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Additional Details
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bballa211 | Am i saving too much for a 23 year old still in college? |
I have 3 Roth IRA mutual funds through T. Rowe Price - $150 every 2 weeks between all 3 - a company matching 401k(100% match to 3% of paycheck then 50% match to 5% percent of paycheck) - I do 3% with a $1500 gross paycheck every 2 weeks, and I also have an etrade savings account - $50 every 2 weeks - that yields a little over 5%. Now I just enrolled in a college savings plan for my kids that I dont even have yet - $108 dollars a month - which equals out to $39000 over 30 years not including any interest or capital gains. I dealt with problems wit financial aid through my entire college career so I dont wanna deal wit it again. Is this too much for a 23 year old with a roughly $40000 annual salary??
Additional Details
It looks like people think im braggin more than askin obviously. But i was lookin for opinions like what fay and cubbielovin had wrote, and not like mikey who thinks "I'M" the loser when hes sitting here answering questions on yahoo.com all day i see. Oh and i'm a longtime supervisor at best buy. Yea i kno.. ive gotten alot of raises over the years without having to move up in retail which i do not want to do at all. |
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Micah H
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Yes...you need to spend more money on strip clubs and booze.
Seriously, you can never "save too much". |
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eclipsegt_01_03
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how do you make 40000 and are only 23? what do you do? You can never save to much. |
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pfeniks
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You're doing great, as long as you don't have any debt. If you have debt, pay that off. Then go back to saving. |
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STEVEN F
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Am i saving too much for a 23
It is not possible to save too much.
I would stop putting money into the college savings plan until there was a child to benefit from it. Actually, I don't think you CAN open a college savings plan without the child's SSN which does not exist yet. Note: a college savings plan is NOT the same as money you simply intend to use to pay for college.
Did you say you make $40,000 and are STILL in college? If you are not a millionaire by 40, you BLEW a TON of money. Totally FORGET about saving for college, by the time your have college age kids, you should be able to BUY the college. |
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mcmoehring@sbcglobal.net
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You can never, ever save too much.
Pull back on the kids education, start or continue to build a house fund. If you have a house buy down the mortgage. |
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Jill B
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WOW, keep up the good work, I wish i had started to save that young, for those of you who might not agree think about this if you started to save $2000 a year from 19-26 at 12% you will have earned $2,288,996 by age 65 that's only a $16,000 investment. Think about that for a while. |
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eehco
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nope. looks like your on track to retire early and put your future kids through college. right on dude/chick! |
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David M
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It's impossible to save too much money. Every dollar you save today is $2 or $3 or more dollars you don't have to save tomorrow. As long as you're having some fun and enjoying your life keep it up. If not feel free to spend a little bit more and save a little bit less.
As far as the education fund for the kids you don't even have yet, I'm not sure I would do that as you might not have kids. I'd keep it more liquid. One last thing. The most tax advantaged account you speak of is the 401k. With the tax deferral and the company match, you should max out your contribution there before you invest in anything else. I'd say good luck here, but I don't think I need to. You're doing great. |
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Cheri S
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do what makes you feel more secure. There is no right or wrong answer. As long as you can provide for yourself then go for it. |
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hot sexy babe
 |
wow i am only i 6th grade and sving money is the best thing ever because, u never kno when u might need it but it's ok to spend some timez
good luck
:P |
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mikey
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stop showing off you loser |
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Fay
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no.. I save a lot too. I'm in my early twenty's and started way early. And, the child savings plan is not that great of an idea as: If you are saving this much anyway, you're going to have enough money anyway by that time to pay for them. So really, you end up paying even more. Plus, good kids usually get very good scholarships. I have a high yields savings account, and currently find that it's been doing better than my stocks currently. :(
However, it is NEVER bad to save. If you can afford to do it, why not?
But, it's great that you're collecting interest so early. The earlier, the more benefits in the long run. Just make sure you keep some out of your roths and 401s for a car in the future or for a house. Not having to deal with payments is the greatest thing! |
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starbrite.
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Sounds good MISSY, I ADMIRE A WOMEN
WHO SAVES AND NOT SPEND ALL TIME.
buy WAL MART at low and sell high.buy GOLD
and stash it in the bank.OPRA TV NETWORK
stock is a thing to watch. |
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Yinzer Power
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As long as you are comfortable with your lifestyle otherwise, there is no such thing as saving too much....take it from someone who decided a long time ago that he'd rather have a wife than a lot of money, and now has neither (which is an improvement, actually). |
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Mickey
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After going through undergraduate and now law school, I've learned you can NEVER save too much for your child's education. In the last 15 years, the cost of tuition has risen dramatically and every amount saved can only help especially with books, and dorm life. While it seems like a ridiculous amount for any 23 year old to have it's very smart of you to save your money and be financially responsible. Instead of saving for children, maybe a house or knowing you will sit comfortable in the event of a medical emergency. Congratulations and Good Luck. |
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bud68
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I don't think you're asking, I think you're bragging. |
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cubbielovin19
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I really think you need to relax because it seems that you may be saving to an obsessive degree. You're young, so relax a little and just try to save a little. It's good that your company matches your 401k contributions, and it's smart for you to take advantage of that. However, I think (you said you're still a student, right?) it is somewhat excessive for you to begin saving for college for children that you don't have yet. The average college education can be saved for from the time your child(ren) are born until they are in high school, and that is usually sufficient. It is only when parents fall behind that problems arise. It seems that your anxiety about this all stems from the hardships you faced when trying to get financial aid. If you still have student loans to pay off (it's hard to imagine you wouldn't), you need to make that your primary focus until you are debt free. |
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puddleduck
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You can nevr save enough.
But it sounds like you must not be a very interesting person to be around, try having a life instead of waiting for one to come when you are rich. |
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sunkissed93
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no way! college is expnsive way to think ahead! |
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AFI07
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yea i'll probably be broke in college |
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