What's a lot of savings to have for 40 year old

bear1

I'm 29 going on 30, 70k left on the mortgage, wife is 32 and we've one daughter.
Up till the end of a last year we had around 6k in savings and around the same left in our bank account after paying all the bills.
We then had some serious issues which reduced our average account balance to about 3k after paying all the bills and by tomorrow our savings will have dipped below the 2k mark after having major car, house repairs.
Is it a lot? Not a chance and it worries me a lot.
But I'm planning to get our normal account back to around 5k this month which will help us build on that and restart putting the odd 300e into the savings.
Savings are fantastic when something unexpected happens but my god is it depressing when you need to build them back up.
If I had 20k saved by the time I'm 40 I'd be happy.

The J Stands for Jay

Ush1 wrote: »

It all depends on the stock of course.

If you invest in a startup that goes pop, moneys gone, no matter how long you wait around.

Didn't it happen to all the investors in Eddie Hobbs property investment group?

Anyone who lost money in the investment obviously didn't read the prospectus. I remember reading it and thinking there's no way anyone else be taken in by that

Earthhorse

Pac1Man wrote: »

I can piss at a strong 70 degree angle for about 3 meters. I have access to this at any time.

You should consider putting this into some form of long term storage; perhaps clean urine samples for high performance athletes.

Earthhorse

Vex Willems wrote: »

Now, I'm no expert on finances, and I know you work in that field but surely it's better in a savings account earning nothing than taking bad advice and putting it in a pension and potentially lose it all as many people have or in bad investments.

I'm sure you could advise better but when lots of people have been caught out surely you can understand why people would leave it as is.

Bad investments or bad pensions?

Pension contributions (to a certain limit) are tax free. So you have made a 25% or so gain right away there. Anyone approaching retirement age should be putting their pensions into more and more liquid assets (e.g. cash) to ensure they are mitigating the risks of a downturn in the market.

Having said all that I have been guilty in the past of not investing my money when I probably should have. The most important thing is to have your income exceed your outgoings by a fair amount. That's the best way to save but you can have your money working for you at the same time if you want to.

Pac1Man

Earthhorse wrote: »

You should consider putting this into some form of long term storage; perhaps clean urine samples for high performance athletes.

Golden Shower Enterprises?



I'm imature. I'm sorry.

antodeco

Own my own house. Doubling size of it at the moment, so have my first mortgage. Want this cleared within 6 years. Plan on retiring in 10. I'm not 40 yet. I've 2 kidneys sure

smelly sock

antodeco wrote: »

Own my own house. Doubling size of it at the moment, so have my first mortgage. Want this cleared within 6 years. Plan on retiring in 10. I'm not 40 yet. I've 2 kidneys sure

How much is your mortgage.

smelly sock

bear1 wrote: »

I'm 29 going on 30, 70k left on the mortgage, wife is 32 and we've one daughter.
Up till the end of a last year we had around 6k in savings and around the same left in our bank account after paying all the bills.
We then had some serious issues which reduced our average account balance to about 3k after paying all the bills and by tomorrow our savings will have dipped below the 2k mark after having major car, house repairs.
Is it a lot? Not a chance and it worries me a lot.
But I'm planning to get our normal account back to around 5k this month which will help us build on that and restart putting the odd 300e into the savings.
Savings are fantastic when something unexpected happens but my god is it depressing when you need to build them back up.
If I had 20k saved by the time I'm 40 I'd be happy.

Bs.

10000maniacs

€10. I'm currently boycotting any company that sells stuff I can't afford.

Permabear

This post has been deleted.

Shelga

Permabear, what's a good place to start learning about stocks and investments? Stuff like that appeals more than a mortgage a lot of the time, but don't really know where to begin. In my head, it's like trying to pick the next Facebook to invest in and hoping for the best!

Only shameless request for financial advice, I promise

antodeco

smelly sock wrote: »

How much is your mortgage.

100k

smelly sock

antodeco wrote: »

100k

How much do you earn?

anewme

46 yrs old, 50k savings, owe about 90k on mortgage.

Try to keep balance between enjoying life and keeping money aside for the future. I dont intend saving any more cash till the mortgage is gone in about 6 years or so

Pac1Man

smelly sock wrote: »

How much do you earn?

Don't answer that antodeco.

Sir if you are not going to press charges, my client and I would like to leave.

bear1

smelly sock wrote: »

Bs.

Didn't realise you were aware personally of my financial position.
Please enlighten me as to how what I'm saying is bull**** when you couldn't possibly know..

Blue Badger

I'm 25 now and have roughly 6k disposable in the bank. No savings account. My main goal at the moment is to have chosen a pension by the end of 2017. No idea what the typical savings would be for my age bracket.

Considering the older lads/ladies at work I'd say that by and large they have their heads on the right way around when it comes to savings. Pensions etc. are discussed quite often in the canteen. It's great to get different people's perspectives on the whole thing.

It's definitely something more people could do with taking time to think about.

anewme

Blue Badger wrote: »

I'm 25 now and have roughly 6k disposable in the bank. No savings account. My main goal at the moment is to have chosen a pension by the end of 2017. No idea what the typical savings would be for my age bracket.

Considering the older lads/ladies at work I'd say that by and large they have their heads on the right way around when it comes to savings. Pensions etc. are discussed quite often in the canteen. It's great to get different people's perspectives on the whole thing.

It's definitely something more people could do with taking time to think about.

When I was that age, I had about 25k cash as was looking to buy house but no pension.

Looking back now, I should have started a prsa and just paid the minimum into it.

I did not start a pension till 35 but would recommend start earlier.

antodeco

smelly sock wrote: »

How much do you earn?

Wildcard7

bear1 wrote: »

smelly sock wrote: »

Bs.

Didn't realise you were aware personally of my financial position.
Please enlighten me as to how what I'm saying is bull**** when you couldn't possibly know..

Considering there's nothing in your story that's unbelievable at all, and they didn't even bother spelling out the one word reply, I think it's pretty safe to assume they were just trolling.

bear1

Wildcard7 wrote: »

Considering there's nothing in your story that's unbelievable at all, and they didn't even bother spelling out the one word reply, I think it's pretty safe to assume they were just trolling.

The poster is well known for it, pathetic really.

Permabear

This post has been deleted.

Blue Badger

Permabear wrote: »

This post had been deleted.

I read that as Brazilians haha

Commotion Ocean

https://www.youtube.com/watch?v=l91ISfcuzDw

Permabear

This post has been deleted.