Where you should be in life and financially at age 35... (paying, increase)

[shaker281]

Originally Posted by Ericthebean

...
They are frugal, Max out their 401k, take advantage of married filing jointly, buy only with coupons and bargains, travel in course of business and use reimbursements to the point they can't remember the last time they just booked a trip not with some Priceline deal.

If only I had known what a difference clipping coupons would make!

[MDrenter223]

Originally Posted by Ericthebean

Not sure what's up with 2015 and in the region I live, but when my parents born in the 1950s, were in their mid-30s in the 1980s, this was by far the average....without exception:

Assets
2 fully owned automobiles (1 may be a voyager van, the sedan for daddy)....paid in full with title

Fully owned house with master bedroom and a bedroom for each child, kitchen, family room, living room, backyard, garage, patio, lawn, driveway, organized and clean, fully furnished....with
(no more than 7 years left on the mortgage till fully paid off mortgage)

IRA fund: $650,000 at least
401k: $550,000
Other fidelity savings:$250,000-$900,000 somewhere in there
$40-50,000 in liquid money market fund
$15,000 debit card ...
$500 cash on hand in wallet or home lock container

2-3 kids well fed, in gifted schools, music lessons, dance, ballet, soccer practice, tee-ball

No debt: perfect credit report

Happily married

This is where you SHOULD be at age 35. If not, you need to figure out where you went wrong. Is this correct?

How the hell are your IRA amounts greater than your 401k?

Seriously the contribution limits are drastically different.

[shaker281]

Originally Posted by Ericthebean

Not sure what's up with 2015 and in the region I live, but when my parents born in the 1950s, were in their mid-30s in the 1980s, this was by far the average....without exception:

Assets
2 fully owned automobiles (1 may be a voyager van, the sedan for daddy)....paid in full with title

Fully owned house with master bedroom and a bedroom for each child, kitchen, family room, living room, backyard, garage, patio, lawn, driveway, organized and clean, fully furnished....with
(no more than 7 years left on the mortgage till fully paid off mortgage)

IRA fund: $650,000 at least
401k: $550,000
Other fidelity savings:$250,000-$900,000 somewhere in there
$40-50,000 in liquid money market fund
$15,000 debit card ...
$500 cash on hand in wallet or home lock container

2-3 kids well fed, in gifted schools, music lessons, dance, ballet, soccer practice, tee-ball

No debt: perfect credit report

Happily married

This is where you SHOULD be at age 35. If not, you need to figure out where you went wrong. Is this correct?

Is the house fully paid off or seven years left on the mortgage? I'm so confused.

Never mind, if I have to drive a Voyager minivan, forget it!

[Lacerta]

Originally Posted by MDrenter223

How the hell are your IRA amounts greater than your 401k?

Seriously the contribution limits are drastically different.

The problem isn't that the IRA is higher than the 401k, the problem is that the IRA is higher than it could possibly be at that age, given the limits, and anything approaching a reasonable rate of return.

IRA can easily be higher than 401k. My husband's and mine are. I've never had a 401k available to me, and husband only has for the last 5 years. So our IRA balances are both higher than his 401k.

[Gandalara]

Originally Posted by MDrenter223
How the hell are your IRA amounts greater than your 401k?

Originally Posted by Lacerta

IRA can easily be higher than 401k. My husband's and mine are. I've never had a 401k available to me, and husband only has for the last 5 years. So our IRA balances are both higher than his 401k.

Also - IIRC on the dates - Traditional IRA's began in 1974 and 401K's in 1978.
When I was working, my company didn't have a 401K plan until the mid-80's.

[flyingsaucermom]

Originally Posted by shaker281

If only I had known what a difference clipping coupons would make!

Thanks for the laugh!

Divide all numbers in the OP by ten and you have a slightly less absurd picture of reality, though still unattainable for all but those near the top of wage earners.

[Nema98]

Have a career that you enjoy, have a steady stream of income, whether you own or rent, or the numbers of cars you own should not matter.

[houstan-dan]

Congratulations growing up in a very wealthy home and having no idea what normal Americans live like.

Fyi, weren't you the one who had no money and a fiancé or wifi that wanted to live like rock stars? That doesn't seem like the household you grew up in, or you didn't take note of what they did.

[AmFest]

I think the OP is simply mathematically challenged. He either:

1. Added an extra zero to all figures,

2. Mistook 35 for 65 when it comes to age,

Or

3. Mistook the 1980's for the 2080's.