- May 23, 2024
- Posted by: legaleseblogger
- Category: Related News
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****** just grabbed a
Yeah, I’d steer clear of tik tok, YouTube, and most of reddit when it comes to getting an idea of how you are doing. What matters is what’s works for you. I know people who make less than the median income but still find ways to put away a few hundred dollars a month. The hare does have the clear advantage but I’ve seen some tortoises win (bigger retirement/more satisfied with what they saved).
A lot of people that make a lot also spend a lot. To keep that lifestyle up in old age, they will need much more money saved than some bookworm who enjoys volunteering and gardening, you get me? Life is individual, focus on whatever goals you pick for yourself and ignore those others have chosen for themselves.
Time is on your side. Just start at some number for your 401k like 8-10% and then keep increasing as you get raises, you will be more than on track by the time you are 45 or 50.
Average salary at age 25 is $51k, median is $41k. People in financial forums are a self selecting group – generally high earners that want to humble brag about their salaries. You do you. Saving for retirement is important and their is an advantage to starting early – but retirement savings is a marathon not a sprint. This too shall pass.
Start by getting to full time employment and past the median salary. Could take education or career path change to get there.
https://dqydj.com/average-median-top-salary-by-age-percentiles/#What_is_the_median_salary_by_age_in_the_United_States
A lot of people are figuring it out at our age. You are fine. But before worrying about retirement I’d be focusing on getting a job or picking some career trajectory to start out since it seems you are not working now? It doesn’t have to be super lucrative but you aren’t going to be able to save for retirement if you don’t have a job. You have time to build up to a better salary but that won’t come without experience too
Go find a job. Contribute to 401k and get the employer match. Look to succeed and move up. It’s a long game. Being envious of others won’t do anything.
Here is where to start: are you working? Full time? If so, does your employer offer any sort of match to your 401(k)?
Dude Roth Ira asap. I wish I did.. now I’m in my mid 30s stressing. 20s is when you need to buckle down cause 30s come fast
Social media lives and dies with hyperbole.
First: Chill
Second: Start putting away 2-3% of your income into a 401 and increase monthly. This will ease you into a practice of saving.
The most important thing you can invest in is yourself. It’s okay to forego jumping into the deep end of investments while you are figuring out your skills. Life is inevitably a balance. You don’t want to be miserable making a ton of money at the expense of your mental health and life balance to do other things (family, friends, kids, travel, etc.). You also don’t want to just float with the wind directionless and end up in trouble later on. All of us need to strive to develop some kind of skill so we can provide for ourselves.
You’re young and have time on your side. The best thing you can do now is simply build good habits with what you do earn (as you earn it). You need to find a skill that you enjoy that you can leverage in the marketplace for providing value to others. You won’t love every single detail of every job, but you’ll slowly learn what aspects you *do* like. Finding a “dream job,” can be a bit like chasing a dangling carrot. My two cents… work is work, I can’t imagine any job working where in the back of my mind I’m not wishing I was doing something with my family or doing an activity of personal interest without the pressure of cost, schedule, money, etc. Don’t sweat it if you start a job you don’t like (or even hate). Use every opportunity to learn about yourself, what you are good at, what you can do that others dislike, etc. There is no job out there that you can’t learn *something* on. A lot of “work,” environments end up running together where the skills you develop transfer *in some way* to other jobs.
If you’re interested in earning the basics of finance / investing, I recommend starting with the Bogelhead investment philosophy. Lots of good resources and YouTube videos on this.
OP, follow [this flow chart](https://imgur.com/lSoUQr2) and you’ll have a clear plan for many many years. If you get to the “end” faster than expected, you’ll likely be financially savvy enough at that point to know what to do next on your own, but if not send me a DM.
Also check out [this wiki](https://reddit.com/r/personalfinance/w/early_career?utm_medium=android_app&utm_source=share) in r/personalfinance
I didnt think about it until age 35. The media didnt harp about then like they do now.
Live in the moment. If there’s food in the fridge, the car works & you have a job then you’re doing alright.
r/FIRE you don’t need to follow everything they preach but the basics is more than enough to start with at your age
Consistency is key with personal financial management. Consistency also can only exist if you have a plan. r/fire and r/bogleheads are good starts for education yourself on how to plan ahead.
Once you know how to plan, and have set up a plan, stick to it, only changing it as your financial situation changes and your abilities change. If you have a plan and stick to it, then most of your stress about the future dissipates because you are controlling what is within your power to control.
The markets move, the currency exchange rate change, politicians weaken the economy and others strengthen it. Don’t look at others either. Focus on your own growth, and learn from others, but don’t judge your progress by the progress others make.
Over time you will get better at planning, saving and investing, and you will grow in your financial position. You will adapt your plan as you get better at doing things, that improve your money growth.
Just stop the comparison game.
Yes- 20’s are important for compound interest. Problem is most people don’t start to make decent money until mid 20’s. Put a strong percentage (recommend 15%) into Roth 401k if you can and just let time and compound interest do its thing.
You can turn back time, but you can plan for the future.
The classic book WHAT COLOR IS YOUR PARACHUTE? is a terrific starting point to figure out what kinds of jobs/careers will be best for you. Keep in mind that many people transition through multiple careers during their working life.
