2007-10-20 11:56:40 · 18 answers · asked by gododjgjodjod 1 in Business & Finance ➔ Personal Finance
Thanks for the giggles.
the 'average' person by 30 is in debt by 8000$ - 150000$. the average person is living on 1 -2 yrs of advance pay not even paycheck to paycheck.
visit daveramsey.com to be informed.
2007-10-20 12:01:41 · answer #1 · answered by Anonymous · 2⤊ 0⤋
It is certainly very easy to do so, but unfortunately the vast majority of 30-year-olds have debts, not savings. Schools teach basic math, but most people allow wanting a new car or a big house NOW get in the way of the common sense that would make them stinking rich later.
Assume someone starts work at age 20, earning $25,000/year; and invests10% of each paycheck in a fund averaging 12%. Saving 10% takes NO EFFORT, because almost any one of us would take a 10% paycut over being fired! That $2,500 a year will become $49,136 by age 30. If you use this model, and a little effort, you can save 20% of every paycheck and have $98,273 by age 30. If you are fortunate enough to work somewhere offering a 401(k) that matches 3 or 4% of your deferments, you can effectively achieve a savings rate closer to 25%, and have $137,000 and change by age 30! And that assumes NO ANNUAL RAISES EVER!
2007-10-20 13:37:56 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Statistics and financial web sites say no!
"The number-crunching folks at the U.S. Commerce Department's Bureau of Economic Analysis dished out some discouraging news recently, saying that Americans spent more than they earned in 2005 -- a negative savings rate of 0.5 percent for the year. That's the first time that's happened since the Great Depression. "
2007-10-20 12:02:50 · answer #3 · answered by mschultz59 2 · 1⤊ 0⤋
I suppose a few people do by that age, but certainly not average.
2007-10-20 13:21:20 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
If so-I'm in trouble and I hate my life! (JK!) If you save your money and let it compound interest, possibly, but I doubt many people can save that much by such a young age.
2007-10-20 12:13:48 · answer #5 · answered by itry 2 · 0⤊ 0⤋
are you kidding? most people in the USA do Not save and are broke. And are in debt up to their eyeballs.
2007-10-20 12:38:47 · answer #6 · answered by Anonymous · 1⤊ 0⤋
the average person in Hollywood? possibly....
2007-10-20 12:00:37 · answer #7 · answered by Elizabeth Aragon 3 · 1⤊ 0⤋
Ha...I wish!!! The average rich person maybe....where did you get that statistic?
2007-10-20 11:59:17 · answer #8 · answered by Anonymous · 1⤊ 1⤋
The average person CAN.
But the average person WILL not.
2007-10-20 12:00:34 · answer #9 · answered by Mr H 1 · 5⤊ 0⤋
maybe by 40
2007-10-20 12:00:16 · answer #10 · answered by 12345 3 · 1⤊ 0⤋