So how much you got saved up

[tony]

For retirement? 401k, IRA, Savings, whatever how much?

I wont lie I have about $12k saved and I'm 25.. I made the dumb ass decision to take out $5k about 2 years ago otherwise I know I'd have around $20k-$25k. About $12k in my pension as well but I dont consider that in my finances since companies seem to be taking those away lately.

[Kevykev]

I try not to let people know of how much money I have since it is known to lets just say "complicate" things.

I will say that saving for the future (although it's not promised) is a great thing to do. Having investment accounts for the benefit of you and your family is the best way to ensure a manageable future.

I took a slight reserve loss this year since I started to learn a new feild that was very demanding of time; but that's what reserves are for :) . Spending money frivolusly is something that i just can't do. Although sometimes I "Ball Out," I've always been a conservative spender.

Keep savin' up Tony!

[tony]

no doubt man.. just wondering if people put away for retirement or even think that far ahead. I originally started putting away for the tax breaks but seeing people in their 60's and 70's with nothing has started to make me think.

[The Ren]

no doubt man.. just wondering if people put away for retirement or even think that far ahead. I originally started putting away for the tax breaks but seeing people in their 60's and 70's with nothing has started to make me think.
I'm not going into how much I have saved, but I did put away a small chunk from the money i got from my accident where I cant touch it.

[IndianStig]

i have sub 500 because i blew a shitload of money in the past few months

any tips on how to make good money on top of a job as a teenager?

i have a few friends who have made money on these online poker thinge, like a few grand, but, idk, i dobut parents would be happy when they see an extra $1000 in the bank account of a high schooler, probably think its drug money or something

[Kevykev]

^ save change man dollars nicks, dimes and quarters.

It TAKES DISCIPLINE :D!

[Hulud]

i have sub 500 because i blew a shitload of money in the past few months

any tips on how to make good money on top of a job as a teenager?

i have a few friends who have made money on these online poker thinge, like a few grand, but, idk, i dobut parents would be happy when they see an extra $1000 in the bank account of a high schooler, probably think its drug money or something
you cant do the online poker till you're 18

[Brady]

22 dollars...

[JITB]

about 16$

[ironchef]

Well I'm 18 and I just opened a roth ira account, and put $100 in there lol, so thats about all my savings, not including money in my checking account though.

[v3rd1g0]

*looks in change compartment in car* .... about a buck and 15cents.... decided to blow my money on some stupid stuff. Now i'm back to looking for a job and saving money. i'm 18 and in college, and paying for housing and board, also a damn meal account here...

[SniperJoe]

All I'm going to say for all of you is that in investing, time is the one thing that you can't get back, so make sure you spend it wisely.

[blackboi50]

in college.........holla at me wen i get out!!!!!!!!!!!!!.................1

[tony]

Well I'm 18 and I just opened a roth ira account, and put $100 in there lol, so thats about all my savings, not including money in my checking account though.


Trust me.. at 18 that is big. Considering how compound interest works.. in theory if you had $5,000 saved up by the time you are 25 and stopped contributing you would be way ahead of someone who is 35 and just starting out.. all things being equal the 35 year old would probably never catch up with you even if they contributed all the way up to retirement.

I dont mind sharing my personal business because this is the stuff I wish would have been brought up when I was 16 or 17 cause I surely didnt learn it in school. Someone once posted what their savings was in another forum and it was a rude awakening to me that I need to start putting something away instead of living check to check.. just passing the knowledge forward.

[ironchef]

Yea looking back, I never learned anything in school relating to investments, loans, mortgages, etc. Fucking school system sucks, just been listening to the parentals and trying to stay ahead of the curve so to speak. I plan on putting $100 in there every month, so hopefully it should work out well enough. What I don't get is will the money just compound by itself, or do i actively have to invest in stocks or funds to get it to grow? I bought 35 shares of one stock with that first $100 just to see what its all about, and so far its been a positive return. But, I've only had it for one day lol, so hmm.

[tony]

Well yeah it compounds by itself on top of what you're putting in.. it is all based on the funds that you choose though. For instance I started out with a little over $10k on the 1st and the market did pretty well this month so on top of the $400 or so I've put in the interest kicked in about $1000.

So imagine the returns when you have $50k to $100k.. I'm sure its fun to watch the money add up at that point.

[ironchef]

You got any fund recommendations? I might as well sell that stock, its not really much of a huge returner, it gains or loses a max of 15-20 cents a day, so nothing to fancy there.

[tony]

Well, with my 401k my options are limited.. we only have about 8 mutual funds that are available to us so I go with the best of those. Wish I had more advice for ya on that subject.

[Jimmy B]

im trying to save up.. (im 25) but owning a buisness kinda sux, cuz something ALWAYS comes up! lol..

im about to start investing some money, and hopefully start bein ale to put some extra $ away where i wont touch it..

