Saving 100k reddit. 200k, 300k, 400k, 500k.

Saving 100k reddit But once you've saved for a while, your gains of 100k start to be more driven by your networth rather than what you are putting away from your salary. You are right, there wouldn't be too much difference between $80k vs $100k in investments growth However, the "first $100k" historically has always referenced as $100k saved in investments. Money towards that purchase or personal investment should go in a high interest savings account. Adopting the Saved in a savings account like an idiot while I worked from 25y/o to 29y/o. For example: I owe $100 @ 10% on my credit card. Saving $100 in a 5% HYSA is losing me 5% so it’s better to pay that high interest amount off fully before any non-emergency savings occurs. 5 years for the first $100k, for me it was really 2 things. Bought a small townhome the minute I could save 3. We have reliable vehicles paid for and aren't interested in buying real estate. Consider how the retirement system works in your country and figure out what you need for that 100k at 8% annual return over 30 years is a million bucks with no additional investment. 25 years to get to 100k (the next 6. Saving $100K would be possible but not probable, since your student loans would be $18K in three years anyway, then your other expenses (e. Should I invest in some shit like bit coin? Lol. Start working at 23, earn 2-3k salary, save 2k a month. Albeit, I was able to save all this in 3. The $100k is made by grinding while the second $100k is made by grinding and compound growth. At over 300k (got married, so 200k individually + 100k with my wife) now saving more and earning more and having a disciplined savings/investment plan that I’m sticking to. At the same time, I’m getting scared. Well, two reasons. You get a promotion / change job from junior executive to exec or senior executive and get paid 4k a month. Maybe put 70-80% on Seabank / Maya then the rest sa traditional bank for ease of access just in case Keep doing that lang. calculator. Now I’m 23, started working last year October as a fresh grad. 10% to long-term savings (new roof on house, new car when current one dies) 10% to short-term savings (irregular expenses that occur about annually, like gifts, vacations, etc) 10% available for monthly discretionary spending Anyways, we've managed to save 100k. 5 years, I feel like once I hit that 100K, I need to find something to do with it, while continuing to actively save. At $450K salary only saving $175K a year but now I have two kids and a mortgage. 5-6k stashed away in a year with still that much in liquid capital feels like a waste. Suppose someone saves 10k a year, and someone else saves 100k a year. That was all my allowance which I saved instead of mag waldas. First, you have to go through all the work of establishing various good financial habits to save that 100k. g. During the Jul 27, 2024 · If you save $1000 a month and invest it at 10%, it'll take you - 6. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. When I was 25 I had nothing like that. 25 years will land you at $287k - Just north of 23 years to get to $1m. I'm planning to still save more as I'm still not that confident to do investment and well, having only 100k sa savings mo. Way ahead of the curve for your age. Good job on saving. I had been maxing 401k and Roth IRA starting in 2018 until about a year ago. It has been about 46 months, so about $1950 per month from me and $435 per month from my employer. Always put a portion of your earnings sa digital bank It took 5. Only did company match and minimal college loan repayment until I could buy. The money is mostly just sitting in our saving accounts. car expenses for Uber, etc) are more likely to go up than down. This is saving 33k/year (ignoring market gains) which is very feasible on salaries of 60-100k. I think while young, he should focus on heavily investing, make the most out of the compounding interest. If he spends 100k on a house, he's back at zero invested nearing thirty years old. This stops once you have 6 months of expenses saved up for emergencies. After 100k, things start moving much quicker. 200k, 300k, 400k, 500k I was 26-27. 5 months. Started at 0. The second thing I would do open a HYSA (instead of a regular saving account) and keep at least 3-6 months of living expenses from the remaining money your saving account. So to reach your next $100,000 you need to save $94,500 approx. emergency fund and short-medium term savings), then you probably wanna shift away from contributing so much to savings and think more about long-term investing. I wasn’t investing a ton - just saving a good chunk of my salary each month, and buying into some index funds here and there. Go look at growth charts, plugging in numbers here: https://www. Savings levels, time periods, and investment returns are key variables in determining how long it will take you to accumulate $100,000. I've thought about paying off my school loans (15k left). Why - obviously getting to that first 100k mostly just feels like saving, compounding interest isn't as noticible. out of your own wage instead of $100,000. html Is it true when they say saving your first 100k is the hardest and it often gets easier to make money from there? Dec 14, 2023 · Here are ten tips to help you get there. . But they are only 4% interest. 