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Where were you at 31?
Old 10-03-2007, 10:42 AM   #1
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Where were you at 31?

Hi,
I'm getting milestone envy.

When you were 31 - how big was your retirement stash? When did you start?

I'm 31 and at about $60k and all the calcs say i will be ok if i keep throwing in the $ as well as save more after tax...but just want some verification it can be done!

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Old 10-03-2007, 10:46 AM   #2
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When I was 31, in 1992, I had about $300K. Now at 45, I'm around $2M. Compounded interest is great!
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Old 10-03-2007, 10:51 AM   #3
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I was in the first year of law school at the time (1990). I had about $50-60k in the bank, but it all got spent on tuition, so I started from zero at the age of 33.
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Old 10-03-2007, 10:53 AM   #4
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gosh, but what about after law school gumby?

for now i've decided grad school isn't worth the cost for me since i have a good job, w/ good pay and wouldn't be much higher if i went, but i change my mind every month or so!

i definitely wouldn't go to law school though (but lots of respect for those who do) because i wouldn't actually practice if i went and it is so darn expensive, aside from having to ignore my kids for a couple years!

have a friend who just graduated and makes less than me, me and my sucker friends who all work in nonprofits
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Old 10-03-2007, 10:54 AM   #5
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When I was 31, I probably had $20-$24K and according to the inflation calculator that T-Al provided yesterday, that's in the $60K range today. I started getting interested in $$ when I was in my late 20s.
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Old 10-03-2007, 10:58 AM   #6
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At 31, I had some credit card debt, some little student loans, and a crappy car, but I had $100,000 in investments.........
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Old 10-03-2007, 11:13 AM   #7
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Roughly 500k, sitting in a job I was sick of and trying not to lose my mind. Headed there now 3 years later, but with more money.
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Old 10-03-2007, 11:18 AM   #8
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34 now and I was around 60k at 31. No debt now... and around 150k saved at age 34.
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Old 10-03-2007, 11:20 AM   #9
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I had a small amount of "untouchable" money and was marginally employed, lived like a student, sharing an apt. Basically, I was into "eat, drink and be merry." I started travelling seriously the next year.
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Old 10-03-2007, 11:33 AM   #10
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I turned 31 in April 2001. At that time I had about $77K stashed away. I also had a first mortgage of around $75000 and a second mortgage of around $11K. And a car loan I still owed around $13K on.
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Old 10-03-2007, 11:36 AM   #11
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have a friend who just graduated and makes less than me, me and my sucker friends who all work in nonprofits
At 31 I had just graduated from B School, and had my first job making 40K per year. No savings whatsoever, but no debt, either.

My brother, a cop, made fun of me because I made less than he did with my "ig education." Fast-forward 20 years and I've far outpaced him.

So, as regards grad school, starting salary is not as important as ending salary. That said, he's got a nice, fat pension coming to him that I don't have.
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Old 10-03-2007, 11:48 AM   #12
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hmmmm...let's see....at 31, I was in the last years of my 1st marriage....not much of anything in retirement accounts, but a NW of about $150K (real estate and self built home).....2 years later, I got my half and started all over again.....21 years later and while I'm obligated to 3 more "tax seasons" as part of he sale of my practice, I'm hoping that the new folks will catch on real quick and decide that they want to keep the $$$ instead of paying me.....and I'm basically FIRE'd as I have only spent 7 (half) days in the office since May....and my NW is north of 3M.....so keep working and stashin' it away....

FI & RE will come if you are a LBYM person (family) and you learn how to invest wisely and at your comfort level!!
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Old 10-03-2007, 12:08 PM   #13
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Well, that was 27 years ago so not sure what I had but it wasn't much. Maybe 5K, DW and 2 kids and working my butt off. Didn't have a clue about saving or retirement and didn't care from what I can remember.

You guys who know what to do at 31 are in great shape even if you don't have any investments yet. I didn't even think about retirement till 47 and I fired in 10 years.

"old too fast and smart too late"
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Old 10-03-2007, 12:08 PM   #14
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At 31, which is 26 years ago for me, I probably had a negative net worth. Just got picked up by NASA from a job with the Navy, moved to California bought a condo and my first new car. ( A cheap Honda Civic, but my first new car.) The real estate market was a bust, I barely broke even and I know of people who abandoned their houses/condos. Then I got married and got really broke in a divorce. But time has been good to me; new wife, growth in income, paid off the house, and saved as much as we could in her teachers 403b & my 401k type (TSP) account. Kids grown & left (youngest one just started college) and life is looking good, I expect to retire in the next 6 months or so, all because I have the old civil service defined benefit pension plan and because we are good at living cheaply.
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Old 10-03-2007, 12:12 PM   #15
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Beyond broke...
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Old 10-03-2007, 12:19 PM   #16
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Age 31: Bad marriage. Deeply in debt, lousy job with very low pay. A bad decade.
Age 41: My first dollar went into 401k and income began to rise significantly.
Age 60: Retired, comfortable, content.
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Old 10-03-2007, 12:23 PM   #17
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27 years ago, hmmm what can I remember?

Next to nothing: that's both what I can remember and my NW at the time.
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Old 10-03-2007, 12:41 PM   #18
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Quote:
Originally Posted by happy2bretired View Post
When I was 31, I probably had $20-$24K and according to the inflation calculator that T-Al provided yesterday, that's in the $60K range today. I started getting interested in $$ when I was in my late 20s.
Ditto. About the same for me.
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Old 10-03-2007, 12:51 PM   #19
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At 31, I believe my wife and I were about 1 year into figuring out the LBYM, and paying off 20-30K in CC debt along with 2 20K+ car loans for brand new cars... and a brand new house we just bought....

We weren't exactly L Above YM, but right at it... and we didn't have a dime to spare... And then I read "Your Money Or Your Life", and "The Millionaire Next Door"... and everything changed. .

My networth tracking didn't start until about a year after that, but I'm guessing I was negative, or zero at 31. Now I'm about halfway to my retirement goal. Should have about 7-10 years left depending on market returns.

Laters,
-d.
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Old 10-03-2007, 12:54 PM   #20
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Beyond broke...
Ditto! I was at home with a newborn baby, fending off creditors and didn't have a pot to p** in.

I didn't get my head above water until after my divorce, in my 50's.
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