How much do you have in savings?

I keep hearing that Americans, even before the pandemic would've had a hard time to come up with 500 bucks in case of an emergency. I can only imagine the financial pain now, and the credit card debt people accumulated. I am debt free at 29, with 120K saved and still live my life and do and buy what I want. So what gives? Are Americans just really that bad with money and saving, and just live for today without future repercussions?

Update:

SumDude...you may not believe it but I’m 3 years out of the military similar to you were bud...and I used the GI Bill and was getting 4K a month to get my masters so that was a big chunk of the 120K so far. I left the military after paying 30K of my student loans and had to start back to square 1. After 3 years now I’m at where I’m at. I oay1K a month in rent, no kids wife or huge mortgage and car payments. You make your own way in life 

14 Answers

Relevance
  • 2 months ago
    Favourite answer

    your doing good but you need to have a million by the time you are 40.  Leverage is your way to being "rich"  $5M?

  • 2 months ago

    A lot less than Jeff Bezo's. I have enough money that I could probably live for about a year but not extravagantly.

  • Jay P
    Lv 7
    2 months ago

    Don't worry about how you compare to others.  That's what gets a lot of people in trouble financially in the first place.

  • ?
    Lv 7
    2 months ago

    I live on a vineyard in Italy.......with more land than you can imagine. 

  • What do you think of the answers? You can sign in to give your opinion on the answer.
  • 2 months ago

    So are we supposed to be impressed by your wealth or your ability to save? Good for you. That's all anyone needs to say. What you ought to try to do is concentrate less on comparing yourself with everyone else, and stop generalizing about "Americans" and start thinking about something outside your own little world. 

    It's really none of your business. And if you're really "making your own way in life" as you admonished the other poster, then go DO that and stop trying to lord your way over everyone else. 

  • 2 months ago

    Dude if you really are 29 years old and have $120,000 saved up then I would say you are doing REALLY well. like better than 90% of 29 years olds.

    If I was to take a stab in the dark I would guess that the average 29 year old with the high cost of living these days and so many low paying jobs these days that the average 29 year old these days would be lucky to have $15,000 in savings. 

  • 2 months ago

    At your age, you're more financially secure than I was at that age. In 1970, I was working 60 hours a week @ around $3 per hour with $10K in savings, no debt, and had just paid cash for a new car. Most Americans have no financial back-up plan at all and live day to day. 

  • ?
    Lv 7
    2 months ago

    If you really have 120k saved at 29, you probably have a college degree and were able to set aside 15k per year since you graduated. 

    Minimum wage pays 15k per year.

    And that's assuming you can get a job. There are many parts of the country which grew large populations around factories or coal mines or other defunct industries. There are no jobs to be found, and young people don't have enough money to move away.

    Yes, Americans are bad with savings. But part of that comes from the futility that saving a tiny fraction of their meager salary isn't ever going to add up to a substantial amount of money. 

  • 2 months ago

    It's none of your business how much I have in savings. I wasn't debt free at your age, not even close, and couldn't have saved much at all by then no matter how I tried, but I did own a house.

  • Anonymous
    2 months ago

    I have a lot more than you but at 29 I did not have $120k yet.

    Lots of people get married & have kids despite not being financially stable. Plus the are poor money managers and have little discipline so they remain broke.

Still have questions? Get answers by asking now.