How much of your income do you save?

Google MmSsBa
Jul 6 27 Comments

Just curious what costs me to be financially responsible. Do you save at all? If so, what % of your income goes to savings?

Edit: I'm in the south bay.

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TOP 27 Comments
  • Facebook public2
    100% or more ideally while you are young.
    Jul 6 11
    • Indeed / Eng sumrndmguy
      More than 100% ?
      Jul 6
    • Facebook public2
      Save (meaning invest) all your earned income and live on the passive income. House hack meaning rent our rooms in your house to friends so your month rent is negative and then use that and or your side hustle money to live. If you can live this way for just a few years you will amass a ton of wealth and honestly it's a lot of fun, especially when young to live with a bunch of friends. Between 25 and 30 I was saving 100% of income and having a blast. Highly recommended. I also worked a ton of gigs.
      Jul 6
    • Google MmSsBa
      OP
      So prerequisite for this lesson is to have a house....
      Jul 6
    • New / Eng PQQw63
      1. How could one possibly do house hacking in the Bay Area?

      2. Would you like to share how you did your side hustles while working a 40-hour job.
      Jul 6
    • Facebook public2
      House is one easy way yes and it took years of saving to get to that point of course. 1) How in the bay? Same as anywhere else. I was in sesttle at the time so less expensive to get a house started, in the bay the rents would be higher but so would the initial investment. 2) Worked a 9 to 5 (more like 10 to 6) job Monday through Friday and did side gigs and night and weekends such as participating in live research panels (evenings), working events such as concerts and sports games (evenings and weekends), taking photos at marathons (early mornings), arbitrage (flipping tickets, products, and hard to find items), caddied for tournaments, and physical labor such as mowing lawns. The best part was I actually enjoyed most of the gigs. I mets new people, got backstage at concerts, on the field for sports, and gave my opinion on video games and gum flavors for 100/hour. Also met lots of girls which is fairly hard in seattle. Never felt overworked or like I had to do something and the extra cash went a long way. Also worth noting I was at a startup and not making a crazy salary at all.
      Jul 6
    • Daimler cj7
      Also of note: this was in Seattle, not the bay 😂
      Jul 6
    • Facebook public2
      Yep, I said that. Did the same when I moved to the bay and earned even more. The point was it can be done outside the bay and even easier in the bay.
      Jul 6
    • Google MmSsBa
      OP
      That's some crazy story. I really respect that.
      Jul 6
    • Paychex ljsa
      @Facebook wanna hangout? I feel you’ve a lot to learn from!
      Jul 6
    • Facebook public2
      That's all I got to teach, work hard, have fun, make a lot of friends. Work hard young so you don't have to work hard later.
      Jul 6
  • Intuit getpaged
    I’d say I save about 50-70% after taxes.

    6% to 401k (I used to do 15% until I realized there are better retirement vehicles out there)
    15% max ESPP
    40% monthly auto investments (temporary holdings, SDIRAs, securities or real estate)
    Jul 6 7
    • Databricks / Data
      data4u

      Databricks Data

      PRE
      500 Startups
      data4umore
      What are the other retirement vehicles you saw?
      Jul 6
    • Intuit getpaged
      Real estate.
      Jul 6
    • Microsoft quack236
      Commercial or residential?
      Jul 6
    • Intuit getpaged
      Commercial. Residential won’t scale (unless that’s not what you’re looking for)
      Jul 6
    • Databricks / Data
      data4u

      Databricks Data

      PRE
      500 Startups
      data4umore
      Dude that’s a lot of money
      Jul 6
    • Apple xUEdsjT
      Interesting idea, but wouldn't the 401k tax deductions be more beneficial? And you could still do both.
      Jul 6
    • Intuit getpaged
      401k tax deductions are a plus, but over several decades you are solely relying on asset appreciation.

      With real estate, you not only have tax advantages (especially with 1031), but positive cash flow as well as underlying property appreciation.

      On top of that, what most 401ks typically buy are derivatives - funds and ETFs. With real estate, you have direct ownership into the property.
      Jul 6
  • New / Ops
    fNow87

    New Ops

    PRE
    IBM
    fNow87more
    Where is negative percentage?
    Jul 6 1
    • New / Other
      DuQvV7y

      New Other

      BIO
      Did stuff. Hustled hard. Retired
      DuQvV7ymore
      IKR. I want the option of spending more than I make!
      Jul 7
  • Amazon PunjabiK
    Create a poll ?
    Jul 6 1
    • Google MmSsBa
      OP
      Great idea!
      Jul 6
  • Amazon PunjabiK
    Where is 40-50%
    Jul 6 2
    • Google MmSsBa
      OP
      Lol my bad.
      Jul 6
    • Google MmSsBa
      OP
      Seems like I cannot edit the poll. Ugh. Sorry my saturday brain decided to go on a strike
      Jul 6