https://www.morningstar.com/funds/XNAS/VFINX/quote.html
S&P 500 fund - If you put $500/month in this for 30 years, you'll probably have $1,000,000 plus.
Financial Thread
- Thread starter NATEizKING
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https://www.morningstar.com/funds/XNAS/VFINX/quote.html
S&P 500 fund - If you put $500/month in this for 30 years, you'll probably have $1,000,000 plus.
I started tracking my net worth after college and slow and steady wins the race. My 5500/year doesn't seem like much but in 6 years it's grown to over 50k
right now Mint.com laughs at my retirement goal (age/$$$) right now. Though none of DH's stuff is linked into that. Passed my current salary earlier this year and I've read that's a goal to hit by 30 so I'm about 18 months ahead there. Until the market crashes, of course.
I'm going to turn 30 in August, and I'm not going meet that goal. I'm going to be about 17k off if it. I'm freaking out about it. I've saved something in my retirement every paycheck, but haven't really gotten a real increase in salary until the year, basically stagnant salary.
I agree with slow and steady. I've been moving my money in to a mix of etfs and dividend growth stocks (dividend aristocrats).
When I graduated, I was in risky investments, but wish I would behave done things differently. This was ball in a 401k at the time.
yeah mine hasn't moved much lately either and I can about guarantee it won't happen this year either.
Probably doesn't make you feel much better about your own situation, but I bet you are way ahead of most our age. Coworker didn't start putting anything into 401k (and we have a company match!) until a couple years ago......probably 3 years after she started. And she's still probably ahead. Many our age still dealing with too much student debt to think about retirement.
True that many our age lack the retirement thing. But being that far behind just frightens me because that's a lot of space to catch up. Being a head of other people is nice, but it's really a personal race.
During this time, I did get my MBA. I also have type 1 diabetes. The first company I worked for didn't have a max out of pocket, so one my deductible was reached, it was 80/20 the rest of the year. My current company has a 3k max out of pocket. So that helps little. But that money would look really nice in my retirement.
I know a really smart peer who is getting a new car loan. I asked her where the down payment is coming from and she said she'll just get a bigger loan. I asked her if she bought all her cars that way and she said yeah because she only has $1kin savings. Smart woman. Good job. MA degree. Something doesn't add up.
For the "one year of salary" is that your entire household? I don't know how two 30 year-olds making, say 100k total, can have 100k saved up if they have kids.
For the "one year of salary" is that your entire household? I don't know how two 30 year-olds making, say 100k total, can have 100k saved up if they have kids.
DH's salary has increased much faster than mine. He also started working nearly a year after I did so he had some catch up to do there as well. So I have my personal salary saved, he is not to his own yet. I'd like to see if we can have our combined salaries saved by the end of the year. Stretch goal for sure, but no kids yet to steal all our money. And sleep.
Totally a personal race. It's nice to know I'm in a better spot than most but it means if the path I'm on still doesn't get me where I want to go.
That would be rough on the diabetes front. Not something you can get away from, obviously.
Not for you personally, but how much does parental help contribute to this? A few years back we needed a new furnace and my dad sent me 3k to help with the purchase. Allowed me to not take 3k out of savings. I would imagine thise little things add up over time. Now the 3k hasn't earned much interest in my cash savings account but it is more security.
I believe in the principles of Dave Ramsey's Financial Peace University-he uses extreme modeling examples to make a point (like 12% annual returns) but the principles are sound and the younger you start to practice "sinking fund" concepts and paying cash the better off you will be later. The whole key is to live below your means. And you don't need a new car every 3 years. Car payments are a waste of money.
no idea. Been quite a while since I've taken non-Xmas/bday money from parents. They would probably help if we asked though. Most of our friends are independent of that as best as we can know. But then I look at my siblings and my parents still pay for quite a bit of their stuff. Though I know that saved money isn't going toward retirement or student debt.
no idea. Been quite a while since I've taken non-Xmas/bday money from parents. They would probably help if we asked though. Most of our friends are independent of that as best as we can know. But then I look at my siblings and my parents still pay for quite a bit of their stuff. Though I know that saved money isn't going toward retirement or student debt.
My parents don't give us money for "stuff". Only in this situation. I talk to my dad about investment philosophies frequently. He knows I'm more than responsible with our money. We even talk excel formulas for making a better net worth spreadsheet.
Totally different than parents paying 30-somethings car insurance and living expenses.
I still can't wrap my mind around this. I can't even imagine the response I'd get from my parents if I asked for this, and I'm still in my 20s.
