I would love to hear the savings rate of those who have student loans and are unable/unwilling to live with their parents. Kudos to those out there who have one/both but unfortunately that’s not my situation and it’s helpful to see what’s possible otherwise! Please share if you’d like ☺️

like
Posting as :
works at
You are currently posting as works at

Savings rate is 18%. Another 15% goes toward student loans. That’s about all I can manage in my HCOL city

like

Mine was abysmal (8%) until I moved back home because I had credit card debt and am in public interest. One year later my finances are finally on track, I'm credit card debt free and can start saving more.

like

Dual JD couple. Save 20-25%. Was 30% prior to having our first child early this year.

Did a 15 year refi back when first republic was still doing sub 3% fixed rates so that’s another 5-6% of gross.

like

To be clear, I consider principal debt pay down (of non-CC debt) part of savings rate. What savings rate is really getting at is % of income goes towards wealth building and paying down mortgage and or student loan principal is increasing your net worth.

I’m currently at 60% savings rate including that. 45% is pure savings, 15% is student loan pay down.

like

60% is net. 45% of gross. Live in Texas so no state or local income taxes makes it around 22%.
Beyond that, we live pretty cheap (for equivalent earners). One $3k car between the two of us. Bought a house much lower than similar earners. Only fancy habit we have is travel. Will finally finish paying off $200k in student loans between the 2 of us in the next 2 years.

For context, 7 years ago, or combined income was 70k. 4 years ago it was 150. Next year it should be 400.

Just have to fight lifestyle inflation to get it up. We expect we can get net savings rate up above 70% and net to mid 50s

Wife and I live on our own and save close to 50% (after expenses and 401k match limit). We put every penny of the saved money towards the student loan. We still have a solid emergency fund locked away in a HYSA, but decided that it would be better for us to forgo investing for a year (hopefully less) to just get rid of the student loan for good. Totally possible to live on your own and pay the loan off.

like

I paid $6k in student loans one year when I made $60k. Savings rate was 25% minimum in NYC. If you truly prioritize financial freedom, you can make it work.

like

Related Posts

How do you get your love score up so that you can actually start connecting with other users? I have been on Fishbowl for ~1 month and have a love score of 10.

like

Has anyone met their significant other on salams or Muzz? Or any other apps? What’s your experience been like?

likefunny

Does anyone actually wake up refreshed and if so can you share your secrets? It doesn’t matter how much or how little sleep I get I wake up feeling like I got hit by a train. I run 3-4x per week and have lost ~20lbs in the past few months so I should be getting enough vitamin D and have a healthy diet. Don’t drink coffee or other caffeine (unless herbal tea on occasion counts). I wear an eye mask to block out light. Tried melatonin but it gave me nightmares. I feel like I’m losing hope on sleep

like

Now I'm in a client location, My manager is a good person but he told me, I should report to Lead.

Lead is a psycho. He shows hell to the team members including me.
What should I do ?

like

Can we get more Muslims on Hinge? I actually love the concept of meeting friends of friends... and I got a lot of Muslim friends on Facebook, but not enough of their friends on Hinge. Soooo... 🙃

like

Monday Wordle 527 3/6

🟩⬛⬛⬛🟨
🟩🟩⬛🟨⬛
🟩🟩🟩🟩🟩

likesmart

Any student loan options for International Students in US without a co-signer?

like

Looking to move from govt to a consulting firm. What's the salary range for a contracts manager?

likehelpful

I planned to visit home this winter but just heard from immigration team that they can file i-485. Given it might be complicated to travel, would you still travel? Not too sure how long I need to cont

like

You are rich and have everything you need. You have 2 young kids and just turning 40. Your wife is throwing a fancy birthday party for you. What birthday gift will be meaningful to you? Budget is $150. Thank you!!

likehelpful

Question for the legal recruiters out there- is a signing bonus a reasonable request for a lateral move? HCOL but not major (i.e. not NYC). I would appreciate insight into how this request may be received.

like

We’re considering adding wearables tracking to pull in health metrics for a wellness app. Let’s say we plan on doing iOS only and one approach is only doing apple health integration, while another is to use a 3rd party aggregator like Validic or Humanapi to integrate once and get access to Fitbit, Oura, WearOS, and tons of other wearables. Which route would you suggest?

