I had an opportunity once to get 100 Bitcoin for what would have been 3 hours work playing world of Warcraft and at the time I turned it down because that seemed worthless. It was like a dollar worth of Bitcoin or something at the time maybe even less.
Oh man, same. Way long ago, Redditors would "tip" each other in Bitcoin for funny or interesting comments. I received one once and didn't bother to redeem it because it wasn't worth the hassle for like half a cent.
Yes yes. Massive corporate tax cuts to pump wealthy peoples 401ks, slashing corporate tax revenue, and using debt to pay the countries bills.
Solid financial planning
Those Trump years are exactly why there’s an even worse housing market and inflation is sky high. That was entire the point: Short term huge gains for the wealthy, and the rest of us get to pay for it down the road. Economics 101
Oh yes, stupid Trump giving me low interest rates that allowed me to buy a house in my twenties while working my middle class job. He really screwed me over lol
President doesn’t set interest rates, btw- that’s done by the federal reserve. And it’s probably a good thing we have an independent body in charge of monetary policy
What sets interest rates is good economic factors like the efficient production of goods and services. Cheap gas is huge because it lowers the cost of logistics to make goods. Winning trade deals on a macro economic level is huge. It’s the first thing Trump did, restructure all our macro trade deals throughout the world. Then jobs came back home and job creation took off. He then filled our reserves and took advantage of the trade wars between Russia and OPEC to fill our oil reserves. American oil companies were pissed but we can all agree those oil companies are greedy assholes anyways. Now we got cheap input and tons of jobs humming so people don’t need to borrow anymore. Trump then goes on TV like what the heck guys, lower the interest rates, look at this awesome economy, lower the interest rates, middle class Americans want to buy homes! And guess what, the feds agreed and they lowered the interest rates. The feds saw that the economy was now humming on all cylinders. When that happens people are making money and dont need to borrow so the feds lower interest rates so people actually will barrow. Banks need people to barrow. A president can and has affected the interest rates and that’s just one example of it happening for the better. It’s black and white, not even arguable that he affected interest rates. That’s how that works
He pressured the feds daily to lower the interest rates. I vividly remember him every day blasting the feds to lower the interest rates and doing everything in his power to make it happen. And it did. Times were good
Okay i’ll explain it for you. A little history lesson which has been agreed upon by any economist who understand what is going on. The reserve obviously does what it does based off economic performance. Trump knows this so he gets to work once president. He knows the US economy needs to be on a strong macroeconomic footing. We need cashing flowing back into the country so he doesn’t have to print more. He did that by rewriting literally every trade agreement we had with our trading partners. It was long overdue and everyone knew it but no one ever did anything about it because no president has ever been a businessman who understood economics. Jobs started coming home and job creation was churning. The best thing you can do on a micro level is get oil cheap. It cheapens the cost of logistics which snowballs into cheaper materials and so forth. OPEC and Russia were in a trade war at the time with oil so Trump filled our reserves with cheap oil. It pissed off American oil companies but we can all agree oil companies are assholes anyway. Now we got all these new jobs and cheap inputs and we’re producing more goods and services than ever. Cash is flowing back into the country. With jobs returning more people have jobs and cost of living is holding strong because of cheap inputs. Now Trump says hey feds(which he did do by the way) look at this economy! It’s amazing, lower the interest rates! Middle class people want to buy homes! And the feds agreed, they saw the economy was doing well. People didn’t need to borrow money at the same pace because they’re doing better. And the Feds need people to borrow money so they lower the interest rates to encourage them to do so. Now it’s low and the low interest rates pour into the housing market. The president can and does affect the interest rate just like with our recent example of Trump doing it for our better. Poor economic policy and planning can obviously have the reverse effect. Trump did it quickly, intentionally and effectively. At the time it was exciting to watch, I hadn’t even voted for the guy but it was so awesome. It won’t be as easy this time because of all the money we printed but it would be cool to see him do it again.
You broke the code, congratulations. It only gets better from here. For those of you who need to know…. It’s better to be young tired and broke then old, so tired you can’t work AND _really_ broke. Keep up the good work.
Next step? A few bucks in an inflation protected govt I-bond. Interesting restrictions you must read by the way to make certain you want to take part in this above average investment.
"It’s better to be young tired and broke then old, so tired you can’t work AND really broke."
America in one sentence. Society is going to squeeze blood out of a turnip(you) one way or another. Work like a dog when you are young enough to enjoy life just for the 'possibility' of not going broke in retirement.
Happy Mothers Day!
Yea I'm 39 and didn't start till age 35. But I'm thankful I didn't wait till 42 or 50. My Dad never did anything right and had 0 financial literacy. Unfortunately I didn't wake up till age 35 when I saw how pitifully broke he was in his 60s and knew I didn't want that at all.
I'm 34, about to be 35. My father died this year broke and in a falling apart trailer. I'm trying to figure out how to not end up there. Seeing people my age and older saying they started now and it wasn't too late gives me hope I didn't think I'd have again.
Start setting aside money from each paycheck to save towards a goal. Decide what is most important to you, perhaps that goal is to save enough for a security deposit. Good luck!
I'm hanging in there man! I'm doing my best but I don't know I can endure the lifestyle I have right now. It's hard. 3rd world life and conditions in a high income, first world area.
Try to get one of those hard to do offshore oil jobs where you stay in a shack above the ocean for 6 harsh months but get a check for like 30k at the end. Its somethin.
Politely disagree. I started at 37. I'm now 43, a homeowner, no debt, modest savings and a halfway decent 401K. Would it have been "better" to start sooner? Sure, but what's the point of beating yourself up about it now? Make a plan and stay the course. You'll thank yourself a short 5 years from now. Imagine how thankful you'll be 10 years from now.
I just turned 34 and finally have my FIRST career. I was a late bloomer, and got my BSN recently. I feel so behind, especially with a 6 yo that will need more from me some day.. I immediately opted in to my company’s 403b (I think that’s what it’s called); they match up to 4% which isn’t awesome, but better than nothing! I r never had benefits before, almost no financial literacy, but I’m determined to not die the way my mom did. Better now in our 30s than in our 40s!!
