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Is this good or bad at my age?

  • 23-09-2024 4:52pm
    #1
    Registered Users, Registered Users 2 Posts: 1


    I turned 27 a few days ago and I have €7400 and I still live at home. How common is this for people my age? Do I have a low amount of money for my age?



Comments

  • Registered Users Posts: 192 ✭✭Charlo30


    Stay the course Big Lad. You're doing great



  • Registered Users, Registered Users 2 Posts: 6,835 ✭✭✭Allinall


    A good indicator in your 20s is the you should have your age reversed, times ten in savings.

    You’re €200 ahead of target, so well done.



  • Registered Users, Registered Users 2 Posts: 14,308 ✭✭✭✭Potential-Monke


    I'm 41, have €3500 in the bank and I also live at home. I work full time but don't earn enough to rent by myself, and never will again I'd say. Have a failed mortgage so won't be getting another one of them ever. Thankfully I'm single without kids so don't need as much. So I'd say you're doing well! Just don't forget to enjoy life while you can.



  • Registered Users, Registered Users 2 Posts: 35,265 ✭✭✭✭o1s1n
    Master of the Universe


    27 reversed is 72, times ten is 720. I think you might mean times one hundred?

    Thats a bit of a bizarre indicator anyway tbh, sounds like it's based in numerology. Not even sure what 7,200 at 27 'means'?

    You'd only have 9,200 saved by 29 at that measure which is massively falling short if you ever wanted to buy property.

    OP - there's no real good or bad at your age unless you've set it against some goal that you're achieving or falling short of.

    Do you've any plans for the next few years?



  • Registered Users, Registered Users 2 Posts: 536 ✭✭✭Gary_dunne


    There was a very similar thread started a few month back where I think the person was 26, had 14k saved and you had people saying that they should have had more.

    OP it's each to their own really, no one knows you're exact circumstances ie, salary, expenses, rent to parents etc.

    If I were you I wouldn't worry about what other people think or have saved. You've a great start there just decide what you're exactly saving for and work towards that anyway you can.



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  • Registered Users, Registered Users 2 Posts: 8,235 ✭✭✭LambshankRedemption


    I was just about to post I am having thread deja vu. I even checked the date on this thread to check it wasnt a zombie thread.

    I would argue AH is not the place to ask for such opinions on ones wealth.

    It's great to have that nest egg, because on moving out, it will take a hit.



  • Registered Users, Registered Users 2 Posts: 9,095 ✭✭✭Gregor Samsa


    By that calculation, OP has the savings of a 047 year old.



  • Registered Users, Registered Users 2 Posts: 10,716 ✭✭✭✭maccored


    i think its more important to have your health than worry about having money. plenty of sad rich people



  • Registered Users, Registered Users 2 Posts: 14,308 ✭✭✭✭Potential-Monke


    Unfortunately the former is now harder than ever to maintain without the latter...



  • Registered Users, Registered Users 2 Posts: 54 ✭✭Feline Groovy


    There are so many people your age who don't have a pot to pee in. You don't realise it now but you're extremely young. That's not a bad lump sum. And of course it's common for people your age to be living with the folks. Look at the lack/cost of rental accommodation and of house prices. I see nothing wrong with living in the same household as one's parents, provided you make a contribution in terms of housekeeping, and financially if you're working.

    Don't be putting pressure on yourself with regard to what you "should" be doing. Definitely have savings - even look into getting a pension set up, but so many 27-year-olds don't give a **** about any such matters. You're doing fine.



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  • Registered Users, Registered Users 2 Posts: 54 ✭✭Feline Groovy


    Financial stability isn't being rich. And struggling financially isn't good for your health. Planning for the future is wise, and can be done in addition to staying fit and healthy.



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