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
Time and cutting expenses. We saved up one yearâs 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 weâd rather have that or a house (our goal at the time).
I Never use the RSU, and always save 30% of the salary no matter what, even at the beginning when my pay was 70k a year and I had to sleep in a ghetto environment
Man 30% savings... you are one in a 1000 may be.
How is 30% savings hard at FANG level salaries? I make ~8k / month. I can spend spend 5.6k to achieve that. After my rent of 2k, I would have to spend 3.6k! Seems kind of absurd that 30% savings seems hard.
By giving money to parents and bad investments, itâs awesome
No vacation!
By saving money. What do you mean how?
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.
Good advice. Mint is good tool to monitor credit card expense and hold the leash on it.
Live with your parents until you're 50. Also dont date, marry , or have kids. You can thank me in 5 years
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.
Understand your insecurities and how advertisers use them to sell you stupid shit you don't need. For example cars get you from a to b, they don't make you more masculine or attractive
Live within your means. If you canât afford 2x of something, you canât 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)
> index funds are for grandpas. This is terrible advice. Why not just dump everything into BTC bro?! Many blinders canât recall a time when the market didnât always post record gains every year. Just because the market was bullish for the last decade doesnât mean that will continue. Take risks with a *portion* of your investments. That % can be higher when youâre young, but it probably shouldnât be more than half.