How is he doing?

[street]

I was talking to a young man I know and he was tell me his progress towards retirement someday. He gave me some of his numbers and I was pretty impressed with his numbers.

He is 33 or 34 and single, so I did the calculating with the numbers he gave me. His net worth came in about 600K to 650K. He has a great pension after 30 years with the company but I don't know those numbers. When you use the NW calc. online they want numbers for pensions I don't know them.

Never the less at 34 of age NW of 600 to 650 plus a pension after 30 is pretty good in my books. He has worked for the same company for a little more then 15 years. He does owe on a nice home and that negative number was used in the calculation for his net worth. That is his only debt.

How would you rate this young man so far working toward ER?

 

[NgineER]

looking great IMO

 

[Rianne]

He is 33 or 34 and single, so I did the calculating with the numbers he gave me. He has worked for the same company for a little more then 15 years.

How would you rate this young man so far working toward ER?

He started working for the company at 16 or 17 yrs. old? I'd say that's a great start and to start that young with a company that provides a pension. Rare.

 

[38Chevy454]

I say the young guy is doing great. Probably in the 95% or better percentile (I don't know exact numbers, just guesstimating) of same age persons with regard to savings and net worth. All he needs to do is stay the course, he is doing a good job already.

 

[street]

Yes, that is what I thought also. He graduated at a young age went to some college and started full time at age 18 just a few weeks short of 19, so that would make him just shy of 34 but very close. I think he has done well and he spends a lot on outdoor purchases boats, AVTs and etc. plus he travels at least two trips a year someplace in the US. He is living life but still seems to save fairly well. He must have found the balance.

He has done it better then I did 40 years ago. I scrimped and saved and really couldn't go or do what he has done. It just seemed very impressive but not sure in todays wages and life styles if it is that impressive.

 

[ckelly78z]

i'm 20 years older than him, and will have a 28 year pension, house paid off, no debt, but still don't have a NW quite as big as his (almost).....he's doing well !

 

[Walt34]

He's way, way ahead of me at that age.

 

[PatrickA5]

At 34 my NW was probably negative. I'd say he's in the top 2% for age.

 

[street]

He has really done well, and his balance of saving and still having fun and spending money on things he like to do, amazes me.

 

[Dean56]

He started working for the company at 16 or 17 yrs. old? I'd say that's a great start and to start that young with a company that provides a pension. Rare.

That's possible. I worked for a Megacorp and we had a summer intern that was 16 years old. Granted this was not a full-time job, but the intern got paid a salary and started accruing vacation time. After he graduated college, the intern came back to work full-time at the Megacorp.