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To satisfy my insatiable curiosity and nagging sense of inadequacy among my NY peers, I'm putting the question out there:
How much have individuals in their mid-30s--regardless of demographics, geography or income--saved? And by saved I mean this is money you are pretty confident you will not touch for the next 20 or 30 years barring some catastrophe.
This is obviously a completely unscientific, non-peer reviewed and wildly variable measure of financial well-being at which Pew Research would scoff but that's what places like C-D are for.
Wait, "not touch for 20-30 years" implies that you're not going to use it to buy a home, which is a little unusual if you don't already own your home.
I myself own a small apartment free and clear (worth about $120k) and have another $70k or so in the bank. I think I've done reasonable well being able to save $190,000 by age 37 on a salary of $45-50k and without being able to invest in the stock market (I work in this field and the company has severe restrictions).
Then again, I'm single, so the big kid-related expenses haven't happened yet!
Right now, 120k. But just finished paying off undergrad loans and am just about to start earning real wages, so in 10 years (age 39) I should have close to 500k saved up.
Wait, "not touch for 20-30 years" implies that you're not going to use it to buy a home, which is a little unusual if you don't already own your home.
I myself own a small apartment free and clear (worth about $120k) and have another $70k or so in the bank. I think I've done reasonable well being able to save $190,000 by age 37 on a salary of $45-50k and without being able to invest in the stock market (I work in this field and the company has severe restrictions).
Then again, I'm single, so the big kid-related expenses haven't happened yet!
Are you saying you can't even contribute to a retirement account and put any of it into stock mutual funds or ETF's? If so, how do you plan on retiring?
Are you saying you can't even contribute to a retirement account and put any of it into stock mutual funds or ETF's? If so, how do you plan on retiring?
That's correct. I'm an American who works for an overseas financial institution, and IRS reporting requirements are burdensome enough that my company won't let Americans have accounts. But the laws of my adopted country say that employees of firms like mine can hold stock only with the companies they work for (to prevent people from possibly getting inside information at their own firms and then making trades based on it somewhere else, unbeknownst to that broker).
I can own property and rent it out (which is why I bought an apartment, for cash, as soon as I possibly could), which can generate income in my later years, but no stock trading. And people ni my situation must, above all, pray for low or no inflation.
I am in your requested age group, so I'll answer this. But, let it be clear that I have been working for a very long time. I also happen to have a post graduate degree and my parents imparted some valuable financial designs into me at a very early stages of life.
I have close to 7 years of salary. Which I am not touching. I also have close to 50k in cash in a separate account, amassed over last 8-10 years, I call this play money. That means, if need be and if I feel like, I'll go and buy a 50k car as and when I please. Or a 5k watch. Or stuff like that. You get the point. Ofcourse, I haven't spent any in last 10 years, except for an occasional 100-200 splurge here or there. So, we can rest as regards that.
Besides, the cash assets, I have significant assets, which again I wont be touching.
How much have individuals in their mid-30s--regardless of demographics, geography or income--saved? And by saved I mean this is money you are pretty confident you will not touch for the next 20 or 30 years barring some catastrophe.
I was going to answer this question until I saw the above.
So just to be clear, are you talking about pure liquid cash? Total net worth minus liabilities? Cash plus investments that can be made liquid within 1-2 weeks? What exactly do you mean?
Also you ONLY want people in their MID 30's to respond? Not people over or under?
Also your saying you only want to know about money that "won't be touched"? Meaning if I plan on investing it I shouldn't count it?
Last edited by griffon652; 03-29-2014 at 01:27 AM..
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