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$1000/mth invested in an index fund over the last 15 years would put you at over $400K. Obviously some people are fortunate enough to be able to save a lot more than that.
I sure hope you've taken full advantage of this historic bull run we're on.
There's a 6-year-old who made $11 million in a single 12-month period from opening up toys on YouTube and reviewing them, I think he has us all beat, he's definitely living' the dream!
Just maxing 401k every year for the 14 years between college graduation and age 36 would get one to 252k (18k a year/$1,500 a month). Company match of 5% adds $12,600 ($900 a year/$75 a month) so by doing just that, you’d contribute $264,600 in 14 years. An average of return of 4% is all it takes to get the rest of the way to 350K.
i started my 401k in 1987 and the ira's before that . today it has 1.5 million in it . most years raising a family i could never get close to maxing it out .
And what percentage of the population would you say that comes out to? I don't know anyone who retired with over a million at my age, and I know a lot of successful people. Successful people usually don't retire early though because they like what they do and it becomes a part of their identity. People lie and exaggerate on these forums.
The fact that you are turning this into a competition and an obvious humblebrag (oh, that makes it an actual "brag") tells me you are not particularly mature. Aren't there websites to tell you you're in the top 99% or do you need actual people to praise you?
You're not seeking advice...you're not asking any questions...so feel free to go on your merry way and pat yourself on your back.
I thought inflation was low. That's what everyone posts on the interest rate, inflation, and central banking threads, but the same people say inflation is high when it comes to saving, investing, and personal finance.
inflation is really based on stage of life . our personal costs of living have little to do with cpi's which just measure price changes on baskets of goods in 1500 mini economies , much of which we don't even use at various stages.
someone raising a family and paying for healthcare and education has a lot different inflation than an aging senior who has spending on many things falling off a cliff as they age . so what they don't do or buy covers price increases in what they do .
health insurance keeps going up whether you get a raise or not , medicare is capped by hold harmless .
we still have not needed an inflation raise in more than 3 years in retirement .
I thought inflation was low. That's what everyone posts on the interest rate, inflation, and central banking threads, but the same people say inflation is high when it comes to saving, investing, and personal finance.
Inflation's low now. Who knows what it will be in the future? It's been in the double digits in my lifetime; there's no reason that level of inflation couldn't return again. Best to be ready for that possibility (to the extent it's possible to be ready for it).
The OP should be proud of what he's achieved with regards to savings, but he shouldn't be too cocky. A mere $150k in the bank does not make one bulletproof. One serious accident or illness, and it's all gone. He still needs to take saving and investing for the future seriously, and not get too comfy with his current state.
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