What's an acceptable savings rate for a wagie? I have about $1k left over every month after paying for everything

>Actually almost noone saves at 20% of income
Depends on the country. Switzerland is quite close to this number, if I remember correctly.

But yes, the rate is dropping since the 80ies. But there are actually many reasons for that.

my only problem is that for a lot of this generation the idea that you'll make a lot more as you get older might not be true. have invested quite a bit but only because i still live at home. odds are once i move out i'll have to accept letting time snowball my investment and being unable to continue to contribute much at all

Try to save up 15% of your montly salary. That would do well and also set aside that 15% and play with the rest.

Understandable. Then save the whole 1000 and yes, that’s a very smart amount for the long term. But if you’re in your early 20s making that much money and planning for your future investments, you are not average. Most of your generation might be fucked, but most of them don’t have their heads where yours is. I certainly didn’t in my early 20s.
Just realize that at a certain point, more spending won’t change your life - it’ll just get you more expensive versions of what you already have. Don’t fall for that, user.

How much debt do you have?
Have you started saving for retirement?
What is the total amount of non-retirement savings you have?
What is your gross (before tax) pay?

instead of having a savings account, I buy gold and silver. it will hold my value better than USD. and silver may be $50 in 2020, so it not only retains value but appreciates.

silver is the best savings account, because PM are real savings

I save 1100 a month
But I also only make 1800 a month
I have 40k.

Do you live with your parents or something?
What's your pre-tax income?

I do and like 2300 before tax.
Really pitiful amount, if I had a real job id be over 100k probably

>instead of having a savings account, I buy gold and silver. it will hold my value better than USD.

Oh, look. A silverbug.
I feel sorry for you.

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>make exactly 1020 EUR/month
>save around 800 EUR

t. student living in an apartment owned by my family

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1100/2300 is ballin'. I'm proud of you. Just make sure to stay out of debt and get that income up as soon as possible. You might also consider moving into your own place. It makes a man out of you.

These are maplebucks, not usd.
I also dont have any debt and have my name on title of the house, so moving would be pointless.

>Just make sure to stay out of debt
I need to add something here.
Yes, stay out of e.g. debt for leisure stuff. Do not get into debt to buy a fancy car, a watch or something like that.
No, do not avoid debt which helps you to get educated. No one can rob you of your knowledge and it helps you to earn more money.

Does not count, if you would not be able to repay the student loan. The US is fucking itself for decades to come, they will ask themselves how the hell they could charge so much for degrees. For how much an american student can complete an undergrad degree, my wife and I could have done our masters two times.

Just spend $1K every month in good coins, like NANO, FUN and LINK.
Nothing can go wrong like that.

Where should I put it?

>No, do not avoid debt which helps you to get educated.

Bad advice. You shouldn't be taking out loans to go to a university. Try something you can afford, like community college.

All debt is bad debt. And (non-dischargeable) student loans may be the worse of all.

The information needed to create the correct portfolio for you is nothing you should put on the internet. And without very! private information, no one is able to construct a portfolio for you.

So you either need to take a deep dive into the matter yourself or consult a good professional.

>All debt is bad debt.

No, this is a common mistake which keeps many great brains from low/middle-class families away from very good schools. Debt from education is an investment.

If you are e.g. in Germany, you have to repay 10-15k for bachelor & master. After 2-3 years, is is paid back without any problems. It is the same in most european countries, where paying back these loans take at most 5 years (assuming you are flexible and did not pick a theatre degree).

Like I said: in most countries, certain debt is affordable and even recommendable. Just because american students get skullfucked by their loans does not mean that it is like this everywhere.

Lol investing is easy as dogshit. The only hard part is asset allocation but if you're young you can get away with 100% stocks. There are only two rules:

1) Buy the most inexpensive U.S. index you can find (S&P 500 or total stock market).
2) Invest every month no matter what.

>30 years of savings is still less than the cost of a single family home in a major US city
How fucking sad. They have truly forced us into slavery. Without a mortgage it is impossible to survive. They force us into debt so they can keep the machine grinding

You have no idea what you're talking about. Low and middle class students have access to many scholarships and grants, along with federally guaranteed student loans. But there's no reason to take out a loan when you can get the same education with cash.

>2% inflation

Lmao. The government lies out of its ass about the yearly inflation rate. $1 in 1970 is $6 now. Adjust your inflation rate and save accordingly.

Here's a crazy idea: don't live in a major city if you can't afford it!

>s&p 500

what if it crashes?

>If you are e.g. in Germany, you have to repay 10-15k for bachelor & master. After 2-3 years, is is paid back without any problems. It is the same in most european countries, where paying back these loans take at most 5 years (assuming you are flexible and did not pick a theatre degree).
Why you would not get a theatre degree in Germany and end like a motherfucking assdestroyer inside Valium Steakhouse?

That's good news if you're investing every month. Means the shares just got a whole lot cheaper! Seriously though, look at the long-term trend here.

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I don't agree. You can say "if you can't afford it don't buy it" about a lot of luxury things but not housing. Because by your logic, the only people who can afford to live in major cities are the rich or the ultra poor who get free gibs. Not the middle class. Cities can not function without middle class wage slaves.

A mortgage on a 700k house is a good 4000 a month. That's nearly 50k a year. In order to make 50k net you have to make about 75k before taxes. That means that in order to just buy a house but no food, no property taxes, no savings, you have to make 75k. That's not really feasible to the vast vats majority of people.

