Do I have enough money to survive?

Question

I am 34. I am not married. I still live with my mother. I work two jobs, one fulltime and one partime. Overall, I make about $40,000 gross. Right now, I have save $147,000. That's NOT counting interest, so it is quite more. Do I have enough money to survive if I should lose one of my jobs? Should I continue to still live at home, rent-free?

Answer 1

You have enough money to survive if you lose one of your jobs if you continue to live at home. However, from your information, I'll point out some of my observations.

Making $40k and being able to save $147k is great.

If you're only invested in interest bearing accounts (e.g. savings accounts and CD's), then you should be also considering Roth IRA's and mutual fund investments. Of course, depending on where you live, you might consider buying a house or condo.

If you're working Full-time and Part-time and making $40k, that's not a lot of money. Depends on where you live of course, but you should give some thought to careers that you'd like and how to pursue them. If you're incredibly happy at what you're currently doing, then disregard.

If you live with your mom, then at this age, you should be paying her rent. But continue to save, you're doing quite well at it for a 34 year old.

Answer 2

If you have managed to save $147,000, then why are you still working a part time job and living at home?

Invest that money into a house for yourself, and move out! Living on your own is so much more rewarding, plus, the house that you buy will be an investment, and will make you more money in the long run

Answer 3

In a word: Yes. With $161K I would think you could survive for a while unless your spending is excessive. If your living expenses are $30K a year, then you would survive at least 5 years. But the bigger concern would be why you would plan to be out of work for a few years and when you plan to go back. And how long do you plan on staying with mom (or how long will she plan on letting you stay?). In short, what is really the plan for your life?

Answer 4

Move out already! You're worse than step brother. Either that or go back to school while still living at home and get a single job that pays 40k or more. Your savings are good, but depending on the APR of your account, I don't think you can live off the interest yet. Let it keep accruing. My step brother is also 34, but he's unemployed. He doesn't live with his dad any more but that's because his Dad, my god-father, is dead. You're on the gravy train now, but eventually you will look at your live with a gun to your head crying, "why didn't I do anything of any merit?" Okay that's harsh and I retract it, but it's not too late to be a productive member of society. Find a girl move out get married, bla bla bla. Mostly move out.

Answer 5

Don't move out unless you're planning on OWNING your own place. My simple advice is that you were SMART to save while you were living at home. I won't hate on you for that.

But moving out and paying rent is pure waste. You would be pouring money into something that you don't even own. At least with your own house (even if its small) you'll build equity in it. Its another investment.

Keep the two jobs until you've found a place of your own. After you figure out what you're new budget is (you know with a mortgage and all) then you can decide if you can live off the one job or keep both.

Answer 6

I believe you should be helping with the house expenses rather than pay rent if your mother is agreeable. It will be far cheaper than a reasonable rent. If you are also getting meals thats extra.

you know how much you make at each job . Its simple arithmetic to work out how many years that money would last if you lost one job. If you saved that much money you can probably live quite well with one income.

Answer 7

I am 36 and single. I make somewhere between $25,000 and $30,000. I live alone and have a mortgage payment. Outside of the house and my 401(k), which is MUCH less than $100,000, my net worth is about $2000 including a car worth about $4000. I am surviving AND paying down debt.

Answer 8

Sounds like you are an excellent saver. Good job! If you like living at home and your Mom is cool, keep it up.

You will find a wife soon enough. Then you can move out and watch her blow through your $147k.

Answer 9

larrytheloser, MOVE OUT. Gawd! No one 34 should be living with thier mother! You need to move on with life man! Cut those apron strings!

Answer 10

You haven't really mentioned your expenses. So, your question is hard to answer.

You have enough money for grad school. What about giving that a go?