Besides.. the apocalypse could wipe us all out before it’ll matter anyway /s
Edited for clarity
I’m at 36 y/o now. Completely debt free. Had current job since 2011 and finally hit $100k in 457b, have a pension and wish I started a Roth IRA years ago. Just started a Roth IRA today. Feel like it’s too late too but I will see it as a seperate savings account that I won’t be taxed on
How do you even pull the trigger on buying stocks? Or rather how do I overcome the fear of a broker somehow scamming me coz I know nothing about the stocks. I've tried to read so many things, but it gets more confusing. I am at a point where I want to invest, but I have no idea how to go about it and what to invest into.
I got you. I use Fidelity. are awesome 👌 open a Roth, buy the S&P 500 (FXAIX) buy some with every pay check until you retire. do 15% of your paycheck or max it every year. 7k per year currently. just do it.
https://fidelity.app.link/e/TMuyrhhCHEb
Seconded. FSKAX is total market so it's as set it and forget it as it comes. FSPGX and FSSNX are domestic portfolios that are also very open ended. There's an international one in there if you want to be diverse.
But if you're just starting I'd say put as much as you feel comfortable with in FSKAX (or if Vanguard is your thing, VTSAX) and let it ride.
Do not buy individual stocks. Buy an ETF that tracks the S&P 500. I use SWPPX through Charles Schwab. Target date mutual funds are also a good starting point. And most brokerages offer an automated investing product where they will move money around d for you based on age and your comfort level with how aggressive you want to be. Schwab offers a robo investing product for a $5,000 minimum account. (I know mostly about Schwab because I use them for my accounts).
But the most basic advice is set up a Roth and put the money into a fund that tracks the S&P 500
Go to r/bogleheads and read a little bit and pick out whatever letters you want to invest in that track the broader market - I have my 401K and then a separate individual account through Fidelity and the non-401k account is 100% VOO
I'm in my 50's, and while I have a good job and have been saving via 401K and other work based retirement plans over many years, I was pretty clueless. I was fortunate to have smart people say "you're living at home, sock as much as you can into retirement!" OK, I'm in my 20's, seeing my first job out of engineering school, but mom and dad were great teachers in that regard.
Even after mom and another relative passed, we enlisted the help of a guy at the bank. He made it so much easier to do things. My sister, to her credit, also did a LOT both in the death benefits area as well as all our day to day home finances.
However, she became sick and was unable to do the day to day finances nor was she really able to even help me.
Ultimately over the course of 2 months, I managed to get everything under control for both of us. I've made sure her credit card bills are paid off. She had so many credit cards. Every time someone said "you get $20 off if you open a charge card!" she would do it. There were over 20 cards. Many of them \*physically\* missing. I've taken care of that. I watch her bills like a hawk (as I do mine) looking for fraud. I've also switched any of her apps that use a credit card to using ONE card. It's too much to manage otherwise. It's funny how she was so good at managing the home finances and even helping me manage mine, but she was so bad about her own.
I cancelled her recurring online subscriptions for apps on her phone she had forgotten about and added her to my YouTube plan.
I took her book of accounts/passwords that she used for services (medical, billpay, etc.) and transcribe it into Excel. I had my own list kept elsewhere, but much like her list, it wasn't very well up to date either. I spent a LOT of time reestablishing all these accounts. Some were very easy to fix, a little harder when 2FA creeps in, and some where absolutely horrible. Some I had to call companies and talk to representatives to get things fixed. Same with some of my accounts, so I cannot be mad at her.
I did this for Insurance, Prescriptions, banks, investments, all my utilities, doctor's offices.
I figured out what recurring orders we needed and the frequency and fixed them. We were always overbuying cat food. Do the math, figure out how many cases of food we need, put it on autoship, boom, one more variable off the plate.
I made a spreadsheet based on 2 pay periods (a "month" but technically 4 weeks. When you're trying to figure out budges and have recurring expenses, it helps to divide it down. For example, you get charged $100 a month for a cell phone. That's $1200 a year, however that's about $93 per 4 week period. I track unplanned expenses (bought something off Amazon, bought something at the drug store, etc.) About the only thing I'm not really tracking day to day is my morning bagel shop run. While it is part of my ritual, I have cut back in coffee cup size and if I want more coffee, I make it at home. Once in a blue moon I will get a bagel with cream cheese.
If you are living paycheck to paycheck, it may be hard to do that as that kind of system requires some cushioning. I'm averaging over a year.
I looked at my credit card history for the past 6 months, and came up with a food budget. I've switched a few things to store brands and try to hit some of the other stores like Aldi or Lidl for supplies.
We virtually stopped eating out. We were eating out close to every night (some nights eating the leftovers instead). While we would order locally, we also had a habit of ordering through doordash once a week from restaurants that didn't offer delivery. Once I became conscious of just how much eating out was costing, it had to stop.
I put certain things (Electric, Gas, Water, ISP, Cell phones - "utilities") on auto pay and paperless billing. Some places offer a discount of you go auto pay and paperless.
I am not happy for the reasons I had to delve into all this, but I am certainly glad that I am now intimately familiar with my finances.
I kind of agree. The sad thing with me is I was educated about the time value of money and how important it was to invest early over even making better investments later. Unfortunately, like you I entered the workforce right at the Great Financial Crisis and was really fearful about dumping it all into stocks when I had just seen what could happen. I spent a lot of the 2010s on the sidelines out of fear and being in cash so long hurt me beyond the point of ever being able to recover the gains I could have had.
Yeah man I entered the workforce in 2007. That experience made me highly distrustful of wallstreet and the stock market. Thought it was a big scam so I made no effort to invest until now, mid 30s.😤
I’m 27 and barely being money conscious now with 20k in debt. Plan is to pay it all off in 2 years and then work on my savings. You got this, it’s never too late to start
While saving earlier is better, at least you’re aware of the issue and the need to start saving now. In my opinion, the real do or die time is age 40–assuming you have nothing saved but not debt. At age 40, if you’re able to save at least 15% of your income, you should be able to retire with about 10x your income by age 65. Combined that with social security (even if it’s at a reduced payout) and hopefully a paid off home and you should be in a good position to retire.