My 401k is all in on s&p500 etfs. But my regular portfolio consists of weed stocks. Since they will do better in a recession than industrial stocks

If you can't afford to live somewhere either find a way to make more money or move. It's really that simple. The fact that everyone gets a 30-year mortgage is the reason housing is so expensive to begin with!

This user is right
Dave Ramsey pls go

You'll probably lose money on the weed stocks but the 401k plan sounds good. Just make sure you're contributing a minimum of 15% of your pre-tax income to retirement. If you're lucky enough to hit the 401k max then you may need to open a Roth or something.

Dave is dead on. Debt is not the way to success in personal finances.

There will be no middle class left in cities and they will collapse. Not feasible.

Look, if you want to be poor in the big city that's your choice. But the smart thing to do is to move someplace you can afford. Maybe if you are frugal and invest then you will be able to afford the city life some day.

society will literally collapse in 10-20 years so just live paycheck to paycheck

perhaps my friend. but that's like saying "fuck it i'll probably be dead before i need retirement money." if you ever make it your old self will thank you. if not, you didn't lose anything and no longer have any worries

>Lol investing is easy as dogshit

Money is cheap right now, so it seems to be "easy", as anything you throw money on leads to a positive return after inflation anyways.
The nuances are to keep it profitable AND secure. Which I failed to see in the portfolio of any rookie until today. I rather have a stable 5% that I can be sure to stay above the inflation rate and profit from the recovery after a major crisis than 6% in this new SEA-index with unknown companies, that crashes 25%, as soon as China even looks like it is about to sneeze.

In the 80ies, we had >5% inflation. The more you go back, the higher you will see was the average annual inflation.
So calculate again, realize your mistake and hide in shame.

If all of them would have access to them, I would agree. But the numbers indicate about an 20% increase of students with debt after finishing universities in the last five year, so either said grants and scholarships are badly alocated or simply not enough.

>you need 25 years to save for a shitty house
kek. life is truly a scam for waggies

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With a well-paid job, you are in for about ten years.
Afterwards, you can invest a bit more freely, which in the end can still turn into a stable supplement for our pension.
And if you bite the dust, your kids have a bit to fund themselves a bit better. Which in turn turns into its own overall problem, but I digress...

i got about 40% which i find shameful.

thats 12k per year. just think in another decade of wage slaving you might be able to buy your own dilapidated shit box to live in. might even be able to land one of tyrones ex girlfriends if your lucky.

i easily save 40% of my income in an expensive city. not sure how normies piss it all away

>32 year old boomer
>$250k saved
>still throw in my $2k per month
>at this point market moves dwarf the effect of old fashioned saving

what would you suggest he do then? live at home with mommy off neetbux like you do?

26 year old boomer here just moved to toronto
Lab Tech
45k loonies /year

Pay every 2 weeks is $1400 so like 3.7k /month -20% tax= ~3k/month

rent is $1250+500 for student loans+$150 car insurance+maybe 150 for gas+food money+weed money+ect expendatures. I think ~1k is ennnn doable but currently im living in an airbnb eating fast food every day until we move into an apartmant so I'm just living dollar by dollar. Anyone else living nomad style life and have any tips for saving some dosh? Toronto is pretty expensive. Once I get rid of my student loan bags I'll be in a bit better shape but I still owe 35k on those.

How about you stop living in a fucking airbnb if you want to save money. Unless you're spending less than 50 dollars a night (which u doubt you are because a major city like Toronto will charge at least 80+ for anything more than a closet), 50x30=1500 a month which is rent for an apartment

>Anyone else living nomad style life and have any tips for saving some dosh?

My brother-in-law did this for the past two years. Yes, it is very hard in big cities, where basic necessities creep away your money.

Cut the weed (~$50).
Take pulic transportation and sell your car (~200$).
Cut the fast food and cook yourself.

During the weekend, you could try to get some fruits and vegetables that grow on free places in the suburbs. I dont know how it is in your area, but in Germany I could safe weeks of food this way by freezing this stuff. Takes a lot of time, though.

I looked for an apartment for about 2 months and found one that's decent I'm just waiting to move in. I've been getting ok deals on airbnb abusing their referral thing, I stay somewhere for 3-4 days to get $55 off then I make a new account and stay somewhere another 3-4 days to get the discount again. I've been spending about $25/night at my lowest and maybe $35 at my highest. I could sleep in my car but I don't pay for data or anything so I think the trade off between having somewhere to sleep, wifi and a bathroom is worth it.

Will cut the weed soon when move into a place because you're legally allowed to start growing a few plants yourself soon. The public transport and selling car I'm thinking about, might save a bit because a pass for the month is maybe $150. I've been living in a town of 20k my whole life so I'm still adjusting to city living and it's "diversity" or lack there-of. I'll definitely check out some local vegi/fruit stuff. For self cooking I'd probably just need more non-perishable type stuff so I might start buying a lot of canned food.

>5%
>2018

1k is good for a pathetic wage cuck I shit you not ~90% of wagies live paycheck to paycheck

5% is a good average value.
If you dont put it in your bank, at least...

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sell weed

like half my friends don't even have savings.

Nice almost get, I'd sell to friends but not to randoms. The only people I actually know in the whole city are my lab coworkers and they are all straight edge indian/chinese women.

anything over $3300 a month is not really worth it as long as your investments return at least 6% a year.

I net around 1900 EUR a month and this month I'll be saving 1600 EUR. But I usually save around 1200 EUR. This in Portugal (yes, living with my parents ATM). Still, saving this amount won't be enough to make it.