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SVTPerformance's Chain of Restaurants
Road Side Pub
Any Dave Ramsey fans in here or financial gurus? Need advice..
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<blockquote data-quote="04YellowGT" data-source="post: 16137048" data-attributes="member: 35332"><p>Thats what I've read. Basically every 5 years after 30 you should increase your savings by 1X your income (30=1X, 35=2X, 40=3X, etc.) I started at a really young age and put a decent percentage away. I also didn't have student loans to worry about besides helping my wife a bit with hers. Thats what has allowed me to put that much away. I thought that amount was a pretty steep to have saved by 30 too but over the last few years my savings has increased rapidly. Like anything the more you have saved the quicker it can grow. I've seen a 20k increase in my portfolios this year already. </p><p></p><p></p><p></p><p>I agree with most of what he says but some of it doesn't make sense. Not saving anything for retirement because you have debt seems silly. Maybe it makes more sense for people with $40-50k+ of debt with interest rates at 15%+. For me a $20k dollar truck note @ 2% doesn't justify not saving for retirement. I saw 20% gains in 2017 and still saw 10% last year even with the mini-crash at the end of the year. I would have missed out on those gains if I only focused on my paying my tuck off. Hell my checking account pays 2.51% APY as long as you have over 15k in the account.</p></blockquote><p></p>
[QUOTE="04YellowGT, post: 16137048, member: 35332"] Thats what I've read. Basically every 5 years after 30 you should increase your savings by 1X your income (30=1X, 35=2X, 40=3X, etc.) I started at a really young age and put a decent percentage away. I also didn't have student loans to worry about besides helping my wife a bit with hers. Thats what has allowed me to put that much away. I thought that amount was a pretty steep to have saved by 30 too but over the last few years my savings has increased rapidly. Like anything the more you have saved the quicker it can grow. I've seen a 20k increase in my portfolios this year already. I agree with most of what he says but some of it doesn't make sense. Not saving anything for retirement because you have debt seems silly. Maybe it makes more sense for people with $40-50k+ of debt with interest rates at 15%+. For me a $20k dollar truck note @ 2% doesn't justify not saving for retirement. I saw 20% gains in 2017 and still saw 10% last year even with the mini-crash at the end of the year. I would have missed out on those gains if I only focused on my paying my tuck off. Hell my checking account pays 2.51% APY as long as you have over 15k in the account. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Any Dave Ramsey fans in here or financial gurus? Need advice..
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