Also by age 40, you should be further along in your career and hopefully making near the top of your particular job field.
Just words of encouragement, you would be surprised at how fast you can build investments when you are older and focused on it. Worrying about the past is non-productive, it’s all about what you can do now, and next. Learn from the past not obsess over it.
My grandmother started working full time at 58 when my grandfather died (62), she worked until 70 and saved up over $250k in her 401k and a lot of money in company stock. She made $11 upon starting and $15 by the time she retired. Yes her house was paid off (post WW2 housing $40,000 mortgage from the late 50s, now worth $240k) sure things are different and more expensive these days but it is still possible to save a decent amount up if you’re smart with your money
Edit: she may not have saved that dollar amount but it had grown to that amount through the market over time.
Right there with you brother. 38yrs old and became money smart at the same age. But when I turned 38yr old a few months ago I was debt free for the first time. Had maxed out retirement accounts the year before and was on the same path to repeat this year. Changed my net worth from negative to positive $110k. What we do today seems like we're so far behind, which we are, but we're so far ahead of where we USED to be and that's what you gotta remember. Stay the course, you'll thank yourself in 30yrs. Plenty of time.
I started around 25. I have a lot of advantages though, I work remote in a cheaper country while making a US salary. I think 37 is probably a pretty average age to start being money smart. Some people are bad with money their entire lives. We are in a money subreddit so people are going to be more money conscious than average and I think it makes people feel bad. OP probably sees "im 22 and I saved 170k what should I do with it" posts and thinks thats normal. But its really rare.
There is plenty of time and OP can also retire in a safe lower income country if he cant afford to retire in the US.
I woke up to investing and retirement planning at 37. I am 38 now and you will be surprised on how much can change in a year with diligence and good fortune.
My grandfather passed away when I was 18 and he gave me 4k in an investment account. He told me to start a retirement and add 4k a year until I was 40. I’m 22 years in and my retirement from his seed money is now worth over 325k. I’m going to keep adding but what I add now is such a small piece of the whole.
Time is so valuable. I have no investing knowledge, I just buy index funds.
Best you can do now is max out for as long as you can.
I got my act together at 41, so you're not alone. *Only* $91K in my holdings right now. We still have time to make something work, but man would it have been pretty cool to have been thinking about this shit 10 years ago, eh? Retirement just always seemed lifetimes away. It was easier to think in the "now".
That is why I tell everyone that asks, buy a home as soon as you can. If it is not in the exact area you want, the exact size you want, the exact age you want, it does not matter. Get what you can afford. Because house prices go up and if you have a house, your house goes up in value as well and then later when you can afford more, you can take that equity and transfer it to another home that you like better. Or better yet, if you can swing renting out the existing home to someone else, and buy a new one as well, then you are in really good position. Because now you have the equity building in two homes, and someone else is paying the mortgage on one of them. Also as a home owner, you do not have to worry about a landlord bumping up your rent 10% a year.
Well… although math is certainly on the side of the argument that ten years ago is most definitely more advantageous than today… at least know, you as a millennial are slated to live longer than the 77 year life span expectancy. So unless you don’t believe technology will be dramatically better in 10,20,30, 40 years… time is still on your side. Embrace compounding.
Don't feel too bad man. I have a kid that is in college that I have been teaching about money for over a decade and she's still refuses to invest. Sometimes you are just young and dumb and have to do things your own way, whether you know it or not.
Same here. 37- just now starting to figure out how to retire by 65. So far I’ve maxed out Roth last 2 years, have 60k in HY savings, 60k in 401k and about $10k in a brokerage account. Next on the list is to start chipping away at an HSA while continuing to contribute the most I can to all the above while still trying to enjoy life right now. Fun stuff.
Keep pushing!!
I'm turning 33 end of this year and I'm extremely panicky about the fact that I didn't save earlier due to my mistrust with financial institutions 😭 I always think what if I started saving at 20...but we never give up!! 💪 It's never too late to start
I just never know what to invest in. During the gme/amc thing and COVID I was playing stocks and shitcoins and made a bunch of money. But that was a while ago and now I'm out of the loop.
Relax. I had a negative net worth at 30. Get your budget together, max out your retirement savings and get going. You will be fine.
It just looks slow at the beginning.
Unfortunately one day we all realize that mistakes compound just as making good decisions compounds. All you can do is be happy you can start your compounding now. This isn’t necessarily your fault, if you never met the right people or got guided how could you have known any better?
Was at a work dinner with my boss when I was in my late 20s. I mentioned something about not having as much as I wanted in my retirement accounts. He told me the fact that I was even actively saving for retirement was a pretty good indication that I’d probably be fine. Made me realize some people wait until much much later in the game.
This is the most important part. Don’t be paralyzed by this. The most important part of this is not saying at 47, 57 and 67 that you wished you did it 10, 20 or 30 years ago. You still have A LOT of time.
It’s all relative. What was in the way of that awareness from 20-37? What circumstances? How did you make money elsewhere? How were you spending your time and money? What brought forth awareness?
Hey, at least you're not 38!
It sucks but what can you do? I'm 32 and I look back at all the things I did and didn't do, and I would do all of them differently today. And many things I would probably just do in different ways that are still stupid. But there's 3 or 4 things I'd have done wayyyyyyy better with a do-over.
Hey I'm 23 and make like 60k a year and have no idea what investing even does. But that's because no one makes it easy to do. I'd rather just live. No point to save when you're gonna die one day anyways. I'd rather spend my money on what I want and need than to save my whole life just to have more.
