Author Topic: Save Your Age in 2016  (Read 22862 times)

Whiskers

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Save Your Age in 2016
« on: December 01, 2015, 09:21:42 PM »
In 2016, I turn 32. To celebrate, I am going to try to save my age, in thousands--$32k--by the end of the year. To achieve this, I plan on maxing out my 401k ($18k), plus matching contributions (appx 3.6k), maxing out my Roth ($5.5k) and making up the difference with contributions to my Vangaurd investment account (appx $4.9k). If I hit the goal early, anything in excess will go towards my dwindling SL balance or be added to Vanguard. Next year, goal will move up to $33k and so on.

I invite all those interested to join. For me, this savings goal is going to be a stretch and a challenge. The number and my age just happen to line up. Feel free to adjust the formula accordingly, e.g, age plus 10 or age minus 5, to set a goal that will be challenging but attainable for you.

tarheeldan

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Re: Save Your Age in 2016
« Reply #1 on: December 02, 2015, 05:42:21 AM »
I'm in! Also turning 32 next year. Goal is age + 5 = 37k.

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Re: Save Your Age in 2016
« Reply #2 on: December 02, 2015, 07:19:30 PM »
I'm 27 and saved $27K just in my 401K ($18K in 401K + $9K match) this year, so I probably shouldn't aim for my age next year...
Instead, my goal is twice my age next year, or $56K. This won't be easy, but I think I should be able to make it.

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Re: Save Your Age in 2016
« Reply #3 on: December 02, 2015, 07:35:48 PM »
I'm also turning 32 in the very begining of year. It's a very tough task, since we've been into a financial and economical crisis. But it's worth a try.

pdxmonkey

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Re: Save Your Age in 2016
« Reply #4 on: December 02, 2015, 09:00:59 PM »
My current plan is to save 48k (401k max + $30k outside 401k). This has me thinking about possibly stretching to save my age (36k)  in the outside of 401k portion. 48k is already something like a 2/3 savings after tax savings rate so another 6k would be quite challenging. I'm also aggressively paying down my mortgage as part of my expenses with the 1/3 of money that is currently left and psychologically would like to continue doing so. This might be enough to get me to less aggressively pay on the mortgage and save more and still feel good about it. Mathematically it's the smart thing to do, but....the feels.

rubybeth

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Re: Save Your Age in 2016
« Reply #5 on: December 03, 2015, 06:33:10 AM »
Well, I'm willing to accept the challenge but will likely fail. I'll be turning 35 in 2016, so the goal will be $35k. Lots of unknowns with DH graduating in the spring with no job lined up yet, but hey... rampant optimism couldn't hurt! :)

Eric222

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Re: Save Your Age in 2016
« Reply #6 on: December 03, 2015, 07:35:59 AM »
I'm going to shoot for decreasing my debt by my age - only counting what I save from my salary.  If I don't fall off the mustachian wagon, and with my expected pay raise, it should be doable.

EDIT:  So that's a debt decrease of 36k - I'm going with my age at the end of 2016.

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Re: Save Your Age in 2016
« Reply #7 on: December 03, 2015, 07:58:59 AM »
I'm in.  I will be 30 next year and my goal without any surprises is 37k.

JLee

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Re: Save Your Age in 2016
« Reply #8 on: December 03, 2015, 08:56:50 AM »
I should be able to do that as well! I also turn 32 next year (January). Between 401k/match, IRA and HSA I should be at $30,245, plus mortgage principal.

pka222

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Re: Save Your Age in 2016
« Reply #9 on: December 03, 2015, 05:09:08 PM »
humm- I'm 38 and going for 76k or twice my age- its a stretch goal - depends on the market and how much I can pick up in side gigs

dmbfan4life20

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Re: Save Your Age in 2016
« Reply #10 on: December 04, 2015, 06:43:50 AM »
I'm in for the challenge. I will be 32 early in 2016.

Just doing some basic calculations I think I should be able to do it (Investments, retirement, cash savings, mortgage principal)

I do plan on upping my 457B contributions starting in 2016.

