How much should a 28 year old man have in savings if he makes 35,000USD a year?

Question

Just wondering wondering what is normal. The guy has never been married and has no kids.

Answer 1

There's no magic number, everyone has different spending and saving habits, additionally, depending on where you live your cost of living may be higher than someone else the same age with the same income living in a different part of the country. Saving 25% of your income, maxing out 401K and Roth IRA annual contributions and amassing 3-6 monthes living expenses. If you do that you're in good shape, if not get into the habit and if you're doing more than that keep it up. Check out "What you should be saving for." at http://finance-girl.blogspot.com/2006/09/what-you-should-be-saving-for.html

Answer 2

It's impossible to answer that question. It is completely dependent on where you live, what kind of debt/bills you have, etc. I will say that my rule of thumb is to save 20% of your income. 10% should go to retirement savings and 10% to general savings and to meet goals. If this sounds like a lot, start out with what you can manage and try to increase it by 1% every quarter. Also, when you get raises, you should increase your savings rate so that you are living on the same amount of money.

Check out the 2 books on the "Must Read" list below. They'll help you figure out how much you should be saving.

Good luck!

Answer 3

There is no such thing as "Normal". All depends on how motivated you are in planning for your future.

I know some men who save everything they have, and one even lived with his parents for as long as he could to save even more. He was able to retire in his 40's.

Take advantage of your employers company retirement plan, if available. Companies usually do contribution matching and the tax deductions, it is like having corporations and the government adding to your retirement savings.

The earlier you can start saving the better. The money you put into saving double every 8 years (on average). You can do the math, your saving will double and grow really fast in later part of your career even if you don't add another penny.

Best wishes.

Answer 4

Well from my experience, I was able to save at least $3,500 in terms of 5 years with one child on a average $40,000/year income. With that said I don't see why someone that is single and no kids couldn't save at list $5,000 in a 5 year term with a $35,000/year income.

Answer 5

if you are like any normal american 28 year old male, you should have approximately $0 saved up.

Answer 6

If your smart you will have $0 in savings and as much debt as you can get your hands on.

Answer 7

It can be none to 100000 $. But he can be in debt too.

Answer 8

Well I make twice that and I am BROKE!!!!!!!!!!!!!!!!!