I am 24 a year out of college and worth about 150k. Is this a lot of money for someone my age? I am fairly conservative with my spending and want to wealthy. I know kids my age who are spending lots on fancy designer cloths, a car and stupid things. Are they making a lot of money or just getting deeper into the rate race?
2007-03-26 12:56:00 · 1 answers · asked by V S 1 in Business & Finance ➔ Careers & Employment
Honestly, 150k is about a modest house in the midwest worth of assets. Unless you are investing the money, have actually purchased a home and built up your credit, the money is useless.
The good news is that you are young. That means that you will be able to start saving for retirement at age 25, as suggested by most financial advisors.
It is good that you are conservative with your spending, but you have to understand that if you want to retire at about 65, you will need around 2 million dollars to live modestly into old age. The best way to do that is to take a set portion of your income and invest it with the assistance of a good financil advisor. Then re-invest the interest you earn.
Beyond that, save for a property purchase or two. With the economy being so crappy and so many homes being forclosed on, you could end up buying relatively cheap and then renting out the properties for additional investment and monthly income.
2007-03-26 13:06:19 · answer #1 · answered by Melanie J 5 · 0⤊ 0⤋