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Re: Save Your Age in 2016
« Reply #11 on: December 04, 2015, 08:00:27 AM »
I'm going to shoot for decreasing my debt by my age - only counting what I save from my salary.  If I don't fall off the mustachian wagon, and with my expected pay raise, it should be doable.

EDIT:  So that's a debt decrease of 36k - I'm going with my age at the end of 2016.

Also tackling some debt, but I'm 38 and this should be easily do-able.  21,500 into my retirement account (not counting any market gains).  Pay off $16K in non-interest accruing debt plus about another $1800 debt reduction on my student loans.  Save an extra $3K in cash.  Not counting reductions in mortgage principal I'm shooting for $42,300 in 2016. 

LiveLean

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Re: Save Your Age in 2016
« Reply #12 on: December 04, 2015, 08:46:46 AM »
I'm going to finish 2015 having saved $37,000 or so. Unfortunately, I haven't been 37 since the fall of 2007. I'll see if I can hit $46-47K in 2016. Good challenge.

rpr

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Re: Save Your Age in 2016
« Reply #13 on: December 04, 2015, 09:58:42 AM »
If you are married, is the gauntlet to save yours + partners age?    ;)

Whiskers

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Re: Save Your Age in 2016
« Reply #14 on: December 07, 2015, 08:28:24 PM »
humm- I'm 38 and going for 76k or twice my age- its a stretch goal - depends on the market and how much I can pick up in side gigs

Awesome! I knew there would be some folks capable of double. More power to you.

If you are married, is the gauntlet to save yours + partners age?    ;)

If you think you can swing it, definitely! If I can get the wife on board, we'll be aiming for $63k as a team.

Heckler

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Re: Save Your Age in 2016
« Reply #15 on: December 07, 2015, 10:27:54 PM »
On track for my age minus three this year, plus her income will eliminated the mortgage in January.

Next year, the plan is my age plus thirty, maybe plus fourty if we push it!

That's with two incomes though - it'll be both our age minus 11 if we both play.

dragoncar

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Re: Save Your Age in 2016
« Reply #16 on: December 08, 2015, 12:47:15 AM »
If you can't swing your age in thousands, try your age in percent.

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Re: Save Your Age in 2016
« Reply #17 on: December 08, 2015, 02:13:30 AM »
I am 36 years, but live in Germany and Munich is one of the most expensive cities of our country.

Last year I started saving and managed to save around 10k Euros, so I am far away from my age in thousands unfortunately. Also, my income will decrease next year because I went to a 4 day workweek (from 5 days).

Thinking abour it, a 36 percent savings rate might be a good challenge, though. So thanks for the idea!! :)

arebelspy

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Re: Save Your Age in 2016
« Reply #18 on: December 08, 2015, 02:18:26 AM »

If you can't swing your age in thousands, try your age in percent.

I read "percent" as "pennies" at first glance,  and thought you were making a commentary on how the forums have gotten soft. ;)
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Re: Save Your Age in 2016
« Reply #19 on: December 08, 2015, 03:22:01 AM »
I'm participating in the 50K for next year gauntlet, but as chances that I make that are really, really, really small I'll participate in this one (which will be a stretch as well).

I'll try to save 28k next year. Good luck to everyone!

Eric222

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Re: Save Your Age in 2016
« Reply #20 on: December 08, 2015, 06:28:19 AM »
If you can't swing your age in thousands, try your age in percent.
Crap.  I think my age in percent might be more than my age in thousands, nevermind.  Did the math, but they aren't all that different!

arebelspy

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Re: Save Your Age in 2016
« Reply #21 on: December 08, 2015, 07:01:36 AM »

If you can't swing your age in thousands, try your age in percent.
Crap.  I think my age in percent might be more than my age in thousands, nevermind.  Did the math, but they aren't all that different!

Isn't that math just: "Earning over 100k, percent is more... Under 100k, thousands of dollars is more"?