[AtifSajid]

yeah I have about half a mill saved up.. trying to hit a mill by the end of this year.

[IndianStig]

hmm sounds good man

so Roth IRA you say?

my parents have those, lol

i dobut theres much in there if it works the way you say because we only moved here a few years ago like 7 or 8 i think

I think this ROTH IRA sounds good, its locked away right? and you cant withdraw without penalties, right?

[IndianStig]

yeah I have about half a mill saved up.. trying to hit a mill by the end of this year.


is that in a biz account?

if so goodjob

if not great job

[ISAtlanta300]

Saving money is good.. very good.... It allows you to live more comfortable when buying bigger things, i.e. house, car and can even be emergency funds in tight situations...

I have something put aside, at different banks, some internationally. I also took out about 7k for downpayment when I got my car and about 10k when I bought my house... and I am single...

And to think that I once racked up about 14 K in debt, mostly stupid shit...

so heck, if I can do it, everyone can. It just takes discipline and focus on your goals....



one thing that allowed me to save substantially is to stop modding cars.. :( It is a fun hobby, but I soon realized how much money I wasted on parts, stereo's, rims etc. that ultimately end up stolen, messed up in an accident or just plain wasted when selling the car.... :( For me, it was better to just save up for a nice car.. something nice and comfy... and pocket the money for mods for other goals...

[SniperJoe]

hmm sounds good man

so Roth IRA you say?

my parents have those, lol

i dobut theres much in there if it works the way you say because we only moved here a few years ago like 7 or 8 i think

I think this ROTH IRA sounds good, its locked away right? and you cant withdraw without penalties, right?

You can withdraw the initial investment after five years if you choose. You can also use the money for certain things such as education, disability or buying a house. There are a lot of good resources out there regarding investing if you just take some time and look for them.

[SLOWR/T]

ive got like 60 bucks :(

[Jimmy B]

one thing that allowed me to save substantially is to stop modding cars.. :( It is a fun hobby, but I soon realized how much money I wasted...

that WAS one if my main things..

now, i have my burban looking good, dropped, and wheels.. thats it..

[collins]

yeah I have about half a mill saved up.. trying to hit a mill by the end of this year. you shittin me?

[AtifSajid]

im shittin you!

[threehundred]

Only got about 2500 in my 401k, but only been doing it for less than a year. I've contributed about 1150 of that, my company matched it and the rest is my return on investments. If you figure the 1150 I put in would've been taxed, you can assume that I would've only received about 900 or less of that. So for $900 I got $2500. Sounds like a good deal to me. Plus, like Tony said, once I get into the 20Ks and up, the return will be substantial. The best thing is, I don't even notice the money's gone out of my check.

[Red]

I've been saving since I was young so I've got a good bit saved in my money market account.

[ironchef]

Just bought a small piece of a mutual fund, looks promising, im excited.

[Julio]

Got some invested through Franklin Templeton Investments (401k) and got a Savings account with my regular Bank wich sucks (But is something,suntrust) and another savings account with ING DIRECT wich has a good rate I think is like at 4% now.. =/

[CopyRight]

with 401k and profit sharing, I'm up to 23k and some change. My INGDirect account has like 8k in it. I'm 26...

[tony]

Seen much change in your 401k Copyright? Mine has been up and down this month

[The Golden Child]

i dont really have anything saved ..
i live pay check by pay check ..
bills go out every week and i dont really go out ..
prolly like by the end of the month ill have like maybe $300 - $400 in my checking account ..
im with washington mutual right now and thinking about opening a savings with them ..
anybody have any suggestion ??

[tony]

i dont really have anything saved ..
i live pay check by pay check ..
bills go out every week and i dont really go out ..
prolly like by the end of the month ill have like maybe $300 - $400 in my checking account ..
im with washington mutual right now and thinking about opening a savings with them ..
anybody have any suggestion ??


How old are you?

[The Golden Child]

How old are you?

ill be 23 this december ..

[aaronfelipe]

Im poor....here on IA to make some money.

[tony]

ill be 23 this december ..


Not bad at all then, I started saving at 23 myself doing just $40 a month.. see if the company you work for offers a 401k plan, if not then open up an IRA at your bank and put away as much as you can, even if its just $5 a month.

[The Golden Child]

Not bad at all then, I started saving at 23 myself doing just $40 a month.. see if the company you work for offers a 401k plan, if not then open up an IRA at your bank and put away as much as you can, even if its just $5 a month.

i work for metro piece of shit franchise ..
they dont have a 401k plan " what ever that means " can you explain ..
but yea i think im gunna wake up early monday morning and open an IRA " what ever that means also "

[The Golden Child]

thanks for the tip " Tony "

is the g35 in the sig urs or just a picture ??

[Julio]

also go to www.clarkhoward.com good info..