How did you get to the savings you have ?

HuffPost jiffyq
Jan 10 545 Comments

I saw the responses on the other question https://us.teamblind.com/s/iogvcJ4E and was surprised by how people end up saving so much. I am a few months away from 27 and barely have anything. How did you get to the savings you have ? Please mention age and also how much you save every month.

More than getting the answer for myself, I thought this would be a good reference and starting point for others who search for something similar on Blind. Thanks :)

TC: 150k
YoE: ~2
Age: 26

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TOP 545 Comments
  • Brightcove moosepuck
    Live within your means. If you can’t afford 2x of something, you can’t afford it. Take risks with your investments, index funds are for grandpas. Take advantage of direct deposit to automatically portion the amount you want to save or invest to a different account. Buy real estate, renting is for chumps. Keep an eye out for your next big career move. Max out 401k and fully utilize anything that gives you a tax advantage (file those Goodwill receipts, use your HSA funds for all health related things, use an FSA if you have qualified expenses, etc)
    Jan 10 17
    • Google zer fi
      why not just DCA faamg stocks? Ez 30%+ per year.
      7d
    • Google PMinThings
      https://www.madfientist.com/ultimate-retirement-account/
      HSA - The Ultimate Retirement Account - Mad Fientist

      This reply should be titled "everything you shouldn't do"
      7d
    • Intel game24
      ‘renting is for chumps’ Lol
      7d
    • Intel / Legal
      Esq.

      Intel Legal

      BIO
      JD Esq.
      Esq.more
      "index funds are for grandpas"
      Guess I'm a grandpa. Happily made 31% / six figures returns on VTSAX in 2019. Zero hassle. 👌
      6d
    • Microsoft hfUB60
      Agree with 50%, way off on the renting. Every calculation I've made even in a crazy Seattle housing market showed me I'm better off renting than buying, it comes down to the rent-to-buy ratio. You can buy a 400k condo in Sacramento and rent it for 2k. You need to spend 600k - 700k for the same condo in Bellevue.
      2d
  • New erinn
    Small things add up (ex. 2 coffees a week = $5x52= $260). Track how you spend your money. Cut silly costs and make that money work for you instead.
    Jan 10 10
    • New erinn
      It’s the principle not the latte. When you scale it up to 2 date nights a week at $100-$250 a piece that’s $5200-$13,000 that could be utilized more effectively if your goal is savings. Also most people that would get a coffee would do it at least once a day (if not more) which would run you between $1k - $3k.

      I’m not saying don’t ever get the latte, go on dates, buy things etc, I’m simply saying that little things add up over time which many people seem to forget.

      If all of you at Uber and beyond don’t know how to translate principles then I think there is a much bigger issue that needs to be addressed.
      7d
    • Microsoft mschvs
      You save a whole year of latte money. You save another whole year of latte money. Then you run over a nail, bust a tire because it was on the side. Then you have to buy 4 new tires because the current ones were worn out and would put your car out of balance of you didn't switch all 4.

      2 years of no latte sacrifice thrown away.

      Drink the fucking latte. Life is going to fuck you anyways.
      7d
    • New erinn
      Drink the latte daily and then you’ll probably get diabetes, depression, and then Alzheimer’s. Yeah, the nail will probably still pop a few of your tires, but you don’t have control over that. The little things give us a lot more control than we sometimes let ourselves believe.
      7d
    • Microsoft mschvs
      What I'm saying is that focusing on small things doesn't save you enough money. I don't drink an expensive Starbucks coffee every day. I rarely do so, in fact (more like 5 times a year, maybe). But when I do, I am not cheap.

      Want to save money? Save big. Instead of buying a 60k car, buy a 20k one. It has 4 wheels and takes you the same places the 60k does. 40k is enough to cover for 40 years of latte savings.

      Instead of a 1000 bucks iPhone, buy a 300 bucks Android. Gets the same stuff done and lasts about the same (2 years). 700 savings is worth 3 years of your latte savings.