So dragoncar's advice helps those earning less than 100k. And you must be earning right around that.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with two kids.
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jorjor

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Re: Save Your Age in 2016
« Reply #22 on: December 08, 2015, 09:31:47 AM »
I'll be 28 and wife is 31. So the total is $59k, which is just below the $60k I set as a goal already, I'm in.

By my count we'll be at $53.5k in invested assets in 2015, which is a bit lower than the sum of our ages but was also in a year where we put a down payment on a house, so if you count home equity we were well clear of the goal

smella

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Re: Save Your Age in 2016
« Reply #23 on: December 08, 2015, 09:40:16 AM »
Oh I am so in! I'm 25, turning 26 in May, and I think saving $25,500 will be a tough but not impossible goal for me (income ~40-45k, but live with a spouse). 

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Re: Save Your Age in 2016
« Reply #24 on: December 08, 2015, 09:54:58 AM »
I like this gauntlet better than the 50k, simply because age and income is correlated, at least for the first couple decades of working age.

I plan on saving 26K or 50% of gross income before employer contributions (31K after). Age 29. I also have about 4k in this year's contracts coming to me in Jan 2016, plus any contracts I pick up next year so should be easy enough to match age 29.

fyi I am defining saving as invested dollars. Also plan to add 5K in cash in 2016.

A more difficult but perhaps meaningful goal for me would be to 'pay' for all my living expenses in side income and save all of my w2 income. Maybe in 2017.

dragoncar

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Re: Save Your Age in 2016
« Reply #25 on: December 08, 2015, 02:43:18 PM »

If you can't swing your age in thousands, try your age in percent.

I read "percent" as "pennies" at first glance,  and thought you were making a commentary on how the forums have gotten soft. ;)

Try saving your age in lentils

CientoUno

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Re: Save Your Age in 2016
« Reply #26 on: December 09, 2015, 12:07:07 AM »
I like this! I'll be 26 soon, and entering some totally new career field fresh after a move back to the States, so it's a nice low (hopefully achievable) number on whatever shit salary I will likely be dealing with. Consider me in!

sol

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Re: Save Your Age in 2016
« Reply #27 on: December 09, 2015, 12:56:48 AM »
If you are married, is the gauntlet to save yours + partners age?    ;)
If you can't swing your age in thousands, try your age in percent.

If you can swing your age in thousands, and you are married, then try to save your age + partner's age in percent.  That would be pretty badass.   I suspect there's a pretty narrow demographic where that's reasonably possible, i.e. just younger people with larger salaries.

We save about 60% but our combined age is considerably higher than that.  Our percent was not so high when we were younger.

Of course, this challenge is still dependent on everyone's personal methodology for calculating their savings rate.  Mine got noticeably lower the day I decided that employer matching funds to a 401k account can't defensibly count as savings if they don't also count as income.

dragoncar

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Re: Save Your Age in 2016
« Reply #28 on: December 09, 2015, 01:09:27 AM »
If you are married, is the gauntlet to save yours + partners age?    ;)
If you can't swing your age in thousands, try your age in percent.

If you can swing your age in thousands, and you are married, then try to save your age + partner's age in percent.  That would be pretty badass.   I suspect there's a pretty narrow demographic where that's reasonably possible, i.e. just younger people with larger salaries.


OK, I've got another one.  If you can save your age in percent, but can't save your age in thousands, try saving the square root of your net income minus your gross income.

arebelspy

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Re: Save Your Age in 2016
« Reply #29 on: December 09, 2015, 01:12:17 AM »

OK, I've got another one.  If you can save your age in percent, but can't save your age in thousands, try saving the square root of your net income minus your gross income.

And for those in debt: Imaginary numbers are fun!
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with two kids.
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Re: Save Your Age in 2016
« Reply #30 on: December 09, 2015, 04:44:43 AM »
If you are married, is the gauntlet to save yours + partners age?    ;)
If you can't swing your age in thousands, try your age in percent.

