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I am 30. I have about $9k in savings and $7k in retirement savings. I haven’t started to invest yet but I would like to.
This thread made me suicidal until this reply. THANK YOU.
26. 1k in savings. Might as well add mine to represent those with nothing 😂. I’m definitely trying to save more
Thanks for the words of encouragement! I’ll keep the big payments.
This thread makes me realize I am poor and need to change firms...
*crying*
28. Just finished off $225k in student loans. Have about $70k in 401k, which I max every year, and $60k in liquid savings for down payment/wedding funds.
Would love to do this but my family might actually murder me lol
I think at a young age Vanguard indexed mutual funds cannot be beat for long term savings
Rising Star
33 with 2 kids. Got started on my professional career at 28.
$30k in liquid savings. 10k in a brokerage account. 100k between 401k and IRAs. All in index/mutual funds. Getting clearance to trade individual stocks is too much of a hassle.
Chief
31 and I have 0 savings, can’t afford it yet. Looking forward to the day I have disposable income so I can start investing though. I play Stockfuse a lot to see “what if I could invest?” and so far I’ve made $40,000 over the past year. It’s a shame it’s fake money.
Rising Star
Saving is really hard, especially when you have student loans or lots of payments in a month. Try even $50 a paycheck. That’s what I did initially—I had a very small direct deposit set up into a savings account. Eventually it grew, but anything is better than nothing
I’m 28, just starting my 4th year in big law. $70k in a HYS account (though not particularly “high yield” rn...), $65k invested in various ETFs, and $20k 401(k). Also have $120k in student loans to pay off, which I refinanced 1.5 years ago or so.
You should max out your 401k every year.
I’m 30. I have about $30k in a 401(k), $10k in Roth IRA, $10k in the stock market, $5k in a high yield savings account and about $10k liquid cash. Paying down $250k student loan has been a bitch.
Bless you, for a normal answer.
29. I invest about 40-45k per year between maxing out my 401k, IRA, & HSA and using a separate brokerage account. I invest almost exclusively in Vanguard index funds (US market, international, REIT, bonds). Currently have about $205k in savings, $160k invested. (I do feel like it’s important to point out that I’m in this spot because I don’t have student loans thanks to scholarships)
I only have 205k in total savings, which includes the $160k in investments! I wish I had $365k haha
34, $750k in retirement/investment accounts, $60k emergency fund, $100k in account waiting for right rental property to come up, and $350k in home equity. No debt except mortgage on primary residence.
Who’s your financial advisor?
63: $2.7 million investments, $450k home equity
I was beginning to think I was the only one over 40 reading this thread.
42. Between my husband and me we have 1.2M in our 401ks, 127k in brokerage account, 110k in 3 kids’ 529 accounts, 440k liquid, and 700k home equity.
46. USD1M home equity. USD 200k invested. The own two companies and our equity is worthy around USD 1.5 M. We definitively need to work on increasing our cash value.
30. I max my 401k annually (50% Roth) at $19k. Wife is teacher and contributes to the state teacher’s pension and a modest amount to a 403b. Contribute about $300 a month to daughter’s 529 as well. We live pretty modestly, and outside of retirement accounts, have tried to buy some things we enjoy that will hopefully have some residual value long term (classic car, vintage watches, other collectibles). Hoping to buy some sort of investment real estate in the next year as well to further diversify.
I keep about $30k in liquid savings, which could get the family by for 1 year + if one of us lost our job. Probably 4-5 months of both lost jobs.
Just wanted to say I appreciate seeing this. My husband is also a teacher and it is sometimes hard to see so many double attorney income couples. But ultimately we have what we need and we're fortunate, even if we aren't filthy rich, haha.
$1.4 million. 33 year old associate, married to another 33 year old associate. Married in late 20s and had kids at 30. We live in a large, coastal city and work at prominent local firms but not international big law and not big law pay. Have had offers to lateral to bigger law firms but am comfortable where we are even though I often regret not being greedier. Relatively high cost of living area. We both attended good in-state public school and each graduated in upper half of class with less than $70k in combined debt at graduation. No inheritance or family assistance, but had full rides to undergrad from the state.
