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Author: SeattlePioneer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 736188  
Subject: ER Savings Goals For Young People Date: 7/16/2002 11:33 AM
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One young man on the LBYM board posted his frustration with suggested formulas for net worth because he found them unrealistic for young people who've just recetly entered the work force:


I find it frustrating because I am only 24. It seems like there is no true calculation for my age group.

In this chart, I am very high for my age but way low for everything else. According to the Millionaire Next Door calculation I should have $108,000. Now I ask you how is that possible when I have only been out of school for a year? Does anyone know a good formula for young people?

I always think I am doing well until I look at the formula/statistics.

MinKim



In reply, I suggested that a number of people on this board have saved half their after tax income and been able to ER after twenty years or so, so that might be a goal worth considering.


That produced a poll:

http://boards.fool.com/Message.asp?mid=17520811

Someone said that some folks on the Retire Early Homepage board have been saving 50% of their net income for years. Now that got me to thinking. Without becoming homeless or eating beans every meal, could you save 50% of your net income if you tried hard?



Perhaps some may want to comment on the thread this is producing.





Seattle Pioneer



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