If you can swing your age in thousands, and you are married, then try to save your age + partner's age in percent.  That would be pretty badass.   I suspect there's a pretty narrow demographic where that's reasonably possible, i.e. just younger people with larger salaries.



For some of us, it's mathematically impossible!


Won't be doing age in thousands, either, as it's nearly equal to gross (and more than gross base salary). Can I shoot for ARS's age in thousands? :)

smella

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Re: Save Your Age in 2016
« Reply #31 on: December 09, 2015, 05:18:46 AM »
I'm towards the beginning of trying to gently convert my spouse to the MMM way.  Maybe I will try to get her to save her age with me. (Newly married and we do our bookkeeping largely separately, or rather, she doesn't 😂).

Anje

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Re: Save Your Age in 2016
« Reply #32 on: December 09, 2015, 06:16:17 AM »
If you can't swing your age in thousands, try your age in percent.
This is a nice idea. I'll try to save 33 % of my total income next year. That's 19 k and will leave me 19 k to live on (1/3 of my paycheck goes to taxes) and should be a pretty tough goal. Last year I managed 15 k, this year I think I'm around 16-17 k.

(I translated to dollar even though the price is in flux these days)

Zaga

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Re: Save Your Age in 2016
« Reply #33 on: December 09, 2015, 07:01:52 AM »
I like this one!  In previous years our best saving year was about $41K.  2016's goal is $49K, and DH just turned 47 (I'm 35), so that just about works.  This is dependent on me getting a job, which I've had some interviews and things seem to be picking up momentum, it's just a matter of time.

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Re: Save Your Age in 2016
« Reply #34 on: December 09, 2015, 07:54:57 AM »
I'm definitely in! I'll be turning 26 in 2016 and double my age would be a bit of a stretch goal, but not completely out of reach. Assuming no surprises, I'm currently on track to save ~$46K.

I'm also in the "race to $100K" and will be at ~$50K NW at the end of 2015 so these two challenges will go hand in hand! Here's to hoping I can accomplish both of these next year!!

Best of luck to all Mustachians next year!

JZinCO

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Re: Save Your Age in 2016
« Reply #35 on: December 09, 2015, 09:05:59 AM »
If you are married, is the gauntlet to save yours + partners age?    ;)
If you can't swing your age in thousands, try your age in percent.

If you can swing your age in thousands, and you are married, then try to save your age + partner's age in percent.  That would be pretty badass.   I suspect there's a pretty narrow demographic where that's reasonably possible, i.e. just younger people with larger salaries.


OK, I've got another one.  If you can save your age in percent, but can't save your age in thousands, try saving the square root of your net income minus your gross income.

Great idea. And if you can't swing that, try following this savings rate formula: EXP(-6.7+1.9*LN(age)-0.0005*age^2)
« Last Edit: December 09, 2015, 09:18:35 AM by JZinCO »

arebelspy

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Re: Save Your Age in 2016
« Reply #36 on: December 09, 2015, 09:43:49 AM »

If you are married, is the gauntlet to save yours + partners age?    ;)
If you can't swing your age in thousands, try your age in percent.

If you can swing your age in thousands, and you are married, then try to save your age + partner's age in percent.  That would be pretty badass.   I suspect there's a pretty narrow demographic where that's reasonably possible, i.e. just younger people with larger salaries.


OK, I've got another one.  If you can save your age in percent, but can't save your age in thousands, try saving the square root of your net income minus your gross income.

Great idea. And if you can't swing that, try following this savings rate formula: EXP(-6.7+1.9*LN(age)-0.0005*age^2)

You think that old formula you probably got from your great grandfather still works?  It needs to be better to keep up with today's gigsharingeconomy.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with two kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

JZinCO

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Re: Save Your Age in 2016
« Reply #37 on: December 09, 2015, 11:33:32 AM »

If you are married, is the gauntlet to save yours + partners age?    ;)
If you can't swing your age in thousands, try your age in percent.

