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Forum
-> Household Management
-> Finances
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amother
OP
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 Mon, Oct 11 2021, 9:48 pm
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I'm curious what the average is at different stages in life. If you can specify age range, number of kids, homeowners, etc I think it would give perspective. You can also break down what's in a 401k vs investment account vs checking, etc
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amother
Green
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Mon, Oct 11 2021, 9:51 pm
Low thirties. 3 kids.
About $40k.
We own a starter home, and hope to eventually sell so that we can afford a bigger home.
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amother
Ultramarine
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Mon, Oct 11 2021, 9:51 pm
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Not sure . Maybe around $200,000? 3 kids. We are in our mid thirties. We own a home in Brooklyn for a few years .
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amother
Emerald
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Mon, Oct 11 2021, 9:56 pm
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we didn't have any until 32. Then we had 100k in one year. Using it to buy/fix an apartment and then start all over again.
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amother
Junglegreen
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Mon, Oct 11 2021, 9:57 pm
Nothing  month to month
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amother
Brickred
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Mon, Oct 11 2021, 9:59 pm
Financially it isn’t smart to keep money in savings being that it depreciates 3% annually due to inflation.
Dave Ramsey suggests keeping 6 months of living expenses in savings not more and then invest the rest.
We don’t even keep 6 months because we can always take out of investments if need be.
We’re around 30 have two kids and have about 20k in savings and about 350k in equity between real estate and stocks.
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amother
DarkOrange
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Mon, Oct 11 2021, 10:01 pm
$200 (not $200K).
Around 40 years old.
Don't own a home, but we are rich with lots of incredible kids B"H!
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amother
Daisy
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Mon, Oct 11 2021, 10:01 pm
High 20s. 2 kids. Own a home
40k in a retirement pension fund
85k in a mutual fund
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amother
Bone
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Mon, Oct 11 2021, 10:04 pm
Homeowner
5 kids
In our 40s
Only $8-$9k in 401k
No other savings
We live paycheck to paycheck
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amother
Strawberry
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Mon, Oct 11 2021, 10:06 pm
Mid 20s with 2 kids.
Own a small home (well, I guess the bank still owns most of it)
Not including 401k, about 125k
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amother
Wheat
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Mon, Oct 11 2021, 10:09 pm
Mid 30s - about $1 million in investments
4 kids
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amother
Mint
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Mon, Oct 11 2021, 10:14 pm
Low 30s
Own our home
About 250k in savings but have some investments as well.
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amother
Ballota
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Mon, Oct 11 2021, 10:18 pm
High 20's
3 kids
Own our home
around 30K in savings. No investments yet besides for our home but hoping to start investing sooner rather than later.
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amother
Opal
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Mon, Oct 11 2021, 10:18 pm
$1M
Which is kind of funny because DH doesn't want to make any substantial purchases "in case we need it in the future" so people think we're poor and offer to give us stuff.
DH keeps it under a mattress (not literally) because he has "no appetite for risk".
So we are fortunate not to sweat over monthly bills but I feel very much lacking compared to other middle class people and I think we're so foolish not to invest.
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amother
Zinnia
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Mon, Oct 11 2021, 10:20 pm
Low forties with three kids.
$420,000 in 401k
Very little in savings right now, less than $10,000
$400,000 equity in our home if Zillow is to be believed
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amother
Fern
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Mon, Oct 11 2021, 10:22 pm
Mid 40's around 200k in savings.
I'd love if those responding would also include how they accumulated their savings. Do they set aside money out of each paycheck? Is it from money they had before getting married? Yerusha? scratch off lotto ticket? Gift?
All my savings are from a yerusha. I was completely broke and in debt prior.
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amother
Lawngreen
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Mon, Oct 11 2021, 10:24 pm
Mid 20s
50k stocks, 20k Roth IRA, 30k cash
Plus about 100k in our house.
Our saving strategy is setting aside money automatically each paycheck that goes directly into savings.
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amother
Brickred
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Mon, Oct 11 2021, 10:30 pm
| amother [ Fern ] wrote: | Mid 40's around 200k in savings.
I'd love if those responding would also include how they accumulated their savings. Do they set aside money out of each paycheck? Is it from money they had before getting married? Yerusha? scratch off lotto ticket? Gift?
All my savings are from a yerusha. I was completely broke and in debt prior. |
All our savings are from hard earned earned money. And smart investments.
We work hard and spend smart. We got married all on our own. We both come from tough backgrounds and had never a penny of support. We had a combined savings of 16k and credit card debt of about 20K when we got married (btwn 5-10 years ago). We took out a Gemach loan to pay off every credit card and paid off that loan in three years. We saved aggressively And both have multiple incomes as a result of our hard work. We bought a house as soon as possible. Put down 20k only bec interest rates are so low so your money will make you a lot more money than interest costs these days.
The value of our house doubled in the last few years. And we keep investing daily in some low risk and some higher. My husband dedicated hours of his day to learn stocks and Bh is really seeing a return.
All those fluffy mishpacha stories on sukkos about getting out of debt made me laugh. None of them actually said how it was really down with sweat and hard work.
No yerusha, no family support, parents don’t even buy stuff for our kids. But we are where we are today with the help of hashem and real dedication to our future and children’s financial stability.
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doodlesmom
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Mon, Oct 11 2021, 10:32 pm
| amother [ Opal ] wrote: | $1M
Which is kind of funny because DH doesn't want to make any substantial purchases "in case we need it in the future" so people think we're poor and offer to give us stuff.
DH keeps it under a mattress (not literally) because he has "no appetite for risk".
So we are fortunate not to sweat over monthly bills but I feel very much lacking compared to other middle class people and I think we're so foolish not to invest. |
Money under the mattress loses value every year….
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amother
Brickred
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Mon, Oct 11 2021, 10:35 pm
I also want to add
We treat savings and investments as bills. Not extras.
If we make 3000 a week, just like we pay our cleaning help and childcare weekly we pay Charles Schwab and chase bank weekly. Non negotiable.
Psychologically you spend what you think you have.
If you see $3000 in your bank account your way more likely to splurge than if you see $450…
And we also never use credit cards anymore other than online shopping and we pay up our balance in full every month.
When we bought our home we got the lowest mortgage rate that our broker ever gave anyone at that time due to our credit scores and the fact that we chose a house that was fully within our financial means. I don’t say this to brag. I provided my background and how we got here.
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