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I'm in my late twenties and have, thus far placed a keen focus on having a healthy personal finance. I'm reaching a point where I'm starting to question if I'm placing too much emphasis on it.
My pension fund is doing well and I'm contributing 15% of my salary that way. I can afford to do most things I want and still save the best part of €1000 per month.
I have money saved for a deposit on a house, however, I enjoy the flexibility that renting gives me right now.
My savings account is about to hit the point at which any extra will get minimal interest and I'm questioning if there is much point in trying to negotiate an increase to that limit with the bank.
I also stand to inherit quite substantially - some in the near future, the majority probably not for 20+ years.
Would taking it easy for a few years to start my 30s be that bad an idea? (for clarity, I'm not being unnecessarily frugal, I travel a lot but am not materialistic and don't want expensive things).
I'm not clairvoyant, but I'm so far ahead of my "retire at 55" plan that I'm not sure what to do.
Anyone else ever experienced similar?
savings retirement-plan
asked 1 hour ago
Richard
1062
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Richard is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
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up vote
1
down vote
favorite
I'm in my late twenties and have, thus far placed a keen focus on having a healthy personal finance. I'm reaching a point where I'm starting to question if I'm placing too much emphasis on it.
My pension fund is doing well and I'm contributing 15% of my salary that way. I can afford to do most things I want and still save the best part of €1000 per month.
I have money saved for a deposit on a house, however, I enjoy the flexibility that renting gives me right now.
My savings account is about to hit the point at which any extra will get minimal interest and I'm questioning if there is much point in trying to negotiate an increase to that limit with the bank.
I also stand to inherit quite substantially - some in the near future, the majority probably not for 20+ years.
Would taking it easy for a few years to start my 30s be that bad an idea? (for clarity, I'm not being unnecessarily frugal, I travel a lot but am not materialistic and don't want expensive things).
I'm not clairvoyant, but I'm so far ahead of my "retire at 55" plan that I'm not sure what to do.
Anyone else ever experienced similar?
savings retirement-plan
asked 1 hour ago
Richard
1062
New contributor
Richard is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |Â
up vote
1
down vote
favorite
up vote
1
down vote
favorite
I'm in my late twenties and have, thus far placed a keen focus on having a healthy personal finance. I'm reaching a point where I'm starting to question if I'm placing too much emphasis on it.
My pension fund is doing well and I'm contributing 15% of my salary that way. I can afford to do most things I want and still save the best part of €1000 per month.
I have money saved for a deposit on a house, however, I enjoy the flexibility that renting gives me right now.
My savings account is about to hit the point at which any extra will get minimal interest and I'm questioning if there is much point in trying to negotiate an increase to that limit with the bank.
I also stand to inherit quite substantially - some in the near future, the majority probably not for 20+ years.
Would taking it easy for a few years to start my 30s be that bad an idea? (for clarity, I'm not being unnecessarily frugal, I travel a lot but am not materialistic and don't want expensive things).
I'm not clairvoyant, but I'm so far ahead of my "retire at 55" plan that I'm not sure what to do.
Anyone else ever experienced similar?
savings retirement-plan
asked 1 hour ago
Richard
1062
New contributor
Richard is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
I'm in my late twenties and have, thus far placed a keen focus on having a healthy personal finance. I'm reaching a point where I'm starting to question if I'm placing too much emphasis on it.
My pension fund is doing well and I'm contributing 15% of my salary that way. I can afford to do most things I want and still save the best part of €1000 per month.
I have money saved for a deposit on a house, however, I enjoy the flexibility that renting gives me right now.
My savings account is about to hit the point at which any extra will get minimal interest and I'm questioning if there is much point in trying to negotiate an increase to that limit with the bank.
I also stand to inherit quite substantially - some in the near future, the majority probably not for 20+ years.
Would taking it easy for a few years to start my 30s be that bad an idea? (for clarity, I'm not being unnecessarily frugal, I travel a lot but am not materialistic and don't want expensive things).
I'm not clairvoyant, but I'm so far ahead of my "retire at 55" plan that I'm not sure what to do.
