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Savings. How Much Do You Cunts Have? Does the economy really suck?

Well?

by Anonymousreply 149November 28, 2024 4:54 PM

If you do mean specifically money invested in something that earns interest, then over $250k. Most of my investments are in equities, but for the fixed income part, I have around $100k in U.S. savings bonds, $50k in an annuity, $150k in CDs and about $50k in savings accounts.

by Anonymousreply 1November 18, 2024 1:16 AM

My goodness Datalounge really must be 90% elderGays. I had no savings until it turned 45.

by Anonymousreply 2November 18, 2024 1:21 AM

The economy hasn't sucked for at least 3 years.

Please don't turn this into a thread where everyone brags about their good fortune. Be humble and just provide solid financial advice that will be of use to your fellow Dataloungers.

by Anonymousreply 3November 18, 2024 1:23 AM

With no kids and no wife to drain your money, if you can handle delayed gratification, it's not that hard to save for retirement.

by Anonymousreply 4November 18, 2024 1:26 AM

My net worth is around $350K. Most of it is in a 401K or Roth, but I have around $60K that I could get my hands on pretty quickly if I needed it (it's cash in a high interesting earning accounts, or I-bonds). I have no debt, will get a pension, and Social Security is TBD depending on what Trump 2.0 does with it.

by Anonymousreply 5November 18, 2024 1:59 AM

OH boy, Que the Humble Braggers: I only have 2.1 million in the stock market, 500 401k, 2 rental properties, two luxury cars, one vintage, house paid for and I am so worried what I have going to do to in this Biden economy. I make over 150,000 so I am basically dirt poor.

by Anonymousreply 6November 18, 2024 2:04 AM

I have sufficient.

by Anonymousreply 7November 18, 2024 2:07 AM

Cue the broke-ass whiners who are envious of people with money. The OP asked a direct question, R6.

Guess what, there's always someone with more. I'm interested in the DL demographic, how people are getting by, retirement plans, how old they are, did they come from money, etc.

Stop killing threads, R6

by Anonymousreply 8November 18, 2024 2:13 AM

I'm 51 And my net worth is $1M. My property will be paid off by the age of 65.

It's still not enough to retire in Canada. I have to seriously look into retiring elsewhere. .

by Anonymousreply 9November 18, 2024 2:16 AM

How much do you need to retire in Canada?

by Anonymousreply 10November 18, 2024 2:20 AM

For my 20s and 30s, I drank, did coke, ran up credit card bills, went out a lot, often to strip joints., etc.

I did two things right, however. Kept rent low and saved heavily right off the pay check.

Despite all my craziness in the early years, I'm very confident about retirement now that I'm 50.

Moral of the story is that automatic savings and ETFs work.

by Anonymousreply 11November 18, 2024 2:20 AM

JFC, gay men make a lot of money. You'll never convince me that white gay men are "put upon" because they're gay. There have been many, many times I wished I'd been born a gay man.

Alas, I'm just a decrepit old lesbian who was kinda cute for a brief moment in my 30s.

by Anonymousreply 12November 18, 2024 2:22 AM

What is this "savings" of which you speak? Is it a kind of berry?

by Anonymousreply 13November 18, 2024 2:25 AM

[quote]My goodness Datalounge really must be 90% elderGays.

You're just realizing this NOW?

by Anonymousreply 14November 18, 2024 2:28 AM

[quote]With no kids and no wife to drain your money, if you can handle delayed gratification, it's not that hard to save for retirement.

*cries in student loans and "fair" credit*

by Anonymousreply 15November 18, 2024 2:29 AM

R10: $1.7M CAD. More if you're a millennial.

Offsite Link
by Anonymousreply 16November 18, 2024 2:32 AM

Sa...sav...iiiiinnnngs? What is that?

by Anonymousreply 17November 18, 2024 2:40 AM

R16 - got it. I misunderstood. I thought you were from the US and could retire in Canada if you had a certain amount.

by Anonymousreply 18November 18, 2024 2:41 AM

This is depressing as all hell.

