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I think I do earn a decent income, $70k a year. I currently put 5% (4% matched) in my 401K, and save $1,000 to $1,500 of my take home income each month. I have been mainly trying to get my saving (in liquid assets) to $25k and then to $50k.
My main problem is I can't stop thinking about my financial situation. I keep on thinking I need more money, a lot more! I seriously think I won't be calmed down until I am a millionaire or close. I personally am sure this taking a major toll in my happiness and sometimes I feel depressed.
I am currently 26 years old and single. I do help my parents out with money, but other than that I really don't much obligations. I really want to be able to just enjoy the rest of my twenties instead of toiling away trying to make money or stuck thinking about. Question is how can I go about doing that?
Lol, everyone wants more money. Its natural to think that way. You are doing very well compare to others on the planet. Be proud.
I think you should go out and play some volleyball. Most weekends and during the weekdays, Sneaky Pete's At Lake Lewisville or Yucatan in Coppell, they have sand volleyball courts that are pretty active. It's summer time, bunch of women running around in bikinis around our age over there, it's all about having a good time. The rec center in Frisco also has an indoor volleyball court, so does Rowlett, you could also join a league. Volleyball is just one of my hobbies.
Attend some charity events. Better not tell me there's nothing to do in the area, you live in one of the biggest metropolitan areas in the U.S.
Your obligation is to have some fun. You'll never be this young and healthy again.
People worry too much, maybe we need to unplug the television. You need to stop comparing yourself to other people, there's always someone better than you out there, with a bigger house, nicer car, good looks, more successful, athletic, or whatever.
Anyway go watch the movie "Yes Man" starring Jim Carrey. Funny movie.
I have similar economic attitudes and I can tell you your social life will suffer because of your financial know how. Women will always see you as a gateway to middle to upper middle (even if by debt only) lifestyles they can't attain by themselves. Some (like my exwife did) will jab at you for declining the offer to go in debt for them (somebody in the thread already made the offer to marry his/her daughter...jest aside, there's a lot to that sentiment). Just beware what you wish for. And don't cede your values for companionship. Trust me.
A family will crush your savings rate. So adding to your existing overhead is NOT going to help you be at ease regarding financial solvency in retirement. Most people I know who are in marriages and have children are basically one job loss away from the cardboard box. Most families with kids these days, who make around median income that is, are living tight. They don't deprive themselves, as they believe their children's youth, just like their own time in this earth, is finite, so there is no point in depriving themselves of a comfortable life.
Most will be semi-destitute in retirement, make no doubt about it. But they will have lived more carelessly than you did, and perhaps in that regard there is value in being comfortable when young and active whereas there's really no point in saving for when you're old and inactive. To each their own of course. I know I have similar savings rate as you, about 3 years older, but I am divorced and have no kids. Having a family would crush my savings and discretionary income. Unless I married someone who made more than me. Seeing how both you and I are in the top 27% percentile of individual earners, that outcome is unlikely. I believe it to be impractical if not impossible to attain a 75% of peak income year retirements for our generation with a family in tow. The rest are going to have to make either/or choices in order to balance out the equation. Your choice. Good luck.
They should have thought about it better before having those kids then, their fault.
Marriage with no kids can mean 2x income which means when you were single, you could live a in a nice 1 bedroom apartment and when you got married, there was no reason to upgrade to a 2 room.
And people say those who are married and have children are more responsible then singles?
Quote:
Originally Posted by hindsight2020
I have similar economic attitudes and I can tell you your social life will suffer because of your financial know how. Women will always see you as a gateway to middle to upper middle (even if by debt only) lifestyles they can't attain by themselves. Some (like my exwife did) will jab at you for declining the offer to go in debt for them (somebody in the thread already made the offer to marry his/her daughter...jest aside, there's a lot to that sentiment). Just beware what you wish for. And don't cede your values for companionship. Trust me.
A family will crush your savings rate. So adding to your existing overhead is NOT going to help you be at ease regarding financial solvency in retirement. Most people I know who are in marriages and have children are basically one job loss away from the cardboard box. Most families with kids these days, who make around median income that is, are living tight. They don't deprive themselves, as they believe their children's youth, just like their own time in this earth, is finite, so there is no point in depriving themselves of a comfortable life.
Most will be semi-destitute in retirement, make no doubt about it. But they will have lived more carelessly than you did, and perhaps in that regard there is value in being comfortable when young and active whereas there's really no point in saving for when you're old and inactive. To each their own of course. I know I have similar savings rate as you, about 3 years older, but I am divorced and have no kids. Having a family would crush my savings and discretionary income. Unless I married someone who made more than me. Seeing how both you and I are in the top 27% percentile of individual earners, that outcome is unlikely. I believe it to be impractical if not impossible to attain a 75% of peak income year retirements for our generation with a family in tow. The rest are going to have to make either/or choices in order to balance out the equation. Your choice. Good luck.