Anyone else ever experienced similar?
savings retirement-plan
savings retirement-plan
asked 1 hour ago
Richard
1062
New contributor
Richard is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 1 hour ago
Richard
1062
New contributor
Richard is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 1 hour ago
Richard
1062
New contributor
Richard is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 1 hour ago
Richard
1062
asked 1 hour ago
Richard
1062
1062
New contributor
Richard is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
New contributor
Richard is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
Richard is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |Â
add a comment |Â
2 Answers
2
active
oldest
votes
up vote
4
down vote
To some degree, my story parallels yours except that I have already done the retire before 55 gig.
I don't have any spectacular cosmic advice that is going to change your outlook on life or the direction that you take with it. Not even cookie cutter Work! Work! Work! until you drop advice.
All I can offer is that when I was 29, I took a good couple of months off from the grind and went overseas as a healthcare volunteer. That provided me with a base of operations from which I could hitch a ride or take a bus and wander around various parts of several countries. YOLO.
Later on, it becomes harder to do such things. Perhaps it's a wife and/or kids (g). Perhaps it's a full time business you can't leave for an extended period of time. Perhaps it's your health and you're no longer able to go on such adventures. The future is unknown so if you have all of the financial bases covered, grab an occasional silver ring.
answered 54 mins ago
Bob Baerker
10.6k11540
add a comment |Â
up vote
2
down vote
The key question in personal finance is what your personal goals are. We can't tell you what those will be. 'How much' you should save is a question about payoff now vs in the future. Why eat only rice and beans for the next 20 years, just so you can buy a yacht when you get your inheritance?
Do you want a house in 5 years? How much of a down payment on that house do you want? What will it cost?
Do you want a family? Kids are expensive, and if you want a spouse who will join you in your relaxed lifestyle, then that's another person to account for.
Do you want to participate in expensive hobbies? Start your own business? Give to charities you care about? Open the new 'Richard' wing of your favourite hospital / library / university?
All of these things take money. It seems that you foresee yourself being able to maintain a certain standard of living without more work, but there are 2 things left for you to consider: Have you set your goals as high as you'd like? And, is there risk that your forecasted wealth never comes into play?
It would be a shame if you spent your 30's not working, and your planned inheritance fell through (market crash destroying your parent's assets, a change of heart on their part, whatever). You would find it far harder to restart your career in your mid-40's, with a 15 year employment gap to explain.
Finally - it seems you are not investing your saved money, simply earning a few % in interest. You may find that you are not taking full advantage of what your current savings could provide for you. If you have questions about how to start investing, there are a lot of great answers on this site, and you should browse around.
answered 1 hour ago
Grade 'Eh' Bacon
17.4k74565
add a comment |Â
2 Answers
2
active
oldest
votes
2 Answers
2
active
oldest
votes
active
oldest
votes
active
oldest
votes
up vote
4
down vote
To some degree, my story parallels yours except that I have already done the retire before 55 gig.
I don't have any spectacular cosmic advice that is going to change your outlook on life or the direction that you take with it. Not even cookie cutter Work! Work! Work! until you drop advice.
All I can offer is that when I was 29, I took a good couple of months off from the grind and went overseas as a healthcare volunteer. That provided me with a base of operations from which I could hitch a ride or take a bus and wander around various parts of several countries. YOLO.
Later on, it becomes harder to do such things. Perhaps it's a wife and/or kids (g). Perhaps it's a full time business you can't leave for an extended period of time. Perhaps it's your health and you're no longer able to go on such adventures. The future is unknown so if you have all of the financial bases covered, grab an occasional silver ring.
answered 54 mins ago
Bob Baerker
10.6k11540
add a comment |Â
up vote
4
down vote
To some degree, my story parallels yours except that I have already done the retire before 55 gig.
I don't have any spectacular cosmic advice that is going to change your outlook on life or the direction that you take with it. Not even cookie cutter Work! Work! Work! until you drop advice.
All I can offer is that when I was 29, I took a good couple of months off from the grind and went overseas as a healthcare volunteer. That provided me with a base of operations from which I could hitch a ride or take a bus and wander around various parts of several countries. YOLO.
