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Old Today, 05:21 PM
 
13,418 posts, read 13,874,041 times
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1. start building up your 401K as quickly as possible and as heavily as possible
2. try to get a job that pays off your student debt, even if it means living an area you don't like or doing a job you don't like
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Old Today, 05:36 PM
 
4,128 posts, read 837,225 times
Reputation: 3001
Quote:
Originally Posted by adjusterjack View Post
Are you for real, or a troll?


You make $108,000 a year? What the hell do you do with your money?
What I don't understand is how someone in his 50s, earning six figures, with no wife/no kids, and super-low expenses ($700 a month for rent in Maryland?) doesn't have at least $500k in savings. Something doesn't ring true with this story.
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Old Today, 05:58 PM
 
Location: annandale, va & slidell, la
7,831 posts, read 3,201,942 times
Reputation: 6692
Quote:
Originally Posted by Rachel976 View Post
What I don't understand is how someone in his 50s, earning six figures, with no wife/no kids, and super-low expenses ($700 a month for rent in Maryland?) doesn't have at least $500k in savings. Something doesn't ring true with this story.
No returning response from the OP. If I were him, I'd be freaking out.
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Old Today, 07:19 PM
 
4,128 posts, read 837,225 times
Reputation: 3001
Quote:
Originally Posted by finalmove View Post
No returning response from the OP. If I were him, I'd be freaking out.
Yes, and because he's renting, he has no home equity.

And he's probably clearing around $7,000 a month, and he has minimal expenses. I'd think he could save at least half of that, or $3,500 a month - close to $40,000 a year. After 10 years, and a very modest return, he'd have around $500,000. So....not too late to save things.

He just better hope he doesn't lose that high-paying job. He has no cushion, and at his age, it could take him 8 months to a year to find a new one.
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Old Today, 09:19 PM
 
Location: on the wind
7,891 posts, read 3,346,799 times
Reputation: 26772
Quote:
Originally Posted by adjusterjack View Post
Are you for real, or a troll?


You make $108,000 a year? What the hell do you do with your money?
THIS is the question! OP you need to take a loooong look at that one. Man, the retirement savings I could have built with that type of salary!!!
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