Originally Posted by Donald Trump
The average person should surely be able to save 100k by their 30th birthday should they not? With a bit of effort? No? A couple looking to buy a house at age 30 could have 150k saved between them? Unrealistic or not? Would be less than 200 quid a week to put away.
Edit: Assuming they go to college and start work at 22.
Do people on here actually believe that it's easy for someone to save 100k by the time they're 30?
Median gross income in Ireland is only around 35k a year.
According to PWCs income tax calculator that gives you about 560 a week net.
Assuming you started saving at 22, in order to save 100k by the time they're 30 you actually need to save 240 euro a week, not 200. Say 250 a week for rent (assuming you don't mind living in a house share when you're 30), that would leave you a grand total of 70 quid a week for bills, food, transport costs and any discretionary spending. So yeah, if you graduated college at 22, walked into a job paying a median salary the minute you graduated, and lived like a hermit for 8 years you might just about save 100k. Good luck ever going on holiday, buying a car etc. though.
Of course though the idea that the average person graduates college at 22 and walks into a well paying job is a fantasy. Only half of the 25-34 age group are college graduates
and by definition half of the workers in the country are earning below the median salary with newer entrants into the labour force over-represented in lower income brackets.
Me personally I graduated college in 2009, at the age of 23 with a STEM degree. I spent 6 months trying to find ANY job, without success before I gave up and decided to go back and do a masters. I graduated from my masters in 2011 at the age of 25, about 20 grand in debt, and despite finishing top of my class it still took me 6 months to get a job. I got my first real job at 26, and it wasn't until I was 28 that I had payed off my college debt. And I was one of the lucky ones, most of my friends from school and college still aren't making decent money.
EDIT: While overall median weekly wage is 560 a week, median wage for the 25-29 age group is actually only 470 according to the CSO.
Totally realistic for the average person to save over half their income for 8 years in order to save for a house deposit.