Offsite Link
by Anonymousreply 19November 18, 2024 2:41 AM

I have $2,000 in my minivan account OP! Don’t tell My Peter!

by Anonymousreply 20November 18, 2024 2:42 AM

I'm pretty comfortable for 63 years old. I have no debts,

The Biden years were very profitable for me & my clients. We will see how the new president does in his 2nd term.

by Anonymousreply 21November 18, 2024 2:42 AM

I'm 74 - Good Health - I owe nothing - everything paid for. Fed. Govt. pension. Savings acct - 75K, 150K in CD's, 35K in TSP (Govt. 401K). Not much but hopefully enough to make it to the finish line (depending on how bad DUMP makes things).

I have some on hand cash and am stocking up on various provisions to hopefully blunt the increase in prices.

by Anonymousreply 22November 18, 2024 2:56 AM

I have enough for 6 months of living expenses, in case I unexpectedly lose my job.

by Anonymousreply 23November 18, 2024 3:16 AM

Humble Bragger R8 right on time. They cant resist. I forgot to mention, they are also nasty cunts who look down on people too. R8 is no exception.

by Anonymousreply 24November 18, 2024 3:16 AM

r24 Honestly, I'm trying to figure out how to get my money right and willing to listen to tips from people who have a lot of it. By all means, humble brag away, I say. I'm tired of living like this. My resting heart rate is in the 90s and I'm not even 40 yet. Just trapped in a perpetual state of high stress.

by Anonymousreply 25November 18, 2024 3:25 AM

[quote]JFC, gay men make a lot of money. You'll never convince me that white gay men are "put upon" because they're gay.

That's not most gay men. Mostly the old trolls that are retired and have nothing better to do all day except brag about their wealth since their looks have gone for decades.

"HRC Foundation analysis of nearly 7,000 full-time LGBTQ+ workers, median earnings ... [bold]earn about 90 cents for every dollar that the typical worker earns."

by Anonymousreply 26November 18, 2024 3:26 AM

You are wasting your time R25. The humble braggers will just tell you to start saving when you are 20. They operate under the assumption you make over 100,000k a year with stock options and benefits that only certain corporate jobs have but most do not. So all you have to do is just tighten your belt like they did. Basic Boomer bootstrap your way to success BS. You know when houses were about the same price as a years salary when they did it and college was dirt cheap and companies didnt fire hundreds of people at a time on a Zoom call.

by Anonymousreply 27November 18, 2024 3:33 AM

[quote]Please don't turn this into a thread where everyone brags about their good fortune. Be humble and just provide solid financial advice that will be of use to your fellow Dataloungers.

The numbers are just numbers. Unfortunately, a thread like this always draws the profligate DLers who hate any reminder that they fucked up by spending all their money instead of investing it. They soothe themselves with the fantasy that it's too hard or impossible to save and they hate to see that others have in fact saved. They lash out, stating that just posting numbers is somehow bragging.

by Anonymousreply 28November 18, 2024 3:38 AM

Here's my two cents of advice. Before you even cut back on anything, track your spending for a month.

Record all expenditures. Make a few categories (food, entertainment, stuff you buy for work, alcohol, coffee, health (supplements), etc.). At the end of the month, you'll see, roughly, where all your money goes. Hopefully, you can see where you might be able to cut back and you might even see where you're being too cheap with yourself.

You can also do a fixed expense list, too. Things like car insurance, rent, internet access at home, etc.

by Anonymousreply 29November 18, 2024 3:44 AM

I have a good amount in a 401k, but my savings on hand is pathetic.

by Anonymousreply 30November 18, 2024 3:46 AM

r27 I mean, there are some in my generation that were able to save a healthy nest egg and have good credit. I'm in the financial position I'm in due to poor choices I made. That's really it. It's literally at least 90% my fault, and 10% coming of age/entering the workforce in my early 20s in 2008 in a recession.

