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Seven gajillion dollars
I had 309 Pokemon cards by 28
General rule of thumb you’ll see online is that by 30 you should have at least the equivalent to your annual salary saved. So if you make $100k a year, you should have $100k between your retirement, investments, cash, etc.
But the real answer is different for everyone cause it depends on your personal goals. If you want to retire earlier or save to start your own business, for example, that number would go up.
You may want to spend some time thinking what makes sense for you vs figuring out what other people in different situations do.
I had about 20k saved at 28 😬
PwC2 I would agree but spending money doesn’t really mean having more fun. I have just as many fond memories of doing minimal cost activities as I do of traveling and eating at expensive restaurants / racking up big bar tabs.
IMO the best part about my 20s was that most of my friends were down to do whatever just about any day of the week. Now that everyone’s married and having kids, not really the case.
Saving is nice but so is enjoying your 20s- you’re only young once!
^ yes, that experience taught me to discern between real life issues and manufactured drama. A lot of things we all complain about are minor inconveniences when compared to life threatening medical problems.
50K
It depends
You should save a amount which can help you support you and your family during health emergency. Else saving is a myth. When it comes to money, there is no upper limit.
The moment you satisfy yourself with X amount your brain will just look for that amount and never try to achieve what you could be capable of. Much more then X. Sorry if my answer was philosophical.
5x your salary
Wish that had been my biggest worry in my 20s. Despite having insurance my spouse had a major illness that about wiped us out financially. Took years to recover from that 😐
^sry to hear about that. I'm sure it gave you great perspective / resilience in life. And a focus on what really matters.
I think I have about $2k in my savings account lol
That is such a dumb rule A5. But man I would like 280k by now.
^respect
@A1 spot on
General life tip for anybody concerned:
I save 25% right off the top to direct deposit savings, which I do not touch. I also take 10% direct deposit into an account that is more accessible than my savings. If I want to spend the money I can, but I find that by removing the money from my primary checking account, I am less tempted to spend it in the first place.
Looong
I agree with PWC2 - I aim to save 30% of my gross salary no matter what. Scale up and down as necessary, but hover around that 30% on average. My fiancé saves a bit less, but covers more of our day-to-day costs. I'm 27 and have about $100K saved as a result, which isn't a stunning amount, but much more than the norm for my age. Just pick a number you're comfortable with and make it work. We are highly adaptable creatures.