If you can swing your age in thousands, and you are married, then try to save your age + partner's age in percent.  That would be pretty badass.   I suspect there's a pretty narrow demographic where that's reasonably possible, i.e. just younger people with larger salaries.


OK, I've got another one.  If you can save your age in percent, but can't save your age in thousands, try saving the square root of your net income minus your gross income.

Great idea. And if you can't swing that, try following this savings rate formula: EXP(-6.7+1.9*LN(age)-0.0005*age^2)

You think that old formula you probably got from your great grandfather still works?  It needs to be better to keep up with today's gigsharingeconomy.
haha, no wait. I've got a sine wave function I can dig up :)

smella

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Re: Save Your Age in 2016
« Reply #38 on: December 15, 2015, 06:06:42 AM »
Hahaha, you folks are hilarious.  ^^


I've decided to use December savings as a head start since my age (25) is 64% of my projected 2016 income.   So I got my second paycheck of the month today and am putting $2,400 of 2,600 toward my goal. Yay for budgeting well in the first half of the month!

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Re: Save Your Age in 2016
« Reply #39 on: January 06, 2016, 05:30:18 PM »
I am in for the year!

Just transferred $3000 to Vanguard to get myself almost 1/10  of the the way there (I will be 33 end of the week)

Looking forward to a high savings rate year, $33,000 would be 66 percent of my projected gross pay and I'll still need to pay tax's out of that. ( Self employed)
 
Hot damn!  Let's do this!

Erica

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Re: Save Your Age in 2016
« Reply #40 on: January 08, 2016, 10:49:01 PM »
After taxes, I clear about $2100 per mo for 36 hrs wk. (but have an awesome health plan for $10 mo-and- sleep half of the shift)
Jan 1st, my hourly wage was increased by $1 to $13.50

I can commit to saving $1000 per mo.  I am probably the poorest person here!!!
« Last Edit: January 08, 2016, 10:50:45 PM by Outdoorsygal »

Eric222

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Re: Save Your Age in 2016
« Reply #41 on: January 09, 2016, 07:15:12 AM »
After taxes, I clear about $2100 per mo for 36 hrs wk. (but have an awesome health plan for $10 mo-and- sleep half of the shift)
Jan 1st, my hourly wage was increased by $1 to $13.50

I can commit to saving $1000 per mo.  I am probably the poorest person here!!!

Can confirm that if you are not in debt, you are not the poorest person here!  Some of us were idiots in our younger years...

sol

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Re: Save Your Age in 2016
« Reply #42 on: January 09, 2016, 10:29:24 AM »
I am probably the poorest person here!!!

How much debt do you have? 

There are folks here carrying tens of thousands of dollars of debt who are probably much poorer than you are, even if they earn a higher hourly wage.

arebelspy

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Re: Save Your Age in 2016
« Reply #43 on: January 09, 2016, 10:38:58 AM »
IDK, is the definition of "poorest" == "lowest net worth"?

Cause people worth $0, with nothing, starving in Kolkata I would say are poorer than someone owing 250k in student loans from law school but making six figures. The latter has a lot lower net worth, but has shelter, food, probably a real cushy lifestyle.

Roughly 1 billion people live on equivalent to 1 USD per day or less.  I'd call all of them poorer than anyone who has the means to post on the MMM forum.  I'd say EVERY person here is richer than at least a billion people.  That's pretty staggering.

(Of course the statement was "poorest person here" but I was pointing it out to illustrate two things: 1) poorest doesn't just mean lowest net worth, and 2) we're all rich not just compared to some, but compared to MANY, perhaps even over a billion people.)
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with two kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

JimLahey

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Re: Save Your Age in 2016
« Reply #44 on: January 09, 2016, 11:47:08 AM »
If you can't swing your age in thousands, try your age in percent.

This would probably be more realistic for me. I just turned 28 and $28K is roughly 70% of my income ATM. Although if I adjust the formula and subtract 8, $20K would be a nice goal to shoot for. Especially considering that I would like to get out of my apartment and into a house within the next year or so. So it would make for a nice down payment. I want to pay off one of my two remaining student loans first and then i'm game. The last loan has 3.15% interest, so it can wait.

