Twentysomethings, how much do you have in savings?

[Anonymous]

DCUM never ceases to amaze. Now, even the 25 year-olds have six figures in savings. Remarkable.

[Anonymous]

Both 24.

$40k in 401k, $40k in emergency savings, $125k in investments. I (DW) started investing in high school with job money and DH got a chunk from his parents for graduation.

[Anonymous]

Anonymous wrote:Both 24.

$40k in 401k, $40k in emergency savings, $125k in investments. I (DW) started investing in high school with job money and DH got a chunk from his parents for graduation.

Wow

[Anonymous]

Anonymous wrote:

Anonymous wrote:Both 24.

$40k in 401k, $40k in emergency savings, $125k in investments. I (DW) started investing in high school with job money and DH got a chunk from his parents for graduation.

Wow

The PP who said that marrying young and saving together helps was so right. We save a ton on rent sharing a one-bedroom, and I think just the mindset of being married (and knowing we want kids, a house, etc. in the near future) encourages us to both be a lot more mindful of how we spend than our single friends of the same age.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:29
trust fund baby (sorry)
retirement is already funded, homes were bought in cash.

36. How much in your trust fund, and how does it pay out? Just curious. Living vicariously.

NP. I'm imagining it's quite a bit. I'm not sure I'll ever be comfortable enough to say my retirement is "already funded"

It depends how young you are. If you have $100,000 at 22, you can expect that will turn into about $2M by 65 at a 7% return without any additional contributions. Annuitize that for 6% and you've got a $120,000 annual income for the rest of your life. (That's the simplest way, at least, but you can see that it certainly takes care of the basics).

And that initial $100,000 could be just two or three years of public school vs. private.

It's more than $2M now. Plus my husband has his own. I get a percentage of the interest each year, plus I get chunks upon reaching certain milestones (graduating from high school, college, grad school, marriage, turning certain ages, etc.). Fun fact: I get some upon having a baby, but I'd get more if I have a boy instead of a girl. I was super offended when I found out about that.

Right? I was so offended. And when I ranted it about it to my father he was so blasé about it, like "This was put in place generations ago, when women didn't go to college, didn't support the families, it's not as offensive as your feminist mind is making it out to be." We have two girls. I was really tempted to put them, as newborns, in traditional boy-colored onesies and claim they were boys, and then donate the extra money to some female-centric non-profit.

Your righteous indignation is oh-so inspiring.

HA! +1000

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Both 24.

$40k in 401k, $40k in emergency savings, $125k in investments. I (DW) started investing in high school with job money and DH got a chunk from his parents for graduation.

Wow

The PP who said that marrying young and saving together helps was so right. We save a ton on rent sharing a one-bedroom, and I think just the mindset of being married (and knowing we want kids, a house, etc. in the near future) encourages us to both be a lot more mindful of how we spend than our single friends of the same age.

Where do you guys live?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Both 24.

$40k in 401k, $40k in emergency savings, $125k in investments. I (DW) started investing in high school with job money and DH got a chunk from his parents for graduation.

Wow

The PP who said that marrying young and saving together helps was so right. We save a ton on rent sharing a one-bedroom, and I think just the mindset of being married (and knowing we want kids, a house, etc. in the near future) encourages us to both be a lot more mindful of how we spend than our single friends of the same age.

Where do you guys live?

Falls Church. Not cool like Arlington or DC but we don't mind commuting into DC.

[Anonymous]

Maybe 20-25k total including cash and retirement accounts.

I'm still paying off student loans tho

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:29
trust fund baby (sorry)
retirement is already funded, homes were bought in cash.

36. How much in your trust fund, and how does it pay out? Just curious. Living vicariously.

NP. I'm imagining it's quite a bit. I'm not sure I'll ever be comfortable enough to say my retirement is "already funded"

It depends how young you are. If you have $100,000 at 22, you can expect that will turn into about $2M by 65 at a 7% return without any additional contributions. Annuitize that for 6% and you've got a $120,000 annual income for the rest of your life. (That's the simplest way, at least, but you can see that it certainly takes care of the basics).

And that initial $100,000 could be just two or three years of public school vs. private.

It's more than $2M now. Plus my husband has his own. I get a percentage of the interest each year, plus I get chunks upon reaching certain milestones (graduating from high school, college, grad school, marriage, turning certain ages, etc.). Fun fact: I get some upon having a baby, but I'd get more if I have a boy instead of a girl. I was super offended when I found out about that.

Right? I was so offended. And when I ranted it about it to my father he was so blasé about it, like "This was put in place generations ago, when women didn't go to college, didn't support the families, it's not as offensive as your feminist mind is making it out to be." We have two girls. I was really tempted to put them, as newborns, in traditional boy-colored onesies and claim they were boys, and then donate the extra money to some female-centric non-profit.

Your righteous indignation is oh-so inspiring.

HA! +1000

Lol, I know. I'm ridiculously spoiled when it comes to money. How I wound up with a work ethic is beyond me.

[Anonymous]

This thread is adorable. I'm 23, have about 70 dollars in my bank account, and owe $30,000 in student debt.

On the other hand I don't live in DC, so at least I know this is normal in my neck of the woods. I'm pretty sure half the people on this thread are lying.

[Anonymous]

Anonymous wrote:This thread is adorable. I'm 23, have about 70 dollars in my bank account, and owe $30,000 in student debt.

On the other hand I don't live in DC, so at least I know this is normal in my neck of the woods. I'm pretty sure half the people on this thread are lying.

Any reason you don't take 30K of that 70K and wipe out those loans?

[Anonymous]

This thread is making me seriously depressed.

DH and I are 29 and 27.

We have 15k in 401K
12K in savings.

Don't mind if I go cry.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This thread is adorable. I'm 23, have about 70 dollars in my bank account, and owe $30,000 in student debt.

On the other hand I don't live in DC, so at least I know this is normal in my neck of the woods. I'm pretty sure half the people on this thread are lying.

Any reason you don't take 30K of that 70K and wipe out those loans?

I'm not very smart, but am pretty sure $70 is less than $30k. $30K means 30,000, right? So she'd have no cash and still owe $29,930. Then what if she needs gas for her car or tampons or food or something.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This thread is adorable. I'm 23, have about 70 dollars in my bank account, and owe $30,000 in student debt.

On the other hand I don't live in DC, so at least I know this is normal in my neck of the woods. I'm pretty sure half the people on this thread are lying.

Any reason you don't take 30K of that 70K and wipe out those loans?

pretty sure pp is talking about 70 dollars, not 70,000 dollars.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This thread is adorable. I'm 23, have about 70 dollars in my bank account, and owe $30,000 in student debt.

On the other hand I don't live in DC, so at least I know this is normal in my neck of the woods. I'm pretty sure half the people on this thread are lying.

Any reason you don't take 30K of that 70K and wipe out those loans?

Yeah she should pay it off with her 70 bucks. Bad money management there.