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Old 04-15-2011, 11:36 PM
UFActuary UFActuary is offline
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Default How much should savings should Actuarial Students have by Age 30?
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.
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Old 04-15-2011, 11:44 PM
dukelampard dukelampard is online now
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If you don't have $100,000 by age 30 you're a loser.
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Old 04-16-2011, 12:02 AM
UFActuary UFActuary is offline
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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
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Old 04-16-2011, 12:11 AM
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Save whatever you can and don't worry about some number.
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Old 04-16-2011, 12:57 AM
tommie frazier tommie frazier is offline
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i had $0 at thirty.

do no worse than that.
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Old 04-16-2011, 05:15 PM
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Rule of thumb for any age:

(Annual Income x Age)/5
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Old 04-16-2011, 07:46 PM
Colymbosathon ecplecticos Colymbosathon ecplecticos is offline
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Yikes!

According to your formula I'm 150 years old!

Of course, last year wasn't a really good year income-wise.
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Old 04-16-2011, 08:27 PM
panther panther is online now
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Quote:
Originally Posted by Rockhound View Post
Rule of thumb for any age:

(Annual Income x Age)/5
ORLY? Please explain how this is feasible for someone to achieve being < 10 years removed from college and not going to school on parents' money.
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Old 04-16-2011, 08:57 PM
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$250,000 or gtfo
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Old 04-16-2011, 09:09 PM
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Quote:
Originally Posted by UFActuary View Post
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?
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