Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: When did you start seriously saving.
Old 04-25-2007, 06:34 AM   #41
Thinks s/he gets paid by the post
saluki9's Avatar
 
Join Date: Feb 2005
Posts: 2,032
Re: When did you start seriously saving.

Quote:
Originally Posted by YVR-Terri
At my parent's strong recommedation, started maxing out retirement accounts as soon as I was eligible (15 y.o.)
Wow, and I thought I was a money geek in High school!
__________________

__________________
saluki9 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: When did you start seriously saving.
Old 04-25-2007, 07:34 AM   #42
Thinks s/he gets paid by the post
 
Join Date: Nov 2005
Location: North of Montana
Posts: 2,753
Re: When did you start seriously saving.

DW and I never started saving, we just quit spending.
__________________

__________________
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
kumquat is offline   Reply With Quote
Re: When did you start seriously saving.
Old 04-25-2007, 08:39 AM   #43
Full time employment: Posting here.
 
Join Date: Sep 2006
Posts: 678
Re: When did you start seriously saving.

Quote:
Originally Posted by Calgary_Girl
Today, our net worth is slightly over $1.25 million.
Is that Canadian?

My net worth is over $5 million (rupees).
__________________
JustCurious is offline   Reply With Quote
Re: When did you start seriously saving.
Old 04-25-2007, 12:12 PM   #44
Recycles dryer sheets
 
Join Date: Jun 2006
Posts: 133
Re: When did you start seriously saving.

Quote:
Originally Posted by trixs
Well lets see..

Started out when I was 16 years old with $1000 that I earned washing dishes. Promptly lost all of it on some company that died during the bust. Joined the military and had no idea what to do with the meager paycheck they present me with. Started playing with random trading and eventually just ended up buying value stocks that are depressed..

Currently 25 with about 120k invested on an E5 salary lol.. Talk about not having anyone to contemplate investing with!

-trixs
wow ... good job!
__________________
rw86347 is offline   Reply With Quote
Re: When did you start seriously saving.
Old 04-25-2007, 12:58 PM   #45
Thinks s/he gets paid by the post
 
Join Date: Apr 2005
Location: Duesseldorf, Germany
Posts: 1,005
Re: When did you start seriously saving.

Started when I earned my first real money at about 18. (At that time I also started to work in a bank, so I saw a lot of other peoples finances... At that time my parents also gave me some shares and the money on a savings account that my granddad started as "school funds" when I was born and that they continued after his death. It was like 15K - quite convincing argument.)

I am 48, we have saved about 12x our expenses p/y + mortgage-free house+ have contributed to 2 pension schemes (German system).
__________________
chris2008 is offline   Reply With Quote
Re: When did you start seriously saving.
Old 04-25-2007, 01:27 PM   #46
Full time employment: Posting here.
Calgary_Girl's Avatar
 
Join Date: Jun 2004
Location: Calgary
Posts: 775
Re: When did you start seriously saving.

Quote:
Originally Posted by JustCurious
Is that Canadian?

My net worth is over $5 million (rupees).
Yes, that's Canadian...what else would it be? Are you going to retire with your rupees? :P
__________________
I can only be nice to one person today! Today is not your day...tomorrow doesn't look good either.
Calgary_Girl is offline   Reply With Quote
Re: When did you start seriously saving.
Old 04-25-2007, 01:43 PM   #47
Thinks s/he gets paid by the post
bright eyed's Avatar
 
Join Date: Jan 2007
Posts: 1,891
Re: When did you start seriously saving.

yesterday? or feels like it!

parents are up to their eyeballs in debt, we never got an allowance and got money whenever we asked! setting me up for very spendy habits!

only good thing i ever did was start my 403b early when i started working and increased every time i got a raise etc. so now i'm at about 20% gross...now working on saving the after tax and spending less!
__________________
If i think of something clever to say, i'll put it here...
bright eyed is offline   Reply With Quote
Re: When did you start seriously saving.
Old 04-25-2007, 09:41 PM   #48
Full time employment: Posting here.
 
Join Date: Sep 2006
Posts: 678
Re: When did you start seriously saving.

Quote:
Originally Posted by Calgary_Girl
Yes, that's Canadian...what else would it be?
U.S. Dollars.
__________________
JustCurious is offline   Reply With Quote
Re: When did you start seriously saving.
Old 05-01-2007, 11:37 AM   #49
Thinks s/he gets paid by the post
SteveR's Avatar
 
Join Date: Jul 2005
Posts: 2,803
Re: When did you start seriously saving.

I always had some money in my savings jar as a kid...my brother was always getting into it so I had Santa bring me a small combination safe for Christmas and I managed to keep the combination safe from him for years. Even my parents would borrow a few bucks from me between paychecks.

I have very little income in college with part time jobs and college expenses so no savings...but lived very very cheaply.

