Anonymous
Anonymous asked in Business & FinancePersonal Finance · 10 months ago

What would you consider well off money wise for a 20 year old?

I have about $13,000 in investments no debt and am 20 years old would you consider that well off for someone my age? I have always wanted to be wealthy one day as I come from a poor family. So that s mainly why I am asking.

Update:

Also I own my own car title is in my name and I pay my phone and insurance and rent. (Added info as someone asked)

Update 2:

I'm currently a manager at a big restaurant and make about $30k a year but I am going to go to college in the off season as we are only open weekends.

8 Answers

Relevance
  • zipper
    Lv 6
    10 months ago

    NO WAY! Ten times that would be good off, well off means a lot more case in the bank.

    • Login to reply the answers
  • Anonymous
    10 months ago

    You have a decent job. That's what's making you well off money wise. Don't make any stupid moves like going into debt to get a college degree. Consider your earnings potential that a degree will realistically provide you with. There are many college grads who are making $36K/year and have $50K in student loan debt. You are currently +8 years ahead of them...

    • Login to reply the answers
  • Judy
    Lv 7
    10 months ago

    yes you're off to a good start

    • Login to reply the answers
  • 10 months ago

    Do you have a career or a "job"?

    If you have a "job", I would expect a 20yo to be investing in themselves (school, training, etc) than have a lot of cash investments.

    Additionally, it is a lot easier to save money when you aren't paying rent, utilities, food, health insurance, etc.

    • Login to reply the answers
  • How do you think about the answers? You can sign in to vote the answer.
  • CB
    Lv 7
    10 months ago

    Do you live on your own, have a car - any car - that is yours? Lots of variables - but a good job on saving - no issue with that - you know most millionaires get to be millionaires by saving and living frugally over the long term.

    • Login to reply the answers
  • 10 months ago

    Rule number uno never let no one know just how much dough you hold

    • Login to reply the answers
  • 10 months ago

    Oh my god

    • Login to reply the answers
  • Anonymous
    10 months ago

    It's not very much. Would not even pay for one year of college. If you start cranking out kids, you will be down to negative $13K and then some.

    • Ve Re10 months agoReport

      I don't like kids

    • Login to reply the answers
Still have questions? Get your answers by asking now.