{ "media_type": "text", "post_content": "This will either make me feel sad or okay.... at 25, how much did you have saved? Not including 401k.", "post_id": "5cc3bfc44c68cd0021c0084a", "reply_count": 76, "vote_count": 6, "bowl_id": "59e83833e19fb20017ed8a9e", "bowl_name": "Salaries" }

This will either make me feel sad or okay.... at 25, how much did you have saved? Not including 401k.

likesmart
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At 25, nothing I’m sure. I had a Roth IRA at the time that I should have put money into but didn’t. One of my biggest regrets is not socking away more money. I turned out to be the breadwinner in my family (something my 25 yo self would have never imagined would happen to me) and it’s been very very hard. Now at 42 with a house and a kid and a hubs in school (and not working) having started earlier would have given me waaaaaay more security, and the ability to actually have done more travel, trips etc these past years instead of put as much into savings (short and long term and 529) as I can

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At 25... probably ~$35k but for context I started out in an agencies studio with a decent salary, time and a half overtime, free meals most nights I worked late, only a small student loan (my family was ‘poor’ enough that I qualified for aid, vs loans, largely) and budgeting based on on my base salary so saving was easier. The point to take away though, is don’t live beyond your means. Be comfortable within your budget, understand that you’ll probably advance in salary as you move up the ranks and can ‘upgrade’ life accordingly. Also... I taught for awhile, and what I often found myself telling students when they asked about what they should do, was not to let themselves get trapped into a lifestyle that only advertising could afford them. There are a lot of miserable people in advertising (Fishbowl has plenty of evidence of this, daily) and many of them are trapped because they let the salary decide their lifestyle and downgrading is tough. If you budget and save, you give yourself some financial flexibility/‘fuck you’ money and a way out if you have to jump ship or are just sick of it. Also gives you the funds to spoil yourself and not feel guilty/pinched. And if you, like so many people go freelance, you want that money to help in the initial/occasional dry periods.

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Actually, around 25 the recession hit so luckily for me, a less an aggressive savings plan vs. a lax (immediate gratification?) 401(k) savings plan worked out slightly in my favor since that got trashed. This isn’t a ‘don’t save message but made me think of it.

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I’m 37 and have $15 in my checking.

likeuplifting

I’m 25 & looove finances. I have a little over $200k in assets so cash & stocks + Roth IRA. I started 5 years ago with -26k (student loans). If you’re serious about changes in your financial situation I suggest joining the FinancialGym! I just joined last month but I’ve learned things and think they’re great. They can teach you more about saving than I could try to explain over a comment on FB

likefunny

@mccann - saving 20% of paychecks to where?

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I think I had -5,000 in credit card debt... 😒

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When I was 25, I had just graduated from ad school with 50k loan. You are fine. But it’s good to start contributing to 401k.

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0 at 40 plus 100k depth in student loan!

likeuplifting

Start putting something away please

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I’m 26 and only have $850 in cash saved. Paying off $75k in student loans and some credit card debt Gotta start somewhere! I use Acorns to help me save in little bits here and there

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I’m 27 with about $125,000 between my savings and my stocks. Lucky that I graduated debt free because my mommy makes missiles. Saved all this while not living at home as well - my intense frugality has paid off over the years

likeuplifting

Lol I’m 31 and just now started getting some savings. Don’t feel bad just do what you can and commit to it but also don’t cripple yourself financially. The money will come and then you can tuck it away.

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At 25 I was putting my Bachelor’s of Science in Graphic Design to good use at a sweatshop apparel company for $12/hr. The company was on raise/promotion freeze, but we somehow had money to hire extra artists or give the Seniors overtime take home work. I hustled myself taking freelance gigs for better wages and lived on rice and beans. I believe I had about $35,000 in cash saved from what I can remember. Not impressive at face value, but considering my income I believe it was quiet an accomplishment.

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@OP Everyone’s situation is different. Personally, you should have little savings if you have debt. Have a $1-3K emergency fund. Car issues? Your pants rip on the way home? You dip into that. Everything else you make should go to your living expenses and the rest to debt. Why would you invest in something with risks when you may have bills that are accruing interest? Attack all your debt. Then build a 3-6 month emergency fund and then put 15% of your income into investments and you should be good.

likehelpful

I would actually do the exact opposite. Pay yourself first. Put away the 15%. Build 6months savings. Attack your debt. Pay yourself first. The best advice is ever got was that. Put away 15% whether it's your 401k, roth, or plain savings account, and learn to live without it.

10k but I have no student loan debt (state school and my parents split it with me). Started with 3k from my grandfather who passed in 2014. Didn’t start really contributing until last year cause I was making less than 40k/year until 4/18. Hoping to have 20k by next year. At a company that matches up to 4%.

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Happy for you dude. Better to have little and have no debt than having much but tons of loans and debts on your name (sorry for your loss tho)

uplifting

I’m 23. Grew up poor, had to pay my way through college. I have 17k in student debt. Right now I only have 5k in savings but planning on learning more about investing and 401k andRoth IRA

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Best advice I got was. Pay yourself first. Then tackle debt. If you realize the power of compounding interest/gains the biggest asset you have is time. Max out your 401k. Get a Roth asap. I wish someone told me to start younger and again to pay myself first. The other great advice I got was to learn to put away 15%, whether that's your 401, savings, etc and just learn to live without it. Your future self will thank you.

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-85k

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I had a few hundred bucks and about 60k in Art School student loans. Debt paid off by 30 and now very happy with my net worth now.

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@OP definitely take up your company’s 401k match offer but then look into a Roth IRA. Will pay off way more than a 401k in the long run!

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0

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26 and have student debt and cc debt. About 2500 in 401K.. Sad!

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Probably 15k?

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