Medical debt fucked me up after I got kicked off my mom's insurance when I was 18. Meanwhile, my younger brother just hit the age where he can no longer be on her insurance and has to put on his big boy pants...while still living with her as she pays for all of his schooling so he doesn't need to get student loans. Ironically, she told me to get student loans because, "That's what I had to do! And work! We pay our own way in this family." He is on her car insurance, mobile plan, works sporadic hours never topping 12 hours a week, and I'm sitting here letting my car insurance lapse until my next paycheck to cover rent and lights since I work from home. God forbid I ignore a CashApp request for gas money for a car he didn't put one red cent into.

I'm sorry, what were we talking about, again?

by Anonymousreply 31November 18, 2024 3:46 AM

I am comfortably well off. Every time I go on a plane trip I always travel in business class which makes me realize I am quite affluent to always be able to fly business class.

by Anonymousreply 32November 18, 2024 3:47 AM

This type of post always brings out the self righteous who think everyone has a perfect life like they had without major health issues, death of a spouse, disabilities, taking care of an elderly parent, and job loss. They see all of those as just excuse and a way to keep promoting their fantasy about how smart they were and everyone else would be just as well off if only they saved like they did. Ignoring facts like 50% of Americans cant afford to invest in the stock market at all. More than that make under 50K a year, or less.

by Anonymousreply 33November 18, 2024 3:47 AM

[quote]track your spending for a month.

r29 I did this after I noticed I wasn't saving money after we started working from home and getting a raise. It was bizarre and I couldn't figure out where the fuck all of my money was going.

Come to find out...it was DoorDash.

I am deeply ashamed.

by Anonymousreply 34November 18, 2024 3:53 AM

My father told me gay men have the best path to financial success–two full time male salaries and no dependents.

In his scenario he assumed I'd be monogamous, I guess.

by Anonymousreply 35November 18, 2024 3:54 AM

[quote]This type of post always brings out the self righteous who think everyone has a perfect life like they had without major health issues, death of a spouse, disabilities, taking care of an elderly parent, and job loss.

This type of thread always brings out the lying bullshit that people who have saved haven't had major health issues, death of a spouse, disabilities, taking care of an elderly parent, and job loss. I've had all those things other than having a spouse yet have managed to grow a nest egg.

by Anonymousreply 36November 18, 2024 4:14 AM

[quote]full-time LGBTQ+ workers, median earnings ... earn about 90 cents for every dollar that the typical worker earns.

Notice that statistic does not split out "gay men" as a category? We're not fools here at DL, R26. Show me [bold]that[/bold] data before you play the poor soul.

by Anonymousreply 37November 18, 2024 4:57 AM

Well look at miss R36, what a classic cunt think. She had turf times and made it so you should have no excuse either. Well Dear, you don't know everyone else's life. You have not walked in their shoes. Your "health issue" may not have been as severe as others, your parents might not have been as difficult as other parents, your jobs might not have paid as little as others have.

Tell us you are a Boomer without telling us you are a Boomer.

by Anonymousreply 38November 18, 2024 4:57 AM

R35 “Well Dad, it’s a good thing John is 15 years older so that way he can take care of me!”

by Anonymousreply 39November 18, 2024 4:59 AM

OP why did you set the top amount so low? A lot of people have a lot more that $250k.

Remember many gay men are professionals, and live in expensive urban areas.

by Anonymousreply 40November 18, 2024 5:06 AM

My aunt left me 150 k, what should I do with it?

by Anonymousreply 41November 18, 2024 5:34 AM

[quote] "HRC Foundation analysis of nearly 7,000 full-time LGBTQ+ workers, median earnings ... earn about 90 cents for every dollar that the typical worker earns."

Makes sense. In the 80s, in the time of homophobia and AIDS hysteria, many gays sought refuge in gay ghetto professions -- service industry, retail, hairdresser, nursing, steno pool - that inevitably paid less. Not every gay Boomer or GenX-er was a closeted overachiever.

by Anonymousreply 42November 18, 2024 5:40 AM

[quote]Your "health issue" may not have been as severe as others, your parents might not have been as difficult as other parents, your jobs might not have paid as little as others have.

