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Anyone know what other fishbowls are like?
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Ezoo this weekend any youngins??
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15% in 401k and 6-7% in 529s. 46 years old, 2 kids in college, on track to retire in 9 years. I started putting away 6% when I was 21 (+5% match). My advice: always pay yourself first. You may go out less than your buddies, but you'll be way more secure.
Another suggestion for consideration in 20s: 1)first identify your life wealth goals- e.g build retirement, build emergency reserves; create wealth; manage debt etc.., 2) set a target amount and a time frame for each goal 3) calculate the IR to achieve each goal 4)create a budget , - first review at least last 3 mo of personal income statement to determine your revenue and fixed/variable expenses. 4) calculate your current financial ratios and establish new ratio targets to help you meet your projected goal and timeframe tailored to your needs. 5) if you have assets and/ or kids review or establish a basic estate plan to protect you and them in case of your death or incapacitation. Some helpful rules: at least 3-6 mo ER cash reserves; diversify income streams; max out 401K contribution , Roth IRA if still qualified. Consider HSA/FSA if you qualify and it is appropriate for you.
I'm finally maxing out my 401K. I also keep 3 months salary in cash for an emergency and anything left over goes into my vacation house fund. I'm in my 30's if that makes a difference.
I just finished my first year and have been putting in 9% in to a Roth 401k
15% salary + all after tax bonus = savings. Also max out 401k, fsa (I have kids)
Analyst: Saving 58% after taxes (before tax refund) and 5% 401K, not including YE bonus, while simultaneously building equity (own apt).
NYC - 200W; invest.
^started doing this 4 years ago + investing and it works!
@GS1 you are awarded the most sorted person of this weekend. Now go buy an expensive drink and celebrate it!
But I do agree with you and good on ya
30% of salary plus all bonus, director level, and still think it's not enough. But I'm single so my expenses are not that huge anyhow.
17% on 401k, 6m walk away emergency fund, few thousand on acorns, few thousand on robin hood for tech individual stocks. 24 yrs, no kids.
It is hilarious how often this sort of question is asked on forums of financial professionals
@GS1 how is that even possible? Are you in Philly or something
Awesome work! Good for you GS1!
The biggest drag on savings growth rate is rent...