39, SI2Ks, $478k in Roth IRA. No 401k.

28 yo, married 2nd kid on way.

61K for me and another 5 or so in the wife's

Got a bit of a late start due to student loans but maxing out Roth and 4% company match.

Thought I was doing alright but apparently not.

queso1 said:

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42 and nowhere near the posts on this board lol. Of course, I own my own law firm and commercial property. I'm amazed at some of the figures. I just hope you guys aren't wasting your youth saving too much.

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Actually, a problem for my wife and I for a while. We worked our assess off during our '30s and did not take enough time off to enjoy it. Sounds dumb but we woke up about 8 yrs into our marriage and realized we hadn't done enough outside of work. We both got promoted into senior leadership at our companies around the same time and it was a whirlwind of work and all the demands that entails at that level.

A few years ago I realized we wasted a few years there in our '30s so been making sure we take more trips. We still aren't traveling as much as I would like but we are getting better. The key thing is you have to put something on the calendar and plan for it in advance or it just won't happen. We have a big trip in August and I'm already looking ahead to 2019 as well just to make sure we don't squander it.

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Awesome Clavell. A story like yours is what I wanted to hear. You have great retirement savings. Do you have a paid off house, vacation home, etc.

What is your setup??

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Paid off home. No vacation home. We thought about it, but rather travel to different places.

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What's your health insurance solution to early retirement?

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Where I work 58 is considered full retirement age. Health ins post retirement - Company still has insurance can pay for. Between 500 and 600 a month, but still better than outside.

Our stats:

• 28, DINK
• $246k in all retirement accounts (401k, Roth, Taxable), plus a bit more on the sidelines in cash
• I had no student loans coming out of school, but wife had ~$55k which we paid down very aggressively

In regards to the "wasting youth" comment, our experience has been similar to the poster above who said if you never see it, you never miss it. We live a great life and want for nothing. We have no need for the fancy cars, expensive clothes, etc., and having cheap hobbies helps too. Obviously, saving is easier when you're DINKs so I am a little anxious about how the finances will change with kid #1 on the horizon. Glad we got a head start though; even if we cut our contributions to zero today, we could still have an okay retirement by most standards.

AgsMyDude said:

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28 yo, married 2nd kid on way.

61K for me and another 5 or so in the wife's

Got a bit of a late start due to student loans but maxing out Roth and 4% company match.

Thought I was doing alright but apparently not.

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As others said, keep in mind that pretty much the only people that post on these threads are the ones that are kicking ass. For every post, there are probably 20+ folks that don't post cause they don't measure up. I'm in that boat as well. We found out we were pregnant right after we paid off our college debt and have been single income since. I've also made poor decisions in the past because it's such a slow and steady thing that at times I let myself get frustrated that I couldn't fix our savings with action right now and would end up doing nothing as opposed to just doing something small every day, week, month, etc. It can be frustrating to feel like you're supposed to have half a million and you're nowhere close and it can freeze you from taking action at all.

Don't let these threads discourage you. Keep doing your best and realize that you're actually better off than probably 80% of the country.

That said, I do appreciate all the posts (even from the ass kickers ) - you guys made awesome decisions and look to be on your way to very nice rewards as a consequence. Kudos!

50yr old, 3 kids, (1 @ juco, 1 @A&M, Senior in HS)

21yrs with company & always contributed as much as possible to 401K

$720K in 401k
$120K in outside investments
Roughly $550K in estimated lump sum pension

House paid off in 5 yrs ( after refi some years back ) current market value about $480K. Will sell and downsize after last kid leaves nest.

Hope to retire after youngest finishes A&M. ( maybe 7yrs)

Probably others have more, but what others have saved doesn't matter. Every person is different. Every person has different circumstances. Special needs children, taking care of parents, or other obligations that life throws at you.

One of my sacrifices was to never buy new cars. I have always bought used cars with lower mileage. Eat dinner at home 3-4 times per week, Take my lunch to work, and do not buy things on credit or impulse.

However, one of the first things I will buy when I retire is a new pickup. Sort of a gift to myself.

Thanks for the words. Hopefully my post helped others in my situation feel better by association.