It's not a contest. What matters is that people who use excuses to avoid saving should resolve to change their ways and stop spending all their income instead of saving.

by Anonymousreply 43November 18, 2024 5:46 AM

[quote]My aunt left me 150 k, what should I do with it?

The people who refuse to save would tell you that it's found money and you should spend it all.

Spend 10k and invest/save the rest.

by Anonymousreply 44November 18, 2024 5:49 AM

[quote] I am comfortably well off. Every time I go on a plane trip I always travel in business class which makes me realize I am quite affluent to always be able to fly business class.

I can only fly business class because I am single and childless and can spend my money. I have acquaintances and colleagues who have far more than me, they could be fairly described as "rich" and they fly economy and stay at Sheratons because they have children and grandchildren to whom they want to leave their money. Sometimes it is not about money, it is about priorities.

by Anonymousreply 45November 18, 2024 5:57 AM

[quote] I am deeply ashamed.

And fat?

by Anonymousreply 46November 18, 2024 5:59 AM

[quote] they fly economy and stay at Sheratons because they have children and grandchildren to whom they want to leave their money

They fly economy because they're paying for 5 tickets, not 1 or 2.

by Anonymousreply 47November 18, 2024 6:04 AM

R47, maybe 15-20 years ago. Today, their children are grown and travel on their own.

by Anonymousreply 48November 18, 2024 6:13 AM

It’s not shrinkflation, rather your own personal inflation.

by Anonymousreply 49November 18, 2024 6:34 AM

Eldergays in these threads be like...

Offsite Link
by Anonymousreply 50November 18, 2024 8:11 AM

^ Wait. No. My mistake. That's just what I hear in my head when I open the Nordstrom Rack app and perform my monthly financial self-harm ritual.

by Anonymousreply 51November 18, 2024 8:17 AM

I have substantial net worth and would never waste the money to fly business class despite being very tall.

by Anonymousreply 52November 18, 2024 10:52 AM

Where's the option for under $1000?

by Anonymousreply 53November 18, 2024 11:32 AM

I have several hundred Beanie Babies and an EE savings bond from my high school graduation.

by Anonymousreply 54November 18, 2024 12:48 PM

[quote]It's not a contest. What matters is that people who use excuses to avoid saving should resolve to change their ways

You are right, it's not a contest and yet you keep making excuses and assumptions about people you dont even know. You blinded to the fact that you have a skill set of self discipline, and financial knowledge that you assume everyone else has. And that's just not the case. Most people are financially illiterate. Less than 50% of Americans don't even have a 4 year college degree. 39 million people in the US don't even have a high school diploma.

by Anonymousreply 55November 18, 2024 12:53 PM

The only way to save money is spend less than you make. Sometimes that is impossible because of outside events, job losses etc. The other big problem is that you have to take some risk to get much return on your money. That’s very hard when you don’t have much to begin with. I inherited some money and was convinced by an aggressive relative to invest it entirely into growth stocks. In the past 8 years, it’s practically tripled. But how many low income people have the stomach for that..

by Anonymousreply 56November 18, 2024 1:04 PM

1) some people don’t save because they make poor choices. Other people can’t save because they are below subsistence level poor. Another group of people save and lose it all because of unfortunate events. Anyone who lumps these three groups together and makes sweeping generalizations isn’t the sharpest tool in the shed.

2) dollar cost averaging- never dump a huge amount of money in the market all at once.

3) savings when you are young trump savings when you are old, be kind to future you young’uns.

4) marry well. A happy marriage to someone who isn’t abusive or an addict is a great buffer against all kinds of misfortune. OTOH both marrying the wrong person or choosing to divorce for non-substantive reasons is financially stupid.

Note to r35, you don’t need to monogamous, you just need to be in agreement and you can’t hire whores.

by Anonymousreply 57November 18, 2024 1:18 PM

That explains a lot.

by Anonymousreply 58November 18, 2024 1:23 PM

How many people even have someone in their circle who could pass on that advice? I know in my family, most of them are in a service type of field. No one is in the financial industry or has a small business. Trust me I checked. The stock market is like a foreign language to them. As it is to more than 50% of Americans.

by Anonymousreply 59November 18, 2024 1:23 PM

R59 you make a great point. I was lucky. My grandfather gave me railroad shares when i was 6 years old to spark my interest and enthusiasm in stocks and investing. My closest family friends were brokers and or traders.

