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  1. #1
    Gooner for Life frezKo's Avatar
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    Where do I stand financially compared to others at 27?

    Growing up pretty frugal with parents that were blue collar I noticed the importance of money. My parents disciplined the chit out of me and I want to know where I stand in life. I'm always in competition with others and hearing what some of these other people make makes me anxious and nervous that I'm not gonna make it.


    Just turned 27:

    0$ in total Debt (full ride to college, no car, no credit card debt, nada)

    -6k in checking account
    -50k in Savings account
    -27k in Stock market (amazon, tesla & apple shares)
    -10k in van guard ETF's
    -45k in 401k

    Salary = 87k
    Bonus = 20k

    107k total salary


    Monthly expenses = 1600/1700 for rent, food, utilities, phone, internet, etc.


    Am I gonna make it brahs?

    No idea what the fook my goals are. Just want to make a lot more money and hopefully start a family & buy a nice house with home gym.
    Jhamaican is the best poster on the MISC (srs)
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  2. #2
    Trancebrah _zman's Avatar
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    Originally Posted by frezKo View Post
    Growing up pretty frugal with parents that were blue collar I noticed the importance of money. My parents disciplined the chit out of me and I want to know where I stand in life. I'm always in competition with others and hearing what some of these other people make makes me anxious and nervous that I'm not gonna make it.


    Just turned 27:

    0$ in total Debt (full ride to college, no car, no credit card debt, nada)

    -6k in checking account
    -50k in Savings account
    -27k in Stock market (amazon, tesla & apple shares)
    -10k in van guard ETF's
    -45k in 401k

    Salary = 87k
    Bonus = 20k

    107k total salary


    Monthly expenses = 1600/1700 for rent, food, utilities, phone, internet, etc.


    Am I gonna make it brahs?

    No idea what the fook my goals are. Just want to make a lot more money and hopefully start a family & buy a nice house with home gym.
    With that salary and expenses you should be doing a lot better.

    And why do you have so much in savings and checking doing nothing?
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  3. #3
    Gooner for Life frezKo's Avatar
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    Originally Posted by _zman View Post
    With that salary and expenses you should be doing a lot better.

    And why do you have so much in savings and checking doing nothing?

    In all fairness I wasn't making that much money until 2-3 years after college at 25/26 years old.

    Didn't crack 6 figures until this year.

    I want to put more money into ETF's and stock market but worried about this election's and COVID's effect it will have on the stock market.
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  4. #4
    Registered User lawlessly's Avatar
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    I have 7k saved and I'm 27. So you're beating at least one of us. Doesn't sound like you'll be a premium foreign investor though, I anticipate a delightful and comfortable future for you
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  5. #5
    Trancebrah _zman's Avatar
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    Originally Posted by frezKo View Post
    In all fairness I wasn't making that much money until 2-3 years after college at 25/26 years old.

    Didn't crack 6 figures until this year.

    I want to put more money into ETF's and stock market but worried about this election's and COVID's effect it will have on the stock market.
    Buy a house.
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  6. #6
    Gooner for Life frezKo's Avatar
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    Originally Posted by _zman View Post
    Buy a house.
    Houses in Chicago are mad expensive. If anything should I buy a condo?
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  7. #7
    Registered User saltypits's Avatar
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    Very good. I have friends my age that have less saved.
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  8. #8
    Registered User ontclone's Avatar
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    bro you are ahead of like 90 % of 27 year olds...... good job man
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  9. #9
    Registered User Hmatt330's Avatar
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    You’re doing well. I’m a financial planner and I’ve seen all types.

    SRS: check out r/financialindependence

    Deadsrs most of them are trying to retire early, but it helps to clarify your goals between spending/family life/ home gym, and retiring. Lots of great info and perspectives.

    You’re doing great brah
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  10. #10
    Gooner for Life frezKo's Avatar
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    Originally Posted by ontclone View Post
    bro you are ahead of like 90 % of 27 year olds...... good job man
    Originally Posted by saltypits View Post
    Very good. I have friends my age that have less saved.
    Originally Posted by Hmatt330 View Post
    You’re doing well. I’m a financial planner and I’ve seen all types.

    SRS: check out r/financialindependence

    Deadsrs most of them are trying to retire early, but it helps to clarify your goals between spending/family life/ home gym, and retiring. Lots of great info and perspectives.

    You’re doing great brah
    Thank you boyos.

    I hope to double my savings & investments & 401k by the time I'm 30.

    Any tips?

    Thinking about moving in with my parents for a year or 2 to save extra cash?

