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[BlueLion]

Originally Posted by darkcloud

I'm 23, and I'm very fortunate to have a great job. I'm currently growing my family business, which has already in 6/mo gone up 50-100k in the year due to better productivity and communication with our clients. I'll be around 100k this year in earnings as well.

Anyways I've been saving since about March 06 and have 12k set aside towards a house and just opened a Roth IRA which I'm putting in $100 a month. My next step will be a money market which would support my car downpayments and emergency funds. My student loans are 7/mos from being paid off, a house will be purchased by mid summer and I have to buy a ring as well in the next couple months.

I got the bimmer cuz I wanted it. Sure I could have saved maybe $100-200 a month w/o the BMW, but it's what I wanted and as far as anyone can tell me I'm only living once so I figured why wait?

Overall with some decent planning, decent savings, and the occasional new car to fulfill my desire haha I should be fairly well set up by my early 30's.

bro....your story sounds very similar......im 25 working growing the family business.....bought my house 2 years ago, getting my car in a month or two....paying off my girls school loans..and will have to buy that same ring by the end of the year

yeah i could cut corners and save more....but why

[darkcloud]

Originally Posted by BlueLion

bro....your story sounds very similar......im 25 working growing the family business.....bought my house 2 years ago, getting my car in a month or two....paying off my girls school loans..and will have to buy that same ring by the end of the year

yeah i could cut corners and save more....but why

Exactly dude, you gotta live your life. My mom past this summer(cancer), and she was fine one week and gone the next. It showed me how quickly things can be taken away from someone. I know go by the 50/50 rule. or 60/40, save 50-60 and have fun with the rest if capable. Saving the amount I'm saving at my age blows most percentages out of the water anyways.

[DFW_M]

Originally Posted by darkcloud

Exactly dude, you gotta live your life. My mom past this summer(cancer), and she was fine one week and gone the next. It showed me how quickly things can be taken away from someone. I know go by the 50/50 rule. or 60/40, save 50-60 and have fun with the rest if capable. Saving the amount I'm saving at my age blows most percentages out of the water anyways.

sorry to hear for your loss.
Remember, things change rapidly when you have kids
So, live it large while you can...

[SteveMD]

I bought my first flat on London in 1986 for thirty thousand pounds. I was 23 and I saved like a mofo for a down payment. Back then, that was a lot.

Work hard and save hard. Get your foot into property ownership as early in life as you can. Even if it is a tiny condo.

Now you can't buy a garage in London for less than 100K (pounds) which is another reason I live in the US I have my McMansion and all the toys I need until the kids leave. Then it really will be playtime