I think I am like you. No matter how much we make, we're a little unsettled that it is not enough and we won't be secure enough.
While you certainly don't want to take this attitude to a pathological extreme (like not being able to enjoy life or the fruits of your labors), this attitude will probably set you way ahead of your peers financially in the long run. I know it has for me.
So there's a good and bad side to this line of thinking.
What I have done that has helped me is make sure to pay myself first every month (fully funded retirement and then I have X dollars autodrafted out of my checking account right after my paycheck is deposited - this goes right to my financial guy for investment). Then whatever's left is what I plan my lifestyle around. Sometimes I get extra money (bonus or something) and I put part of that in another savings account for emergencies. It's worked out well.
I think having safety net is must for everyone. It is nice to see people to find this important too
Some of my financial worries arise from the poor retirement plan of my parents and some it for recent financial crisis. Before stock market crash I honestly though I was set for life if just put some $$$ in my 401K, after that I started to seriously think about retirement, my job, and a safety net.
Money is always at back of my head even when I am out having fun. For example, this weekend I was hanging out with my friend talk and generally having a good time. At back of my head I somethings I thought about how if I had good amount of money, I could relax like this everyday.
Maybe only once in awhile, like part of my Florida vacation, was I truly able put money out of my mind. Looking at girls in bikinis sound but honestly I am usual hesitant to go some place full of stranger by myself. Also, I have a feeling the though of my financial situation will come up anyhow.
Quote:
Originally Posted by kenvbtx
You're a responsible person.
I think you should go out and play some volleyball. Most weekends and during the weekdays, Sneaky Pete's At Lake Lewisville or Yucatan in Coppell, they have sand volleyball courts that are pretty active. It's summer time, bunch of women running around in bikinis around our age over there, it's all about having a good time. The rec center in Frisco also has an indoor volleyball court, so does Rowlett, you could also join a league. Volleyball is just one of my hobbies.
Attend some charity events. Better not tell me there's nothing to do in the area, you live in one of the biggest metropolitan areas in the U.S.
Your obligation is to have some fun. You'll never be this young and healthy again.
People worry too much, maybe we need to unplug the television. You need to stop comparing yourself to other people, there's always someone better than you out there, with a bigger house, nicer car, good looks, more successful, athletic, or whatever.
Anyway go watch the movie "Yes Man" starring Jim Carrey. Funny movie.
I have similar economic attitudes and I can tell you your social life will suffer because of your financial know how. Women will always see you as a gateway to middle to upper middle (even if by debt only) lifestyles they can't attain by themselves. Some (like my exwife did) will jab at you for declining the offer to go in debt for them (somebody in the thread already made the offer to marry his/her daughter...jest aside, there's a lot to that sentiment). Just beware what you wish for. And don't cede your values for companionship. Trust me.
A family will crush your savings rate. So adding to your existing overhead is NOT going to help you be at ease regarding financial solvency in retirement. Most people I know who are in marriages and have children are basically one job loss away from the cardboard box. Most families with kids these days, who make around median income that is, are living tight. They don't deprive themselves, as they believe their children's youth, just like their own time in this earth, is finite, so there is no point in depriving themselves of a comfortable life.
Most will be semi-destitute in retirement, make no doubt about it. But they will have lived more carelessly than you did, and perhaps in that regard there is value in being comfortable when young and active whereas there's really no point in saving for when you're old and inactive. To each their own of course. I know I have similar savings rate as you, about 3 years older, but I am divorced and have no kids. Having a family would crush my savings and discretionary income. Unless I married someone who made more than me. Seeing how both you and I are in the top 27% percentile of individual earners, that outcome is unlikely. I believe it to be impractical if not impossible to attain a 75% of peak income year retirements for our generation with a family in tow. The rest are going to have to make either/or choices in order to balance out the equation. Your choice. Good luck.
Quote:
Originally Posted by Texas User
They should have thought about it better before having those kids then, their fault.
Marriage with no kids can mean 2x income which means when you were single, you could live a in a nice 1 bedroom apartment and when you got married, there was no reason to upgrade to a 2 room.
And people say those who are married and have children are more responsible then singles?
I think for marriage, a proper financial planning is required by both parties. However, sometimes I think a lot of girls don't bother about it much. I actually already have a house, but still manage to save $1k - $1.5K month as I stated. So if I geta spouse with a decent income costs shouldn't decrease my savings much more.
I could go into my girl issues here, but probably better just to leave it for a dedicated post in the relationship forum.
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