Am I broke for my age????

I’m a 24 year old guy, and I currently have a full time job.  I have $6,000 In my bank account,  but a lot of my friends say that’s nothing.  Apparently my friends have way more than that,  and it makes me feel really bad. 

I pay my truck, insuarance, phone and help mom with rent.  But everyone says I don’t have enough in savings for my age.   Am I broke for my age???????  Can I have advice???

14 Answers

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  • 1 month ago

    I will say it is common for men to compare salaries, assets, etc to each other at a young age but everyone's situation is different.

    Example, I make about $24/hr full time, I have $28,000 between cash and investments because I have no bills and live in my parents' basement. My net worth is NEGATIVE $22,000 because of my student loans.

    My friend makes about $20/hr full time, lives on his own, pays all his own bills, didn't go to college, has a $17,000 vehicle he paid for in cash, and has about $10,000 in the bank. 

    everyones financial situation differs and you can't judge success just based on a number in a bank account. Everyone has different expectations for what "Success" means to them. Both my friend and I are mostly content for now despite having much different financial situations.

    you're young; still in your 20s. You have your entire life to work to and wealth. I wouldn't stress about it. 

  • 1 month ago

    Why do you need advice?  The only advice I will give you about anything is to stop comparing yourself to everyone else. Why should you feel bad when someone else has more than you? Or less?  This is a futile and ridiculous way to live. 

  • 1 month ago

    You are not broke, but $6K is chicken feed.  As a very minimum, you should have the equivalent of 1/2 years' income in savings.

  • It's not a contest.  FWIW I don't discuss money with my friends.  We don't compare salaries or savings/investments.  Neither should you.

    What I "would" do if I were you is to start saving 10 per-cent of your take-home pay each pay period.  Put that money to work for you in an IRA/401K/RRSP where it starts to earn interest.  You'll be amazed where you are in 10-15 years.

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  • 1 month ago

    Too early, I've read that a good start is to have 1X your salary saved by age 30 in savings and investments. 

  • Judy
    Lv 7
    1 month ago

    is a pretty low amount to have

  • Anonymous
    1 month ago

    Lots of 24 year olds have never seen $6000. Broke is paycheck to paycheck, not $6000.  I had about $8000 in cash at 24 and maybe $7000 in stocks at that age 33 years ago and my $5000 car was paid off. Coming from zero I felt pretty good about it at the time.  You might pay some extra on the car rather than earn 1% or less in a bank account.

  • Anonymous
    1 month ago

    Oh my god that one response is so privileged and fked up lmao. You’re still young. Money is constantly gonna go up and down when you’re working and paying for things. When I was growing up my mother would have anywhere from 23-5000 in the bank. No matter how much money you have left over you can make it work. I mean, maybe when you get your paycheck put some immediately into savings and don’t touch it. And use the other part for bills and other. It doesn’t sound like you’re doing anything wrong. You’re just Living life and supporting yourself. You can do this

  • Anonymous
    1 month ago

    $6,000 is not broke but it isn't anything to write home about.  At 21, I had saved about $24,000 babysitting (age 13 - 15) and at 16, working Friday nights and Saturdays.  I also spent 7 weeks traveling in Europe, before school started again in the Fall - my own money.  I was still left with $24k.  I did not waste my money on a car and while I was in school, my parents paid for my apartment and food, etc.  I had very generous parents.  So you don't have much, that's for sure.  If you can ditch the car, do it, to save more for your future.  If you need the car, there isn't much you can do.  You already have limited what you spend by living at home.  Have you thought about furthering your education so that you can get a better, higher paying job?

  • 1 month ago

    Just don't listen, and stop discussing your finances with anyone.

    If you live in Canada, and are working as you said, you may consider a tax free investment. Its called Tax Free Savings Account.

    No, you are not broke. $6,000 in the bank for a 24 year old is creditable.

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