I turned 26 a few months ago. I barely have any savings. Have around 20K in my 401k, 10k in cash. I am really scared for my financial future. Clearing out my education loan and not spending the entire paycheck. But i am just worried I might be starting to save very late.
Yeah itâs not worth it. Time to give up.
it's over for you, if you need help writing your will let me know
When I was at 26, I only had 5k
Just track the performance of your 401k, itâs usually safe to invest in large growth markets. Make sure you didnât get screwed by getting a 401k thatâs performing poorly. Advise: 1. Check where your 401k is being invested. 2. Look at who is managing it and their track record, no not the company - the actual fund manager and the team. 3. Youâre doing good by getting rid of current debt before it piles up. 4. If youâre currently storing cash use an account like Marcus by Goldman Sachs that will actually earn you 2% per year - itâll keep up with inflation. Thatâs for quick money use. 5. Donât buy a house right now. Wait
Any advice on how to track the 401K ?
Every fund has a unique identifier, once you find the identifier - use it to find out where the money is being invested - either through the federal SEC site or if theyâre kind enough to provide it on their performance track. Key points is having some knowledge of where the money is going, actual growing companies vs blue chip brick places that are dying off due to internet companies. Donât be obsessed over it as it takes time for the markets to show real change, my advice would be every quarter to take a look at things and compare it to the 1Q plan posted on the SEC site by the main driving companies that are being invested into.
I am in the situation as you, but I donât think its bad. I just try to make the appropriate changes in my life to earn and save more money.
When I was 24, I was in negative, mainly becuase I blew a lot on travelling. You're good, have experiences and live before you turn 30.
I had 10K savings at 30. Stop focussing on money and start focusing on your career and personal growth. Money will eventually follow if you focus on learning and not just look at it from a $ perspective. Also if you can, get off blind else it will mess with your head looking at other folks TC. Measuring yourself against someone else only leads to disappoint. Good luck.
Im 25 and have 100k but often feel like iv fell behind from some of my peers that got co-ops and full time jobs at FAANGs streight out of school. It's all about perspective, As long as you're saving something youre doing better than most people
Hey OP, this post really hits home for me. I'm currently 80k still in student debt, with 8k savings. I'm pushing about 30% of my paycheck, after taxes, to go towards student loans because I can't stand owing money, so I'm living frugally. I have about 8k in 401k savings. And I'm 26. So, I think as long as you're starting now rather than later, you'll be good! Keep going OP, it's hard, but live smartly and under your means. Make a strict budget and don't overspend it. Money isn't everything, but it's some things. Work on your health and your happiness!
Tech Industry
Yesterday
2720
Go woke, go broke: Google fires 28 employees involved in pro-Hamas protest
Tech Industry
Yesterday
989
So hard being a women in tech industry
India
Yesterday
1578
Lost respect for Modiji
Tech Industry
Yesterday
994
Sick VP about to be Thought a Lesson
India
Yesterday
143
Dravidianism vs. Hindutva?
You are good, on the right track!
Lol