How much should savings should Actuarial Students have by Age 30?

[UFActuary]

whoops I typed the word "should" twice"

I just want an average or ballpark range, assuming the person has been in workforce for 3-6 years with 4-year degree.

Take Savings + Cash on hand + 401(k) minus credit card debt minus other debt.


What should this amount come to? Assuming you don't live in Manhattan.

[dukelampard]

If you don't have $100,000 by age 30 you're a loser.

[UFActuary]

how do you get $100,000 by age 30 when you have at most 8 years with aftertax income of 50,000/yr? And that would constitute 25% savings, but if you have college loans as well....

If you live in any large city you have to be kidding me that this is an easy benchmark for age 30

[The Drunken Actuary]

Originally Posted by UFActuary

how do you get $100,000 by age 30 when you have at most 8 years with aftertax income of 50,000/yr?

The math seems simple enough. Are you sure you're taking actuarial exams?

[Sparktz]

First, it is silly to try to peg an actual number, everyone's situation is too different.

Second, it is even muddier as many people get married in their twenties, so how would you split the savings for dual income?

Originally Posted by Sparktz

First, it is silly to try to peg an actual number, everyone's situation is too different.

This.

By age 60, you can talk about rules of thumb of what you should have (tried to) save. 30 is too young, too close to the starting gate. People graduate college with hugely different situations.

[Ninja Warrior]

I think instead of trying to achieve amount of money by a certain age, a healthier indicator may be the percentage of take home pay that you are saving.

Many of my friends that are single are saving like 50% of their take home pay, while my friends that are married with kids are struggling to save even 15%.

Just go through with your budget and set a monthly saving goal. You will reach your target before you know it.

[Flower]

Originally Posted by The Drunken Actuary

The math seems simple enough. Are you sure you're taking actuarial exams?

I think he's having problems with the one that teaches you compounding interest.

[The Drunken Actuary]

Originally Posted by Flower

I think he's having problems with the one that teaches you compounding interest.

Ah. That would explain it.

[annuitize]

Originally Posted by Flower

I think he's having problems with the one that teaches you compounding interest.

I'm having trouble with that one too. I have 43K in my checking account earing i = 0%; i^real < 0 assuming i^inflation > 0.