House hold Networth and Savings

Nook · Mar 28, 2018

MacLovin said: ↑

Some things do seem a little harder than when our parents were our age but people do blow a lot of their money. The baby boomers do, too, though. A lot of them don't have nearly enough saved for retirement. My dad was given his own franchise to run by a big pizza chain when he was 25, just because he had a few years experience working there.

No one knows me here so I'll give real numbers. I'm 29, I make $38,000 a year. Up until about 3 years ago, I was making roughly $17,000 a year. My net worth currently is in the realm of $27,000. I have about $33,000 in assets and owe $6,000 on my car, which is financed at 1.99% so I'm in no hurry to pay it off. I worked two jobs for over 2 years in order to pay off my student loan and finished it last year. I currently put 12.5% of my salary into tax-deferred retirement accounts every month. Since finishing my student loan, I've found it incredibly easy to save money. I don't know how people save so little. I drive a 2013 car, split rent on a $1,300 apartment with my girlfriend, have decent clothes and shoes, TVs in every room, XboxOne, take vacations here and there, and still save the retirement amount plus a few hundred dollars each month.

The only things that I think are different about me: My student loan had 6.5% interest, so I paid it off ASAP. I cook at home a lot and eat out rarely, which saves money and is healthier, plus I'm a good cook. We have Hulu, Netflix, and Moviepass, so entertainment budget is $18 a month. I pay my credit card balance at the end of every month and collect the cash back. And in general, I don't waste money on things I don't need. I spent $20 of a gift card on a stupid video game I don't like and I still regret it. I feel like most people would just let little things like that slide.
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How many kids do you have?

So your girlfriend works?

How much was your student loan?

Do you help support other family members?

pirc1 · Mar 28, 2018

LabMouse said: ↑

Yes, your number is quite right. But we need at least $1M or M1.5 to have a better life after a retirement.
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Yes, but what percent of the population will have 1 million plus in asset by retirement? 10-15% is my guess.

LabMouse · Mar 28, 2018

Yes, percentage is not high. The problem is that american people generally like spending, that is why they do not have enough money left.

pirc1 said: ↑

Yes, but what percent of the population will have 1 million plus in asset by retirement? 10-15% is my guess.
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House hold Networth and Savings

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