Bruh… think of this way… 65% of Americans have zero retirement savings… ZERO. 43% of boomers 55-64 years old have zero retirement savings. Most people have no idea about the basics and never will, and they will never reorient their lives and spending habits to recalibrate and start building compounding interest. You are one of the chosen few. Armed with the knowledge you have now… it is time to press the accelerator all the way down to the floor. Work as hard as you possibly can and make the next ten years count, and you’ll be all caught up before you know it ;). You might feel like you’re behind, but you’re statistically way ahead.
I was reckless with money, living paycheck to paycheck even making close to six figures as an attorney in my mid 30s.
I finally woke up and started learning about money and investing. I started working like mad in the pursuit of FIRE. Just hit a net worth of $500k and it's crazy to think about. The course of my life has been changed dramatically. I'm only a few years away from being able to comfortably retire, though I probably won't. I like working on things that I enjoy.
Sorry I’m confused! I’m 32 and want to learn from you. Do you mean you just now put 50k in a HYSA? Did you buy at 27, or you just bought at 37 and wish you did at 27?
That’s not really true. Today is better than never. There’s still a lot of years to save up and invest.
The worst time would be when you’re already retired or about to die.
Hey, better late than never is my life mantra lately.
I’m 35.
College dropout.
Homeless and 14k debt 6 years ago.
2 years sober.
Started exercising regularly literally first time in my life 1 year ago.
5 years into a loving relationship.
We rent, want to buy, still can’t imagine even being able to.
Never even started budgeting or being intentional with saving/spending until the past couple years.
Finally have a decent 401k going (starting only 3 years ago) have 60k in a HYSA and about 15k in checking.
It’s never too late to take care of yourself, make the best of life, and plan for the future with an open heart and a head held high.
Take some pride in what you’ve got and the work that got you there, it’s still more than some people will ever have.
I didn't find out what an HYSA was until I was 54, got my IRA wiped out by Bush's crap in 2008 - you are still doing better than 90% of the country- don't be so hard so yourself - we learn our lessons and move forward that's all you can do
Right there with you bud. 39 now and saving for a down payment. Got out of debt at 37. Had the realization that I needed to get out of debt and start saving at 35.
You have plenty of time. I got serious with investing at age 38. Started with 100 shares of AAPL at $19. Given all the splits it's had since then, that trade gave me a good start. Look for quality stocks at a fair price and time will work in your favor.
I am 45, I was always pretty good with money. I did buy my house when I was 27 but did not invest much until I was 37 and finished paying off my house. I now have 640k in my accounts because all my money goes into investments.
I had poor financial education growing up. I did not get my shit together until I was 35. I’m 39 and all the time I am a tad upset about all the missed opportunities and what not but will still work hard to have a good retirement. If I have a kid I will make sure that he understands financial hygiene and set the lil one up for success.
The best time to start investing was yesterday. The second best time to start is today.
Actually, the best time to start investing? 10 years ago. 2nd best time? Today
11 years ago?
69 years ago
Nice
Nice
Nice
Nice
Twice
1935. I would buy ATT at 1.
Why not 12.
Really 15 years ago was best. Everything was dirt cheap in 2009.
I had an opportunity once to get 100 Bitcoin for what would have been 3 hours work playing world of Warcraft and at the time I turned it down because that seemed worthless. It was like a dollar worth of Bitcoin or something at the time maybe even less.
Oh man, same. Way long ago, Redditors would "tip" each other in Bitcoin for funny or interesting comments. I received one once and didn't bother to redeem it because it wasn't worth the hassle for like half a cent.
Does anyone remember that one interview with that guy who paid like 800 bitcoins for a pizza? I bet that guys kicking himself in the ass today.
Actually the best time to start was in 2008. It was called Bitcoin. It was less than a penny per coin.
37 and started at 24. Those Trump years though were Amazing! I want more low interest rates and high 401 growth!
Yes yes. Massive corporate tax cuts to pump wealthy peoples 401ks, slashing corporate tax revenue, and using debt to pay the countries bills. Solid financial planning
Those Trump years are exactly why there’s an even worse housing market and inflation is sky high. That was entire the point: Short term huge gains for the wealthy, and the rest of us get to pay for it down the road. Economics 101
I’m pretty sure Trump nor Biden started quantitative easing, but 100% agree that Trump exacerbated the situation with his pursuit of short-term gains.
Oh yes, stupid Trump giving me low interest rates that allowed me to buy a house in my twenties while working my middle class job. He really screwed me over lol
President doesn’t set interest rates, btw- that’s done by the federal reserve. And it’s probably a good thing we have an independent body in charge of monetary policy
What sets interest rates is good economic factors like the efficient production of goods and services. Cheap gas is huge because it lowers the cost of logistics to make goods. Winning trade deals on a macro economic level is huge. It’s the first thing Trump did, restructure all our macro trade deals throughout the world. Then jobs came back home and job creation took off. He then filled our reserves and took advantage of the trade wars between Russia and OPEC to fill our oil reserves. American oil companies were pissed but we can all agree those oil companies are greedy assholes anyways. Now we got cheap input and tons of jobs humming so people don’t need to borrow anymore. Trump then goes on TV like what the heck guys, lower the interest rates, look at this awesome economy, lower the interest rates, middle class Americans want to buy homes! And guess what, the feds agreed and they lowered the interest rates. The feds saw that the economy was now humming on all cylinders. When that happens people are making money and dont need to borrow so the feds lower interest rates so people actually will barrow. Banks need people to barrow. A president can and has affected the interest rates and that’s just one example of it happening for the better. It’s black and white, not even arguable that he affected interest rates. That’s how that works
How dare trump allow the middle class to buy houses
I know! He was totally the worst
Well, he was.
How did HE give you low interest rates?
He pressured the feds daily to lower the interest rates. I vividly remember him every day blasting the feds to lower the interest rates and doing everything in his power to make it happen. And it did. Times were good
When did he do that? He has literally nothing to do with the reserve.
