Is saving 12 grand a year good?

[Fitnessguy24]

I don't make a lot of money but I live a frugal lifestyle and I have calculated that I can probably save 12 grand a year maybe closer to 15. Is that respectable for someone making less than 50 grand a year?

[Jaltonto]

Fuk I make more than that and thought saving $1k a month was good...Pretty good in my mind

[Wh1teDyn0mite]

Anything you save is good fella.

[ayyy]

das it mayne

you're saving more a year than guys I know making 6 figures dead fckin srs

[Redfish225]

Most people don't even save twelve hundred, also you look ****ing sick man.

Strong af username, lol

[spacecowb0y]

Yeah that sounds fine.

Mess around with a fire calculator to find out roughly what age you want to become financially independent/retire

https://engaging-data.com/fire-calculator/

15k/yr invested over 10 years at an interest rate of 8%/yr is around $230k.

15 years is around $440k

20 years is around $740k

[skinnyntall]

Yessir. Sounds like it’s not that much but most people live paycheck to paycheck. Gjdm

[Train57]

invest it all into bitcoin and you can retire in a year

[IronFeta]

Not if you're ceo12k/day. Otherwise it's good.

[jaries12]

Yes, because you will also build a tremendous amount of financial discipline. Once you are making more money, you will have the innate ability to save by using the same behaviors/habit you built in the past when saving $12k/year.

People who earn more money without the financial discipline waste so much fuking money it's insane (I did it for three years when earning $80/year and saved around 3k by the end of each year - worked hard for no reason really). Personal accountability is a self-regulated skill to learn... you can hire a mentor, you can read books... but at the end of the day YOU have to do it either way and if you can do it on your own you are 10 steps ahead of everybody else.

Don't just think about the amount of money. It is the actual skill that you are building that will provide you a stable base to build your future from - conscious use of your money. Don't be afraid of spending money... but if you make a budget or set an amount of money to save weekly/monthly.. do not compromise on that amount. Each compromise is a compromise against yourself.

[Adrenaline91]

Yeah that’s around 25% of your income then, which is pretty good. The general guideline is 10-20%. Only way you should really be saving more is if you’re living at home or have a much higher income.

[bfdehewdbyywhn]

how much is your rent/mortgage?

[Fitnessguy24]

Im fresh out of prison making less than 35 grand a year but i have a good set up. I pay 625 a month for rent that comes with wifi electric heat water everything included. I dont pay for the gym and my cell phone bill is 55 a month. Groceries 400 a month and i dont go to bars or do otber stupid **** with my money. Right now my only vice is chewing tobacco which runs me about 200 a month. Various other expenses 300ish dollars. I live in a small town where i can bike to work and get groceries etc so im saving on not having a car. I pay for a cab if i really need to buy something that i cant carry in a backpack.

[joocyness]

it's easier to make more money than to penny pinch OP srs

See above OP. Happy to hear that you're on the straight and narrow after your release and you have no vices (and you're certainly on the right track), I would also suggest looking at other ways to make money on the side. Start with a service based small business where you're offering your time for cash (that way you don't have to put up any upfront capital)

Good stuff saving that much given you're current income, but if you're looking to save more might just be easier to make more by looking at various side hustles.

We're all going to make it bro!

[IronProdigy]

Your lifts are impressive and that's what counts

[taf1968]

The general suggested target is 15% . . . so you're well ahead at that amount.

[tehgosu]

das it mayne

you're saving more a year than guys I know making 6 figures dead fckin srs

lol what

where do they live, downtown new york or something?

[tnel00]

Yeah thats real good OP. Thats what people making double you are saving every year - or at least should be

[arod204]

When I was making 100k/year my goal was 1k a month.

[5x10]

Keep it up op

[Unstumpable]

When you consider most people are living pay check to pay check it's pretty decent.

[Frank Drebin]

invest it all into bitcoin and you can retire in a year

This. In one year you can easily retire on a .4 bitscon

[iradumass]

including bonus and employer matching programs, I'm saving about $50k a year

[saltypits]

Gjdm.

[Kawhilights]

It's great man. Not just the amount you save, but the discipline to do it is a skill most don't have.

[saltypits]

including bonus and employer matching programs, I'm saving about $50k a year

Terrible, you could be spending that on hookers and blow.

j/k, gjdm.

[jdforsy]

What were you in prison for OP?

[RyanT7]

Save until you have enough to cater for living expenses of around 3-6 months, emergency fund of x amount and then put the rest into a s&p 500 ETF.

The returns on that will be far better than putting it in your savings account

[EDcellent]

Majority of American's are paycheck to paycheck, so good on you for your discipline. Considering what you're making, that's really good. Once you start making more money, your spending habits will hopefully carry over and you'll be well on your way to making a better future for yourself.

[Omnivium]

Yeah that's good. Most people live paycheck to paycheck and save nothing

But I would recommend getting into investing and starting a side hustle. You're doing good, but you can always do better