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How much do you have saved up?
17175 cr points
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Posted 11/16/14
If you don't have anything saved up, what about your parents?

Many financial planners recommend that you save 10% to 15% of your income for retirement, starting in your 20s.


50/20/30 Rule

1. Essential Expenses
No more than 50 percent of your take-home pay should go toward Essential Expenses, which are the expenses you need in order to maintain the fundamentals of your life: shelter, food, heat, etc. Only four expenses should go in this category: housing, transportation, utilities and groceries.

2. Financial Priorities
At least 20 percent of your take-home pay should go to Financial Priorities, which are the goals that are essential to a strong financial foundation. These include your retirement contributions, savings contributions and debt payments, if you have debt. You should make these contributions and payments after you pay your Essential Expenses, but before you do any other spending.

3. Lifestyle Choices
No more than 30 percent of your take-home pay should go to Lifestyle Choices, which are personal, voluntary and often fun choices about how you spend your discretionary income. They often include cable, internet and phone plans, charitable giving, childcare, entertainment, gym fees, hobbies, pets, personal care, restaurants, bars, shopping and other miscellaneous expenses.

http://www.learnvest.com/knowledge-center/your-ultimate-budget-guideline-the-502030-rule/
37230 cr points
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20 / M
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Posted 11/16/14 , edited 11/16/14
......
0$

I'm flat broke.

Well, there is always the college fund
27233 cr points
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39 / Inside your compu...
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Posted 11/16/14
LOL I can't save... I live in the most overinflated housing market in the whole U.S. of A
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25 / F / MO
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Posted 11/16/14
IDK to be honest, I have my direct deposit set up so that 13% of my paycheck automatically goes to my savings/retirement account...havent really looked at it since I set that up .-.
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35 / M
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Posted 11/16/14
BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!

ok.. i think I got that ot of my system...

nope. HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!

at least in the US nobody makes enough money to do much saving. In fact, most people's retirement plan that I know of, consists of winning the lottery.

The probably is that wages are suppressed (and have been since apparently the 70's) while inflation has driven prices up cramatically, and especially in the last 4-5 years. Add on to that mandatory health care (not that bad of a thing really if it was done like medicaid), employers cutting your hours till you're JUUUUUST under the requirements that force them to pay for your care or qualify you for overtime, plus most people are taking pay cuts in the form of being let go from one job and being hired at a lower pay wage.

I don't think I've heard someone speak of "savings" in years.

I do have a LITTLE (very, very little) saved, but I lost about 4K right before I lost my job (made a big purchase for a nice piece of furniture, then got hit with dental work that cost about 2k which was unexpected) and then lost another 2-3k trying to pay off my credit card and other such while stabilizing my job situation. Still not completely stabilized, but doing better and not hemorrhaging money like I used to. That was last year though.

This year, I still had the unexpected need to purchase a new laptop (work expense. In some ways doing IC work and being able to write off things like that is awesome) and have my wisdom teeth pulled, (after calling the oral surgeon for an appointment, they set it out like 2-3 weeks later. they got infected, one emergency room visit later, I was slapped with a bill for a visit that was basically two pokes with a finger at my cheek and a written prescription for penicillin and painkillers (both of which I knew I needed and could not get without a prescription). So cost of the penicillin: $20. Cost of the visit to get a doctor to write one out: $700 Well, after that, i had the appointment with the surgeon, and it turned out to be just a consult. The surgery was scheduled for 2-3 weeks later than that. cost: $700... So my prescription cost as much as the surgery, and I was out $1400.

At least I was able to do some financial acrobatics and pay for it over a few months rather than get it taken out of my meager savings (still lving on ramen and beans and rice). But yeah... Saving money in this economy is nearly impossible.
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18 / M / Big Apple
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Posted 11/16/14
70% percent of monthly income is saved while the rest is my spending money. I don't have to deal with non work related taxes considering I live with my parents.
Posted 11/16/14
Number one rule of street life is never get high off your own supply. But number two is never say how much money you have.

I ain't gon' break no street code yo.

*Puts on 2Pac*
Posted 11/16/14
I think this post is sponsored by the NSA...
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23 / M / Winter Springs, F...
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Posted 11/16/14
At present, I have $48 worth of hard cash saved up and counting for a 2018 vacation to Hakodate, Japan for my 25th birthday.
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33 / M / Baltimore, MD
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Posted 11/16/14
Back to the OP. That's decent advice. The earlier you start saving, the better. They tell you to diversify in different types of accounts, but if you work for somewhere with a matching 401(k), invest in it up to what they will match. Seriously. I wish I had started earlier on that.

In terms of rainy day funds, my wife & I have at least $20K sitting in the bank in case of catastrophe in savings accounts. We're trying not to touch as much of it as possible. In terms of the rest of my funds, that's private, but we keep savings and that's important too
One Punch Mod
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F / Boston-ish
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Posted 11/16/14 , edited 11/16/14
Not enough. Oh I do have a 401k that I contribute to at a reasonable rate, and a savings account that I stash extra bits in now and then (It's enough that I could get by on it alone for a few months if needed), but I did not start saving early enough at all-- thinking when I was younger that it wasn't important enough yet. I do worry a bit, but I don't fret too much. While I don't spend extravagantly I could be more frugal.
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U.S.
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Posted 11/16/14 , edited 11/16/14
Here in the US, businesses find a way to make you in debt.
"What do you mean flood insurance? We barely get any rain here." "Pipeline insurance?! You gonna increase my premium yet again?!"
"What do you mean I can't turn right on that street corner?! $158 fine? Get out of here."
"College books? Can I just have the Pdfs?"
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25 / M / NYC Metro Area
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Posted 11/16/14 , edited 11/16/14
Retirement: barely anything, gotta kill those student loans first

Although out of what I make I put about 75% towards debt (to get rid of it as fast as I can), and 25% towards rent and whatever else I need or want. I ride a bike to avoid car expenses although in the winter up North it takes a brave soul to do what I do
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22 / M / The Cosmos
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Posted 11/16/14
I have alot saved up. Most of it is aggression, 0 of it is money :\

pretty soon I'll be too po to afford the other O and the R
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U.S.
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Posted 11/16/14
Back then, $20 was enough to throw out a party... a barbeque party.

The cost of living in Atlanta is cheap, according to DDP's podcast interview. Hence, that's where he currently resides.

But I also seen the clip on YouTube of the top 10 most dangerous cities in the US. Well, guess which city was in it? Yup.
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