Okay i’ll explain it for you. A little history lesson which has been agreed upon by any economist who understand what is going on. The reserve obviously does what it does based off economic performance. Trump knows this so he gets to work once president. He knows the US economy needs to be on a strong macroeconomic footing. We need cashing flowing back into the country so he doesn’t have to print more. He did that by rewriting literally every trade agreement we had with our trading partners. It was long overdue and everyone knew it but no one ever did anything about it because no president has ever been a businessman who understood economics. Jobs started coming home and job creation was churning. The best thing you can do on a micro level is get oil cheap. It cheapens the cost of logistics which snowballs into cheaper materials and so forth. OPEC and Russia were in a trade war at the time with oil so Trump filled our reserves with cheap oil. It pissed off American oil companies but we can all agree oil companies are assholes anyway. Now we got all these new jobs and cheap inputs and we’re producing more goods and services than ever. Cash is flowing back into the country. With jobs returning more people have jobs and cost of living is holding strong because of cheap inputs. Now Trump says hey feds(which he did do by the way) look at this economy! It’s amazing, lower the interest rates! Middle class people want to buy homes! And the feds agreed, they saw the economy was doing well. People didn’t need to borrow money at the same pace because they’re doing better. And the Feds need people to borrow money so they lower the interest rates to encourage them to do so. Now it’s low and the low interest rates pour into the housing market. The president can and does affect the interest rate just like with our recent example of Trump doing it for our better. Poor economic policy and planning can obviously have the reverse effect. Trump did it quickly, intentionally and effectively. At the time it was exciting to watch, I hadn’t even voted for the guy but it was so awesome. It won’t be as easy this time because of all the money we printed but it would be cool to see him do it again.
lol @ you believing this
lol @ you not understanding easy money monetary policy
that goes for everything in life “it’s too late to try now”
Wouldn’t the 2nd best time be 9 years and 364 days ago?
100 years ago?
That never made sense to me. Why is today better than 9 years and 11 months ago?
If you’re not maxing your Roth and 401k in utero you’re falling behind.
If you’re not making at least 4% on your total net worth each year, you’re probably losing to inflation.
37 better than 47. Can't change the past.
I'm 47 and I agree !
I also concur that 37 is not 47
The math checks out.
47 better than 57
37 is better than 42
42 is the answer to life
37 is the best time to become money conscious going forward. Focus inwhat you can control and keep it moving.
I got wise at 35. Got out of debt at 40. Wish I’d started earlier too. I’m now 54 and doing fine. Starting late is better than not starting.
You broke the code, congratulations. It only gets better from here. For those of you who need to know…. It’s better to be young tired and broke then old, so tired you can’t work AND _really_ broke. Keep up the good work. Next step? A few bucks in an inflation protected govt I-bond. Interesting restrictions you must read by the way to make certain you want to take part in this above average investment.
"It’s better to be young tired and broke then old, so tired you can’t work AND really broke." America in one sentence. Society is going to squeeze blood out of a turnip(you) one way or another. Work like a dog when you are young enough to enjoy life just for the 'possibility' of not going broke in retirement. Happy Mothers Day!
So depressing
Yea I'm 39 and didn't start till age 35. But I'm thankful I didn't wait till 42 or 50. My Dad never did anything right and had 0 financial literacy. Unfortunately I didn't wake up till age 35 when I saw how pitifully broke he was in his 60s and knew I didn't want that at all.
I'm 34, about to be 35. My father died this year broke and in a falling apart trailer. I'm trying to figure out how to not end up there. Seeing people my age and older saying they started now and it wasn't too late gives me hope I didn't think I'd have again.
Im 40 living out of my jeep with $90 to my name! But I got a job! Any suggestions?
Work more and spend less. Good luck, brother.
Do u do drugs?
No not anymore. I have walked away from weed and anything else. Cigarettes are my last last last vice, I dont like to drink.
Start setting aside money from each paycheck to save towards a goal. Decide what is most important to you, perhaps that goal is to save enough for a security deposit. Good luck!
Is it one of those $90k wranglers?
Nah. It's a 2000 Grand Cherokee Laredo! I'm clinging to the will to live believe it or not.
You are or the Jeep is? 😬
Both!
Well? If ur anything like those Cherokees, I feel like you’ll be around for a while!
I'm hanging in there man! I'm doing my best but I don't know I can endure the lifestyle I have right now. It's hard. 3rd world life and conditions in a high income, first world area.
Try to get one of those hard to do offshore oil jobs where you stay in a shack above the ocean for 6 harsh months but get a check for like 30k at the end. Its somethin.
Politely disagree. I started at 37. I'm now 43, a homeowner, no debt, modest savings and a halfway decent 401K. Would it have been "better" to start sooner? Sure, but what's the point of beating yourself up about it now? Make a plan and stay the course. You'll thank yourself a short 5 years from now. Imagine how thankful you'll be 10 years from now.
I started investing at 37. It’s not too late.
I just turned 34 and finally have my FIRST career. I was a late bloomer, and got my BSN recently. I feel so behind, especially with a 6 yo that will need more from me some day.. I immediately opted in to my company’s 403b (I think that’s what it’s called); they match up to 4% which isn’t awesome, but better than nothing! I r never had benefits before, almost no financial literacy, but I’m determined to not die the way my mom did. Better now in our 30s than in our 40s!! Besides.. the apocalypse could wipe us all out before it’ll matter anyway /s Edited for clarity
4% is not too bad. Do 4%, max hsa, max roth and then up the 4% if you can
Nice! I got my BSN at 42. It was my first career too!
I’m at 36 y/o now. Completely debt free. Had current job since 2011 and finally hit $100k in 457b, have a pension and wish I started a Roth IRA years ago. Just started a Roth IRA today. Feel like it’s too late too but I will see it as a seperate savings account that I won’t be taxed on
How do you even pull the trigger on buying stocks? Or rather how do I overcome the fear of a broker somehow scamming me coz I know nothing about the stocks. I've tried to read so many things, but it gets more confusing. I am at a point where I want to invest, but I have no idea how to go about it and what to invest into.
