how much money should i have saved?

Storj cCmh80
Nov 12 42 Comments

currently 26, started making 84k 2018, then bumped to 95k july 2019.

i help my family out a bit - house rennovation (was like 12k), mortgage (400/month) and other random things (send money to africa or buying my sister an ipad or something)

i also live in nyc and my rent is 1k. i also spent quite a bit on food. i also like to travel when i can.

i have:

~8k in the stock market
~18k in crypto
~32k in my 401k

no debt though.

idk. should i have alot more saved?

comments

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TOP 42 Comments
  • Roku cruella
    U r doing well.
    Given u r helping out family and also spending judiciously on hobbies and important things. I am proud of u.
    U r mature for ur age.
    Nov 12 2
    • Storj cCmh80
      OP
      Thank you so much!
      Nov 12
    • Facebook HBJL01
      Yes. You are doing good and you should be proud. I only started saving after my 33rd
      Nov 12
  • VMware / Eng
    vLol

    VMware Eng

    PRE
    Wayfair
    vLolmore
    Helping out family is amazing, should be proud of that. Your financials look pretty decent, 18k in crypto isn't great. You should work on an emergency fund, build up at least 6 months of living expenses in a savings account as a buffer.
    Nov 12 3
    • Storj cCmh80
      OP
      I can move that to cash. Maybe I should put a chunk of that into cash
      Nov 12
    • Amazon jassey
      Yes that might be good idea
      Nov 12
    • VMware / Eng
      vLol

      VMware Eng

      PRE
      Wayfair
      vLolmore
      Agreed
      Nov 12
  • Facebook FIRc11
    You’re doing great. Kudos for helping out your family.
    Nov 12 0
  • Cisco
    🦙 Alpaca

    Cisco

    BIO
    I am the Alpaca. DM me if you want to cuddle.
    🦙 Alpacamore
    Do you feel poor? Then you havent saved enough. You decide when you are rich, not some random stranger on internet
    Nov 12 7
    • Storj cCmh80
      OP
      And expenses
      Nov 12
    • Cisco
      🦙 Alpaca

      Cisco

      BIO
      I am the Alpaca. DM me if you want to cuddle.
      🦙 Alpacamore
      You define what the good savings look like given your life situation. It just looks like you are asking for validation, am I right? You should do your homework by reading several books related to managing your finance. Ask reddit on book recommendations
      Nov 12
    • Storj cCmh80
      OP
      Fair point. But yeah, validation from others in tech who make good money
      Nov 12
    • Cisco
      🦙 Alpaca

      Cisco

      BIO
      I am the Alpaca. DM me if you want to cuddle.
      🦙 Alpacamore
      Our salaries are triple of yours, as well as your spendings
      Nov 12
    • Storj cCmh80
      OP
      I get that lol I just wanted feedback
      Nov 12
  • Microsoft TonyM
    You’re doing great. I would sell out out of crypto
    Nov 12 0
  • Kaiser Permanente / Eng Elho50
    Honestly I’m in a similar situation. Financially independent since freshman year of college, paid off my student loans myself, bought my first car myself since I didn’t want to burden my parents any more.
    65k last year (fresh out of college, didnt know how to do a tech interview to save my life & blew my chances)
    80k this year, it’s not tons but I still help out my family with money here and there.

    It comes down to what goals you have and how happy you will be with your timeline to achieve them.
    For me it’s buying a house in the next 3-4 years and tbh I’d be content making 120k in my next role & staying there a few years while saving.