My son 529 grows so slow... Any suggestions ? Which bank or state do you all use? Should I just invest for him in a roth at work ?

like

I want the public to give cops a fair chance. I have seen police brutality upfront and I despise it, but I've met some cops that are genuinely nice people.

likeuplifting

I’ve come to realize a large part of my job satisfaction has been working in an office and as a team, not virtually. My job satisfaction level has been diminishing MOM. Projections are that we won’t RTW until December. Feeling like I need to make a change or the downward trend will continue. Anyone else feeling similar and take any action?

like

Can any one share Google cloud interview experience , what they focus on and how may rounds are there ?

like

Do MBB sponsor for 2+2 MBAs such as HBS? (Straight out of undergrad, 2 years work, MBA)

like

I’ve been teaching for 5 years and I feel burned out. The behaviors this year for kindergarten are worse than ever before and the admin expectations for students are high! I don’t enjoying teaching like I once did and my patience is waning.

like

How are you all handling work + the holidays? I just want to take a bunch of time off to spend with my family and unwind but instead, I'm drowning in work.

like

Recruiter: “freelance team wanted for huge opportunity at award-winning agency.”


The awards:

Post Photo
funnylike

Additional Posts in FIRE Financial Independence Retire Early

Can someone explain the Roth conversion ladder to me like I am idiot? Which is what I am 😎.

HHI over $350k and can’t do backdoor Roth because I have tIRAs…

like

When leaving a company, what do you do with your 401k and ESPP accounts?

like

I hit my FIRE number today at 50yo!!!! Had to tell somebody.

likeuplifting

Last year I started funding my Roth IRA through Vanguard in a Target Retirement Funds. After reading a few post about the tax disadvantage of using a Target Retirement Funds, I am thinking I need to shake things up. Would you suggest moving the funds in Mutual Funds, such as VTSAX? Let me know your thoughts and best strategy to make the switch with minimal tax effect.

like

Does anyone have experience using Personal Capital's active (I'm guessing mostly robo) management services?

like

How do you balance being smart with money verses wants and desires? I'm thinking about buying a new Supra but the fiscally conservative part of me balks at spending money. I can afford it and would really enjoy it.

like

I am still waiting on a 2k federal tax refund from the 2019 tax year. I’ve called 20+ times over the past year, and haven’t gotten more than “we are working through an unprecedented backlog and will get to it soon.” Anyone in a similar boat and/or have any advice other than wait?

like

How far would market have to dip before your FIRE plans are altered? I feel my plans are pushed from about 2 years away to 6 or so

like

Started/maxed out my 2020 IRA on Friday at the market high without knowing and now my whole portfolio is down 2-5% already 😔

likefunny

Any market considerations before refinancing my student loan with current rates? They’re giving me a .75-1% drop.

It’s worth it to refinance at this rate to save paying $1000 of interest albeit credit gets hurt. My only concern is missing out on inevitable lower rates forthcoming.

like

I have a lot of student debt from law school. I’ve refinanced a couple of times and received the best fixed rate available, but I’ve seen others refinance with a variable rate which of course is lower. I’ve read some other comments of people refinancing at a super low variable rate....isn’t this risky? Of course I am afraid of going variable and then the interest rates going up a lot. Am I missing something?

like

So we have 3 rental properties and some cash saved up. Is it better for me to buy 2-3 more on these 30 years mortgages, or stop buying and work to just pay these ones off more quickly?

like

Do you feel like your “wants” drive you to earn more or do you start to enjoy more expensive things because youI have the money now?

like

Anyone regret not doing banking to do FIRE faster?

like

Mother has a decent nest egg ($3M) and lives in an extremely LCOL area. Currently manages money through RBC, however the fees are a gross operating expense of 0.36%. What do you all recommend? I’m not savvy enough to manage it myself however I know that fees can stack up and kill returns. Would appreciate any insight/advice/snark.

like

At what number do you feel like you’re making enough whether to satisfy your desires or just not feel guilty about spending money.I’ve been blessed to have my income raised a total of 85% throughout 9 years but shortly after each raise I still feel like it’s not enough to live by and that I’m always behind. I live in a high cost area and make triple of what my friends make yet it still doesn’t feel enough. Cont’d

like

Do you count your pension as part of your net worth?

like

Where can I start learning about retirement in America? I’m naive on the topic and originally from another country so I need reliable learning resources. I’m 31 and don’t have anything yet, except 6months in emergency fund and I started traditional 401k a few months ago, but can’t max it out currently as I make less than $70k right and single, so I’m currently putting 6% on a targeted retirement age portfolio.

like

Any investment property owners here? How did u land the decision to take the plunge? I know diversification is important, but why didn’t h instead go the ETF/stocks route?

like

Anyone have suggestions on how to protect minors assets? They have a couple of years left before they turn 18 and would like to help them put their inherited money to good use example: low risk investments, steady cash flow investment/rental property, etc. Anything that may also be used for their education in the future. And possibly tax strategies to decrease tax liability from when they start getting income?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal