Bay Area so I can't even afford to buy a house yet. My goal is by 35 to have $100K in my Roth. It's unlikely given the numbers, so maybe 35-36 and continuously investing in it. The money I have money is mostly liquid, so I could use it to buy a car, or down payment for a house, an engagement ring, paying for a wedding, etc.

I live in the Bay Area too, it's amazing that you've managed to save anything. It's ridiculously expensive. Do you currently rent?

Yeah I do. I was living with someone so that helped a lot. I can't see anyone saving anything here.

I was reading the average rent in San Francisco is $3,400 a month. In most other parts of the country, if your take home pay is $3,400, you're a person making a lot of money. In S.F., you're flat broke. I was looking at federal salaries for high-tech jobs. I wonder if they can even recruit anyone. What they pay offers a life of dumpster diving in order to feed yourself. Google and Facebook are grabbing anyone with the skills, as they're willing to pay more, even at the starting level.

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I am 31, and have $110K saved up now. $10K is in my Roth IRA (401K converted) and remaining $100K breaks out to $80K in stocks and $20 in an emergency fund. Next year, I plan to save aggressively against and have $200K saved up in stocks. I need to put more money into my retirement accounts, but I don't feel save not be able to withdraw them in case I need it.

 

What do you think of this plan? What is your plan? I grew up rather poor, so I wasn't taught a lot of financial advice, just to be frugal.

I'd say you are doing quite good for 31 y/o. That's a bit more than I'd saved at the same age and I'm now comfortably retired. It's a good habit to have. I'd put as much as possible into the Roth or whatever other plan you may have in the future. Put the rest in equities. Nothing in bonds until you get much older. The stuff outside your retirement should provide enough emergence liquidity should you need it.

I live in the Bay Area so I can't even afford to buy a house yet. My goal is by 35 to have $100K in my Roth. It's unlikely given the numbers, so maybe 35-36 and continuously investing in it. The money I have money is mostly liquid, so I could use it to buy a car, or down payment for a house, an engagement ring, paying for a wedding, etc.

I live in the Bay Area too, it's amazing that you've managed to save anything. It's ridiculously expensive. Do you currently rent?

Yeah I do. I was living with someone so that helped a lot. I can't see anyone saving anything here.

I was reading the average rent in San Francisco is $3,400 a month. In most other parts of the country, if your take home pay is $3,400, you're a person making a lot of money. In S.F., you're flat broke. I was looking at federal salaries for high-tech jobs. I wonder if they can even recruit anyone. What they pay offers a life of dumpster diving in order to feed yourself. Google and Facebook are grabbing anyone with the skills, as they're willing to pay more, even at the starting level.

 

 

Yeah it is certainly tough.

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  • 1 month later...

Personally, assuming your income and expenses remain constant, you need to be getting as much of that money into IRAs and 401ks as legally allowed.

 

Again, assuming you're situation doesn't change and you can continue saving as shown, then you have plenty of safety net in liquid able emergency fund and stocks. You need to take advantage of retirement funds, because of the tax incentives. With as much as you gave saved up outside of IRAs and such, you really will find it beneficial to start funding a Roth IRA for instance.

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Personally, assuming your income and expenses remain constant, you need to be getting as much of that money into IRAs and 401ks as legally allowed.

 

Again, assuming you're situation doesn't change and you can continue saving as shown, then you have plenty of safety net in liquid able emergency fund and stocks. You need to take advantage of retirement funds, because of the tax incentives. With as much as you gave saved up outside of IRAs and such, you really will find it beneficial to start funding a Roth IRA for instance.

 

I have a Roth already, now it's a matter of getting my 401K funded. I do want to have at least 1 year of savings and then entirely focus on my 401K.

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Sounds look a perfectly good plan.

 

Make sure to have some fun every once awhile. I applaud your savings and can see ourselves being very similar.

 

I have a rental property account where I just keep watching the savings from income grow and grow and grow to the point I can't bring myself to spend any of it as an owner draw. Certainly savings is important, but once you've reached your savings goal and considering your ability to save so much, just don't forget to reward yourself once in awhile.

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Sounds look a perfectly good plan.

 

Make sure to have some fun every once awhile. I applaud your savings and can see ourselves being very similar.

 

I have a rental property account where I just keep watching the savings from income grow and grow and grow to the point I can't bring myself to spend any of it as an owner draw. Certainly savings is important, but once you've reached your savings goal and considering your ability to save so much, just don't forget to reward yourself once in awhile.

 

So I'm not funding my 401K for now, I'm going to wait a year while I have a good amount of savings for things I may need to buy later (e.g. engagement ring, car, or down payment on a house). After that, I want to focus on retirement accounts as much as possible. Saving as much as possible.

 

I'm trying to allocate a "fun fund" where I put x amount per year toward it. It includes monthly trips, and yearly trips abroad.

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I see...well at least you've got a sound plan!

 

I just suggested focusing on the 401k because time is a huge factor in ultimate, compounding value, so there's a huge - and I man huge in many cases - benefit to getting started earlier, especially if employers give a free percentage match.

 

Whatever your goals, good luck to you!

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  • 2 weeks later...

I see...well at least you've got a sound plan!

 

I just suggested focusing on the 401k because time is a huge factor in ultimate, compounding value, so there's a huge - and I man huge in many cases - benefit to getting started earlier, especially if employers give a free percentage match.

 

Whatever your goals, good luck to you!

Compounding is a very great thing Compounding Interest is even more Amazing & fulfilling

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I see...well at least you've got a sound plan!

 

I just suggested focusing on the 401k because time is a huge factor in ultimate, compounding value, so there's a huge - and I man huge in many cases - benefit to getting started earlier, especially if employers give a free percentage match.

 

Whatever your goals, good luck to you!

 

Yeah, it's big to me too. I really should focus on it, but I'm having some life issues at the moment which making me save for other things.

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  • 2 weeks later...

Late 30s here, I screwed up my credit a little after I turned 30, was only making about $40k/yr at that time (that is nothing for a large urban city). My net worth is well over a half a million now.. I just started living _below_ my means and saving at each and every opportunity I could. Granted, I make twice that much now but I'm spending way less than when I was making half as much.

 

I know I'll get absolutely roasted for saying this, as that usually happens, but the easiest thing was to quit worrying about credit. Utilization is something that can be fixed in one month if you lived at or below your means, have money saved up, and pay in full anyway. Only just now my CL hit 4 digits thanks to auto-CLI. I was more interested in watching monthly spending trend down while my savings, then later interest on that and later investments (low cost index funds) trend upwards.

 

It just snowballed and in a few short years I had enough money to buy a large house outright in cash if I wanted to (of course I wouldn't do anything silly like that though). I get more fulfillment out of life now, even without keeping up with the Joneses, having a large house and multiple vehicles I can't afford. It's definitely not for everyone and was difficult until I started to see positive results.

 

My only regret is I didn't do this when I first lived in the real world on my own. I would have retired years ago.

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