Quote:
Originally Posted by catspajamas
Guys lol no need to get so worked up...yup agreed that i'm lucky to have no liabilities (as mentioned by someone) but that's only for now.
My parents' stance is that while they are still financially able they want me to save as much as i can for myself, which is also why i'm asking. Of course some of the money i put aside today will go to them as well. All things considered, i'm really just checking if i'm doing okay with the sum at hand, so dont have to judge me for "showing off" or "being selfish" lol you guys are misconstruing my intentions here. Main point is to get a good sense of how people are coping and using shared anecdotes as a point of reference for my own learning as well. As for the insurance plans, yes i will take over and pay my own premium soon. But background is my dad used to be from insurance field so he's happy to settle everything in the meantime until he thinks im ready to take over.
As people share their liabilities, it also helps me plan better on how i can better portion my savings in future when I have my family and liabilities to settle. Seeing some of your posts, I also will use it as a good rule of thumb on how much $$ to give my parents too!  And just to be clear, we all split the household utilities and groceries so i dont let my parents absorb all the burdens too. Any time they need me financially i will be there.
Thanks for sharing guys! |
OP of #8 here.
Good to see that you are taking the comments positively. Fr your age, I guess you've just started working not too long ago. With a long career pathway ahead, the two most important things when it comes to finances is to work hard at increasing your income, and try not to get too caught up with lifestyle creep. If you can maintain your savings rate and plan your finances appropriately, you should find yourself in relatively good stead down the line.
As someone also pointed out, saving money for the sake of saving up can be a difficult journey. The temptation to spend once you build up a tiny amt of savings is very real. I would suggest that you try to set some targets for yourself e.g. 100k savings by 30, 300k by 40 etc. Having a target helps to focus your efforts in savings and investments.