How much do you have in your account now

lk1234

Tue, Nov 24 2020, 5:33 pm

amother [ Brunette ] wrote:

In my 50s, not quite $1.5m

Why?

Because when I turn 50 - I want to be like you, knowing that there are people out there that can do it gives me strength to keep going. Any tips?

amother

Gold

Tue, Nov 24 2020, 5:34 pm

Sake wrote:

I think we are pretty normal for a JPF (although a little more OOT then most) ... kids raging from 28 married with kids all the way down trough some teens a few in grade school and a two year old of our own.

We have anywhere between 0 and 5k saved at any given time. Own a home and some land, paid off vehicles and no debt. If a crisis came tomorrow we would be reliant on god alone, if a crisis came next week, we’d be ok.

My parents always said “our retirement plans and investments are on two legs” ... that means that when the time comes, dh and I will trust that our kids will care for us as we cared for our parents and as little kids we saw our parents care for our grandparents.

I would never want to rely on my children. I have good children and they just started working and how good jobs. But no. It’s a different generation and I don’t want to be in their mercy. I just feel it’s not a good situation.

amother

Seafoam

Tue, Nov 24 2020, 5:42 pm

Between investments and savings we have 10-15k. Don't know an exact number. We are 30 and don't own a home. I'm grateful to not be in debt but this is not nearly enough. I don't know if we'll ever be able to move out of our basement apartment.

amother

Chocolate

Tue, Nov 24 2020, 5:43 pm

Sake wrote:

It’s not your children’s job to care for you when you age. That mindset is so toxic and I’m so happy to see the frum community moving away from it.

amother

Navy

Tue, Nov 24 2020, 5:46 pm

We are both 30.
Recently bought a home so our account went from 170k+ to around 30k... slowly building up again
Doesn’t include my kids savings accounts and retirement funds. Just a regular savings account

amother

Aubergine

Tue, Nov 24 2020, 6:17 pm

Both DH and I around 40.

We rent, live month to month, don't own a car, BH lots of kids and insane tuition. BUT as of this year, under $10k in current debt (a few old debts in collections, still under $20K of debt all told), not very behind in tuition, and all of our utilities are on! AND we are up to date on maaser. So comparatively we're doing great!

At the moment, minus any outgoing checks, I think there's about $34 in the bank. One DS has about $1000 from Bar Mitzvah money and I'm holding onto $350 of other money for the kids. We the parents don't have any savings.

Once I finish doing our taxes happy to share the numbers if they help anyone, but there's a lot of miracles involved!

amother

Mistyrose

Tue, Nov 24 2020, 6:18 pm

amother [ Aqua ] wrote:

We have about 5k in the bank and another 20k in cash. I would love to put it all in the bank but DH has a Holocaust mentality and likes to have quick and easy access to money that the IRS has no track of.
We're in our low 30's and BH recently finished paying off debt from buying our house a few years ago, so now we can finally start saving again.

What happens if there is a fire in your house and you are not home? Is it rlly risk to lose 20k in cash?

amother

Floralwhite

Tue, Nov 24 2020, 6:20 pm

amother [ Brunette ] wrote:

In my 50s, not quite $1.5m

Why?

We are also in our 50's. That makes a big difference.
We have about 1.5M also.

amother

Indigo

Tue, Nov 24 2020, 6:21 pm

$35 in one account and $-130 in the other. No savings, we do not own a home. 2 children. DH is the most hardworking person I know. We have a lot of medical expenses. DHs computer (a specific expensive piece that he uses for work) just broke. He broke down crying today, no idea how he will buy a new one as he would need about $4000 for it. (Has to be a specific type to handle the work that he does.) we know HaShem helps and takes care but sometimes it seems as if He forgot about us.

amother

Babypink

Tue, Nov 24 2020, 6:26 pm

amother [ Seafoam ] wrote:

This sounds like me....although we recently were gifted 25k towards a down payment which puts savings and retirement at about 45k. Still don't know if we'll ever be able to move but so so so grateful bh bh for what we have.

amother

Taupe

Tue, Nov 24 2020, 6:27 pm

Mid 30s.
We have about $300k equity in our home so far.
We have about $30k in IRA.
My husbands business has all our money reinvested in it. (Probably about $400k in it that can be liquidated if needed).
We only recently started doing IRAs so hopefully will start building a real retirement fund.