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Re: Save Your Age in 2016
« Reply #45 on: January 09, 2016, 11:50:29 AM »
I'm in. A large stretch goal will be to double my age (26) and hit 52k saved in 2016.
Currently:
401K set to hit 18k by year end
Roth IRA already maxed at 5500
match+pension ~5500
HSA will be 3350
Total $32,350 so I will need to hit just shy of $20,000 taxable.

Like KZoo this would also put me close to completing the $100,000 gauntlet so I will hope for a better than expected year in 2016!

Erica

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Re: Save Your Age in 2016
« Reply #46 on: January 09, 2016, 01:34:59 PM »
After taxes, I clear about $2100 per mo for 36 hrs wk. (but have an awesome health plan for $10 mo-and- sleep half of the shift)
Jan 1st, my hourly wage was increased by $1 to $13.50

I can commit to saving $1000 per mo.  I am probably the poorest person here!!!

Can confirm that if you are not in debt, you are not the poorest person here!  Some of us were idiots in our younger years...
I was indebt in my younger years too, so count me as one of the idiots :)

Erica

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Re: Save Your Age in 2016
« Reply #47 on: January 09, 2016, 01:35:40 PM »
I am probably the poorest person here!!!

How much debt do you have? 

There are folks here carrying tens of thousands of dollars of debt who are probably much poorer than you are, even if they earn a higher hourly wage.
I don't have any debt but I am probably older than most of you. I am 47.
We had debt for years due to two medical bills. One accident especially took 15 years to pay off. We put it on a Credit Card.
My 24 year old is planning to move out. So that will save us at least $300+ more per mo. since we pay for his food and his car insurance
« Last Edit: January 09, 2016, 01:42:06 PM by Outdoorsygal »

sol

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Re: Save Your Age in 2016
« Reply #48 on: January 09, 2016, 01:39:00 PM »
IDK, is the definition of "poorest" == "lowest net worth"?

Cause people worth $0, with nothing, starving in Kolkata I would say are poorer than someone owing 250k in student loans from law school but making six figures. The latter has a lot lower net worth, but has shelter, food, probably a real cushy lifestyle.

A first worlder with $40k in consumer credit card debt and negative home equity has a much lower than net worth than a starving person in India, and by most normal metrics would be considered poorer. 

But you've illustrated that those metrics are clearly bad, if a person with a giant house and two SUVs is considered poorer than a leper who begs for table scraps in the Indian slums.

One possible way to clear this up is to look at the idea of lifetime capital, as we've previously discussed here.  When you are young you have lots of human capital because you can get a good job and work at it for 40 years.  When you are old you have lots of monetary capital but not very much human capital left.  In between you steadily trade one for the other.

So the consumer debt American has a higher net worth (and is thus less poor) by virtue of their future earning potential, which is what facilitated all that debt.  The starving Calcuttan has no capital and no opportunity to earn future income, by virtue of his place in the lottery of birth, so is poorer despite having no debt.

Erica

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Re: Save Your Age in 2016
« Reply #49 on: January 09, 2016, 01:40:05 PM »
IDK, is the definition of "poorest" == "lowest net worth"?

Cause people worth $0, with nothing, starving in Kolkata I would say are poorer than someone owing 250k in student loans from law school but making six figures. The latter has a lot lower net worth, but has shelter, food, probably a real cushy lifestyle.

Roughly 1 billion people live on equivalent to 1 USD per day or less.  I'd call all of them poorer than anyone who has the means to post on the MMM forum.  I'd say EVERY person here is richer than at least a billion people.  That's pretty staggering.

(Of course the statement was "poorest person here" but I was pointing it out to illustrate two things: 1) poorest doesn't just mean lowest net worth, and 2) we're all rich not just compared to some, but compared to MANY, perhaps even over a billion people.)
That puts it into perspective :)