Let’s do a goal setting / manifestation share?
By December 2023, I am age 30 and Have saved at least a 12 month emergency fund ($30K+) and feel secure in my finances.
By December 2025, I am age 32 and earn $210,000 AUD annually.
By December 2028, I am age 35 and have saved the full amount of $850,000 AUD to buy a four bedroom home outright in the Dandenong ranges on private peaceful acreage with my partner and spend my time educating others about personal finances.
🌏⚡️✨
I’m 26 and have about the same! Everyone’s path is different. The fact that you’re saving (and at the level you are) is a great start. Most Americans can’t afford to save anything at all. Just wanted to give some words of encouragement (even though I know you asked for tips!)
Couple questions:
-do you max your contributions each year? (if not, why not?)
-what does your employer offer for matching? (also, is there a vesting schedule?)
-what is your base salary and bonus expectation?
-what is your monthly spending breakdown look like? Do you have any large annual expenses such as a long distance trip home?
I agree with McK1. Confused as to how you'd feel strapped for cash with only $1k in monthly expenses though? I was making $75k base and $30k bonus when I first moved here and still maxed my 401k while paying rent. You are leaving "free" money on the table if you don't since you miss out on the employer match if you simply put it into your own private savings account - tho if you need/want the liquidity (for a future house or other big purchase) then that would make sense I suppose
For comparison I’m 26 and have been contributing between 6-10% (sometimes I change my contributions) and I have $84k in there. I do get a 6% match from Accenture.
I’d recommend not putting it in the vanguard retirement but doing a mix of stocks
An IRA is good I just mean which assets you choose to put the money going into your 401k, Roth 401k, IRA, etc. i know vanguard has target retirement age assets that typically are low risk but then of course don’t make you as much money
Chief
Find a financial advisor licensed in your state and see what they recommend