Age and amount saved?

[bigredmachine05]

I am age 30.

I make $250,000 per year.

I have about 75k in cash including CDs

I have 15k in 401k and about 20k in roth IRA

I rent and have school debt of about 170k. Otherwise, no other debt.

[Goldy1]

Steve, I was wondering why you saved so much cash instead of paying off your house? I am just asking out of curiosity to get other views and not insinuating either way is better, Me and dh saved less by paying a lot down on the home. Our ef is alright but not as big as it would have been without paying a lot extra monthly and in lump sums on the mortgage.

[zetta]

Age 38
DH income $130k
My income (part-time) $70k

Retirement assets..$358k
Other investments..$300k
Home value...........$676k
Emergency fund.....$19k
Checking/Savings...$27k
Mortgage balance..($380k)
Medical loan balance...($2k)
Credit card debt.....$0
529 balance.........$16.5k

Total net worth: about $1M

I maxed out my 401k starting at age 23, and also contributed to an IRA or ROTH most years. I made about $150k profit on my first home due to the housing bubble, and invested it in mutual funds instead of using it for a larger downpayment on our next home. I was also fortunate that my parents paid for my education (so no student loans), gave me my first car, and gave me $20k toward my first downpayment. An early start with no debt makes a big difference!

[m3racer]

Well, I am the old lady on here, over 60. (dh is younger)
The most I ever made in one year is $8200.
Dh made $8000-$50,000 per year in the 32 years we have been married.

(he is self employed, and always has been)

280K in mutual funds
650K in cash
577K real estate (home and mountain view lot, all paid for)

It sure pays to start saving early!!

I'm impressed. Great job.

[txex86]

Hubby and I are 46/45

Gross a little over $117,000

Retirement savings...$487K
Emergency savings/cash...$61K
Home value...$200K
529/other college savings...$54K
Debt free including mortgage

[disneysteve]

HI Disneysteve,

How much do you have saved in emergency savings?

We keep about 5K in checking, another 10-15K in money market accounts and we have 25K in Series I bonds that can be redeemed at any time. About 25% of income goes to taxes and 21% or so goes to savings, so with an income of 125K, we actually live on about 54% of gross, or $67,500/yr or $5,625/mo, and certainly not all of that is necessities. We could easily whack hundreds off of that if we had to, so having a 40K EF is plenty, probably overkill. I also have excellent disability insurance.

[frito833]

30 yrs old
Gross 50k
single
25k 401k and Roth IRA
2k Emergency fund. (rebuilding it )
Only 2 years of saving. Wished i did this when I was 18

[obamayomama]

28 years old, gross 90k
wife is 24 and grosses 65k
total = 155k

Savings account = 380k
Retirement = 45k
no debt

waiting for stock/housing market crash (DOW = 4500 or less) before investing

[GREENBACK]

waiting for stock/housing market crash (DOW = 4500 or less) before investing

Just a thought, but a year ago would have been the time to invest. A crash on anything isn't a guarantee no matter what the "experts" say.

[obamayomama]

Just a thought, but a year ago would have been the time to invest. A crash on anything isn't a guarantee no matter what the "experts" say.

it will be an even better time to invest next year.

[GREENBACK]

it will be an even better time to invest next year.

If you say so.

[am_vanquish]

it will be an even better time to invest next year.

Not to highjack the thread or get off-topic or anything, but why not just DCA into the market? Doesn't matter what your threshold is, betting that much money on the market all at once is insane. Then again, you've got 380k in savings & I don't. You must've known what you were doing to get that ... and must be smarter than me too I guess.

Out of curiosity, how did you accumulated that 380k? Is that the result of years of frugal living, some savvy investment moves, a large windfall ... ???

[obamayomama]

Not to highjack the thread or get off-topic or anything, but why not just DCA into the market? Doesn't matter what your threshold is, betting that much money on the market all at once is insane. Then again, you've got 380k in savings & I don't. You must've known what you were doing to get that ... and must be smarter than me too I guess.

Out of curiosity, how did you accumulated that 380k? Is that the result of years of frugal living, some savvy investment moves, a large windfall ... ???

mostly from my job, shorting bank stocks last year, and being frugal.

[LivingAlmostLarge]

30 and 32

retirement $115k
Cash $30k
Home Equity $155k

Mortgage -$426k
Student Loans - $25.5k

Going to have first baby. I think we're okay. We started 4 years ago retirement savings when my DH finished graduate school. We've maxed out his 401k and Roth IRA since then.

[KTP]

28 years old, gross 90k
wife is 24 and grosses 65k
total = 155k

Savings account = 380k
Retirement = 45k
no debt

waiting for stock/housing market crash (DOW = 4500 or less) before investing

I think hyperinflation is a much more likely scenario than DOW 4500. All of this spending by the government HAS to be paid for somehow.