How Much Money You Need To Save By EVERY AGE

Here’s how much money you should aim to save at every age and exactly how you can get there - Enjoy! Add me on Instagram: GPStephan

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By 20 Year Olds:
First, go and get yourself a credit card.
Second, make sure you also open up a Roth IRA.
Third, I would aim to have 1-2 MONTHS of expenses saved up.
Fourth, get yourself invested in the markets in some way or another.

So, overall…by 20 years old, there aren’t really many NET WORTH or SAVINGS goals you should aim to hit…but, instead, it’s just about setting up a good foundation from which you can build from.

By 30 Years Olds:
First: You’ll want to have at LEAST a credit score of 750 or higher.
Second: I’d recommend you become COMPLETELY BAD-DEBT FREE by the time you’re 30.
Third, because everyone wants to know “HOW MUCH MONEY SHOULD I HAVE!!” - I kind of agree with the 1x your salary as a bit of a baseline to aim for.
And fourth - I think by 30, it’s reasonable to suggest that you aim to save at least 20% of your income every month.

By 40 Year Olds:
First, you should focus on MAXING OUT YOUR RETIREMENT ACCOUNTS EVERY YEAR.
Second, you should also look into potentially BUYING A HOUSE if this is something you’re interested in.
Third, by 40, you should know EXACTLY how much you spend every single month - and have AT LEAST 5-7X your annual spending invested.

By 50 Years Old:
First: I think having 5x your annual income saved up is a good goal - but, if you can get this closer to 7x or higher, I think that’ll put you in a much stronger position for retirement.
Second: Depending on your situation, you should be about halfway through paying off the mortgage on your primary residence.
Third: You should also have a VERY clear idea of how much you’ll need in retirement, and when you plan to retire - and that needs to be calculated, NOW.

By 60 Years Old:
First: You’ll want to aim for at least 10-12x your salary saved up.
Second, I think it’ll also be wise to have almost paid off your primary residence by now - so, if you haven’t already done this, you’re getting close.
Third: It’s usually said that this is where your earnings will have somewhat peaked - so, if you’re in the highest earning years of your life, now is the time to save as much as you possibly can with the income you have.
Fourth: If you want to, NOW is the time where you can begin withdrawing from your retirement accounts without any penalties.

And really, from there …the rest is up to you, and those are the goals that I think you should aim to hit in every decade. Obviously, this is only going to be a rough ballpark and some people may be way ahead of this or way behind this - but, that’s not important - it’s more important to realize that NOW is the best time to begin working towards these goals. It’s all about starting this as soon as you can, even if you’re behind, and then working within your means to understand what you need to do to reach your future goals.

*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

[otherryan]

"You are ahead if you have more than -$27, 000"
Me with 3 dollars: *nice*

[shottskii]

Me: 30k in debt and barely making rent

Parents: where are my grandchildren?!

[morgancravey]

who else is on the anxiety train and obsessively investing in their 20's?

[AmFaucher]

The retirement fund that my husband and I have built up is doing quite nicely. The majority of the money, which averaged roughly $2 million, was made by taking advantage of the opportunity to purchase luxury stocks at a significant discount during the Great Recession. 2009 saw my stockbroker fired, all of my mutual funds liquidated, and I purchase individual dividend stocks. You can succeed if you are patient, don't panic, and do your homework.

[danielm]

If you can avoid student loans, then you’ll be wealthier than most Americans

[brotheraugustine]

“high interest savings account”

I too remember 2019

[doragary]

When you invest, you're buying a day you don't have to work

[Rubyeverly-Jessica]

awesome video We all aspire to financial security and a better quality of life. With the correct investment, modest lifestyle, and planning, accomplishing this is not difficult. I'm pleased I was taught to work hard for financial independence at a young age.

[MeetKevin]

Ah okay I failed so far - quickbooks says my networth is a big number - but there’s a minus in front

[DEO]

By age 20, open a Roth IRA and deposit your negative 27, 000 into it.

[oliviaralston]

You work for 40yrs to have $1M in your
retirement, meanwhile some people are putting just $10K in a meme coin from just a few months ago and now they are multimillionaires., , , ,

[Raymondjohn]

Great Video Mav! Maybe make a video on potential investments in this current market that would fetch substantial profit, been coming across articles on bloomberg, business insider etc about folks raking in $200K averagely in 6weeks using some sophisticated strategy and I'd love to know how.

[yvonnesolomon]

the fact that the $500 in my savings account means that I’m already ahead of most people my age is a little concerning tbh

[landonrichards]

As a 16 year old I am glad that I am learning this stuff now

[albertobenelli]

i am 46, and only started about a year ago or two to really care about my savings . I had been doing "normal" things that most of us people do, buying too much car, spending small amounts (but many times) on very silly things and so on . So now I have a bit over a year worth of salary saved in cash, and i feel so much better than when i had virtually zero in my bank accounts . But it hurts me very much to think that had i started 20 years ago, i would have been in a much different position right now . But hey, better late than never !

[wedsonolivia]

According to my Adviser; *Investing for Retirement is better than Saving for Retirement.*

[minutememes]

Bruh Im 15, kids my age are trying to get a perfect 800 on the SAT reading. and here i am trying to get a perfect 800 credit score. Thanks to this guy. what am i doing with my life

[jrherediaramirez]

Gram : the average is -27, 000
My exact debt: 27, 000 👀.

[amosiren]

This is cute, but most of us are here at age 30+ because we were absolute morons with our money in our 20s 🤣

[asamr]

I was 17 working ToGo orders at a Texas Roadhouse during the summer of the pandemic and the tips were really good, I also hardly spent money since everything was still restricted and I lived at home. I focused on my schoolwork as well, fast forward at 19 I currently have 18k in savings and will have no student loans since my merit scholarships cover tuition (in school for nursing). I’m paying rent with a roommate right now, but hopefully next year I can find my own place to share with my partner! My goal right now is to start saving into a Roth IRA account, and build credit!