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Frequent Contributor
Posts: 426
Registered: ‎01-12-2014

Re: How much Money do you have Saved???

[ Edited ]

800ficogirl wrote:
Hi I'm curious to know what my peers savings account & etc look like,.. Since this is a safe place to share financial info, let's grow our savings & credit together

Me:

Age -33F
Savings- $3500
Fico - 672

Goal by year end~
Savings - $20,000
Fico- 750

I'm not really a peer, being a generation older at 55 & m. When I was close to the same age - at age 32 - I was going

through my second (and final) divorce. I had about $75K in debts and my only asset was a 10 year old pickup truck.

My net worth at the time was about -$50K and I had to couch surf with friends for a couple months post divorce.

 

In the intervening years I've buckled down and worked a lot of hours. I also got started with "paying myself first" by making

sure I max'ed the 401K contribution limits available - even when it meant scrimping a bit to do it. The stock market has been

a roller coaster over those years, with the dot.com bubble, the dot.com crash, the early 2000's recovery, the 2008-2009 melt

down and the fed-fueled QE bubble that is ending now. Overall, I've averaged about 8%, but it has been anything but steady.

The tool that did the most for me was the automatic deduction for 401K and also for my regular brokerage savings. You don't

miss (much) what you've never had your hands on. The percentage it has taken me to hit the 401K contribution limits has stayed

steady over the years at 16%. I have worked for 4 different employers over the last 23 years and have been lucky to get between

a 2%-7% match on my 401K's. 

 

My current stats don't put me too far behind where the financial pundits say I should be. I should have done 

better, but I started later than I should have with savings and had several bumps in my financial road early on.

On the flip side, my slightly misspent youth still makes me smile and I wouldn't have missed much of it if given

the chance. My stats: 

 

Age -55m
 retirement savings:          $550,000

cash value of pensions:   $250,000

regular savings                  $280,000

mortgage balance:            $ 85,000


Fico8 - 850

Goal by June 2020~ retire (age 59.5) and work when I want on my sideline biz (semi-retirement). I hopefully won't

draw much from my savings until regular retirment age -66- but won't be saving much additional if anything.
retirement savings -          $800,000

regular savings -                $400,000

mortgage -                           $0     (paid off)

pensions - as annuity?       $2500/month


Fico- won't care

 

I can't give enough encouragement to younger adults to save, and to start early. My results are middle of

the pack for my work peers. I have some work peers who are quasi-rich and also some who are close to broke.

The only real difference between is discipline. The lifestyle between the savers and spenders converges to a

similar point by age ~50, the only difference by that age is who will be able to retire and how well.

Regular Contributor
Posts: 192
Registered: ‎07-13-2011
0

Re: How much Money do you have Saved???

Thanks I will look more into index funds. That may be my next move as I'll reach the $20K max later this year. As for the rental properties yes you can hire a someone to manage the property for you,. But you are still responsible for finding the property to begin with, doing upgrades and cleaning, waiting for rent and paying the mortgage when it's not rented, paying insurance, taxes, and etc.. Fun for some, a hassle to others,.. Its definitely not an easy breezy process.. While my returns are not that great, as long as I'm earning and not deprecating I'm ok with that (for now) I know CDs won't make me a millionaire, but I will at least earn an extra money on money.. Free money is always a 💃
Moving forward, if I receive a large amount of money and decide not to work a standard job anymore, flipping houses and doing rental properties could become a hobby that also generates $$..

If i had a million dollars to invest I could receive about 2% - 2.25% with a CD that's a free $20,000+ a year plus $400 every year off just the interest.. Doing nothing but relaxing at home..

Or I could buy rental houses, work semi part time, and earn $$,... But make sure to keep track of property tax, state tax, HOA, repair cost, etc..

Which option would you chose






Starting Score: 524
Current Score:672-709
Goal Score:800

WellsFargo $2700 - NF Rewards Visa Signature $5000 - NF Rewards $3200 - Barclay $5500 - Walmart $3500- Sleep center $2000 - Cap One Quick Silver $4500 - Khols $300- HHGreggs $3000 - NFCU Checking Line $15,000 - Chase Sapphire Preferred $5000
Regular Contributor
Posts: 192
Registered: ‎07-13-2011
0

Re: How much Money do you have Saved???

Looks like things are looking up for you Bada. Paying yourself first is definitely a must,. Sites like this and a few others have really helped me over these past few years.. I won't go in the shouldve wouldve could've,.. But I'm just happy I & (we) eventually got it together 🙌






Starting Score: 524
Current Score:672-709
Goal Score:800

WellsFargo $2700 - NF Rewards Visa Signature $5000 - NF Rewards $3200 - Barclay $5500 - Walmart $3500- Sleep center $2000 - Cap One Quick Silver $4500 - Khols $300- HHGreggs $3000 - NFCU Checking Line $15,000 - Chase Sapphire Preferred $5000
Regular Contributor
Posts: 198
Registered: ‎03-31-2015

Re: How much Money do you have Saved???

Age: 29M

Savings: ~$2500

401(k): ~$1800

 

Getting laid off in 2013 and 2015 wiped out my savings and 401(k) balances. Got a new job in November '15, but between paying off debt and paying for a wedding (in 5 weeks!!), I've put very little into savings. After April, I'll start socking away approximately $1500/month into savings.

 

Goal by the end of the year is to have $15k in savings and keep building on that as my emergency fund, until I hit 12 months of expenses, which is around $31k. Should be there by the end of 2017, if not sooner. 

