Post: #1

Those who are into finance, can you tell me where should a person be in terms of savings, 401k, investments etc by these ages. Lets also assume you get married around 32 and have a kid around 34 and 35. Lets also assume you have a $100k a year job.

24
28
32
36
40

Post: #2

Pulling in around 100k at 24 and at least $350k-$500k by 33.

Depends on what you mean by "finance." That's a very broad field.

Do you mean Investment banking, PE, S&T? All depends....

Post: #3

$350-500K by 33? ALOT easier said than done. I'm JUST closing in on $200K at 33. Just spoke to my friend at Morgan S yesterday, his department got No raises, and No bonuses....Hard to bank it the last several years after this freakin recession.

Post: #4

Unfortunately this just doesnt work. I used to do this shit too comparing to groups of people and stuff like that where I should be at XYZ year etc. Honestly that's actually just a subset of living in fear, fear of "not keeping up with the rest".

I know this isn't going to help much but take a look at your calendar, how much time are you actually doing work? Now take that idle time and literally anything you do in that idle time that can add money to your bank account is what you should be doing. I believe you worked as an IT person is there a way to help people out an hour a day to start some side cash flow to get paid... while you're already getting paid at work? That's really where it's at, continuously combining, you'll get much closer to your goals that way also since you're not spending time comparing.

I 100% was there before. So if you really want to know you can pull down median and mean net worth calculations over time. Most people don't even save 10% of their income, also most people are dumb so that doesn't really help.

It's like comparing yourself to the "rest of the population" when you know the rest of the population is failing its not a great thing to compare yourself to. It's like players on this forum comparing their notch count to average people, you'd see a massive skew. No one is every really happy with "average" if you were you wouldn't even be on this forum.

Spend every single second you would have spent comparing and spend that time getting healthier or wealthier.

You know even use "fiver" and make five bucks doing something small on there. Yeah its only $5 but if you're making it while you have to sit at your desk there was literally nothing lost anyway.

Compare your networth to other people or make another $5? Make $5 till you think of something better.

Post: #5

Yeah, comparing yourself to others is an ugly game.

I do ok. I make a comfortable living but I'm not wealthy. It's really tempting to look at the guys my age who are making twice, or ten ten times, as much money as me and think I'm failing. Then I'll be talking to a friend and realize he's making a third of what I do and in debt up to his eyeballs.

Are you happy? Do you like what you do? Do you like who you are? Those are the questions you should be asking yourself.

Post: #6

Where you want to be... it will depend on your lifestyle, where you live, how hard you work, etc.

Post: #7

(02-19-2013 08:38 PM)alphaspiraton Wrote:  Pulling in around 100k at 24 and at least $350k-$500k by 33.

mmm ok

Post: #8

Guys are living well in Thailand off 2.5K a month. Most say that's exorbitant and if you're careful 2K is doable.

That guy should be a different place from someone living in Manhattan.

I know West Coast lives on a disciplined budget. He and I lived in the same city and there's no way I'd live by his budget. Thus I "need" more than him, even though we'd be in the same city.

Define your life based on your goals and where you are. You should have enough money that when the shit hits the fan (you lose your job, you get sick, a close family member or friend needs a lift up), you are covered.

Though in general you can't go wrong by stashing as much as you can afford into a Roth IRA and 401k. More savings is better than less, that's for sure.

But any hard number is arbitrary and bears little relation to your own life.

Post: #9

(02-19-2013 12:33 PM)chyamor Wrote:  Those who are into finance, can you tell me where should a person be in terms of savings, 401k, investments etc by these ages. Lets also assume you get married around 32 and have a kid around 34 and 35. Lets also assume you have a $100k a year job.

24
28
32
36
40

24- Getting laid.
28- Getting laid.
32- Getting laid.
36- Getting laid.
40- Getting laid.

That's where you should be. Don't worry about money.

Post: #10

I learned a while back to never compare myself with others. Especially with making $$ just go out and do it. One of many reasons I do not have Facebook ie comparing myself vs friends

Post: #11

Comparison leads to the death of happiness.

Post: #12

(02-23-2013 07:34 PM)NewGamer Wrote:  Comparison leads to the death of happiness.

You guys have no idea how much this statement is accurate. Don't gauge your success on the success of others. Gauge it on what you did yesterday, and push forward.

Post: #13

Yup, very true Newgamer: Another way I heard it was "Sadness comes from comparison." How many 18 year olds are making a 100 MILLION like Justin Bieber? How many 25 year olds are BILLIONAIRES like Zuckerberg. There is no schedule for what will occur in one's own life. Where you're supposed to be is dependent on where you decide you want to be, irregardless of age.

I met a man who got his life together when he was 47. He lived in his Mother's basement for so long, he almost gave up. 6 years later he became a millionaire. Had his first child at 57.

Point is. Those who achieve what they achieve are at the perfect age for THEM to achieve what they achieve, never early, never late, only just in time.

Post: #14

Comparison leads to the death of happiness. (NewGamer)


Those who achieve what they achieve are at the perfect age for THEM to achieve what they achieve, never early, never late, only just in time.(RossTan)


Well said guys and welcome to the forum .........

Post: #15

(02-19-2013 08:38 PM)alphaspiraton Wrote:  Pulling in around 100k at 24 and at least $350k-$500k by 33.

Depends on what you mean by "finance." That's a very broad field.

Do you mean Investment banking, PE, S&T? All depends....

Please explain why. Why should a 33 year old be pullin in at least half a million dollars a year? Is that really necessary?

Post: #16

Different question: How many 33-year olds in the US have a job that gives them a half million dollars in income a year?

Post: #17

http://www.latimes.com/business/la-01300...31.graphic

These are averages from a pure financial standpoint. Personally my goal is 100k in the bank by 30, by "bank" I mean stocks, retirement, RE, etc

Post: #18

Be happy or work on being happy. Well hopefully be genuinely happy by those latter ages.

Post: #19

(02-24-2013 03:29 AM)_DC_ Wrote:  http://www.latimes.com/business/la-01300...31.graphic

These are averages from a pure financial standpoint. Personally my goal is 100k in the bank by 30, by "bank" I mean stocks, retirement, RE, etc

Aren't you the guy who makes 150k per year? And you dont have 100k saved in your bank? You must be spending lots of money.

Post: #20

(02-24-2013 04:52 AM)pitt Wrote:  

(02-24-2013 03:29 AM)_DC_ Wrote:  http://www.latimes.com/business/la-01300...31.graphic

These are averages from a pure financial standpoint. Personally my goal is 100k in the bank by 30, by "bank" I mean stocks, retirement, RE, etc

Aren't you the guy who makes 150k per year? And you dont have 100k saved in your bank? You must be spending lots of money.

Good memory. South beach is expensive. Im not making quite that but close, but that doesnt mean ive always been making that. I started with maybe 1/3rd the salary 6 years ago and also had some debt.

Considering the info above 100k at 30 is doing well. Id rather blow money now then be a really really rich 60 yo.

Post: #21

It's cool to have goals for accumulation and growth. But just remember what ole Alan Watts has to say (paraphrased):

"It all felt like a hoax, because it was a hoax! They made you miss everything...We thought life was a pilgrimage, with a serious purpose at the end and the point was to get to that end...Success, Heaven, whatever it is.

But... we missed the point, the whole way along. It was a musical thing, and you were supposed to sing, or to dance, while the music was being played"

http://www.youtube.com/watch?v=ERbvKrH-GC4