I imagine almost of those with very high balances at this point had college covered. We didn't have much money growing up so spent the first few years knocking that out. My pretty achievable goal is 100k my 30 so I'm making some great progress at the moment.

Every circumstance is different depending on level of schooling, earning potential and college debt. 1 vs 2 incomes also greatly impacts.

People that started out engineers or in rotational jobs at big companies are likely going to have the under 35 lead given salaries and matching programs. However, outside of a few, those type of jobs flat line and higher earners from professional degrees will catch up.

Cyp0111 said:

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Every circumstance is different depending on level of schooling, earning potential and college debt. 1 vs 2 incomes also greatly impacts.

People that started out engineers or in rotational jobs at big companies are likely going to have the under 35 lead given salaries and matching programs. However, outside of a few, those type of jobs flat line and higher earners from professional degrees will catch up.

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Catch up generally financially is probably right but if those others keep contributing the IRS max then there is no catching up in the 401K.

Another aspect is mindset. If there is a strong possibility that your base salary will be $800k+ for the last 10 years of your career, pinching pennies now to hit the $18k contribution max early on in your career may not seem as important.

Yes- I was speaking to overall financial position. Given the contribution limits

Great thread, great responses. Kudos to those of you with big numbers at a young age. I am truly happy for y'all because financial independence is within your grasp.

I would encourage even lurkers to post their numbers to even out the responses, plus it will make the tightwads feel morally superior to the normos.

This thread sent me down a rabbit hole.

39
SI3Ks
Employer retirement: $395,157.41
IRA: $22,535.34
Wife's IRA: around $20-21K

Professional school, residency, and kids during those 2 limited our retirement savings. When I finished fellowship in 2012 I had $14K in retirement. I feel like the numbers are definitely trending up, but I do feel behind.

We have experienced a fair amount of lifestyle bloat that has become a barrier to savings. House, pool, private school for 3 kids, and 2-3 yearly vacations. Future barriers are wife's chronic medical condition and parent's lack of retirement savings.

Personal retirement plan A: Die at 57 while still working and wife and kids get my life insurance pay out and retirement nest egg.

Personal retirement plan B: Age 50, house paid off. Accelerate retirement savings. Age 53 youngest out of college. Hopefully spending/lifestyle contracts further as empty nesters, continue to increase savings/investing. Retire at 60?

I'll give a data point.

28 and about 60k.

Just married and now need to pay the wife's student loans, paid mine off a year after graduation. Should be done with hers in a little under 3 years if we stick to my plan.

That said, with our combined salary we could be done much sooner but we're taking advantage of our youth and no kids as much as possible. Were spending more by living downtown, taking trips, concerts/music festivals, and attending most A&M football games. Of course we don't go over our means, we still have enough to pay extra to debt and to grow our emergency fund a little each month. I plan to stop contributing to the emergency fund and toss that towards retirement soon.

Kudos!

I'd encourage those 40 or under to read the 100 year life and think more about 4 to 5 stage life rather than the 3 stages (education, career, retirement) for which we currently plan. We have a combo of 401k, IRA, a generous pension and rental properties for the times in life we plan to work less. I think it's great to not know what your missing but I don't have that bone, I want to experience everything. We travel 1-2x a month for pleasure and live by the buy once cry once philosophy, in other words by the best and take care of it.

$7MM, not too bad. You retire?

Plan to retire in 5 or so years

Keeper of The Spirits said:

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I'd encourage those 40 or under to read the 100 year life and think more about 4 to 5 stage life rather than the 3 stages (education, career, retirement) for which we currently plan. We have a combo of 401k, IRA, a generous pension and rental properties for the times in life we plan to work less. I think it's great to not know what your missing but I don't have that bone, I want to experience everything. We travel 1-2x a month for pleasure and live by the buy once cry once philosophy, in other words by the best and take care of it.

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A couple of questions:

1. What exactly do you consider your luxuries within "experiencing everything"? Just lots of travel?
2. What do you do that you can take time off 1-2x a month? Or are those weekend trips?

I definitely appreciate that there is a balance to be struck, and we all fall at different places along the spectrum. Our main splurge is travel, but that's historically meant one international trip and maybe 1-2 smaller trips per year.

