{ "media_type": "text", "post_content": "How much do you have in savings (cash, 401k, etc.)? And how old are you?", "post_id": "5bcc94ceffc7aa0012aab0e7", "reply_count": 156, "vote_count": 26, "bowl_id": "5565cfca8b2b9a03009acf57", "bowl_name": "Advertising", "feed_type": "crowd" }
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How much do you have in savings (cash, 401k, etc.)? And how old are you?

likehelpfulfunnyuplifting
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I find it a little annoying that so many posters here assume you can only max out your 401k and save a lot if you're privileged. To answer the above questions about how I ended up with $155k by age 31 ($$55 in 401k, $25 IRA, $65 savings, $10 stocks), it's not because of some trust fund. I moved out at 18 when I went to college. During college, my parents helped me a little bit with tuition and insurance, but I still covered food, clothing, books, rent, and anything I needed for my classes. They stopped covering health insurance and all other financial support the day I graduated college. I graduated with only $15k in debt because I went to a school where I got half of it paid for in merit scholarships, another chunk paid for with need based grants (since my parents only made about $25k each per year), and I worked 2 jobs all through college. That financial aid is the only thing that can really be called "priviledge", but I also chose that specific school because they offered me the most money so I wouldn't graduate with $30k or more in debt like a lot of my friends. I also haven't inherited any money from anyone. When I moved to NYC 9 years ago I found an apartment that was $1100 for a two bedroom in Brooklyn and got a roommate to split the rent. When I need new phones, i buy old ones and still have the $40 boost mobile plan I've had since college. My computer is the same refurbished one i bought in 2009 that i keep up and running so I don't have to shell out $2k for a new one with newer software. And for most of my career I made less than $50k. It's only the past 2.5 years I've gotten up to $70k. I fully realize that that kind of extreme frugality is not for everyone. I definitely don't get to go out as often or do as many fun things as my friends, but that's because I've prioritized saving for the future over having fun in the present. Don't assume that only people with trust funds and rich parents can save.

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Thread me feel like 💩 initially, but in addition to privileges others mentioned, so much is when you started and priorities. NYC, 34, got late start (waitress until 25ish). Worked to pay off student loans by 30, but was lucky to have SOME family help in the beginning (state school). No trust fund/inheritance. Completely self financed after college. Trying to save for a good life but, at 33, getting my own apartment was important to me, and I live to travel. My family lives a flight away, boyfriend lives across country. I don't have 6 mos. expenses saved, though I'm doing pretty well for myself, considering, because most goes to travel (pleasure/fam/BF), and I'm soaking up all the experiences and fun I can while I'm energetic, childless, and mobile (Can't imagine some of the adventures I've had with arthritis or a bad hip!)

I'm ok with that. You can't take it with you, and who knows if I'll make it to retirement. If I do, I'll have a modest income and lots of epic memories.

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*immediate anxiety and regret over opening thread*

likefunnyupliftingsmarthelpful

Wow fuck you guys lol. I’m 26 in NYC with loans and not one cent of help from my parents for anything so I have $1,500 saved lmao

likefunnyupliftinghelpful

24/$5k 401k/$0 cash ¯\_(ツ)_/¯

likefunnyhelpful

36/ enough money to know that comparing how much money you have to a bunch of nameless ad lifers does nothing but suck the joy out of your life

likefunnysmart

Every single one of these respondents is exaggerating in one direction or the other. Just max out your 401k match and live reasonably, don’t worry about what others have. There are too many variables in others’ lives to make any sort of comparison meaningful. Plus any art director that tells you he/she has saved $300k by 31 has married wealth, gotten an inheritance or hit the lottery.

likehelpfulupliftingsmartfunny

Ugh, this again?

likefunny

How many of you actually live in NYC? And haven’t gotten any support from your parents? 🤔

likesmarthelpfulfunny

32 years old. About 2k in the bank, about 2k in my 401(k), about 45k left in debt I need to pay off. No property, no assets worth anything. So overall, I think I'm at -41k in the hole / negative net worth.

I applaud the folks who are doing better than I am. I started my career about ten years later than most people and have mostly managed to catch up with or surpass my peers in base salary, and savings is my next big challenge. You all give me a target to shoot for.

likeupliftinghelpful

24, $1.1 million in stocks. $800k cash. Body fat below 10%. I also have very many precious jewels. And a security deposit box full of platinum bars in Geneva.

likefunnysmart

Whoever pointed out that the curve was steep was correct. Didn’t have any money in my 20s. started doing well in my 30s, went freelance at 40 and really began hauling it in.

So that’s good. However I do expect there will be a recession when I hit my late 40s that will wipe me out and I will have to go staff at a pharma agency at 50 just to make ends meet and then take a series of increasingly depressing jobs until my daughter graduates from college and I can finally retire from writing tweets about treatment options for deep vein thrombosis.

likefunny

It’s complicated.

likefunnyuplifting

Did you all save this living in high rent areas? Seems crazy to me. My numbers are more modest. But I also am on my second property owned.

likehelpful

Did someone just say max out your 401K? Lmfao that’s how you can tell some of y’all reek of privilege. Someone who makes 50K can’t max out their damn 401K. Y’all love doing this humble brag post every 3 months and I’m sick of it

For the fellow young and broke and this is advice I got and it helped me.

If you have SL debt and cc debt and all that other shit.
1) Create an emergency fund. To cover your expenses. Save towards that first and foremost. Cause when shit hits the fan. You want to be able to reach for savings and not more debt to bail you out.

2) If you decide to contribute to that damn 401K. Contribute at least what your company can match. It’s that’s 3% do 3.

3) Start working on your debt. Slowly. Chip away at it. Start with the highest one.

23. 3k In 401K. 5k in emergency fund. We gone be alright. But don’t measure yourself to these guys. Our parents ain’t leave us a house. For most of us we take care of the house our parents live in.

likeupliftinghelpful

To the juniors posting or reading. The curve is exponential, don't be discouraged. Just know that you have to cover your loans at in the beginning and be net $1 @ about $75k in salary. Learn to live smart off that and then you can pile every increase beyond $75k towards an accelerated loan payoff and savings. Your call on that being 401k, stocks, real estate, or whatever.

Numbers will accelerate. Growing salaries, marriage without kids, promotions etc will help. Just dont think it's all spending money and you will be fine.

Be well and good luck!

likehelpfulupliftingfunny

^ and how much you inherited / is from your trust fund / how long your parents supported you / how long you lived at home with them saving / how much in student loans you had / how expensive a flight home to see your family is / etc things that tell us about your privilege

likefunnysmart

So much this!

Step 1: rob everyone besides copywriter #2
Step 2: share with copywriter #2

likefunnysmart

40, $0 in savings, $3k in cash. Debts.

likehelpfulsmart

32 — 25k ... so behind. Damn daycare!

likeupliftingfunny

I’m apparently doing super well and can’t compete with plenty of these numbers. I also spend a lot of money pursuing passion projects and helping others. If you’re eating and growing, you’re good. If you’ve got 300k in the bank at 34, you’re not doing much with your life.

likefunnysmart

Cool buzz word.

☝️ Plus I imagine these responses skew male.

I’m a woman in NYC, consider myself fiscally conservative, and definitely don’t have “$160k-190k stocks depending on how the market is each day. 💆‍♂️💆‍♂️💆‍♂️” But then again I also take care of my parents and siblings so idk.

likeuplifting

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