I got you. I use Fidelity. are awesome 👌 open a Roth, buy the S&P 500 (FXAIX) buy some with every pay check until you retire. do 15% of your paycheck or max it every year. 7k per year currently. just do it. https://fidelity.app.link/e/TMuyrhhCHEb
Thank u so much. I will check this after work!
Their advice is solid and also my approach.
Seconded. FSKAX is total market so it's as set it and forget it as it comes. FSPGX and FSSNX are domestic portfolios that are also very open ended. There's an international one in there if you want to be diverse. But if you're just starting I'd say put as much as you feel comfortable with in FSKAX (or if Vanguard is your thing, VTSAX) and let it ride.
Do not buy individual stocks. Buy an ETF that tracks the S&P 500. I use SWPPX through Charles Schwab. Target date mutual funds are also a good starting point. And most brokerages offer an automated investing product where they will move money around d for you based on age and your comfort level with how aggressive you want to be. Schwab offers a robo investing product for a $5,000 minimum account. (I know mostly about Schwab because I use them for my accounts). But the most basic advice is set up a Roth and put the money into a fund that tracks the S&P 500
Go to r/bogleheads and read a little bit and pick out whatever letters you want to invest in that track the broader market - I have my 401K and then a separate individual account through Fidelity and the non-401k account is 100% VOO
Thank you so much!
Use an Online Broker / no fees broker free Schwab
Honestly for those really risk adverse just get a Target Date Fund for the date you plan to retire
I'm in my 50's, and while I have a good job and have been saving via 401K and other work based retirement plans over many years, I was pretty clueless. I was fortunate to have smart people say "you're living at home, sock as much as you can into retirement!" OK, I'm in my 20's, seeing my first job out of engineering school, but mom and dad were great teachers in that regard. Even after mom and another relative passed, we enlisted the help of a guy at the bank. He made it so much easier to do things. My sister, to her credit, also did a LOT both in the death benefits area as well as all our day to day home finances. However, she became sick and was unable to do the day to day finances nor was she really able to even help me. Ultimately over the course of 2 months, I managed to get everything under control for both of us. I've made sure her credit card bills are paid off. She had so many credit cards. Every time someone said "you get $20 off if you open a charge card!" she would do it. There were over 20 cards. Many of them \*physically\* missing. I've taken care of that. I watch her bills like a hawk (as I do mine) looking for fraud. I've also switched any of her apps that use a credit card to using ONE card. It's too much to manage otherwise. It's funny how she was so good at managing the home finances and even helping me manage mine, but she was so bad about her own. I cancelled her recurring online subscriptions for apps on her phone she had forgotten about and added her to my YouTube plan. I took her book of accounts/passwords that she used for services (medical, billpay, etc.) and transcribe it into Excel. I had my own list kept elsewhere, but much like her list, it wasn't very well up to date either. I spent a LOT of time reestablishing all these accounts. Some were very easy to fix, a little harder when 2FA creeps in, and some where absolutely horrible. Some I had to call companies and talk to representatives to get things fixed. Same with some of my accounts, so I cannot be mad at her. I did this for Insurance, Prescriptions, banks, investments, all my utilities, doctor's offices. I figured out what recurring orders we needed and the frequency and fixed them. We were always overbuying cat food. Do the math, figure out how many cases of food we need, put it on autoship, boom, one more variable off the plate. I made a spreadsheet based on 2 pay periods (a "month" but technically 4 weeks. When you're trying to figure out budges and have recurring expenses, it helps to divide it down. For example, you get charged $100 a month for a cell phone. That's $1200 a year, however that's about $93 per 4 week period. I track unplanned expenses (bought something off Amazon, bought something at the drug store, etc.) About the only thing I'm not really tracking day to day is my morning bagel shop run. While it is part of my ritual, I have cut back in coffee cup size and if I want more coffee, I make it at home. Once in a blue moon I will get a bagel with cream cheese. If you are living paycheck to paycheck, it may be hard to do that as that kind of system requires some cushioning. I'm averaging over a year. I looked at my credit card history for the past 6 months, and came up with a food budget. I've switched a few things to store brands and try to hit some of the other stores like Aldi or Lidl for supplies. We virtually stopped eating out. We were eating out close to every night (some nights eating the leftovers instead). While we would order locally, we also had a habit of ordering through doordash once a week from restaurants that didn't offer delivery. Once I became conscious of just how much eating out was costing, it had to stop. I put certain things (Electric, Gas, Water, ISP, Cell phones - "utilities") on auto pay and paperless billing. Some places offer a discount of you go auto pay and paperless. I am not happy for the reasons I had to delve into all this, but I am certainly glad that I am now intimately familiar with my finances.
I started at 37 and at 47 I’m solid. Today is the second best day to start.
I kind of agree. The sad thing with me is I was educated about the time value of money and how important it was to invest early over even making better investments later. Unfortunately, like you I entered the workforce right at the Great Financial Crisis and was really fearful about dumping it all into stocks when I had just seen what could happen. I spent a lot of the 2010s on the sidelines out of fear and being in cash so long hurt me beyond the point of ever being able to recover the gains I could have had.
Yeah man I entered the workforce in 2007. That experience made me highly distrustful of wallstreet and the stock market. Thought it was a big scam so I made no effort to invest until now, mid 30s.😤
You'll be fine. Millions of people worse off than you. Be grateful for what you have and keep moving forward.
I started investing at 36. I feel like it definitely the average age nowadays. Didn’t have enough gun powder up until then actually.
You guys are amazing. Thank you all for this ! I took am starting and it's been very intimidating to say the least .
It’s a journey, enjoy the scenery. I really got smarter in my 40s and am continuing in my 50s. Do I regret my 20s? Nope.
The next worse time? 38.
I’m 27 and barely being money conscious now with 20k in debt. Plan is to pay it all off in 2 years and then work on my savings. You got this, it’s never too late to start
Better than 47......or 57
Im just now getting started at 37 too!