Later on, it becomes harder to do such things. Perhaps it's a wife and/or kids (g). Perhaps it's a full time business you can't leave for an extended period of time. Perhaps it's your health and you're no longer able to go on such adventures. The future is unknown so if you have all of the financial bases covered, grab an occasional silver ring.
answered 54 mins ago
Bob Baerker
10.6k11540
add a comment |Â
up vote
4
down vote
up vote
4
down vote
To some degree, my story parallels yours except that I have already done the retire before 55 gig.
I don't have any spectacular cosmic advice that is going to change your outlook on life or the direction that you take with it. Not even cookie cutter Work! Work! Work! until you drop advice.
All I can offer is that when I was 29, I took a good couple of months off from the grind and went overseas as a healthcare volunteer. That provided me with a base of operations from which I could hitch a ride or take a bus and wander around various parts of several countries. YOLO.
Later on, it becomes harder to do such things. Perhaps it's a wife and/or kids (g). Perhaps it's a full time business you can't leave for an extended period of time. Perhaps it's your health and you're no longer able to go on such adventures. The future is unknown so if you have all of the financial bases covered, grab an occasional silver ring.
answered 54 mins ago
Bob Baerker
10.6k11540
To some degree, my story parallels yours except that I have already done the retire before 55 gig.
I don't have any spectacular cosmic advice that is going to change your outlook on life or the direction that you take with it. Not even cookie cutter Work! Work! Work! until you drop advice.
All I can offer is that when I was 29, I took a good couple of months off from the grind and went overseas as a healthcare volunteer. That provided me with a base of operations from which I could hitch a ride or take a bus and wander around various parts of several countries. YOLO.
Later on, it becomes harder to do such things. Perhaps it's a wife and/or kids (g). Perhaps it's a full time business you can't leave for an extended period of time. Perhaps it's your health and you're no longer able to go on such adventures. The future is unknown so if you have all of the financial bases covered, grab an occasional silver ring.
answered 54 mins ago
Bob Baerker
10.6k11540
edited 46 mins ago
answered 54 mins ago
Bob Baerker
10.6k11540
answered 54 mins ago
Bob Baerker
10.6k11540
answered 54 mins ago
Bob Baerker
10.6k11540
10.6k11540
add a comment |Â
add a comment |Â
up vote
2
down vote
The key question in personal finance is what your personal goals are. We can't tell you what those will be. 'How much' you should save is a question about payoff now vs in the future. Why eat only rice and beans for the next 20 years, just so you can buy a yacht when you get your inheritance?
Do you want a house in 5 years? How much of a down payment on that house do you want? What will it cost?
Do you want a family? Kids are expensive, and if you want a spouse who will join you in your relaxed lifestyle, then that's another person to account for.
Do you want to participate in expensive hobbies? Start your own business? Give to charities you care about? Open the new 'Richard' wing of your favourite hospital / library / university?
All of these things take money. It seems that you foresee yourself being able to maintain a certain standard of living without more work, but there are 2 things left for you to consider: Have you set your goals as high as you'd like? And, is there risk that your forecasted wealth never comes into play?
It would be a shame if you spent your 30's not working, and your planned inheritance fell through (market crash destroying your parent's assets, a change of heart on their part, whatever). You would find it far harder to restart your career in your mid-40's, with a 15 year employment gap to explain.
Finally - it seems you are not investing your saved money, simply earning a few % in interest. You may find that you are not taking full advantage of what your current savings could provide for you. If you have questions about how to start investing, there are a lot of great answers on this site, and you should browse around.
answered 1 hour ago
Grade 'Eh' Bacon
17.4k74565
add a comment |Â
up vote
2
down vote
The key question in personal finance is what your personal goals are. We can't tell you what those will be. 'How much' you should save is a question about payoff now vs in the future. Why eat only rice and beans for the next 20 years, just so you can buy a yacht when you get your inheritance?
Do you want a house in 5 years? How much of a down payment on that house do you want? What will it cost?
Do you want a family? Kids are expensive, and if you want a spouse who will join you in your relaxed lifestyle, then that's another person to account for.
