Is 100k cash a good amount to have saved at 24?
Early side of 24. 100,000 in liquid securities/cash.
Where does this land on the networth of other analysts aged similarly?
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97.56th percentile
is that sarcasm
all I'm saying is don't fall victim to benchmarking or fomo. comparison is the thief of joy. we both know 100k is great.
It's ok, but not great
It's okay for that age I'd say. That 100k should be invested in ETFs like VTI or VOO right now if you really want to get the ball rolling and start that snowball effect.
Yes.
LOL @ people saying it's just average. Assuming he's been out of college for 2 years, he is saving ~40-50k a year while the average person in the US earns that much a year. Even if you landed a good gig out of college it's hard to stash away that much unless your parents live in the city or you had a good side gig in college.
Not saying you're wrong, but if you work in IB in Texas or Florida then this is pretty doable. No state income tax, LCOL, and you make the same base/bonus as the people in NYC
Do people in Texas and Florida really make the same base pay? I’d understand if they have more disposable income after rent and taxes, but this seems too goo to be true
thanks all
starting to think it was a retarded question tbh
In kind of is for two reaons. 1) You can easily look this up on the internet. 2) You are asking to get trolled.
It was
Short answer: Unless you're looking to turn this into a d!** measuring contest you are almost certainly fine.
A simple rule of thumb is that you probably want to have ~6mo of net income around 'just in case.' Given that AM is a rather uncertain industry you may want to push that up to 12. $100k is ~$8000/mo for 12 months. Is that what you're spending?
Oh, also the goal here is real liquid like cash, TIPS or something similar. You really shouldn't be too concerned with return on this money. Think of it this way: A lot of people got laid off in 2008. Would you REALLY want to liquidate a S&P 500 position to pay living expenses at those prices?
Beyond that there are normally benefits for shielded accounts like IRAs, but the tradeoffs are normally that even if the securities are liquid there are penalties for withdrawing from the accounts young. A number here is tough to give in general terms. Do you want to live frugally and retire early? Would you rather live large in exchange for working longer? Does your family have a history of terminal health conditions at a young age or a high propensity for seeing 100?
This is all super-generic. You probably shouldn't trust an anonymous person on the internet if you want real financial advice, and there may be specifics to your situation that make this advice completely unsuitable. Hire a professional if you want to go into your specifics. While I find most FAs are pretty bad at investing, there is real tax and planning alpha to be had from playing the game here.
Odd q. What is the difference between asset management and investment management?
Asset management is more for institutional/HNW money while investment management is more for the everyday person. However, they are similar in many ways.
No point thinking about this too much, it's all relative to where you come from in life.
Someone with bad health issues may have racked up serious bills and been unable to work properly early on, which affects them later. Conversely, maybe someone had their parents pay for school entirely and now they are certainly a leg up.
My close friend in high school was on a TV show as a kid and graduated with ~$75k from royalties - he used it to start a business successfully but not everyone has a $75k headstart on others and earning that seed capital takes time if you weren't a child actor. Great guy btw but just wanted to point out that there are rarely apples/apples comparisons...especially early in life.
Just focus on avoiding frivolous spending and keeping enough liquidity around to live stress-free. :) There's something very destressing about knowing you can go for a long time without a dollar in income.
nah it's nothing, stop being so poor
Lmao why is there suddenly a bunch of net worth post. I think you are doing well dude! Everyone has a different career and life path so it is you are comparing apples to oranges right now. Most people doesn't even have 50k+ in their account. Save up and invest/spend it well! Good luck! I am at 500k in my 20s but got lucky with my investment!
AND you have a smoking hot baddie who gives you BJs willingly. My guy is living in paradise right now
Haha man. Some people stay in bed and not do anything. I just choose to go and venture the world and let stuff happens to me. I believe in you Pizz. You will find a smoldering hot wife thanks to your vibrant personality and humour (I really do mean it!)
And the investments were like fail proof lol. DOGE 1k at 0.002 sold .70. LVMHF stocks since 300$ and KER.SPA. Also a few foreign stock exchange too (hint P/B 0, NIKKEI, SGX, VNINDEX) for crypto think fast, secure and good logo+aesthetic design (Psssst Solana, Fantom credit @trustmeimanengineer )
Commenters on here are insane for saying “it’s okay”. Get that some have significantly more but in the grand scheme of 24 year olds that’s a shit load of money. Y’all need to get out more
yea staying in a fucking apartment all day staring at a screen while living in libtard central (nyc) with no friends makes it hard to find a sense of "relativity" lol
It’s very good for somebody in ib, it’s incredible relative to the average 24 year olds
I think we both know the answer to that question my man.
Unequivocally YES. At 24 I'd assume you've been working for a couple years max so you're either making serious bank and easily saving or making okay money but living extremely frugally (whether that with or without family support). Whatever it is, having a 100K saved by 24 is fantastic, I'm not really sure what you're questioning here. It only goes up from here
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