That’s a great time to be looking into a lot of these things. Everything on social media should be taken with a grain of salt, especially if it sounds extreme. Sometimes the advice on things like tik tok is literally illegal. And almost everyone is editing a lot around what they present online (even after they “show you the real you” lol)
From a subreddit progression and complexity of the problems, some of it will depend on where you’re starting. But for me it kinda went like 1) personal finance 2) investing 3) fire or financialindependence
Someone else linked the personal finance flowchart, which is really useful. Earlier/alternative versions of that might have been even more simple and straightforward.
At the very basic level, like most things it’s basically a simple equation of planning for what’s going in and what’s going out.
It is good to plan for and think about retirement and finances but never forget that an important piece is also your time, and how you spend it. And in that context because those things will be specific to you it’s less important to focus on what other people are doing or what their situation except to the degree that it helps in navigating yours (or being happy for them if they’re your friends/family).
Good luck!
>Already so many people in their 20s are making $100k salary and some are really investing their time and energy in education to better their life. It seems like everyone sorta figured out a map to success life
well yeh, people decide their career late teens, go to college for that career, and then start that career in their early 20s
20s is the best time to contribute. You have the most time on your side and highest risk tolerance. And assuming you aren’t yet married and/or have children, it’s easier to stay disciplined and set that money aside, since it’s only your spending habits you need to worry about.
The worry feeling is healthy, it means to take it seriously
Visit the bogleheads subreddit to get a plan, put your head down, and just keep saving what you can afford to. Don’t derail and don’t chase get Rich quick schemes. You can’t time the market so ignore the fake finance bros on social media.
” It seems like everyone sorta figured out a map to success life.” – Nope. Not even close. Most people go through live winging it one way or another. Don’t worry too much about a big plan. Avoid stupid mistakes and you’ll be fine.
Comparison is the thief of joy.
My dude.
One step at a time. Find a job that will give you regular, consistent hours, and a consistent schedule.
If I were in my 20s I personally would be looking for anything indoors, M-F and full time. That’s the first step to happiness IMO.
A predictable schedule and salary, and stable employment will reduce your stress and let you have the time and energy to take the next steps.
Step 2, put aside whatever you can every month. $200, or $20, anything is a start. Get your feet on the ground and build up an emergency fund.
Step 3, put some money into a Roth IRA
Step 4, don’t worry about anything but step 1 right now.
Check out Dave Ramsey. I think he has some great ideas for new earners/savers to be able to approach finance without being overwhelmed.
Get a corporate job, preferably in sales, work your ass off, be frugal, and save. You’ll be wealthy in no time.
Your 20s is the best time to contribute to retirement accounts because of compounding interest.
Comparison is the thief of joy tho, don’t worry what tik tokkers are doing.
Make sure to balance out retirement investing and having some fun.
You’re still young. Most fund managers can’t beat the S+P500 and those are people who do this for a living. I would auto-invest in index ETFs like SPLG, VOO, VTI, QQQ once a week and just don’t touch it. After 40 yrs, you’ll be good. Even 500 a month goes a long way. This would be in an after tax brokerage account.
If your work has a 401k match, make sure to get at least the match and preferably more. If you have genetic predispositions to certain diseases, also invest in an HSA and have it allocated to the same index funds.
My advice would be to focus on how much you are saving and not how much you make. This is the key to your success. I know people who make 300k but can barely save 2k a year.
I have a friend that never made more than 85k in his career and retired in this 30s. The key is he saved almost 70% of his salary every single year. He turned me on to the Extreme Early Retirement model / movement. Your mileage will vary but focus on what you save. You have to invest your savings. If you don’t know how, learn about investing. I’ll save you some time but you want to keep most of your money on a broad based total market index fund like (VTI, ITOT, SCHB). Start there and keep learning.
I got my retirement creds for social security and medicare all in a couple years
Most that stuff is just a lie and its made up there aren’t that many people in their 20s making a 6 figure income. All that stuff is fake profiles not only for users advertising through fake accounts and posts but also fake accounts in the apps. Its easy. They do it at the click of a button. They do it in call of duty too. Its how those guys get platinum stuff within a day that takes the average person a decade. They cheat and lie. You could set up a wordpress site and set up fake user profiles for different plugins with a couple clicks and an internet article. Imagine what the pros can do. There is nothing stopping them. I can look right at it and tell its fake.
Your best bet is a retirement target date mutual fund and another mutual fund or two that has a good return like 13% or more. Open your own IRA and at fidelity and make it happen. Trust me.
Learn what money is.
Learn about the Bitcoin network.
Here’s a few links:
[Robert Breedlove – What is Money?](https://youtu.be/0nxvSgiesYs?si=laOQoY0p2ZTeHWZW)
[Matthew Kratter – What is Bitcoin?](https://youtu.be/IQHLpdWvyK4?si=noqNiNOZDWrkYXUZ)
Sounds like you are chronically online. Spend some time away from the phone, it’s necessary to get some perspective of reality vs the curated, fake digital world.
Stop using tick tok as a basis for life. Passive income is a scam. Start working.