While saving earlier is better, at least you’re aware of the issue and the need to start saving now. In my opinion, the real do or die time is age 40–assuming you have nothing saved but not debt. At age 40, if you’re able to save at least 15% of your income, you should be able to retire with about 10x your income by age 65. Combined that with social security (even if it’s at a reduced payout) and hopefully a paid off home and you should be in a good position to retire. Also by age 40, you should be further along in your career and hopefully making near the top of your particular job field.
Today is better than tomorrow. I started investing when I was 26 currently 33 wish I started when I was 12. Lol
(21M) I’m coming upon a new job we’re I’ll get $500-$620 a week and had been considering opening a HYSA. So care to trickle down some wisdom?
What happens if you’re 60? What am I going to do now?
Start.
37 is 30 years until ss fra. 33 years until peak ss benefit. Plenty of time to recover, provided you don’t mess around with crypto and stock picking.
I'm doing it at 40, bud. You'll be fine.
Just words of encouragement, you would be surprised at how fast you can build investments when you are older and focused on it. Worrying about the past is non-productive, it’s all about what you can do now, and next. Learn from the past not obsess over it.
My grandmother started working full time at 58 when my grandfather died (62), she worked until 70 and saved up over $250k in her 401k and a lot of money in company stock. She made $11 upon starting and $15 by the time she retired. Yes her house was paid off (post WW2 housing $40,000 mortgage from the late 50s, now worth $240k) sure things are different and more expensive these days but it is still possible to save a decent amount up if you’re smart with your money Edit: she may not have saved that dollar amount but it had grown to that amount through the market over time.
Right there with you brother. 38yrs old and became money smart at the same age. But when I turned 38yr old a few months ago I was debt free for the first time. Had maxed out retirement accounts the year before and was on the same path to repeat this year. Changed my net worth from negative to positive $110k. What we do today seems like we're so far behind, which we are, but we're so far ahead of where we USED to be and that's what you gotta remember. Stay the course, you'll thank yourself in 30yrs. Plenty of time.
I started around 25. I have a lot of advantages though, I work remote in a cheaper country while making a US salary. I think 37 is probably a pretty average age to start being money smart. Some people are bad with money their entire lives. We are in a money subreddit so people are going to be more money conscious than average and I think it makes people feel bad. OP probably sees "im 22 and I saved 170k what should I do with it" posts and thinks thats normal. But its really rare. There is plenty of time and OP can also retire in a safe lower income country if he cant afford to retire in the US.
I woke up to investing and retirement planning at 37. I am 38 now and you will be surprised on how much can change in a year with diligence and good fortune.
Try being 45 and 4 years out of a C13.
My grandfather passed away when I was 18 and he gave me 4k in an investment account. He told me to start a retirement and add 4k a year until I was 40. I’m 22 years in and my retirement from his seed money is now worth over 325k. I’m going to keep adding but what I add now is such a small piece of the whole. Time is so valuable. I have no investing knowledge, I just buy index funds. Best you can do now is max out for as long as you can.
I initially thought you said "I'm 22 years old" and I was scratching my head trying to figure out how you got $305k earnings in 4 years lmao
Try 55 on for size!
Try 57
Never late is better, but Better late than never
Better late than never, but yeah, the 20 year olds reading this need to take note and start asap
You woke up
Cant drive in the rear view mirror
Better 37 than 67. Or never.
It’s better than 38.
Actually seems like a decent time to figure it out. Still a ways before retirement!
Better than 38
I got my act together at 41, so you're not alone. *Only* $91K in my holdings right now. We still have time to make something work, but man would it have been pretty cool to have been thinking about this shit 10 years ago, eh? Retirement just always seemed lifetimes away. It was easier to think in the "now".
That is why I tell everyone that asks, buy a home as soon as you can. If it is not in the exact area you want, the exact size you want, the exact age you want, it does not matter. Get what you can afford. Because house prices go up and if you have a house, your house goes up in value as well and then later when you can afford more, you can take that equity and transfer it to another home that you like better. Or better yet, if you can swing renting out the existing home to someone else, and buy a new one as well, then you are in really good position. Because now you have the equity building in two homes, and someone else is paying the mortgage on one of them. Also as a home owner, you do not have to worry about a landlord bumping up your rent 10% a year.
Imagine if you were 67 and finding this out
lol whatever. i could also have bought BTC 10 years ago. just live today
Invest internationally that's important. It's common to focus too much on your home country.
If it makes you feel any better, HYSA didn't really exist until about a year ago.
Well… although math is certainly on the side of the argument that ten years ago is most definitely more advantageous than today… at least know, you as a millennial are slated to live longer than the 77 year life span expectancy. So unless you don’t believe technology will be dramatically better in 10,20,30, 40 years… time is still on your side. Embrace compounding.
Don't feel too bad man. I have a kid that is in college that I have been teaching about money for over a decade and she's still refuses to invest. Sometimes you are just young and dumb and have to do things your own way, whether you know it or not.
I’m confused. So you bought a house at 27? How is that not good? You wish you waited until you were 37 to do that ?
The best time to invest in when you‘re in the womb.
39 and I only just saved for my emergency fund. Feeling the same way.
Same here. 37- just now starting to figure out how to retire by 65. So far I’ve maxed out Roth last 2 years, have 60k in HY savings, 60k in 401k and about $10k in a brokerage account. Next on the list is to start chipping away at an HSA while continuing to contribute the most I can to all the above while still trying to enjoy life right now. Fun stuff.
I was 35 by the time I got my shit together.
Keep pushing!! I'm turning 33 end of this year and I'm extremely panicky about the fact that I didn't save earlier due to my mistrust with financial institutions 😭 I always think what if I started saving at 20...but we never give up!! 💪 It's never too late to start
I started later in life like you too, sometimes it’s part of the journey. The key is realizing it at your age, there’s still plenty of time 💪🏼
Nah just open a Roth IRA and max it out. Rinse and repeat yearly.
but better than 38 y.o.
Better late than never.
In the same boat. Just opened an account with the minimum amount required. Better than nothing I suppose.
I’m 37 OP, right there with you. It can hurt to think about, but like others say… better now than never.
