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Age and amount saved?

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    Age and amount saved?

    Hi, I am new to this board - just throwing this topic out there to see where others are.

    I am 28 years old. I have a gross income of ~85k/year. I started saving about 1.5 years ago. My goals are:

    1) To make 100k/year by the age of 30
    2) To save 100k by the age of 30

    If I achieve 1 of the 2 goals, I will be happy.

    Here is what I have saved so far:

    28y/o, single
    Savings: 1.5k
    Roth IRA: 9.5k
    Investments: 19.5k
    Total: 30.5k

    I do not own a home.
    Last edited by wavetide; 08-02-2009, 01:05 PM.

    Congratulations and welcome to this site. It has a lot of information here how to save a buck or two with tips and tricks. The people in this site are always willing to share some thoughts and ideas.

    between short term and long term savings I put away about 30 % of my check a month I earmark specific amount of money for one thing or another.
    short term
    in my EF well over 2500
    in my car account 10,000
    in my vacation account 500
    all this in CD's and savings

    long term all in mutual funds.


      I'm actually in about the exact same position as you, with the same goals!

      Same age, close to same income, etc. Though for me, at the same current savings as you, am planning to have 75k or so by the time I'm 30 - i like my toys . Car, motorcycle, etc. I also make significant contributions to my 401(k), which is something you might want to consider.


        Age 32 (saving since age 16?)
        Gross Income: $75k (not sure it means much - range $20k-$100k in last decade. More saving from higher income, childless years).

        $22k Cash
        $8k Investments (Kids' college, etc.)
        $70k Retirement

        +$100k home equity (We made a 25% down payment)

        I had some goal at some point to get our retirement accounts to $150k, by age 35. Still plausible. I've been hovering around the $100k mark with cash/investment for a while. The market has made it difficult to move forward in the short-term. But young enough and little enough invested that it hasn't set us back terribly either.

        In our 20s we focused on our home; in our 30s we are focusing on retirement contributions - aiming for $20k per year (maxing out tax-deferred vehicles).
        Last edited by MonkeyMama; 08-14-2009, 07:01 AM. Reason: Add Gross Income


          I Think your goal is more obtainable than my own. I will most likely bump up my automatic monthly savings to 2.5k and try to find ways to not spend money for the next 1.5 years.


            i took a different approach - i save about 1.5k with the same salary as you, with 12% going to 401(k) prior to the 1.5k. I front load my Roth IRA each year (annual incentive). I can save the 1.5k each year while owning a car and motorcycle that keep me smiling every time i drive/ride, and enjoy some of the finer things in life with my family and friends. i choose to save a moderate amount and spend, versus the all-out-spend mentality i used to have.


              I'm 32, spouse is 46, and you can see all my numbers here:

              (The cash number is deceptive--some of it is earmarked for taxes, which I have to save for since I'm self-employed, furniture for our new house, and a car within the next year.)


                I'm 23, currently grossing about $48k/yr.

                Savings/Checking: ~$2000
                Emergency Fund: $6200 (slowly want to build this to ~$15k)
                Home Downpayment savings: $9600 (in a taxable investment account)
                Retirement savings: $17600
                Total savings: ~$35,500.

                What's not shown here is a sizable loan I got in college that I'm slowly paying down (still owe ~$24k)... It was $30k @ 1% interest, and I invested part of it -- so perhaps half of the home and retirement savings came from that.

                I've thankfully been able to save rather aggressively for the last ~2 years, so I'm overall happy with where I am right now. My savings are stalling for now (roommates are moving out, so I can't save nearly as much each month), but once I also move in ~3 months, I'll be able to get back on track.
                "Praestantia per minutus" ... "Acta non verba"


                  28, Gross about 95k

                  Retirement (401k+Roth+Roth401k) = 73k
                  Cash (emergency fund+wedding fund) = 25k

                  Also have about 35k home equity and -12k in student loans.

                  My goal is to save 1/3 of my gross income.


                    27 years old, about $37,000/year. I've always put 25%+ into my retirement. Seriously, when I was young and if I got $5 for a birthday card I would put $1.25 into my savings account, earmarked for retirement!

                    $35,000 Retirement savings
                    $22,500 other savings (emergency fund and down payment)

                    TOTAL: $57,500

                    I do not currently have any debts. I am currently adding approxmately $1,250 to savings each month so by January 1, 2010, I will have approximately $63,750 in savings. That's of course not taking into account how well my Roth IRA and 457 plan do.
                    Last edited by anonymous_saver; 08-03-2009, 08:13 AM. Reason: Added how much I'm saving each month currently.


                      32 yrs old. Gross about 95k$/year.

                      Non retirement savings: 56 000$

                      Registered retirement savings: 60 000$

                      Home equity: 83 000$ (that's my portion of the home equity, together with my wife our home equity is 260 000$).

                      Net worth: just about 200 000 $ (combined with my wife, our net worth is just below 500 000 $).

                      The registered retirement savings are relatively low compared with the home equity and non retirement savings as we both have good defined benefit plans at work.
                      Last edited by thekid; 08-03-2009, 08:46 AM.


                        I had similar goals, one of them being to hit 100k salary base and retirement funds by 30 . Didn't reach the salary, but my 401k did hit 100k for a short while at age 28. Well, for a short while anyway before the markets tanked. I'm not sure when I hit 100k net worth. I'm pretty bad with tracking things like that.

                        Age 32
                        Salary 90k
                        Net worth est 260k
                        - 150k or so in Roth IRA/401k/pension, 13k in after tax investments
                        - 110k in cash, most earmarked for house DP and EF

                        Tallying up the time off I took after university and 2 layoffs (soon to be 3 if the rumors bear fruit), my career is short nearly 1.5 years of income generation.


                          Thats a great plan man goodluck and hope you make a million dollars


                            age 30 years
                            yearly income $110K (bay area)

                            Retirement - $42K
                            Cash - $16K

                            Debt - $45K (car + student + CC)

                            Do not own a home.

                            I am currently undergoing second masters degree (mba, 1st was ms in engg) which is the reason for high debt and low savings.
                            Last edited by gekkoplus; 08-03-2009, 01:45 PM.


                              age 32 / Married / DW age 28

                              salary 90K / combined 153k

                              our net worth is in negative.

                              Retirement account : 27K

                              EF - 10k

                              cc debt / car loan : 56K

                              home mortgage : 275K ( house is currently worth 200k)

                              immediate goal is to get rid of the dept (cc and car loan). while paying off the debt we would like our retirement account to grow up to 100K in next 3 yrs or so.