    If you start comparing yourself to others, you will take your mental health & confidence down.
    Nov 12 6
    • Storj cCmh80
      OP
      I feel like I want to invest in a property but idk if I’m situated to do it best alone
      Nov 12
    • Kaiser Permanente / Eng Elho50
      Investing in property at the right time can literally be a life changer for people.
      I have money saved up but I’m waiting for an housing crash, should be next few years.
      Family is always down to help tbh, especially if you’re helping them now.
      Nov 12
    • Storj cCmh80
      OP
      Good point! I’ve talked to some family about it
      Nov 12
    • Kaiser Permanente / Eng Elho50
      And pro tip, when you buy a property, buy it and then put it under your parents name. That way should a future marriage or whatnot not work out, they won’t be able to take the house if things don’t work out lol
      Nov 12
    • Storj cCmh80
      OP
      Oh wow! I didn’t know about that haha
      Nov 12
  • Amazon jassey
    In under 2 years (~180k earning) you have saved 33%(58 k )of your gross and might be ~50% of post tax salary. That is excellent. Kudos to helping family out and having biggest savings in 401 k. 1 thing, it might be a good idea to keep some liquidity...May be 10-15 k cash in bank or do for urgent needs. Great maturity on thinking of finances this early in your career
    Nov 12 3
    • Storj cCmh80
      OP
      Well the 401k had a little carry over from my first job! Maybe like 18k of it
      Nov 12
    • Storj cCmh80
      OP
      That’s a good point for urgent needs. Though, I like to think of my high limit credit cards as like liquid but is that not the right approach? For example, I can liquidate my crypto or stocks in about a day or so. So just use my cc and get the cash when and if I need it
      Nov 12
    • VMware / Eng
      vLol

      VMware Eng

      PRE
      Wayfair
      vLolmore
      It's all about risk tolerance, but a lot of high income people use credit cards as a super short term buffer. There are some expenses that can't be covered by card, though. Crypto is also super volatile.
      Nov 12
  • Dropbox noggi
    What does "send money to Africa" mean? Do you deal with that a-hole Nigerian prince?
    Nov 12 2
    • Storj cCmh80
      OP
      Hahah he’s tried but no. That’s where my family is from and we still have relatives there. I will send money there. For example been sending $100 to an aunt in Kenya for the last 6 months
      Nov 12
    • I helped out the Nigerian prince so ya'll don't have to. You're welcome.
      Nov 12
  • New mikeh
    Save up 3-6 months salary. Basically put yourself in a position where a lay-off, significant change to the economy, apartment fire or any other major loss event has no impact on your lifestyle. Once you are there, set investment goals. You’ll want to get your 401k contributions as high as you can... I and most of my friends just target the annual max ($19k this year) but this is money you should pretend does not exist for the next 40 years so make you can afford your contributions!

    Enjoy yourself and your money, but there is no limit to what you can save... somewhere in the middle is a good balance. Just set reasonable goals, make sure all your investments are beating inflation, utilize your credit when very low or no interest financing is available for large purchase, etc.

    If you plan to buy a house in the next 10 years, start saving the 20% down you’ll need.
    Nov 12 0
  • Elavon / Sales
    tk0

    Elavon Sales

    PRE
    AT&T
    tk0more
    Wow, $1k rent in NY? Go you 🙂
    Nov 12 1
    • Storj cCmh80
      OP
      I have 3 other roommates and live way up in manhattan haha
      Nov 12
  • Microsoft / Eng Peraltiago
    Why crypto? I think you shouldn't risk that much money in it. Stock market is much better instead.
    Nov 12 2
    • Kaiser Permanente / Eng Elho50
      If you know what to do and manage it well, then it’s worth it. But definitely can’t buy blindly and let it sit either
      Nov 12
    • Storj cCmh80
      OP
      I’d say I’m pretty knowledgeable in this arena but it’s also veryyyy volatile which I understand. I should move more of it to stock market I agree
      Nov 12
  • Citadel BrutеForce
    I didn't have that when I was 33. Also your mortgage is 400? Where do you leave?
    Nov 12 2
    • Storj cCmh80
      OP
      Oh no lol I just contribute $400 the mortgage is way more
      Nov 12
    • Citadel BrutеForce
      Got it. Was really contemplating my life there.
      Nov 12
  • Juniper / Eng sixpack
    What % of paycheck you are saving is more important than how much have saved.
    Nov 12 1
    • Storj cCmh80
      OP
      I put 2600 into savings each month, but occasionally take some out
      Nov 12

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