    I really have traveled a little too much and i'm over it. I think I just need to find my better half, settle down, and start a family sometime soon.
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  11. #11
    Registered User snailsrus's Avatar
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    How are your monthly expenses so low
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  12. #12
    Gooner for Life frezKo's Avatar
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    Originally Posted by snailsrus View Post
    How are your monthly expenses so low
    -Buy in bulk
    -lowest internet/phone bill
    -Don't buy stupid chit?
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  13. #13
    Cutting Frank Drebin's Avatar
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    Originally Posted by frezKo View Post
    Growing up pretty frugal with parents that were blue collar I noticed the importance of money. My parents disciplined the chit out of me and I want to know where I stand in life. I'm always in competition with others and hearing what some of these other people make makes me anxious and nervous that I'm not gonna make it.


    Just turned 27:

    0$ in total Debt (full ride to college, no car, no credit card debt, nada)

    -6k in checking account
    -50k in Savings account
    -27k in Stock market (amazon, tesla & apple shares)
    -10k in van guard ETF's
    -45k in 401k

    Salary = 87k
    Bonus = 20k

    107k total salary


    Monthly expenses = 1600/1700 for rent, food, utilities, phone, internet, etc.


    Am I gonna make it brahs?

    No idea what the fook my goals are. Just want to make a lot more money and hopefully start a family & buy a nice house with home gym.
    You are doing well. I feel that net worth should be a ratio of your income. When I was 27 my net worth was about 1:1 to my gross take home salary, so you're about where I was. At 40 I'm at 10-12X my gross salary.

    Too much savings.
    Too tech heavy. "stock market" doesnt' have to mean individual stocks. ETF's or diversify a bit.
    No home. Eventually you will have to time the market and buy something.


    Other than that, doing really well. Above is just my opinion.

    And just a hint for life: Don't compare yourself to others financially, and if you must, live in an area that you can easily afford one of the nicer homes. It makes things much easier.
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  14. #14
    Respeck My CP iamdetermined's Avatar
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    In on subtle brag thread. I'm a loan officer and you're doing better than some 37 year olds out there (and me too at 28 years old). But these things take time and no point in comparing yourself. Some are doing extremely well, some live paycheck to paycheck, some are comfortable. This goes for all age ranges.
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  15. #15
    Registered User snailsrus's Avatar
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    Originally Posted by frezKo View Post
    -Buy in bulk
    -lowest internet/phone bill
    -Don't buy stupid chit?
    Health insurance:300
    Mortgage:1600
    Car insurance: 130
    Food:500
    Malpractice insurance/worker’s compensation insurance ~5k a year
    Cable/internet: 90
    Phone:70
    Utilities:270
    Gas: 150
    This does not include my ira
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  16. #16
    Gooner for Life frezKo's Avatar
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    Originally Posted by snailsrus View Post
    Health insurance:300
    Mortgage:1600
    Car insurance: 130
    Food:500
    Malpractice insurance/worker’s compensation insurance ~5k a year
    Cable/internet: 90
    Phone:70
    Utilities:270
    Gas: 150
    This does not include my ira
    no car
    don't take into account health insurance as it's subtracted from my salary at work


    rent = 1200 (includes gas)
    food = 350
    internet/phone = 150
    electricity = 70

    What else am I missing?
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  17. #17
    Registered User snailsrus's Avatar
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    Originally Posted by frezKo View Post
    no car
    don't take into account health insurance as it's subtracted from my salary at work


    rent = 1200 (includes gas)
    food = 350
    internet/phone = 150
    electricity = 70

    What else am I missing?
    water, electric I guess not having a car helps a bit, no car maintenance/no gas/no car insurance and your rent is cheap
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  18. #18
    Registered User saltypits's Avatar
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    Originally Posted by frezKo View Post
    Thank you boyos.

    I hope to double my savings & investments & 401k by the time I'm 30.

    Any tips?

    Thinking about moving in with my parents for a year or 2 to save extra cash?

    I really have traveled a little too much and i'm over it. I think I just need to find my better half, settle down, and start a family sometime soon.
    Invest your money into a balanced fund.

    And never look at it.

    Good times, bad times. Whatever.

    Never look at it.

    Never fuss with it.

    Just keep investing monthly.
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  19. #19
    Gooner for Life frezKo's Avatar
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    Originally Posted by snailsrus View Post
    water, electric I guess not having a car helps a bit, no car maintenance/no gas/no car insurance and your rent is cheap
    Yeah no point in having a car in a large cities. Groceries, pharmacy, gym, etc all within walking distance.

    Water & gas is included in rent.

    Electric is on average 70-80$ a month?


    Originally Posted by saltypits View Post
    Invest your money into a balanced fund.

    And never look at it.

    Good times, bad times. Whatever.

    Never look at it.

    Never fuss with it.

    Just keep investing monthly.

    I set up a vanguard account that takes a few hundred dollars and automatically invests into my current portfolio which mainly consists of a lot of ETF's.
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  20. #20
    Registered User Holyfenix's Avatar
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    You’re basically a millennial 1%, so compared to others your age you are killing it.

    I understand your trepidation on dropping your savings into the market right now with the election, you might want to consider starting to acquire property, and maybe picking up a service industry business like a dry cleaners, huge profit margins with little to no effort on your end. They can bring in an easy 20k/year net profit per store.