$550k, tax advantage and taxable, at 30 DINKs. But that's changing soon - I guess to DIOK.

Two STEMs married shortly out of undergrad. So grateful to a mentor in college educating me on tax advantage vehicles. No undergrad debt, MS out-of-pocket, company truck for 8 yrs, company paid insurances and maxing 401k/403b every year of working.

I'll counter the prior with our anecdotes of max savings without "wasting" our 20s. I loathe maintenance items, cell phone, insurance, their ilk - and fight to minimize them. We're also heavy hustlers in the credit card churning game. We save 50% while skiing 10 days, 1-2 international trips and 3-5 domestic trips a year. Travel budget is $7.5k a year while leveraging points and the Bidding Traveler.

Goal is $2.5MM by 40 to FIRE. I can't buy more time so my interest is owning the most of mine I can.

austinaggie2012 said:

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This thread and the How much to spend on a house? thread have me struggling with personal finance. My finances are very atypical.

I am 30 years old. I do not have a 401K and have a very low salary that I live off of. My primary compensation comes from an acreage carry/participation on Mineral purchases. I have been doing this for 7 years and have lived well below my means.

I have about $110k in my retirement account. The minerals have accrued over the years and are currently producing a little over $15k a month, which I have been shoveling into my retirement account,

That sounds great and it is, but it is almost all from new horizontal wells in the Central Midland basin, so it will decline rapidly. That said I have a lot of PUD's on the acreage. One of my partners chose to sell out and based on his sale (which I thought was a little low) my interest would be worth in the low 7 figures.

Point is the cash-flow is unreliable for a mortgage or really any fixed cost or luxury for that matter.

Being 30 I would like to buy house but am not really sure how much I should spend or where I should get the money from? I.E. asset sale, try to get a mortgage ect.

I am undecided on liquifying the minerals even partially. My cost is virtually nothing and I still think they have upside.

Any oil and gas guys have any advice on how to keep exposure while still having a life when you are first starting out?

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Not the oil & gas guy you're looking for.

However, get qualified for a loan based on your "very low salary". Depending on your location, if possible, look for a home at half the price/number of what you qualify for.

The above may not be to your liking, but I can guarantee you this - If you don't live like the rest in the beginning you certainly will not live like the rest in the end. Think about it. Good luck!

While very true, I think a common thread in those "behind" would probably be student loans. It's not easy knocking those out while also maxing out investment accounts.

Not including my wife, $1,025,000 @ 48. It was $280,000 when I was 45. I had a client that was making a killing with MLPs and some other energy stocks. Gave him a rollover IRA of $199,000 and he turned it into $965,000 in 3 years. Most was made on TPL. He bought me 1000 sh early on. His hedge fund owns about $30 million in it. It's been good ride. So basically pure luck for me with a guy that has a great eye for this sort of stuff. VNOM has also killed it for us but not as much as TPL. Both in the mineral interest ownership business.

He, I and a group from SA are about to close on $10 million in mineral interests in the DE basin. I'm putting both my balls in and hoping for a home run.

I've been fortunate to meet and work with a guy that just knows how to make money. He doesn't need it. He's very generous. It's like a sport for him. And me and a few of my clients are loving it.

I travel a lot for work and have about 2 monthes of PTO including holidays and my wife works 4-13s a week that are relatively flexible. We do 1-2 International and the rest are domestic 3-4 day weekend trips. We have 2 standing every year trips to Vegas and New Orleans. Then we usually try out other new cities or areas on the other 8 trips. We leverage my travel schedule to have her meet me places.

As far a luxury experiences we have nice cars that we bought 2-3 years old with all the amenities. That we drive but meticulously maintain for 8-10 years. When we travel we stay at nice places and pay more for flights we want rather than the cheapest ((helped by points) we also prefer a lower number of high end quality items over a variety of cheaper items especially bags, clothing and meals.

I love the point about not being able to buy more time, we strive to be efficient in everything we do. If a can pay more and get something done faster or the first time I generally do that. If we can outsource a domestic task to a cheaper resource we do. We value our time at our hourly rates from our careers.