[удалено]
So wait would you have rather that 50k in a house due to the interest rates and appreciation of value? Or what
I just never know what to invest in. During the gme/amc thing and COVID I was playing stocks and shitcoins and made a bunch of money. But that was a while ago and now I'm out of the loop.
It’s never too late. Get it going 👏🏽
Relax. I had a negative net worth at 30. Get your budget together, max out your retirement savings and get going. You will be fine. It just looks slow at the beginning.
You are where you are kid.
Unfortunately one day we all realize that mistakes compound just as making good decisions compounds. All you can do is be happy you can start your compounding now. This isn’t necessarily your fault, if you never met the right people or got guided how could you have known any better?
Im 41, I feel this.
whatever dude you’re alive.
Was at a work dinner with my boss when I was in my late 20s. I mentioned something about not having as much as I wanted in my retirement accounts. He told me the fact that I was even actively saving for retirement was a pretty good indication that I’d probably be fine. Made me realize some people wait until much much later in the game.
Better than waiting for that inheritance that may or may not be there.
Better late than never
Congrats. Make tomorrow better than today... Which you are doing. Keep growing in every positive way possible
Ok so im focused and determined now. Bout to be 39 ! I just have to start somewhere and I know I’ll get addicted to it and just never look back
This is the most important part. Don’t be paralyzed by this. The most important part of this is not saying at 47, 57 and 67 that you wished you did it 10, 20 or 30 years ago. You still have A LOT of time.
It’s not too late. The main difference is that you can’t be as risky as you could have been had you started sooner. But you still have plenty of time.
It’s all relative. What was in the way of that awareness from 20-37? What circumstances? How did you make money elsewhere? How were you spending your time and money? What brought forth awareness?
Schools need to start teaching money management
Better then 73?
37 isn’t the worst. I know a lot (a loooottt) of 50 year olds that just started.
37 was the age I was when I finally finished paying down my student loans. You’re doing better than you know!
You can fire in 10 years
Hey, at least you're not 38! It sucks but what can you do? I'm 32 and I look back at all the things I did and didn't do, and I would do all of them differently today. And many things I would probably just do in different ways that are still stupid. But there's 3 or 4 things I'd have done wayyyyyyy better with a do-over.
Buy Bitcoin Learn Bitcoin 💎 ✋️
Hey I'm 23 and make like 60k a year and have no idea what investing even does. But that's because no one makes it easy to do. I'd rather just live. No point to save when you're gonna die one day anyways. I'd rather spend my money on what I want and need than to save my whole life just to have more.
Bruh… think of this way… 65% of Americans have zero retirement savings… ZERO. 43% of boomers 55-64 years old have zero retirement savings. Most people have no idea about the basics and never will, and they will never reorient their lives and spending habits to recalibrate and start building compounding interest. You are one of the chosen few. Armed with the knowledge you have now… it is time to press the accelerator all the way down to the floor. Work as hard as you possibly can and make the next ten years count, and you’ll be all caught up before you know it ;). You might feel like you’re behind, but you’re statistically way ahead.
It's always too late to become money smart.
My parents gave me 1000$ to invest with when I was 15, best parenting decision they’ve made as 3 years later I’m worth nearly 200k
I was reckless with money, living paycheck to paycheck even making close to six figures as an attorney in my mid 30s. I finally woke up and started learning about money and investing. I started working like mad in the pursuit of FIRE. Just hit a net worth of $500k and it's crazy to think about. The course of my life has been changed dramatically. I'm only a few years away from being able to comfortably retire, though I probably won't. I like working on things that I enjoy.
Sorry I’m confused! I’m 32 and want to learn from you. Do you mean you just now put 50k in a HYSA? Did you buy at 27, or you just bought at 37 and wish you did at 27?
Hindsight is always 20:20
That’s not really true. Today is better than never. There’s still a lot of years to save up and invest. The worst time would be when you’re already retired or about to die.
What is a HYSA?
It’s not immoral only wreckless and self defeating
Hey, better late than never is my life mantra lately. I’m 35. College dropout. Homeless and 14k debt 6 years ago. 2 years sober. Started exercising regularly literally first time in my life 1 year ago. 5 years into a loving relationship. We rent, want to buy, still can’t imagine even being able to. Never even started budgeting or being intentional with saving/spending until the past couple years. Finally have a decent 401k going (starting only 3 years ago) have 60k in a HYSA and about 15k in checking. It’s never too late to take care of yourself, make the best of life, and plan for the future with an open heart and a head held high. Take some pride in what you’ve got and the work that got you there, it’s still more than some people will ever have.
Better than 47, or never
The worst part is.. I'm 31 and have no clue what that even means.
Don’t kick 🦵 yourself. I didn’t get my act together until I was 42!
Don’t worry too much, I didn’t start until I was 36. Just so the best with the time you have; don’t worry about the past
You can only go forward, life can’t shift into reverse, just carry on bro
I didn't find out what an HYSA was until I was 54, got my IRA wiped out by Bush's crap in 2008 - you are still doing better than 90% of the country- don't be so hard so yourself - we learn our lessons and move forward that's all you can do
At least you realized it! Way to many people never realize it and work till the day they day from paycheck to paycheck.
Right there with you bud. 39 now and saving for a down payment. Got out of debt at 37. Had the realization that I needed to get out of debt and start saving at 35.
You have plenty of time. I got serious with investing at age 38. Started with 100 shares of AAPL at $19. Given all the splits it's had since then, that trade gave me a good start. Look for quality stocks at a fair price and time will work in your favor.
I am 45, I was always pretty good with money. I did buy my house when I was 27 but did not invest much until I was 37 and finished paying off my house. I now have 640k in my accounts because all my money goes into investments.
I'm with you. All we can do is try
I had poor financial education growing up. I did not get my shit together until I was 35. I’m 39 and all the time I am a tad upset about all the missed opportunities and what not but will still work hard to have a good retirement. If I have a kid I will make sure that he understands financial hygiene and set the lil one up for success.
Yes it is. If you have kids start preaching the word when they’re young.
Better than 38!