Do you want to participate in expensive hobbies? Start your own business? Give to charities you care about? Open the new 'Richard' wing of your favourite hospital / library / university?
All of these things take money. It seems that you foresee yourself being able to maintain a certain standard of living without more work, but there are 2 things left for you to consider: Have you set your goals as high as you'd like? And, is there risk that your forecasted wealth never comes into play?
It would be a shame if you spent your 30's not working, and your planned inheritance fell through (market crash destroying your parent's assets, a change of heart on their part, whatever). You would find it far harder to restart your career in your mid-40's, with a 15 year employment gap to explain.
Finally - it seems you are not investing your saved money, simply earning a few % in interest. You may find that you are not taking full advantage of what your current savings could provide for you. If you have questions about how to start investing, there are a lot of great answers on this site, and you should browse around.
answered 1 hour ago
Grade 'Eh' Bacon
17.4k74565
add a comment |Â
up vote
2
down vote
up vote
2
down vote
The key question in personal finance is what your personal goals are. We can't tell you what those will be. 'How much' you should save is a question about payoff now vs in the future. Why eat only rice and beans for the next 20 years, just so you can buy a yacht when you get your inheritance?
Do you want a house in 5 years? How much of a down payment on that house do you want? What will it cost?
Do you want a family? Kids are expensive, and if you want a spouse who will join you in your relaxed lifestyle, then that's another person to account for.
Do you want to participate in expensive hobbies? Start your own business? Give to charities you care about? Open the new 'Richard' wing of your favourite hospital / library / university?
All of these things take money. It seems that you foresee yourself being able to maintain a certain standard of living without more work, but there are 2 things left for you to consider: Have you set your goals as high as you'd like? And, is there risk that your forecasted wealth never comes into play?
It would be a shame if you spent your 30's not working, and your planned inheritance fell through (market crash destroying your parent's assets, a change of heart on their part, whatever). You would find it far harder to restart your career in your mid-40's, with a 15 year employment gap to explain.
Finally - it seems you are not investing your saved money, simply earning a few % in interest. You may find that you are not taking full advantage of what your current savings could provide for you. If you have questions about how to start investing, there are a lot of great answers on this site, and you should browse around.
answered 1 hour ago
Grade 'Eh' Bacon
17.4k74565
The key question in personal finance is what your personal goals are. We can't tell you what those will be. 'How much' you should save is a question about payoff now vs in the future. Why eat only rice and beans for the next 20 years, just so you can buy a yacht when you get your inheritance?
Do you want a house in 5 years? How much of a down payment on that house do you want? What will it cost?
Do you want a family? Kids are expensive, and if you want a spouse who will join you in your relaxed lifestyle, then that's another person to account for.
Do you want to participate in expensive hobbies? Start your own business? Give to charities you care about? Open the new 'Richard' wing of your favourite hospital / library / university?
All of these things take money. It seems that you foresee yourself being able to maintain a certain standard of living without more work, but there are 2 things left for you to consider: Have you set your goals as high as you'd like? And, is there risk that your forecasted wealth never comes into play?
It would be a shame if you spent your 30's not working, and your planned inheritance fell through (market crash destroying your parent's assets, a change of heart on their part, whatever). You would find it far harder to restart your career in your mid-40's, with a 15 year employment gap to explain.
Finally - it seems you are not investing your saved money, simply earning a few % in interest. You may find that you are not taking full advantage of what your current savings could provide for you. If you have questions about how to start investing, there are a lot of great answers on this site, and you should browse around.
answered 1 hour ago
Grade 'Eh' Bacon
17.4k74565
answered 1 hour ago
Grade 'Eh' Bacon
17.4k74565
answered 1 hour ago
Grade 'Eh' Bacon
17.4k74565
answered 1 hour ago
Grade 'Eh' Bacon
17.4k74565
17.4k74565
add a comment |Â
add a comment |Â
Richard is a new contributor. Be nice, and check out our Code of Conduct.
Richard is a new contributor. Be nice, and check out our Code of Conduct.
Richard is a new contributor. Be nice, and check out our Code of Conduct.
Richard is a new contributor. Be nice, and check out our Code of Conduct.
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