$1.4 million net worth, not including possessions like cars, furniture or anything that we would not sell. Down $100k+ in the last 48 hours in the market. $500k in retirement, 529 and prepaid tuition, $550k in index funds and lower risk equity investments, $100k trading account (keeps me from watching the other accounts and started with a $10k investment), at least $200k in home equity (recent purchase) and $60k in cash. Only debt is the new $700k mortgage and $20k auto loan.
Splurges are infrequent, but no expense spared vacations, eating out, new large suv for road trips and ferrying kids ($50k) and pre-school tuition ($20k per kid).
I would spend more on travel if I had the time and energy to travel with young kids and in hindsight I spent less on a house than anticipated/budgeted. Our first house is about 2,000 sf and kind of old, but in a great area. Unintentionally we’ve always been financially conservative on housing and should have paid more for move-in ready and an additional bedroom.
We’re not frugal by any means, but we’re disciplined investors. We graduated law school, paid off debt as quickly as possible and have religiously auto deposited between 25-50% of take home pay with a robo-advisor every week, maxed out 401ks and IRAs to the extent they were tax advantaged. I watch cash flow religiously, never have debt and use credit wisely and paid in full every month (use cc points for flights), dollar cost average index investing and never sell. Every dollar that comes in has a purpose and doesn’t sit in a checking account unless it’s being immediately paid. Having a spouse with a good job, allows us to be more aggressive with investing.
I use Personal Capital to track cash flow, net worth and investments. You Need a Budget (YNAB) for budgeting and cash flow.
I took out 30 year term life insurance policies when kids were born. If my spouse and I die tomorrow our kids would get over $3 million each. Knowing that my kids are taken care of is the first time I ever thought I was doing pretty well. I have left a lot of money on the table to spend more time with my family.
I’m fortunate and in hindsight realize I’m doing pretty well financially but don’t feel wealthy or rich for my age. I assume I am the poorest of my close friends, but I am comfortable with that so there is little pressure to keep up.
Nice. I think you got it pretty well figured out. Would gladly take your financial position if it meant adequate time with family and to take vacations.
Rising Star
28. Started saving in January of this year. $13k in liquid savings for down-payment funds. $4k in retirement. $14k debt to pay off. Want to start investing.
34. 200k liquid, 450k in investments/retirement, ~500k in property (value of around 900k, mortgage of around 400k). No debt besides the mortgage.
I know that’s probably way too much to hold in regular savings accounts instead of investing at this point in my life, but I graduated from college in 2008 and have a constant level of background anxiety about the next downturn.
I’m in the same boat. I’ve become more and more risk adverse since the pandemic started. The liquidity of my asset is really high right now
Pro
29. $40k in liquid cash. $320k in paid-off real estate. $427k between 401k/ investment accounts. Paid off student loans this year. No mortgage (although plan to buy a house next year). Maxing out 401k and backdoor Roth.
Absolutely. But I am sure that he was happy to be able to leave you something to help you in life when he couldn’t be there anymore. And I am sure he was/is very proud of you. Sending you virtual hugs and strength during this difficult anniversary
28 y/o 3rd year in Big Law, $70K in student loans, $5K credit card debt, probably $50K in checking / savings accounts, $10K invested in my friend’s company, $70K in my 401K, own an $850K condo ($700K outstanding on the mortgage). Started w a $30K trust when I turned 25. Got lucky and only had $95K in student loans at graduation due to scholarships.
Haha makes sense, I wasn’t sure if there was something out there I wasn’t aware of.
I’ll play. I’m 37. Between the spouse and I have we have roughly $1.3 million invested in a mixture of 401k’s, 529’s, Roths and a Taxable Brokerage Account. We are heavy real estate and I have a 50% interest in a $1.1 million portfolio of mostly single family homes in combo with a college buddy with about 65% leverage and my spouse and I control a combination of single and small Multifamily properties with a value of abound $1.4 million with roughly the same amount of leverage (about 65%). Primary home is worth about $475k and we owe $285k on it. Haven’t checked net worth in quite some time but we don’t have another debt besides mortgages. Still looking to buy more real estate.