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I'm a college student and at the moment I'm bringing home about $1,500/month. I work PT during the school year anf full time during summers. I save about 40% of what I make. Is this enough? How much do ppl usually save?
lot of these guys on this forum will tell you to save it all.
i always thought of it as the opposite. you should spend your money when your young, because there is no guarantee you'll be around when you get into the older years.
you also wont have the same fun with the money as you would when you are younger.
of course save, but have fun at the same time.
put 10 percent of your monthly income into savings.
thats 150 a month, thats 1,800 a year. you put that into a roth, your talking minimum 500k over 40 years with a standard return.
I'm a college student and at the moment I'm bringing home about $1,500/month. I work PT during the school year anf full time during summers. I save about 40% of what I make. Is this enough? How much do ppl usually save?
If you are living on $1500/month and manage to save 40% of that, you are doing quite well IMHO.
Actually I would say you might want to look at your quality of life, are you being so frugal that you are not taking part in any extra-cirricular activities in college? You only go through college once.
lot of these guys on this forum will tell you to save it all.
i always thought of it as the opposite. you should spend your money when your young, because there is no guarantee you'll be around when you get into the older years.
you also wont have the same fun with the money as you would when you are younger.
of course save, but have fun at the same time.
put 10 percent of your monthly income into savings.
thats 150 a month, thats 1,800 a year. you put that into a roth, your talking minimum 500k over 40 years with a standard return.
dont buy into the fear you hear on this forum.
live your life.
although I've always been a proponent of savings, I do agree with this poster. Now is the time to have your fun, just don't blow it all! I traveled a lot in my college days and early 20's, that was when I could go through Europe with one small bag, now I need that much just to lug my pills!
You lose your energy when you get older, you can't handle sleeping in trains, buses, can't abide sharing a hotel room with 4-6 friends, your stomach can't tolerate changing your diet, etc. You lose the strength and energy to backpack through little towns with $5 in your pocket, wouldn't dream of staying in a hotel with less than AAA 3 diamond or higher, etc.
Those were some of the best days of my life, I don't regret a penny of it! Youth is a gift, and a resource, too, just like money, don't squander either!
Oh, BTW, while I was wandering through Europe and Latin America, I always had an emergency $500 in my backpack, to be touched only for emergencies, put back in the bank when I returned home. never blow your whole wad!
47%. Don't forget the unnecessary fees you pay to American funds.
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