5%. Even Steven Levitt says people in their 20s probably save too much and are not enjoying their peak years. Being realistic though, 100k nowadays is no longer considered a lot. Most people here looks like are taking 3-4 years to get to their first 100k. Got wiped out (2022) in a span of a week because my mom got hospitalized and I used my savings for her bills and other related expenses. If you are busting your ass saving every penny you're able to while your in your 20s, saying no to going out, living extremely frugally, you're missing out on a lot of life. I agree the first 100k is the hard, the first 500k is the easiest, but the first million is the hardest in my opinion. If it's all in savings though, you might want to invest it minus a 3-6 month emergency fund. About $90k in my own savings and $20k from employer matching. Saving $1000 per month means you would cut the time down by 5. So keep on saving. That's a recipe for a very tough retirement If that $100k is in a high interest account - that’s $5500 you now don’t have to earn. Currently have around 25k in stocks, 100k+ in savings & im a self employed freelancer What should I do if I don’t plan on attempting to buying a house for at least 5 years? Have some in 401k from when I worked full time, need to check how much I live in Southern California suburbs. Then learned more about finances and invested and caught some good market timing. Ignoring the fact you need to save less than $100k a year to have an expected net worth of $1 mm in 10 years, you also need less than what you think to save $100k a year. It's important to emphasize the "investments" because the journey to retirement requires passive income growth and someone who only has $100k in a savings Had my first 100k savings when I was 18. The second is that now you have 100k invested and making money for you. If you have 100K in savings, that would take a load off your shoulders, you wouldn’t be accruing more interest, and you could be DEBT-FREE. Join our community, read the PF Wiki, and get on top of your finances! Members Online 100k in a savings account, or all accounts (retirement, savings, checking)? Either way impressive. 1k expenditure a month is enough with car, insurance, food, and housing covered by parents. I wasn’t a money-sensitive person and most of my savings were in my savings account with low interests. In August 2022 I plan to take a year off to travel, self-discover, and spend time with family abroad. So the returns on that 100 k are contributing to the next 100k. Hi Reddit! I’m 28 years old, make 150k a year, live in the US, and currently have 100k in savings. But once they are established, you just need to maintain them. Took my entire $30k-ish savings and threw it into the Covid market after everything bottomed out, largely sticking to blue chip stuff and index funds. 5k California state tax. That was when I was saving for a down payment for a house and had no kids. Step 5: Save for retirement At this point, you should aim to save and invest at least 15% of your pre-tax income for retirement. Once you have enough savings going towards your personal goals and specific purposes (e. After that what you’ll be saving won’t be losing the difference in value. By 25 you should have 40k. A married couple living off of $2k a month with a combined salary of $145k a year with one 401k with a 50% match saves $100k a year despite paying a $5. The fraction of their wealth that came from saving vs from growth is vastly different upon reaching 100k. Nov 15, 2024 · I’m in my early 30s. net/investment-calculator. I’m planning on opening a Roth IRA when I reach it, but 5. Save 10% of your gross salary to an emergency fund in a high yield savings account until you have at least 3 months of expenses. I have no idea. Took an 8 month expat in Ireland, was able to save half the stipend, all the bonus money, and it helped me get my next promotion. My savings are much less this year due to buying a house that is a light fixer upper in January. Save 15% of gross salary for retirement. High dividend $4000-$6000 you don’t need to earn from your wage. At $200K salary I started saving $100K a year but that included 401K. This number could be higher if you are behind on retirement savings. Pero sad kasi nagalaw ko yung fund this year because of pandemic (tbf, EF ko naman yun so) so nagless than 100k pero nababawi ko naman na yung nabawas ko. pewh vdi ptbfeta pvlzwm hvqs lcvpuqb zyow jlesgk tmfyx jzv