Resolved Question

How much money did you save by the time you were 23 years old?

Best Answer - Chosen by Asker

None. I was dealing with the fall out of my mother's death of cancer and then my other parent's death 2 years later of a stroke, by which time I was then caring for my grandfather while trying to keep the family home going.

Not everyone can save. Great for those who can.

Aw thanks :0) Thanks for Best Answer as well! I hope you get to save if you can! xx

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Other Answers (7)

• Keep in mind that all 23 year olds are not equal in many important ways.
  
  For example, I had a free ride to college (scholarships, parents, & grandparents) and was working on my PhD at age 23 (already had my MBA) while working full time. I lived with my parents and in student housing (graduate dorm supervisor while working on my masters) most of the time until I was 25. That's when I finally achieved my goal (Big fat wall street job -- which I ended up hating, by the way).
  
  So -- my life savings of $30,000 (about $100,000 today) sounds very impressive until you realize that only a tiny percentage of the 23 year olds my age (or your age) had the potential to save so much.
  
  Be careful to compare yourself to people in similar circumstances with backgrounds that follow similar paths.
  
  A very simple rule for those under the age of 30 is to use your annual Social Security statement that you get every year and figure out what 20% of your income is for every year you have worked so far. Add it all up and the total is a good guess at what the very best savers would have saved had they had your exact income.
  
  10% per year is what you "should have saved" all things being equal.
  
  But things are rarely equal.
  
  ;-)
• $6,000 to buy a car for cash.
  I took finance classes at school and learned that paying interest only makes banks rich.
  Also learned that by paying cash - you can get a huge discount off the purchase price.
  Saved a lot on car insurance - got liability only and saved at least a thousand dollars.
  /
• I didn't have more than a few hundred dollars but I was debt free with a master's degree.
• I'm nearly 21 and plan (realistically) to have £9,000 in savings by the end of august but the problem is i'll still be £15,000 in debt...
• $3000, adjusted for inflation that would be $16,000 in today's dollars. About a half years pay for me then.
• Not much. I had just paid for college on my own, but didn't have any student loans. From 23-24 I saved $5000 and purchased a house.
• I was very...very, drunk.