After college I got my first full time job and stayed at home for a few months to save for a car downpayment. After I married I found out that two incomes does not necessarily mean more money available to save...in fact it meant less money and more bills. Long story short...after 17 years the marriage ended with $>150K in debt and no savings.

Paid off the debt over a period of 3 years and then started saving and investing...this was in 1993. We were FI in 2002 and took ER and moved. Things happened and I kept working but will ER on May 18, 2007 and will never "have" to work again.
__________________
Work? I don't have time to work....I'm retired.
SteveR is offline   Reply With Quote
Re: When did you start seriously saving.
Old 05-01-2007, 05:29 PM   #50
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,018
Re: When did you start seriously saving.

I guess I have "always" been a saver. I was born in the anniversary month of a local bank and as a promotion they gave every baby born in the city that month a savings account with a nominal deposit. That was a good start. The next milestone was when I began to work at summer jobs; I saved for university tuition. Result: no student loans on graduation.

During internship and residency there wasn't much time to do anything except work and collapse. It was almost unsurvivable, but I lived at home and there was no time to spend money, so I was able to buy a car outright at the end of internship and sock away money for a home deposit during residency despite modest earnings. I travelled a lot during my fellowship training so not much saving occurred during that period.

When I became an attending (age 32) the first thing my academic partnership did was to send me off to MD Management (www.mdm.ca) for a financial consultation. This is routine during orientation. I immediately learned the importance of saving for retirement without a pension and began contributing in earnest to both taxable and nontaxable accounts. Thanks to my savings during residency, I was able to put a big deposit on a modest home and pay off the mortgage within 18 months. I still live there. No boat, no horse, no pool, just LBYM.

Next milestone was a law enabling me to establish my medical practice as a corporation. Lots of tax deferred savings. And it forces me to save for the long term. Two years ago I had an inheritance and since then I find I am actually a more disciplined saver. That's because I can see the RE light at the end of the tunnel, and it's not an oncoming train!
__________________
Meadbh is offline   Reply With Quote
Re: When did you start seriously saving.
Old 05-01-2007, 05:32 PM   #51
Recycles dryer sheets
 
Join Date: Feb 2005
Posts: 260
Re: When did you start seriously saving.

SteveR- If I'm not being too nosey- what kind of income were you working off of to be able to RE in 15 years?
__________________
virginia is offline   Reply With Quote
Re: When did you start seriously saving.
Old 05-01-2007, 05:53 PM   #52
Thinks s/he gets paid by the post
SteveR's Avatar
 
Join Date: Jul 2005
Posts: 2,803
Re: When did you start seriously saving.

Quote:
Originally Posted by virginia
SteveR- If I'm not being too nosey- what kind of income were you working off of to be able to RE in 15 years?
Check for a PM.

Some things are best kept from prying eyes here.
__________________
Work? I don't have time to work....I'm retired.
SteveR is offline   Reply With Quote
Re: When did you start seriously saving.
Old 05-01-2007, 07:26 PM   #53
Dryer sheet wannabe
 
Join Date: Oct 2006
Posts: 15
Re: When did you start seriously saving.

I started saving when I was about 26, after grad school. Started out slow as I paid off debt, but now, at age 38, I put 15% pre-tax and 9% post-tax salary into my 401(k). 401(K) is worth about $235,000. My pension would get me a lump sum payment of $65,000 if I quit today (if only!). I have about $135,000 of my own $ squirreled away in mutual funds and such. I've also paid off the mortgage on my house. I could probably sell my house for $210,000 or so, though I have no intention of selling it right now.

All in all I've done pretty well after a few bumps early on. But I'm still working, so I'm not there yet.
__________________
Southpaw is offline   Reply With Quote
Re: When did you start seriously saving.
Old 05-16-2007, 06:50 PM   #54
Recycles dryer sheets
 
Join Date: May 2007
Posts: 371
Re: When did you start seriously saving.

I got married at 24 right out of dental school. Bought my practice the next year (1989) at 25 and spent the next 6 years paying off all my debt from school and the practice purchase. We finally started actually putting money away in 1995 at the age of 31, in a SepIRA and my wife's 401k. We really kicked it up a notch in 2001 in my practice 401k. Today we've got a NW of 3 million with an investment portfolio of 1.6 mil.

We've made some horrible investments, but we've also made some good ones. I think the big key was that we lived like poor college students the first 8 years of our marriage.

__________________
novaman is offline   Reply With Quote
Re: When did you start seriously saving.
Old 05-17-2007, 05:17 AM   #55
Dryer sheet wannabe
 
Join Date: Nov 2006
Posts: 20
Re: When did you start seriously saving.

