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re: How much do you save 80k salary
Posted on 1/22/14 at 5:12 pm to BearCrocs
Posted on 1/22/14 at 5:12 pm to BearCrocs
Assuming no kids, renting and minimal debt, I would try to save at least $35K/year. That would be split between retirement (401k and IRA) and general savings that would be used as a rainy day fund or to save for a down payment.
2
Posted on 1/22/14 at 5:20 pm to kennypowers816
I was saving 33% before I got my promotion.
Then I bought a house.
Now I am spending 94% of my salary, 6% to my 401k and hoping for my bonus to bail out any shortfall.
I'll be building 5-10k in equity every year, so there is that, I guess.
Then I bought a house.
Now I am spending 94% of my salary, 6% to my 401k and hoping for my bonus to bail out any shortfall.
I'll be building 5-10k in equity every year, so there is that, I guess.
Posted on 1/22/14 at 8:10 pm to BearCrocs
I'm making 85k but living in California. Put 10% in my 401k. Make 4500 a month. And save 2k a month.
Rent is like $1200
Car $500
Traveling/Food/Gas 1k
Save around 2k a month. No kids and no family.
Rent is like $1200
Car $500
Traveling/Food/Gas 1k
Save around 2k a month. No kids and no family.
Posted on 1/23/14 at 2:40 pm to TheHiddenFlask
Glad I'm not the only one whose non-retirement savings tanked when I bought a house.
Posted on 1/23/14 at 11:52 pm to dewster
OP - if you are not saving at least 15% per year, you will never be able to retire.
On paper, that will be $12,000 times 30 years = only $360,000 for retirement. This is where compounding and investing work their magic.
On paper, that will be $12,000 times 30 years = only $360,000 for retirement. This is where compounding and investing work their magic.
Posted on 1/24/14 at 9:41 am to matthew25
How does 10% towards Roth, 10% towards 401k, 10% towards savings sound my MB experts?
Posted on 1/24/14 at 9:55 am to jmtigers
quote:
Are you tracking your Net Worth? Sure you are using some savings to pay down debt, but watching that net worth rise (or not go down as you pay off loans) is all that matters to me
Would principle reduction on a mortgage be considered "savings"? Since it has an affect on your Net Worth?
Posted on 1/24/14 at 9:44 pm to Oenophile Brah
I think so. Savings is savings. How you choose to invest it is up to you. retirement acct, your home, cash, etc.
Posted on 1/24/14 at 11:53 pm to TexasTiger34
30% savings?
OT baller!
OT baller!
Posted on 1/25/14 at 12:53 am to TexasTiger34
quote:
How does 10% towards Roth, 10% towards 401k, 10% towards savings sound my MB experts?
Net or Gross?
Posted on 1/25/14 at 12:59 am to tigersnipen
pretty sure I could live easy as hell on 80k as a single guy
Posted on 1/25/14 at 2:09 am to 756
Thank you for this.
Posted on 1/25/14 at 6:31 am to BearCrocs
Not married, no kids, not interested in luxury items. I could save half of it after tax, I reckon.
Posted on 1/25/14 at 9:56 am to kennypowers816
quote:
Assuming no kids, renting and minimal debt, I would try to save at least $35K/year. That would be split between retirement (401k and IRA) and general savings that would be used as a rainy day fund or to save for a down payment.
Personal preferences, but I'll give a different point of view (mine).
I made about $80k for several years as a single person. I had low monthly expenses (1k rent, no debt, no car payment). Saved about 12% per year, but enjoyed myself. Eating out, going out 2-3 times a week, vegas and beach trips, etc.
I personally have zero desire to retire early. I work a white collar job I can do until I am 70. I am all about enjoying my years of youth (relative youth now in my 30's) and vitality. When I am older and retired I will spend and live on a lot less than I do now. Additionally, I took three months off working entirely a couple of years ago to rent a condo on the beach and had a great time, better than any time I will be able to have when I am older and not a young(ish) buck out having fun and living life. My golden years are now.
Also, my savings rate has been going up as my salary has increased (and it will continue to increase - earnings and savings). My monthly expenses are super modest for my income. Everything except food/gas/entertainment, is about 17% of my gross. That includes housing, car, cable, phone, insurance, gym membership etc.
It is all a choice, but life is a journey - not a destination. You have to plan for the future, but your best years are not when you retire. I think this board is overly austere when it comes to savings advice oftentimes. Not a bad thing as most Americans barely save anything, but just giving my point of view and thoughts on the matter in general.
This post was edited on 1/25/14 at 9:59 am
Posted on 1/25/14 at 10:20 am to Tiger n Miami AU83
I'm with you.
Posted on 1/25/14 at 11:56 am to HeadyMurphey
They should spend more time in the politalk. The world is coming to end. Might as well move the savings into the hookers and blow fund.
Posted on 1/25/14 at 12:11 pm to Tiger n Miami AU83
Don't tell that to all of the people who want to retire right now and realize they will never be able to
Sacrifice now or sacrifice later
Sacrifice now or sacrifice later
Posted on 1/26/14 at 11:37 am to tigersnipen
quote:
30% savings?
OT baller!
30% savings? i didn't think the 20% towards retirement was considered savings. I considered the 10% i contribute towards savings for future house downpayment etc.
quote:
Net or Gross?
Net.
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