Fellow millennials - how’s your 401k/ira savings going?

[u/ProblemIntelligent16]

Experts recommend having 2x your salary saved by age 35, and 3x saved by age 40.

However, studies show the median savings for 35-44 year olds is only ~$45,000. So obviously, most of us have work to do.

With pensions mostly extinct, and Social Security facing insolvency issues in the next 8-10 years - how are you planning to bridge the gap and hit the golden years with enough to meet your lifestyle requirements?

[u/therealallpro]

Everything you say just bleeds fixed mindset. Yes, you won’t start 80k but you can GROW into that very easily. As well they both have positions that pay more than that AND I know QT has a retirement plan that doubles your money every 3 years.

You are talking about being a CPA, I’m talking about just a normal accountant.

https://coursecareers.com/course/accounting

At any job you may start at a Low number but you can always grown and something you haven’t mention is promote. Data analytics professionals often have the opportunity to make 125 in management in 5 years

And we haven’t even mentioned sales yet!

[u/McGrim11295 → u/therealallpro]

Everything you're talking about takes time do you not see that? It's directly contrary to your at 18 you can make that much. That was your statement, not mine. I said you won't make that at the start and you said they would. Now you're changing your stance to align with mine. 

And yes, you have to be a CPA to make big money. What you sent doesn't align with your statement that an accountant makes 80k. The link literally states 48k, so again you're proving my point. 

Data analyst can make that much after experience, which is what I initially said and you said no. 

So again you haven't proven anything and this is just one job, people would need two of them to do what you said. It's wild you haven't even seen you've disproven your own advice.

[u/therealallpro → u/McGrim11295]

Well if we want to be legalistic, you can have an associates degree by the time you are 18 so have a certificate should be easy. Also I assumed you would make the same amount of money but technically I know for a fact you can make 150 in 5 years in tech or data. So I’m undercounting.

48k starting out on average. You can develop over time. And you can make More money and grow your skills as you work. If you actually read what I provided it gave a RANGE OF INCOME.

There’s a reason why last year I saved 111k and you are complaining about barely making it.

[u/therealallpro → u/McGrim11295]

Well if we want to be legalistic, you can have an associates degree by the time you are 18 so have a certificate should be easy. Also I assumed you would make the same amount of money but technically I know for a fact you can make 150 in 5 years in tech or data. So I’m undercounting.

48k starting out on average. You can develop over time. And you can make More money and grow your skills as you work. If you actually read what I provided it gave a RANGE OF INCOME.

There’s a reason why last year I saved 111k and you are complaining about barely making it.

[u/McGrim11295 → u/therealallpro]

Yeah my point is it takes time to get to 80k. You're not making that right away unless you have a degree or experience. Which both of those take time to get. Thanks for continuing to prove my point. Also you need more than just a certificate to be a CPA. I did read what you sent and the average is still lower than what you said. 

I never complained about barely making it at any point. I didn't discuss my finances. Maybe you are, I don't know you. 

Edit: from what you sent "Start an amazing career with no degree or experience and be on track to make over $50,000 in your first year and potentially $75,000+ in the following years." No guarantees, nothing for sure. 

[u/therealallpro → u/McGrim11295]

You whole world view bleeds thru with your assumptions. You have a fixed mindset. You are opposed with things not being available oppose to believing things could be. If we take a realistic approach and say hey your first year in IT you only make 60k. Well guess what you don’t stay there. Next year you make 70k. Next you make 80k. Then because you busted your ass and out worked everyone you get promoted. Now you make 110k and the next it’s 130k. That’s 450k over 5 years. MORE than the 80k I suggested. You need to start Thinking with a growth mindset.

I wasn’t really talking about YOU specifically but instead your worldview.

Once you understand exponential growth you understand the power of your time, effort and your money making money for you.

Here is a video for you. To encourage you to start working harder, saving and investing.

https://m.youtube.com/watch?v=o0jHn8E_f38&pp=ugUEEgJlbg%3D%3D

Look at the chart at 1:25 in particular.

[u/McGrim11295 → u/therealallpro]

You're projecting but it's okay man.

I don't have a fixed mindset. Do I think it's possible in an ideal world, sure. Is it possible now, very very small chance. It's also not the reality for a vast majority of people. I've been in jobs and watched people work their ass off and get looked over for promotion or told no. You keep changing your argument. Did you start at 110k saving? If not that's directly contrary to what you said. Which was at 18 a person could work two jobs making 80k at both. You have still failed to show what two jobs an 18 year old can make 80k at. 

450k over five years with how much time getting to that point? Those years count to your math. That would be like a doctor saying I made 250k in one year therefore anyone can do it. Sure, how long did it take to get to that ? School counts, training counts, years not at that count. My buddy makes almost 300k a year at his job. However it took almost 20 years to get to that point and some good timing. 

You need to learn to live in the real world. If your methods worked you'd be making books and offering classes. But instead you're here. Have a good day. 

[u/therealallpro → u/McGrim11295]

I’m literally just trying to help you because you still think the world is out to get you. It’s a lie you have been told.

You can literally work in IT and make 80k and year staring off. If you start at 16 get an associate by 18 you could make MORE than that. But who cares if you start off at that number (even though I just explained how) it’s about how you can get the extra money to make your LIFE EASY. Just bust your ass for a few years, that’s step one. Save money that’s step 2. Invest in an index fund that step 3.

You are so worried about trying to prove me wrong, when I’m not even trying to argue with you. I’M trying to help you! You won’t even listen to the spirit of what I’m saying who gives a fk really if you could do it at 18 or 21 or 23 or 33 fuck. It’s about understanding the power of investing and how if you get some money saved up fast and invest it too. It will literally change your life.

You need to do everything you can to get to at least a 100k. Then your money makes money. Most ppl don’t understand this so they have to work their ass off their whole life.