Savings - how much should I have by now?

Any

Lokolo wrote: »

Visit the DFW board. If a person on £35k a year did what they did, for instance, the spend £4k a year. You would be able to save at least £15k a year.

Yeah, of course you can spend only 4k a year... you will have damn miserable and boring time, but you can do it. But if you are an average 26 yr old person who earns £35k a year (and there is not that many out there), WHY WOULD YOU???:D

OP, when you say "how much should I have saved up", do you mean for emergencies, for old age or for house deposit? Do you already have a house? The question is fairly vague...

Any

Originally Posted by jon3001
19-year old student wins over $1M playing poker.

18-year old girl wins $2M as a poker-pro.

21-year old student builds $1M home-page.


These are just some of the more well-reported examples I've come across. There are probably many examples of young entrepreneurs in more mundane businesses (e.g. carwashes, laundrettes) that quitely get on with being wealthy with very little publicity.

amistupid wrote: »

For every lucky gambler and young student entrepreneur there are probably more than ten thousand hardworking students who leave with a degree, no job (and in the current economic climate no employment prospects) and tens of thousand pounds of debt.

It's not only how many regular students leave university with debts I am worried about, but mainly how many students leave with debts because they were trying to achieve that understanding of poker and didn't have the brains to do it!!! I think those screw the average up a big style....

Lokolo

Any wrote: »

Yeah, of course you can spend only 4k a year... you will have damn miserable and boring time, but you can do it. But if you are an average 26 yr old person who earns £35k a year (and there is not that many out there), WHY WOULD YOU???:D

To save for many things; early retirement, wedding, children, a sports car, a business...... etc. :cool:

Any

Lokolo wrote: »

To save for many things; early retirement, wedding, children, a sports car, a business...... etc. :cool:

Don't take me wrong, I don't mean not to save at all - I have a savings - but I think everything has got it's boundaries. To live on £4k a year is a bit too tight...
And somehow I don't believe that person living on £4k a year is going to go out after all that hard work and blow it all on a sports car!:D
Early retirement - on £4k a year there is no chance for hobbies, so why would you retire early, to spend your time watching TV? (If your budget stretches as far as TV licence, somehow on £4k a year I doubt it)...

You know what I mean?
And mainly - if you spend all your youth saving money and not let yourself go occasionaly and have spontaineous fun and tomorrow you get run over by bus, what was the point of all that? Life is too short to spend it watching yourself.

Lokolo

Yeh I can see your point, I must be a bit weird.

I am aiming to save £100k by 30, which means at some points I am going to have to live off £4k a year unless I get an awesomo job. But I plan to have my own business which I will buy with that money.