[Laser McCool]

Originally Posted by ucla1995

I'm in my mid-30s and the market crash tanked my savings somewhat. I'm curious as to what level of savings people around here think is normal relative to say your current salary (i.e. 1x, 3x, 20x?) I feel like I'm behind the curve on this one, because I have all my peers buying $100K cars and I'm wondering how they all do it...

tia!

Its called Over extending themselves.. when you are 65 and retired, they will be working because while you were saving money they were trying to impress people by living the life of a millionare on a 50k a year salary

[Laser McCool]

Originally Posted by dark335i

depends on your job. in my opinion (and what i will be going to school for), if i save $100k by age 30, that's amazing. by age 40, i should have $1 mill+. you should have around $300k saved up. i think if you post your job people can give you a better idea.

Ah to be 18 again.....

[BMW F22]

This thread reminded me that I should start saving for retirement. I'm still young but hell, if I want a comfortable life at old age then perhaps it's best that I start saving now.

[Derek Zoolander]

Originally Posted by dark335i

depends on your job. in my opinion (and what i will be going to school for), if i save $100k by age 30, that's amazing. by age 40, i should have $1 mill+. you should have around $300k saved up. i think if you post your job people can give you a better idea.

I'm embarrassed for the generation of young adults these days. Everyone thinks they'll be making $100k out of college. Ignorance is bliss.
I contribute max to 401k and save about 25% of my net income while living comfortably for a mid-20-something.

[E90SLAM]

Originally Posted by Derek Zoolander

I'm embarrassed for the generation of young adults these days. Everyone thinks they'll be making $100k out of college. Ignorance is bliss.
I contribute max to 401k and save about 25% of my net income while living comfortably for a mid-20-something.

What?
Kids are now expecting 6 figures fresh outta college...???!!!
Back then I felt fortunate when I hired for a job....then after couple months...I opened up a direct saving and force myself to save some money from every paycheck...not some big investment...but at least its a start....

be discipline and responsible of your own bank account is the key...

[MrRoboto]

Originally Posted by dark335i

depends on your job. in my opinion (and what i will be going to school for), if i save $100k by age 30, that's amazing. by age 40, i should have $1 mill+. you should have around $300k saved up. i think if you post your job people can give you a better idea.

100k to 1Mil+ in ten years...give us the name of your financial planner.

[ucla1995]

Originally Posted by MrRoboto

100k to 1Mil+ in ten years...give us the name of your financial planner.

Mr. Ponzi?

[KingOfJericho]

Originally Posted by MrRoboto

100k to 1Mil+ in ten years...give us the name of your financial planner.

[BMW F22]

I think everyone has ambition when they're young. The reality is sometimes harsh but that separates the can-doers from the can't-doers. Some will accept that reality while others cope with that reality and work their asses off to attain that ambition. But yes unless you're making banks (and I mean like A LOT of money with little expenses), having $1mil saved up by 40 years of age is definitely not the norm.

[Derek Zoolander]

$100k was a bit exaggerated. Realistically, I knew a lot of people expecting $60k+ yet they couldn't get A job, at least something over $30k.

[KingOfJericho]

Originally Posted by Derek Zoolander

$100k was a bit exaggerated. Realistically, I knew a lot of people expecting $60k+ yet they couldn't get A job, at least something over $30k.

Location has a large impact on this as well. I went to school in New Hampshire and most of my friends still live there. While I do make more, my cost of living is easily 2-3 times theirs. Making $60k down here is practically poverty if you're living on your own. They all own houses on large plots of land and I'm crunched up in a 2br condo that I paid twice as much for.

[MJC///M3]

Originally Posted by E90SLAM

What?
Kids are now expecting 6 figures fresh outta college...???!!!
Back then I felt fortunate when I hired for a job....then after couple months...I opened up a direct saving and force myself to save some money from every paycheck...not some big investment...but at least its a start....

be discipline and responsible of your own bank account is the key...

hahaha......when I graduated....I thought I was gonna make 65K+ for sure...no doubt.......um...first job...no where near that.....but worked hard....just got a new job (starting this monday) making almost 6 figures! I'm 25, so thats a nice number for me at this stage of the game. Saving up for MBA school!!!! another 100K

[Derek Zoolander]

In response to the past 2 posts..
I was hired in San Diego, but due to contract circumstances with that location, I was transfered to Nashua, NH. So I went from the worst taxes (CA) to the best taxes (NH) and kept the same salary.
My company is now paying for my M.S. degree, so I should be set after that.

[KingOfJericho]

Originally Posted by Derek Zoolander

In response to the past 2 posts..
I was hired in San Diego, but due to contract circumstances with that location, I was transfered to Nashua, NH. So I went from the worst taxes (CA) to the best taxes (NH) and kept the same salary.
My company is now paying for my M.S. degree, so I should be set after that.

Damn dude, you stepped in shit!

[Derek Zoolander]

Eh, it ain't so bad. I'm much better off financially up here. Just gotta stop dropping bills in Boston on weekends.

[KingOfJericho]

Sounds like you started life on 3rd base...