PeanutMama

Tue, Nov 24 2020, 6:28 pm

amother [ Lemon ] wrote:

Reading this tread was a mistake😔 we live month to month but in a very literal sense. Which means we currently have $84 in our account and bh this is a better month!

Same here.

We did open up a savings account and we use that to pay the bills and rent but even so we’re left with 100$ or less a week

We’re in our early middle twenties my husband is older than me

Last edited by PeanutMama on Tue, Nov 24 2020, 6:30 pm; edited 1 time in total

amother

cornflower

Tue, Nov 24 2020, 6:29 pm

We have around $35,000 in a bank account, most of which will iyH be a down payment on a house in the next year, and them month to month we go.

small bean

Tue, Nov 24 2020, 6:33 pm

My parents hopefully will be financially independent, but I would be happy to help them and pay for their needs if they needed. It's a small token to give back to them. So sad that people wouldn't want to.

I think normal parents would not want to be a burden or tske but normal children would want to give.

I can't answer OPs question because I jus4r don't know, but we have all kinds of investments gold, stock account, mutual funds, real estate, regular savings, cash under the mattress, etc

amother

Aquamarine

Tue, Nov 24 2020, 6:34 pm

I hope to never need to never need rely on my kids, but I think it is ridiculous that people are up in arms about it. Wondering what type of childhood you had and what type of a relationship you have with your family.
I work with a geriatric population and it is so sad when they need help and can't rely on their children.
My parents sacrificed for me and I have for my children. If my parents needed something it would not be a chasash not to help them, move them into my house if needed (and cover food, gas/electric), pay for their meds and a secondary (as they would have Medicare). How would I not?!?!
I would expect my children to do the same for me. Now I hope to save (at least once I finish paying their tuition (yes, I pay for college), and if I am able, I would not retire at 65 to sit idly and tell them to pay for me, and I do have equity in my home. But you all sound cold.

amother

Natural

Tue, Nov 24 2020, 7:39 pm

If you include Home equity then I have about 2M. We are in our 30’s.

I inherited $ when I was young, which I used towards a home purchase. The house doubled in value over the last 15 years.

Having that said, I would rather have my parent alive and be there for me when I was growing up.

amother

Plum

Tue, Nov 24 2020, 7:48 pm

Thanks for starting this. if you dont want to comment then dont.

I just got married. We have 3 accounts- savings, my account from HS, and my husbands account that I have access to. Ofc he has access to my account to but since I had this account since HS we kept it.

In our savings account we have around 14,000. Its all the wedding money we got. In my husbands account we live week by week... think he has about 900$ now. In my account I have about 3k. And I just deposited a check from work so I will go up to 4k. I just started a new job

I dont know how people have more money than this lol Im so ignorant when it comes to money

have so many friends in learning and idk how they do it. do they put away in savings?

ETA: im 24 and just started working, husband is 26

amother

Crimson

Tue, Nov 24 2020, 7:54 pm

We're in our mid-20's. We have about $60k in an investment account, about $20k in our retirement savings, and about $50k in a HYS account. We both started working last year after finishing school so hoping that it will grow more quickly than it has been. Ideally I'd like to have about $400k net worth in the next 4 years and use a chunk of that to buy and renovate a house. We save about $60k a year with 2 kids living in a cheap apt.

professor

Tue, Nov 24 2020, 7:55 pm

amother [ Goldenrod ] wrote:

We literally live month to month. So no, we do not.

Same here. I never had more than the weekly salary directly deposited and even more direcly used up