21 years old almost 30k saved?

Hey everyone. I am currently 21 and have about 28,500 saved up. I own a rental property in San Bernandino and currently have a couple hundred dollars worth of stocks. I just want to know how I am doing compared to everyone and if Im on the right track. Im very paranoid and cheap when it comes to money so I just wanted some opinions. Thanks. I also turn 22 next month.

5 Answers

Relevance
  • Anonymous
    1 decade ago
    Best Answer

    That's far better than most people. I wish I had started that young.

    I highly suggest you find something better to do with this $30k of savings than just parking it in a low interest savings account. I suggest you keep 6 months of living expenses liquid in savings, and don't worry about the interest on that money. But use the rest of if to invest. Find a good mutual fund or put some money into paying off the mortgage on your rental so that when its paid off, the rent you collect is just recurring passive income.

    You should also look into tax lien certificates, they're a very safe investment and have high yields, the only real down side is that once you buy one, you're money is locked up and its hard to get the money out until the owner of the house sells it.

    Also, get with an investment broker and talk about starting a ROTH IRA for the tax advantages. You may even want to start an LLC or corporation for the rental properties. Talk to a tax attorney about that.

  • At 21, having 30K without debt is a great start in life. Most people in their 20s are 0 net worth or actually in debt. Nice Job.

    I'd say you are in the top 10% category among your age group.

    I'm 18 and I've also been working and investing since age 15. Only got 16K right now. Lets become millionaires!

  • 1 decade ago

    You're doing brilliantly. I know many people nearing their thirties who have nowhere near that amount. Don't be too tight though, counting your cash as a hobby is no fun, make sure you use it to enjoy your life.

  • 1 decade ago

    cows

  • How do you think about the answers? You can sign in to vote the answer.
  • 1 decade ago

    Wow! How did you do it?

Still have questions? Get your answers by asking now.