Saving early doesn't always get you what you want if you save stupidly. I had a great job right out of college in the mid-90's and was maxing my 401(k) before the tech bust. I had a broker I trusted (here's the stupidity) who, since I was so young, had me invested aggressively in tech stocks and didn't catch the wave when things started to go sour so at 26 I had about 1/3 of what I had put in. Then law school and the attendant loans and stupidly not putting $$ into an IRA ... then jobs without 401(k) so I was better off paying down the private loans before their i-rates skyrocketed rather than putting the money in after-tax investments - after fully funding the measly IRA of course.

At least DH's new job is fed gov't with its attendant pension so with what we are saving now - which doesn't include any raises for him, or me ever working again - he could retire around 55 and we'd be OK.

The bottom line is it isn't a competition with anyone but yourself - as long as you end up with enough money to fund the life you want at the time you want to do it, it really doesn't matter when you start.
__________________
ylm23 is offline   Reply With Quote
Re: When did you start seriously saving.
Old 05-17-2007, 08:23 AM   #56
Full time employment: Posting here.
kaudrey's Avatar
 
Join Date: Feb 2006
Location: Alexandria, Va
Posts: 943
Re: When did you start seriously saving.

I started saving systematically when I got my first job out of college, at 21. I have always put the maximum allowed into my 401(k), and at about 25 I opened a brokerage account.

I'm 38, and my invested assets recently topped $500K. I also have equity in my townhouse.

For comparison, I looked back at my records. When I was 34, I had $220K invested.

Karen
__________________
Two roads diverged in a wood, and I - I took the one less travelled by...
kaudrey is offline   Reply With Quote
Re: When did you start seriously saving.
Old 05-18-2007, 12:31 PM   #57
Dryer sheet wannabe
 
Join Date: May 2007
Posts: 13
Re: When did you start seriously saving.

Hi, i am 37, American but living abroad, in South Africa. Saved nothing until I was 31 and then got the chance to work in a tax free environment offshore where all expenses where covered. Managed to save most of that money and used it as a bravery cushion to try my own business and also invested in two small properties in 2002. They shot up, sold them in 2005 and 2006. Made the bulk of my savings from those which is now just over 200,000 US equivlant or 1.4 million rand. But am now seeing that the big savings is coming as I put away all of the money I would have spent on taxes which i now avoid by putting most of my expenses through the business. Business is doing really well, so add to the 200,000US close to another 100,000 in cash in the business and then of course the value of the business which must be close 300,000 now as it is doing very well. Planning on saving as much as i can, we rent now that we sold the property. Found this site because i dont know much about investing and want to retire early, and have decided to read up, read a couple of books, but have a long way to go, but things seem to be moving, got lucky on the property thing as I had no clue that the markets would shoot up, sounds like its a global thing!
__________________
sagenx is offline   Reply With Quote
Re: When did you start seriously saving.
Old 05-19-2007, 08:29 PM   #58
Thinks s/he gets paid by the post
 
Join Date: Nov 2005
Location: North of Montana
Posts: 2,753
Re: When did you start seriously saving.

I have to jump in I guess. DW and I tried saving, it didn't work! There is NO WAY to start saving. So what did we do? Easy, we stopped spending. I'm a firm believer that if you think you should start saving you will fail. Don't try to save, stop spending, it works better.
__________________
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
kumquat is offline   Reply With Quote
Re: When did you start seriously saving.
Old 05-20-2007, 12:34 AM   #59
Thinks s/he gets paid by the post
SteveR's Avatar
 
Join Date: Jul 2005
Posts: 2,803
Re: When did you start seriously saving.

It would appear that there are many paths to FIRE. We each have found what works for us and have done so successfully. Congratulations to everyone that has made it or is well on the way. For those just starting...keep the faith; your turn will come in due time.
__________________
Work? I don't have time to work....I'm retired.
SteveR is offline   Reply With Quote
Old 05-23-2007, 03:39 PM   #60
Confused about dryer sheets
 
Join Date: May 2007
Posts: 1
Well this is one thing to which I could never become an expert! Forget about being an expert I am even bad than a novice when it comes to save money. Now that I am employed and getting a not so bad pay pack I still cant manage to save like before when I used to work part time and get paltry pays. Maybe this is something which I will learn the hard way as without savings things cant go for long.
__________________

__________________
I rendered my services at the Arizona HR Consulting
dinomorea is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Saving too much? Eagle43 FIRE and Money 62 01-29-2007 11:15 AM
How Young do you start them? Vale Other topics 55 03-04-2006 08:42 AM
A Plan to Start Out - Help please! Jane_Doe FIRE and Money 13 11-18-2005 11:06 AM
Late Start?  You can Still Retire Early. R.H. Young Dreamers 8 11-13-2004 10:20 AM
Hello and where to start newellcr Hi, I am... 1 08-27-2003 08:19 AM

 

 
All times are GMT -6. The time now is 05:19 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.