No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
26
32k income
Single, but thinking about marriage.
2500 in checking
5,000 in savings.
own free and clear vehicle
renting but looking for cheap home to live in for a period of time than turn around and rent
no debt.
no retirement/401k/ira/cd/etc yet. But looking at ways to start.
Plan on doing the same as my parents and start investing in rental properties in the near future. Luckily houses can be had for 20-30k in my area.
Just have to find the best deal to start
I think this is an interesting topic. Thanks for everyone before me who contributed.
I'm 27 and single. I make about 30k a year and have about $13,000 in a ROTH IRA, about $10,000 in precious metals (hard to determine because its volatile) and about $2000 saved up in the bank. I have basically no credit card debt though because I pay it off every month and no student loans. I only have about $600 left to pay on my car which is my only debt. I'm working on trying to maximize my credit score so I can buy my first house later this year hopefully! I was around a 700 credit score at the end of March so we will see if it isn't higher by the end of the summer hopefully.
@Revelate wrote:
@MidnightVoice wrote:Only about 8x my annual salary, and that is not enough to retire on
Doesn't that depend on what your salary was?
I've always found the typical talking head wisdom suspect as I don't need nearly as much in retirement as I do now from an expenses perspective (theoretical mortgage would be paid by then, unless I suddenly have the urge to see the rest of the world I haven't seen yet, when I'm 70... not good planning) and I make more than my expenses anyway.
8-11 imes you final salary is a pretty common estimate nowadays, and the higher your salary the higher the amount, probably because most of us want to keep a similar standard of living in our retirement. And as far as I can see, the major reduction in expenses in retirement are mortgage and SS and 401K reductins! And maybe less cars perfamily
@MidnightVoice wrote:
@Revelate wrote:
@MidnightVoice wrote:Only about 8x my annual salary, and that is not enough to retire on
Doesn't that depend on what your salary was?
I've always found the typical talking head wisdom suspect as I don't need nearly as much in retirement as I do now from an expenses perspective (theoretical mortgage would be paid by then, unless I suddenly have the urge to see the rest of the world I haven't seen yet, when I'm 70... not good planning) and I make more than my expenses anyway.
8-11 imes you final salary is a pretty common estimate nowadays, and the higher your salary the higher the amount, probably because most of us want to keep a similar standard of living in our retirement. And as far as I can see, the major reduction in expenses in retirement are mortgage and SS and 401K reductins! And maybe less cars perfamily
Ah well, the calculators I've all tried suggested I need between 3-4M to retire on, and that was pretty consistent no matter how many or which institution they were from... it's pretty absurd as if I get 4M after taxes at any point, that's pretty much my walk away number, right now, rather than at age 70 or whatever. 8-11X annual salary would've been on the order of 1-1.5M which is more rationale to my mind. That works in the top 20% of income or so, down near minimum wage, not so certain? Unlikely to find one estimate to rule them all I guess.
Am I supposed to have 8x my salary? Oh nuts!!! I'm gonna die out there!!!
For a married couple.....one's retired the other one's still working a 64K/yr job:
We have 100K in 401K which for us is somewhat liquid now. A future $700/month pension ...in about 5 years. 2 people's SS payments.
AND wait for it......we are the sole heirs to at least a $2 million inheritence. The benefactor,though 84 is still alive and kicking. LOL
No real carrying cash over $1000 in either checking, savings or mattress.
EXP FICO 782
EQ FICO 783
TU FICO 766
Author of previous meessage......we have a Long Island coop worth between $160K and 200K. We owe only 94K. So a little equity there but with dreams of Florida in our heads. LOL