| When did you sort your finances out? |
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financechoices
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| When did you sort your finances out? |
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According to a leading financial institution you should have your finances sorted by the age of 26! They think that people should start a pension at age 22, buy their first house at 25, and start to save at 26.
I know I didn't meet any of those targets. Have you?
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Fri Apr 21, 2006 7:42 am |
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Mike K
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I turned 25 in Jan and I started my Roth IRA in Jan of this year, I am almost 100% debt free exept one truck payment so all i have left is a house and i have been looking into that. I guess you could say i am on track but i do know i could be doing better.
-Mike
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Fri Apr 21, 2006 8:08 am |
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MattL
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That's about when I realized I better do something. It took a while though to get out of debt and get my act together before I could start saving and buy a house. I think those ages are a little high. You should start earlier becasue it takes a while to get serious at that age!
Debt Elimination
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Fri Apr 21, 2006 3:06 pm |
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El Presidente
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| When did you sort your finances out? |
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I joined the military at age 18 and I guess technically that could be considered working on a retirement pension.
I bought a house at age 27 at which point I no longer had car payments, which I definitely have not missed.
From Age 18 I lived right at my means, which didn't accumulate debt, but didn't acquire savings or investments either. I didn't start living under my means until this year, freeing up money to invest.
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Sat Apr 22, 2006 6:34 am |
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Safora
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| Re: When did you sort your finances out? |
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quote:
Originally posted by financechoices
I know I didn't meet any of those targets. Have you?
Not even close. When I was 18 I was working and did end up with 6K in savings after about a year. My parents put an IRA in my name. My involvement was to sign the paperwork. They contributed the maximum for 5 years. Also the company I worked for had a good retirement program, so I did start a 403(b). But it wasn't something I ever looked at again.
So I was on my way to at least having some savings until I met a man.  Got married. He turned out to be a lying, stealing pot head and ended up spending all my savings, running up thousands on my credit cards, and eventually refusing to work. By the end he was forging my checks and bouncing them everywhere. Yes, I protected him and therefore allowed it. Ugggg....stupid girl!
Anyway, I spent way too long hoping he'd change. Eventually I left him, met husband #2 and am now trying to undo a lot of the financial damage. I still have my retirement accounts, but my credit is horrible. But DH is teaching me about finances and investing and I know that with his help, I will get this all turned around.
I think left to my own devices, I would have probably just had a savings account but never thought of investing. I guess I always thought that investing was for those old banker types.  I wouldn't have even known where to begin. I'm sure I wouldn't have owned a home as I wanted to see the world and planned on taking a travel job. I probably would have spent way too much on a car.
So now my financial picture is brightening, though not through my own efforts yet. However, I am planning to change all that 'cause I want to be rollin' in it. 
Last edited by Safora on Sun Apr 23, 2006 3:05 pm; edited 1 time in total |
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Sun Apr 23, 2006 1:20 pm |
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Rolo
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| Re: When did you sort your finances out? |
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quote:
Originally posted by financechoices
According to a leading financial institution you should have your finances sorted by the age of 26! They think that people should start a pension at age 22, buy their first house at 25, and start to save at 26.
I know I didn't meet any of those targets. Have you?
17/26/31(26) respectively. Since I still have my first house as investment property (was always my intention), I technically started 'investing' at 26, but realistically at 31.
The mantra, "I wish I'd started sooner!" applies.
That's okay...I have my "Vengeance Portfolio".
One's finances should NEVER be NOT 'sorted', but since it is taboo to talk about money in our quirky society, we generally start in ignorance.
"Expect me when you see me."
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Sun Apr 23, 2006 2:46 pm |
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Safora
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| Re: When did you sort your finances out? |
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double post
Last edited by Safora on Sun Apr 23, 2006 3:04 pm; edited 1 time in total |
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Sun Apr 23, 2006 3:02 pm |
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Safora
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| Re: When did you sort your finances out? |
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Triple post. 
Mods please delete extra posts.
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Sun Apr 23, 2006 3:03 pm |
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