      Don't rent, buy. Even if you don't buy the house of your dreams, the principal payments is moving money from your right pocket into the left pocket. Interest is the only money lost, but it's still half of a third of rental. Also, instead of incurring into huge debt by buying a million dollars house, settle for something you can actually afford.

      Etc.
      6d
    • Google Page&Brin
      In all seriousness though, the phone savings ($350/year) is a lot less then the difference between a daily cup of coffee from Starbucks vs making your own, and that’s not even talking lattes, for which there are definitely people that get them most days. So yeah, you’re illustrating that small things can add up to fairly large purchases like a phone, even if not truly large expenditures like a fancy car or house
      6d
  • Amazon / Eng KHCr70
    Live with your parents until you're 50. Also dont date, marry , or have kids.

    You can thank me in 5 years
    Jan 10 5
    • LinkedIn / Other lifestrat
      Living with family saved me 40K/yr (no rent, utilities, free food, and other random positives). 10 years, 400K
      7d
    • Microsoft 🐨 koala
      Also no money wasted on condoms because I’m still a virgin...
      7d
    • Chegg / Eng NSoj00
      You could use fsa to buy condoms. Love is tax free.
      7d
    • TI / Product IOlOl0
      7d
    • LinkedIn / Other lifestrat
      Or leave in the In-law unit, so it’s a separate entrance.
      7d
  • Who you marry is incredibly important. Prior to marriage, I had saved $75k by the age of 24. My total comp was roughly $70-$100k a year from ages 21-24. I lived for cheap rent ($500-$750 a month) with roommates and saved aggressively working 2 jobs. From 24 to 27 my net worth was stagnate. I got married at 26, but graduate school, clearing my investment accounts to buy a house, and marrying someone with $110k in student loan debt (has just finish MBA at 26) effectively dropped our net worth to zero.

    However, she has an MBA - a solid salary and sick healthcare benefits. At 28 (me) and 29 (her) our net worth is approaching $250k. Of this roughly $125k is in home savings. Another $80k is in investment accounts. $25k is in cash and we probably have $20-40k worth of furniture, vehicles, etc. This does not include any value associated with my small business.

    Our total compensation is roughly $300k a year combined. Roughly $120k her salary and bonus. Roughly $180k a year my business income. My income would go down significantly if I had to pay for my own healthcare.

    Don’t get married until you’re ready to say “our” with everything. It’s completely a team effort. Also, don’t marry someone else you’d want to make them your business partner and best friend. Job changes, career moves, returning to school, good years and bad years. This are all transient things. Happiness and fulfillment comes from a true partnership and mutual respect in your personal life/marriage.
    7d 18
    • I’m happily married and my wife make $0 and I make 500k. I don’t complain or it doesn’t bother since I love her and I feel complete with her.
      7d
    • Adobe / Other $#@π+@π√
      After having child(ren) everything will change. It won't be fun or savings anymore. Anyways, this is not to discourage having kids as they are definitely worth having for non-fun and non-savings related reasons.
      6d
    • Facebook catslol
      “That’s not what a wife is for” wow. Please delete yourself.
      6d
    • E*Trade / Finance cbEV72
      Fb please advise how to delete myself
      6d
    • Facebook catslol
      Drag yourself into the trash can
      4d
  • Intel intel1234
    40yo 17YoE
    net worth 12.9m.

    Investments 10.5m
    Home equity 1m
    401k 1m
    Cash 400k

    Obviously things fluctuate with he market quite a bit. Current TC 300-350k
    7d 15
    • Squarespace Sqsp2000
      Do you buy stocks or funds? What about real estate investment?
      6d
    • Intel intel1234
      Stocks, funds and bonds. I never did real estate as it requires more of a hands on approach up front and/or such knowledge long term to make sure you’re investment isn’t being harmed.

      However if you have that know how I would say a good general thing is to stick with what you know when possible and slowing move into new things as you have the time to truly dedicate to maximizing those investments.
      5d
    • Intel intel1234
      Btw that applies to equities and bonds as well.
      5d
    • Squarespace Sqsp2000
      Thanks!
      5d
    • Apple lQFv08
      Can you tell your story about how Walmart found your SW and led to the eventual purchasing?
      5d
  • OpenTable Meliodas
    Time and cutting expenses. We saved up one year’s salary in cash, in under two years, by living off of only one income and saving the rest.

