How much is average in a savings account for a man of 26 1/2 years old? (Not including checking and other investments).
2007-01-07 11:30:40 · 4 answers · asked by justellemJimsaidhello 1 in Business & Finance ➔ Personal Finance
It depends on what you are saving for. If you are saving for something like an emergency or rainy day fund, you should attempt to have 3-6 months worth of expenses.
If you're looking into building wealth, take a look at Dave Ramsey's book The Total Money Makeover. He goes through getting out of debt (if you have any), putting together an emergency fund, saving for retirement, college funding (if you have kids), and building wealth. It's completely changed the way I look at life and money. Good luck.
2007-01-07 11:41:12 · answer #1 · answered by Jen G 5 · 1⤊ 0⤋
Just listened to a news show that said only 20% of all people have even $2,200.
They said the 80% are sooooooooooo deep in debt many will never get out.
Sad to think so many kids (anyone under 30) will spend money on music CD's but know nothing of bank CD's. Oh well they make their life and have to live it, no sympathy here.
2007-01-07 13:59:37 · answer #2 · answered by Kitty 6 · 0⤊ 0⤋
Save as much as you can afford to save and make it automatic (have your bank transfer the money automatically every paycheck). Try to max out your 401K if you can, but if you can't, still try to save at a minimum an amount equal to 1 hours worth of pay per day.
2007-01-07 11:59:02 · answer #3 · answered by Elizabeth 3 · 0⤊ 0⤋
$630,000, but I'm 27 so im a little older than you
2007-01-07 11:32:46 · answer #4 · answered by Eric W 1 · 0⤊ 1⤋