Starting scores as of 8/14: Low/mid 500s
myFICO 08 scores as of 4/17/17: EX: 693, TU: 691; EQ: 685 | Mortgage scores as of 2/15/17: EX02: 663, TU04: 663, EQ05: 655
Goal of FICO 8 700 across the board and mortgage scores above 680 by 7/1/17
USAA Cash Rewards Mastercard ($2000, 1/07) | Cap One QS ($8500, 07/14) | Cap One Spark Business ($3500,12/14) | CareCredit ($12,000, 3/10) | NFCU CashRewards Visa ($19,000, 3/15)| NFCU CashRewards Visa ($25,000, joint, 4/16) | NFCU CLOC ($15,000, 5/16) | Amazon Prime ($4000, 5/16) | Laid off in summer 2016, re-employed and restarting rebuild January 2017
Regular Contributor
Posts: 192
Registered: ‎07-13-2011
0

Re: How much Money do you have Saved???

Habu we are about in the same place,. And April is when I'll be done paying off my cloc with NF so I can save much more. (Between 1500-1800 depending on monthly factors).. Congratulations on your wedding, keep us updated on your progress.






Starting Score: 524
Current Score:672-709
Goal Score:800

WellsFargo $2700 - NF Rewards Visa Signature $5000 - NF Rewards $3200 - Barclay $5500 - Walmart $3500- Sleep center $2000 - Cap One Quick Silver $4500 - Khols $300- HHGreggs $3000 - NFCU Checking Line $15,000 - Chase Sapphire Preferred $5000
Regular Contributor
Posts: 198
Registered: ‎03-31-2015
0

Re: How much Money do you have Saved???

Will do!

 

I'm really hoping there are no more lay-offs in my future. Having gone through two of 'em in three years, I'm really hoping I will be able to not go through the cycle again of building up my savings account and 401(k) balance, then have to empty them and live off credit cards while unemployed!

 

My credit cards will be paid off by June--USAA, QS, and Spark are paid off, I've only got balances outstanding on the NFCU and QS1 right now, and the QS1 will be paid off before it reports. Once those are done, I'll be able to put closer to $2k per month towards savings, but should be able to hit at least $1500. Definitely looking forward to having a cushion again!

Starting scores as of 8/14: Low/mid 500s
myFICO 08 scores as of 4/17/17: EX: 693, TU: 691; EQ: 685 | Mortgage scores as of 2/15/17: EX02: 663, TU04: 663, EQ05: 655
Goal of FICO 8 700 across the board and mortgage scores above 680 by 7/1/17
USAA Cash Rewards Mastercard ($2000, 1/07) | Cap One QS ($8500, 07/14) | Cap One Spark Business ($3500,12/14) | CareCredit ($12,000, 3/10) | NFCU CashRewards Visa ($19,000, 3/15)| NFCU CashRewards Visa ($25,000, joint, 4/16) | NFCU CLOC ($15,000, 5/16) | Amazon Prime ($4000, 5/16) | Laid off in summer 2016, re-employed and restarting rebuild January 2017
Regular Contributor
Posts: 192
Registered: ‎07-13-2011
0

Re: How much Money do you have Saved???

Sounds like good stuff. Well wishes to you.






Starting Score: 524
Current Score:672-709
Goal Score:800

WellsFargo $2700 - NF Rewards Visa Signature $5000 - NF Rewards $3200 - Barclay $5500 - Walmart $3500- Sleep center $2000 - Cap One Quick Silver $4500 - Khols $300- HHGreggs $3000 - NFCU Checking Line $15,000 - Chase Sapphire Preferred $5000
Valued Contributor
Posts: 1,457
Registered: ‎07-18-2015

Re: How much Money do you have Saved???

I have enough to pay everything off, house, cars, CC's and nice chunk left. Last thing I ever wanted was to lose everything again.So i live basic. My house note is 514, 1 car note is 253, owe 20k, another is 273, owe 6k, but has a secured loan against it I took out and the money I took out sits there and pays the loan ( wanted an installment loan), and then I just have my basic bills, food, and my CC debt as of today is 2503 some of thats auto pay bills I charge to a CC so its really not much CC debt as I would have to pay it anyways but i'm racking up my frequent flier miles. We make about 200k yr. My goal is to retire at 55.

I fiured if I lost my job I could pay everything off and be a greeter at walmart. collect carts or something lol


EQ688
TU676
EX686

Regular Contributor
Posts: 192
Registered: ‎07-13-2011

Re: How much Money do you have Saved???

Harley you've done well for yourself, but why not pay down or off those debts of you have the ability to?,. I'm sure you will still have a fair amount saved,.. Why pay $$$ in interest?






Starting Score: 524
Current Score:672-709
Goal Score:800

WellsFargo $2700 - NF Rewards Visa Signature $5000 - NF Rewards $3200 - Barclay $5500 - Walmart $3500- Sleep center $2000 - Cap One Quick Silver $4500 - Khols $300- HHGreggs $3000 - NFCU Checking Line $15,000 - Chase Sapphire Preferred $5000
Valued Contributor
Posts: 1,457
Registered: ‎07-18-2015
0

Re: How much Money do you have Saved???

We plan on paying the car off and the house by 2018. We want to buy our retirement home then. We've only been in this house 4 years. So with credit, payment history etc. we want the best possible rate for the new house. I figure the interest we're paying now 3.75 on the house is a little sacrifice we're paying to get a ( hopefully ) better interest rate on our next home. We just have a little modest home. 1200sq ft on a 40x80 lot. I'm wanting at a minimum 5 acres, 2500-3500sq ft house. I don't have much of a payment history. She does but I'm still working my scores up.
Unfortunately I screwed my credit up so I have to pay the price. We always send in more on the house payment. My goal is to keep what I have saved, saved. Pay the house off. Then in 2018 find our home. Put down a huge amount and hopefully have the same or around the same house payment as now.
I'm always worried something will happen and won't have any cash. Lol

EQ688
TU676
EX686

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