Date: 2020-07-08 16:24:44
Here’s how much money you should aim to save at every age and exactly how you can get there – Enjoy! Add me on Instagram: GPStephan
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By 20 Year Olds:
First, go and get yourself a credit card.
Second, make sure you also open up a Roth IRA.
Third, I would aim to have 1-2 MONTHS of expenses saved up.
Fourth, get yourself invested in the markets in some way or another.
So, overall…by 20 years old, there aren’t really many NET WORTH or SAVINGS goals you should aim to hit…but, instead, it’s just about setting up a good foundation from which you can build from.
By 30 Years Olds:
First: You’ll want to have at LEAST a credit score of 750 or higher.
Second: I’d recommend you become COMPLETELY BAD-DEBT FREE by the time you’re 30.
Third, because everyone wants to know “HOW MUCH MONEY SHOULD I HAVE!!” – I kind of agree with the 1x your salary as a bit of a baseline to aim for.
And fourth – I think by 30, it’s reasonable to suggest that you aim to save at least 20% of your income every month.
By 40 Year Olds:
First, you should focus on MAXING OUT YOUR RETIREMENT ACCOUNTS EVERY YEAR.
Second, you should also look into potentially BUYING A HOUSE if this is something you’re interested in.
Third, by 40, you should know EXACTLY how much you spend every single month – and have AT LEAST 5-7X your annual spending invested.
By 50 Years Old:
First: I think having 5x your annual income saved up is a good goal – but, if you can get this closer to 7x or higher, I think that’ll put you in a much stronger position for retirement.
Second: Depending on your situation, you should be about halfway through paying off the mortgage on your primary residence.
Third: You should also have a VERY clear idea of how much you’ll need in retirement, and when you plan to retire – and that needs to be calculated, NOW.
By 60 Years Old:
First: You’ll want to aim for at least 10-12x your salary saved up.
Second, I think it’ll also be wise to have almost paid off your primary residence by now – so, if you haven’t already done this, you’re getting close.
Third: It’s usually said that this is where your earnings will have somewhat peaked – so, if you’re in the highest earning years of your life, now is the time to save as much as you possibly can with the income you have.
Fourth: If you want to, NOW is the time where you can begin withdrawing from your retirement accounts without any penalties.
And really, from there …the rest is up to you, and those are the goals that I think you should aim to hit in every decade. Obviously, this is only going to be a rough ballpark and some people may be way ahead of this or way behind this – but, that’s not important – it’s more important to realize that NOW is the best time to begin working towards these goals. It’s all about starting this as soon as you can, even if you’re behind, and then working within your means to understand what you need to do to reach your future goals.
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