Young Guy, Expanding Family!

[AndrewJackson]

I don't have much to say, other than that I have been a lurker for some time here in the young dreamers section and am excited about becoming financially independent and learning to use money as a tool to give/invest/spend. I am only 22 and just got news that me and my wife will not be alone by the end of this summer . So, needless to say, I am in military mode planning this big change in my life and am watching my budget like a hawk. Anyway,I look forward to posting and contributing to this great site. Cheers.


Oh I chose AndrewJackson as my name because he killed the national bank of the United States by revoking their charter. I am not a big fan of the federal reserve. lol.

[JPatrick]

Welcome to the forum Mr Jackson, and congrats on the forthcoming big event.
Hope to hear more from you as you plan your exciting future.
As a Jackson fan, be sure to check out his Nashville home sometime if you haven't already.
The Hermitage - Nashville, Tennessee

[heeyy_joe]

I tell all 22 year olds that will listen that if you can have at least $30k saved by the time you are 30 years old you will become a very wealthy man in terms of dollars. You are about to become a wealthy man in a different way...keep having those kids 'cause someone has to paygo my social security!

Here is an Andrew Jackson quote:

"There is no pleasure in having nothing to do; the fun is having lots to do and not doing it".

[AndrewJackson]

Quote:

Originally Posted by heeyy_joe I tell all 22 year olds that will listen that if you can have at least $30k saved by the time you are 30 years old you will become a very wealthy man in terms of dollars. You are about to become a wealthy man in a different way...keep having those kids 'cause someone has to paygo my social security! [/COLOR][/LEFT]

Thanks. How do you figure 30k at 30 will make you wealthy? The best I can see from the investment calculator is that a 4% real return will get you 150k by the time you are 70?

[old woman]

The reason 30K will make you rich is you have learned to LBYM. Most 30 year old's have just started to save after things like student loans, new baby, first house so having a net worth near zero is normal at 30.

If you at 30 have a house, your baby will be 7-8 years old and you don't have more debt than your assets you are doing great, to also save 30K you are fantastic.

Imagine this same couple at 40, baby is 17, house appreciated some, they are putting away money even faster after some pay raises.

Imagine them at 50, baby is 27, house is appreciated 20 years, no more cost of raising baby and the 30K you had at 30 is growing along with everything since and you are now saving since your mortgage didn't grow and you baby did grow you might be saving more than you earned at 30.

At age 60 baby is 37, mortgage paid off, paying cash for cars, earning more than in your life and almost no cost of living without car or house pmts and 30 years investing experience so investment returns are more than your wages.

I had nothing at 34 when I got divorced and have been doing pretty well the last 30 years. I lived reasonably not too cheaply but saved what I could. I didn't have 30K until I was over 40 took forever to get 100K then the market crashed it to 67K when I was 50. I had 100K at 54 now at 64 I have 650K money compounds over decades so getting started young is wonderful.

[obgyn65]

Welcome and congrats for the new addition.

[Lazarus]

At age 30 I had about a zero net worth. Which is better than my daughter who is negative at the same age.

I managed to retire at 55. I had a wife and two kids that I supported along the way. Still support the wife in retirement.

If you reach age 30 with a positive net worth you are doing above average.

[AndrewJackson]

Quote:

Originally Posted by old woman The reason 30K will make you rich is you have learned to LBYM. Most 30 year old's have just started to save after things like student loans, new baby, first house so having a net worth near zero is normal at 30. If you at 30 have a house, your baby will be 7-8 years old and you don't have more debt than your assets you are doing great, to also save 30K you are fantastic. Imagine this same couple at 40, baby is 17, house appreciated some, they are putting away money even faster after some pay raises. Imagine them at 50, baby is 27, house is appreciated 20 years, no more cost of raising baby and the 30K you had at 30 is growing along with everything since and you are now saving since your mortgage didn't grow and you baby did grow you might be saving more than you earned at 30. At age 60 baby is 37, mortgage paid off, paying cash for cars, earning more than in your life and almost no cost of living without car or house pmts and 30 years investing experience so investment returns are more than your wages. I had nothing at 34 when I got divorced and have been doing pretty well the last 30 years. I lived reasonably not too cheaply but saved what I could. I didn't have 30K until I was over 40 took forever to get 100K then the market crashed it to 67K when I was 50. I had 100K at 54 now at 64 I have 650K money compounds over decades so getting started young is wonderful.

That makes a lot more sense. Basically if you put yourself to live like no one else, you will be able to live like no one else as Dave Ramsey says.