My financial philosophy is a combination of 3 books, millionaire teacher(strategy), the 100 year life and die broke (philosophy) . The idea being that your work life should be a journey up and down hills, rather than a climb up a sheer cliff that ends with a jump into the abyss but tomorrow is not guaranteed so don't miss out.

AgsMyDude said:

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While very true, I think a common thread in those "behind" would probably be student loans. It's not easy knocking those out while also maxing out investment accounts.

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Anyone graduating with a paid off car and no loans is way ahead. I know of a lot kids who had school and car covered for by their parents, and even occasionally someone that had their parents pay their down payment on their first house! Also know a lot who worked hard did it all themselves.

Yep. Honestly having to scratch myself out of the student loans really helped me figure out what the hell I'm doing financially. There's not much finance in the Comp Sci program so picked up a few books, made a plan, paid them off, and now much more well rounded fiscally.

50
3m saved
875 Ira + 401K
Wife about the same
Rest in the market.

For those who are behind, you can catch up. Save monthly. Put money away for kids' schooling and weddings if applicable.

Always think of it as 20 year money. Don't freak out about the market ups and downs. Diversify.

Keeper of The Spirits said:

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I travel a lot for work and have about 2 monthes of PTO including holidays and my wife works 4-13s a week that are relatively flexible. We do 1-2 International and the rest are domestic 3-4 day weekend trips. We have 2 standing every year trips to Vegas and New Orleans. Then we usually try out other new cities or areas on the other 8 trips. We leverage my travel schedule to have her meet me places.

As far a luxury experiences we have nice cars that we bought 2-3 years old with all the amenities. That we drive but meticulously maintain for 8-10 years. When we travel we stay at nice places and pay more for flights we want rather than the cheapest ((helped by points) we also prefer a lower number of high end quality items over a variety of cheaper items especially bags, clothing and meals.

I love the point about not being able to buy more time, we strive to be efficient in everything we do. If a can pay more and get something done faster or the first time I generally do that. If we can outsource a domestic task to a cheaper resource we do. We value our time at our hourly rates from our careers.

My financial philosophy is a combination of 3 books, millionaire teacher(strategy), the 100 year life and die broke (philosophy) . The idea being that your work life should be a journey up and down hills, rather than a climb up a sheer cliff that ends with a jump into the abyss but tomorrow is not guaranteed so don't miss out.

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My wife and I travel with Keeper on his NOLA trip and it's a damn good time. We're thankful for grandparents and their free babysitting.

Also, Millionaire Teacher is my investing strategy book as well. I'll need to read your other two. Hopefully they have book on tape.

No kids right now, but we plan that as a separate stage in our lives more focused on local based experiences. We do however plan on 1-2 max, send them to public schools and have multiple grandparent sets who will travel. However, we obviously don't believe we can keep that pace.

Keeper of The Spirits said:

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No kids right now, but we plan that as a separate stage in our lives more focused on local based experiences. We do however plan on 1-2 max, send them to public schools and have multiple grandparent sets who will travel. However, we obviously don't believe we can keep that pace.

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Why 2 max? Out of curiosity

28, recently married DINK. 70k in my 401k, 40k in wife's IRA, 110k total.

We spent the first 6 months of marriage aggressively paying off my student loans and car payment, and now plan to be debt free except for mortgage from here on out.

queso1 said:

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42 and nowhere near the posts on this board lol. Of course, I own my own law firm and commercial property. I'm amazed at some of the figures. I just hope you guys aren't wasting your youth saving too much.

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See I feel like we missed out in our youth by not saving.. we blew all our money in 20s, wife and I had maybe $20-$30k in savings by 28 or so. Yet now in late 30s, we were able to getup to ~$300k. The market has a lot to do with that as well. I've doubled my amzn and appl and almost quadrupled by nflx positions just in the last few years.

I think it just has a lot to do with how aggressive you are in investing. For first half of my 30s, I stuck money in mutual funds and just let it sit, getting my 7-10% a year. I wanted to see more growth so I got more aggressive, and now have had 20-30% return the last few years. It makes a huge difference, especially when you are are talking a few hundred thousand dollars.

So it's not just that some of us are throwing every dollar we have to retirement; some people just have had better luck, or have more tolerance for risk, in the market.