[MrRoboto]

Originally Posted by dark335i

it may not be the norm where you come from or with who you know to have $1 mill+ by age 40 but it doesn't mean you need to judge (incorrectly) someone you don't know...
sorry you weren't succesful so you don't think others can be. i have friends who were millionares before they were 18 and i know plenty of people who are millionaires that are younger than 30. nice job judging someone you don't even know. maybe if you you won't look like a jacka$$.

if anything, i'll be doing the hiring and the $1 mill+ can be in assets (properties, businesses, w.e)

tell me about it...

maybe some of you don't have realistic goals or know business...

correct, it's not the norm, doesn't mean it doesn't happen. most of the people who posted saying i'm delusional are either not from los angeles, they don't know how to make money, or they are jealous of other peoples (potential) success.

We may have missed it, but what is your field of work?

[BMW F22]

Originally Posted by dark335i

correct, it's not the norm, doesn't mean it doesn't happen. most of the people who posted saying i'm delusional are either not from los angeles, they don't know how to make money, or they are jealous of other peoples (potential) success.

Oh for sure. That's why I didn't say you can't do it because I don't know what you do or whether you can't or not. But like I said, most people usually can't/don't have $1mil saved up by 40 years old. If you're able to do that then great for you (I mean it!). I hope you succeed in that as well.

[darkcloud]

What I think is funny is no one has even mentioned worst case scenario's.

What happens if you have to take a pay cut or even worse lose your job. Life sucks but both are possible, FOR ANYONE!

I speak from experience. I was assisting my father in running our family business doing Attorney services. Was making close to $75k the last 3 years. Well beginning of this year our major client decided they wanted to take what we do for them in house. I had little choice but allow myself to be absorbed into them and walk from my family business because my Dad couldn't guarantee the $45k our client offered me. Some will say, just get another job, but in this economy that's easier said then done. Up side is I can still do work for my fam. business on the side so I won't be taking the full pay cut but I'll have to work twice as hard and twice as long to hit $60k.

So keep day dreaming talking about making millions. I thought I was well on my way to being set. I thought if I picked us up another good client or 2 and I was going to hit $100k a year at 27. Now that seems like a day dream to me, just like the rest of the talk here. Nothing is set in stone, ever!

[ideliver]

Originally Posted by dark335i

i'm in school and am on my way to becoming a surgeon (long way) and i will be investing along the way.

being a surgeon ain't financially what it used to be...trust me

If your motivation for a career in medicine is financial...you are sure to be disappointed...

Don't get me wrong...I would have it no other way...

[BMW F22]

Originally Posted by darkcloud

What I think is funny is no one has even mentioned worst case scenario's.

What happens if you have to take a pay cut or even worse lose your job. Life sucks but both are possible, FOR ANYONE!

I speak from experience. I was assisting my father in running our family business doing Attorney services. Was making close to $75k the last 3 years. Well beginning of this year our major client decided they wanted to take what we do for them in house. I had little choice but allow myself to be absorbed into them and walk from my family business because my Dad couldn't guarantee the $45k our client offered me. Some will say, just get another job, but in this economy that's easier said then done. Up side is I can still do work for my fam. business on the side so I won't be taking the full pay cut but I'll have to work twice as hard and twice as long to hit $60k.

So keep day dreaming talking about making millions. I thought I was well on my way to being set. I thought if I picked us up another good client or 2 and I was going to hit $100k a year at 27. Now that seems like a day dream to me, just like the rest of the talk here. Nothing is set in stone, ever!

Yes it's true that nothing is guaranteed in life and I don't think any of us is denying that. However, it's sometimes good to have ambition/goals. Some of us will hit those and others won't. If you think about all the people that have made it (google guys, michael dell, bill gates, etc.), I'm sure they all had ambition/goals/dreams that they wanted to follow. The last time I checked they're pretty successful.

Sometimes I tell people things that I wanna do and some of them would tell me that I'm too ambitious. Well if I wasn't I'm not gonna go anywhere in life. Hell anyone that wants to make it big has got to day dream sometimes. Let me put it this way: if a person was to go through life with the thought of "oh I'm never gonna make that much money ever so I'm gonna try and be realistic", how often do you think they will succeed? If Martin Luther King had come out and said "well I had a dream but it's too ambitious and I might have been day dreaming so I'm not gonna talk about it", the world would have been a completely different place.

The only pitfall is not to over invest in things. For example, if you want to own the most popular restaurant in the city but have exhausted all your options and the restaurant is still struggling, it's time to cut your losses and move on. The only difference between success and failure is not knowing when to quit.

[darkcloud]

Originally Posted by dark335i

again, just because you aren't as successful as you imagined doesn't mean others can't be. of course there are the "what ifs" but maybe you should've worked harder to worker at a prestigious firm instead of with your family...

I still feel successful dick. I've worked hard and earned everything I have right now. You don't know me. I was just giving some insight to set backs. You have no need to be a immature prick.

My dad never bought be a new BMW or fed me with a silver spoon. You're lucky you're across the country because I'm sure I'm not the only person that wants to knock your block off right now. Shit head.

Oh and there is no "prestigious firm" for what we did. We are a niche business that works along side attorneys.