    There are thousands of ways to invest your money including the market. Time to start aiming for millionaire status brah.GJDM
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  21. #21
    test the limits RobParks2M's Avatar
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    I make a little more than you, but had roughly $100k student loans to pay off. Graduated about the same time as you it looks like. My 401k is a little bigger, your investment account a little bigger, and the $50k I have in my savings basically covers the rest of my student loans till big dick biden pays off my loans

    That said I've got a new whip that is paid and about $60k equity into my home that'll be paid off in about 10 years or so.
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    Can't stand ya Costanza! JPG13's Avatar
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    Where in Chicago OP? Like the "city" city? Or the burbs/surrounding neighborhoods?

    Cuz at the rent cost you either have roommates or live in a roach motel if you are "downtown".
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    Registered User cazzo1's Avatar
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    Good chit OP. I am 30 with:

    210k house that I rent out and pay $50 a month to live (168k left on mortgage)
    144k in my brokerage account with various stocks and index funds
    4k in works 401K
    45k in my Roth IRA
    14k savings
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    Not bad, not brad.



    But way too much money rotting in the bank. Put it to work son.
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    Originally Posted by frezKo View Post
    Houses in Chicago are mad expensive. If anything should I buy a condo?
    Depends on your goals. Live alone? Get a roommate to save even more cash? The appreciation on real-estate is typically very good depending on the market. Is there currently a trend that people are moving out of Chicago or are they still moving in? Do your research to see what the appreciation is like. For example, my house has appreciated nearly 100% since 2011. If your house/condo is worth 250k, in ten years it could be worth 500k. Sometimes people see more appreciation than this, sometimes less. The person that bought my house before me sold it at a loss.

    It's best to review the financial documents of the Condo to see what their expenses have been and get a projection for the future. I say this because you'll be paying a housing fee to the management company. So you're looking for what they've spent their money on in the past and what they have coming for maintenance in the future. If they aren't willing to share that info, then I'd walk. Nothing worse than expenses to a management company that does nothing and takes your money. Obv compare Condos to other Condos fees and use a percentage to see if they are in line.

    Don't compare your finances to others. Your position is good, but there's no point in comparing. Just strive for excellence for yourself, just like anything else in life. Financial managers have compared me to others and even their own kids. I exceeded their expectations at your age, but none of that really mattered to me, because I always thought I could be doing better. That's why I was there in the first place. I do all my own financial management now. I don't know how I'm doing compared to others, I just know I'll be retiring soon based on my budget and spending. I've talked to empty nesters at work that have a million or two saved and could retire now, but they don't because they spend too much money.
    Last edited by _zman; 11-11-2020 at 05:00 PM.
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    I have $88k cash in the bank.

    No car debt, roughly 40k between 401k/Roth

    I’ve been trying to buy a home but honestly haven’t been aggressive enough, I’m always above asking but getting outbid by everyone unfortunately.
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    You are in whats called "6 figure hell"

    As long as you don't let lifestyle creep catch up, or burn out you can break free if you keep making the right moves. You have zero debt, but theres a difference between consumer debt and leverage, learn how to use it properly and safely. You have a high paying career as well so getting out of the race should be a little easier. Your going to make it boyo.
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    SUPERNOVA SouthDakotaBrah's Avatar
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    Its good to make six figures in your 20s. It doesn't really matter how much you make though, the ideal financial strategy is pretty much always the same:

    1. max out 401k ($18.5k/yr)
    2. max out IRA ($6k/yr)
    3. buy house ($15-30k/yr)
    4. buy stocks (rest of your money)

    My recommendation: Start maxing out your 401k if you're not already. Then max your IRA - if you get paid a $20k bonus, use your bonus to max out your IRA at the start of every year. Then keep contributing to your stonks until you have enough to use towards a down payment on a house. Then find a roommate or two and rent the house out for insane returns - don't let price be an obstacle from a great investment. My house generates me a nearly guaranteed 20-25% cash-on-cash return between appreciation and rent (thank you leverage)

    My general thoughts - don't focus on the competition. Pay attention to where others around you are to objectively evaluate your financial position in relation to your peers - then develop your strategy and don't focus on the competition. There are kids with a lot more money than anyone ITT who didn't have to work for it, so its a moot competition anyways.
    Last edited by SouthDakotaBrah; 11-12-2020 at 10:51 AM.
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    Originally Posted by frezKo View Post
    no car
    don't take into account health insurance as it's subtracted from my salary at work


    rent = 1200 (includes gas)
    food = 350
    internet/phone = 150
    electricity = 70

    What else am I missing?
    Is that 1200 living alone in chicago? I'm in Va beach and my rent is 1900 for a decent area near the beach.
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  30. #30
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    If you have no debt you are ahead of 95% of the 27yo's I reckon
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