Is Saving $1000 A Month Good Reddit?

Is saving $1000 a month good?

To recap: For every 1,000 bucks per month in income in retirement, you need to have $240,000 saved.

This easy-to-follow bit of wisdom can help you remember that you’re saving money so that one day it can replace the income stream you will lose when you stop working.

Is saving 3000 a month good?

With moderate risk you could average upwards of 10% return on investment. With $3000 per month ($36000 per year) compounded yearly at 5% over 30 years will give you a final total of $2,511,388.44. With the same savings and moderate risk compounded at 7% over 30 years will give you a final total of $3,638,629.49.

How much of your salary do you save Reddit?

Our savings rate is approx 60% of gross income, or 75% of post-tax income. Impressive post-tax saving rate.

How much should I be saving a month Reddit?

The general rule should be to save as much as you can while living a comfortable lifestyle (comfortable is obviously relative). If you can’t save 15% and live comfortably, then by all means save less and try to save more when you can. A lot of people can save 30% or more and still live comfortably.

Where can I retire on 500 a month?

5 Places to Retire for Under $500 per Month

  • Leon, Nicaragua. Nicaragua has suffered serious bad press as a result of its troubled past and current President.
  • Medellin, Colombia.
  • Las Tablas, Panama.
  • Chiang Mai, Thailand.
  • Languedoc-Roussillon, France.
  • Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group.

How much do I need to invest to make 4000 a month?

$4,000 a month is $48,000 a year. At a 1% return, you’d need $4,800,000 in investments. Just multiply 4,800,000 x 1% or 0.01. The S&P 500 stocks yield approximately 2%, and the principal is cut in half.

Is saving 500 a month good?

Like always in saving, it’s not the absolute figures that matter, but the relative ones. The golden rule of saving money is that at least 10% of your income should be saved for the future. So, the monthly saving of $500 is good if you earn $5000 per month, awesome if you earn $3000 per month.

How can I get rich in my 20s?

15 Steps to Take in Your 20s to Become Rich in Your 30s

  1. Have a plan of action.
  2. Maximize your earning potential.
  3. Have multiple streams of income.
  4. Create passive income.
  5. Whittle down your living expenses.
  6. Own your own enterprise.
  7. Plan for the long term.
  8. Take risks.

How much money do I need to invest to make 1000 a month?

For $1,000 per month, you’d need to get a $12,000 annual dividend yield, which would need about $120,000 invested. And of course, factoring in taxes, these numbers would need to be 35–40% higher, give or take a few variables.

How much money do you save a month?

Most experts recommend saving at least 20% of your income each month. That is based on the 50-30-20 budgeting method which suggests that you spend 50% of your income on essentials, save 20%, and leave 30% of your income for discretionary purchases.

Is 7k a month good?

$7,000 a month translates to $84,000 a year. While that is higher than the average income of a worker in the United States, $51,939[1] a year, it is still much lower than the “cut-off” that denotes the 1% in America, who are traditionally thought of as rich.

How much should you save in a month?

How much should you save every month? Many sources recommend saving 20 percent of your income every month. According to the popular 50/30/20 rule, you should reserve 50 percent of your budget for essentials like rent and food, 30 percent for discretionary spending, and at least 20 percent for savings.