    Before every expense we would ask ourselves if we’d rather have that or a house (our goal at the time).
    Jan 10 3
    • Intel hohoheaux
      Your hack is being a DINK( dual income no kids)
      7d
    • OpenTable Meliodas
      The hack is being dual income while living off of only one. Kids are extraneous to it, people make all sorts of lifestyle decisions.
      7d
    • Amazon / Other gujvyuccdr
      The real hack is living off of 50% of total household income, which anyone can arrange.

      I travel for work 100% and don’t have an apartment, I just have a van. I easily put away 60% of each paycheck.
      7d
  • Amazon tzchar0
    The real answer is to grow top line revenue, not only cut costs. Thjnk like a business - you can save money through finding efficiencies and living frugally, but that will pale in comparison to focusing your energy on making more money.
    7d 5
    • Expedia Group XLEb64
      Very well said! I like how you think 👌
      7d
    • Microsoft Result
      Totally agree with this. Penny pinching is not as effective as investing in yourself to 2-4x your TC if possible.
      7d
    • Adobe ObrT21
      Precisely. Never has my frugality yielded a recurring 50k/year
      7d
    • LinkedIn kshart
      Yes and no. You can outspend any top line
      7d
    • Adobe ObrT21
      Of course, LinkedIn, but if you're already doing pretty well in terms of habits, it becomes harder to squeeze more.

      E.g. I'm not about to start making my own candles instead of paying for electricity, unless I do it as a hobby. As a financial move, I could make more with that time.
      7d
  • Comcast / Eng
    Lonerasian

    Comcast Eng

    BIO
    Hustling and working the American dream! Positivity is king.
    Lonerasianmore
    25, SwE, TC 50k, 1.5 yoe, savings $20k, Philly
    Live fking frugally and jerk off to pornhub for pleasure. Virgin
    7d 5
    • Visa PnIW74
      Amazing lol
      7d
    • New moEt34
      Hero
      7d
    • A post I can relate
      7d
    • ManTech psAt21
      50k TC? Now i understand why I hate Comcast's software so much
      6d
    • Comcast / Eng
      Lonerasian

      Comcast Eng

      BIO
      Hustling and working the American dream! Positivity is king.
      Lonerasianmore
      Well I'm a contractor. My payrate is around 110k since I got my offer but gotta wait for my h1 to be approved. Immigration bites.
      6d
  • Apple ((🥃))
    When you're young, it's hard to believe that small, automated, recurring transfers into savings accounts will accumulate into anything significant, but they will. Don't keep looking at it every day, though.

    Get an accurate picture of your expenses. I use Mint.com

    Write down your financial priorities. Travel is a big one for me. I spend a lot more than most of my peers on travel. But I know it and budget for it.

    Plan for upcoming expenses. Make sure you have time to save up for it.
    Jan 10 1
    • Intel / R&D dingbat99
      Good advice. Mint is good tool to monitor credit card expense and hold the leash on it.
      7d
  • Oath
    BIDU

    Oath

    PRE
    Google, Amazon, Uber, Airbnb, Facebook
    BIDUmore
    TC 150k Age: 22 Savings: 250k
    7d 5
    • Databricks / Data
      data4u

      Databricks Data

      PRE
      500 Startups
      data4umore
      How?
      7d
    • Dropbox humblepie1
      This is a fruitless comment. Why not explain HOW you achieved this? This is simply bragging (which makes no sense considering we’re all anonymous).
      7d
    • Oath
      BIDU

      Oath

      PRE
      Google, Amazon, Uber, Airbnb, Facebook
      BIDUmore
      Profitable side projects in college + got lucky with bitcoin.
      7d
    • Oath
      BIDU

      Oath

      PRE
      Google, Amazon, Uber, Airbnb, Facebook
      BIDUmore
      Humble pie this is blind, everyone is here to brag
      7d
    • JPMorgan Chase gr0undzer0
      BIDU and the 150k TC? that's rare air for 22yo.
      7d

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