Without that exposure it is so much harder to develop the right mindset and behaviors. I’d suggest reading, taking classes, finding some kind of savings or investment group. And be extra careful.

by Anonymousreply 60November 18, 2024 1:59 PM

It is possible to start late. I had no savings in my 40s and a ton of credit card debt. I got rid of all the debt and got a government job with a pension. I contribute the max to my 401K and don’t worry about retirement anymore. I may inherit some money from my parents but I don’t count on it because they may need it for medical expenses. Good luck to everyone.

by Anonymousreply 61November 18, 2024 2:42 PM

[quote] The stock market is like a foreign language to them. As it is to more than 50% of Americans.

Everyone knows how a bank savings account works and they should have one and use it even if they know nothing else about money.

If you are interested in talking to someone about saving and they are not someone who saves, it’s not important to talk how they can invest money. What’s important is showing them how to shift from spending to saving. For example, if they’re eating food from a restaurant more than once or twice a week, that’s an opportunity to improve.

by Anonymousreply 62November 18, 2024 3:03 PM

[quote] OP why did you set the top amount so low? A lot of people have a lot more that $250k.

I thought about that later, should have been at least one million at the top. I guess I put $250k because that's all I have.

Rich people have the stomach for investing, I discovered I didn't. I inherited 63K in stocks and would become nauseous when they dropped. The idea that I could lose it all, remote as that was, finally impelled me to sell them. I was such a financial idiot back then I didn't even keep some blue chip stocks. I told myself the stock market is evil. But mostly I was just chicken. Because CDs were only earning 1% at the time and Treasuries weren't great either I pretty much spent all that money on vacations and one good deed. Thus I am not rich and never will be.

by Anonymousreply 63November 18, 2024 3:21 PM

Like I'd fucking tell you bitches. Jesus,

by Anonymousreply 64November 18, 2024 3:31 PM

I actually think the $250K figure in the poll is good since half are below it.

by Anonymousreply 65November 18, 2024 3:36 PM

Your responses are being tracked and added into your profiles, credulous fools

by Anonymousreply 66November 18, 2024 3:36 PM

R25, R29 is right. Glad you already did an analysis and know where you were wasting money.

My Mom (born during the depression) was great at budgeting. She and my Dad bought a house in 1965 for $18k; my Dad was making $90/week. She put money in envelopes marked for things like mortgate, heating oil, electricity, phone bill, etc. It worked for her. I did the same with my brother when he got into debt.

I have a checking account for housing and car costs. Those are all standard, same amount, monthly payments. I deposit enough to cover those auto-payments with a little bit of cushion built in. Since I get paid 2x a month, there are 2 months each year where I get paid 3x. For credit cards and food, that is paid from another account with my credit union. I have my net income split between the my household account and my CU savings accounts. The money that goes into my credit union account goes to savings and, from there, a small amount is auto-transferred to my CU checking account. This way, I save more than I spend.

It may seem insurmountable right now but you can do it. I've been where you are; I lived on credit cards when I got divorced for two reasons - (1) to build credit in my own name and (2) I wasn't making much money and there was no alimony (only married for 3 years). I paid the lowest balance credit card first and moved up to the next until my debt was 0.

by Anonymousreply 67November 18, 2024 3:37 PM

What profile? No one cares.

by Anonymousreply 68November 18, 2024 3:39 PM

You elder gays are like lambs to the slaughter r68

by Anonymousreply 69November 18, 2024 4:07 PM

[quote] Since I get paid 2x a month, there are 2 months each year where I get paid 3x.

Huh?

by Anonymousreply 70November 18, 2024 4:09 PM

$250,000 is the FDIC limit on how much an account is insured for.

by Anonymousreply 71November 18, 2024 4:10 PM

[Quote] The only way to save money is spend less than you make.

That’s so profound

by Anonymousreply 72November 18, 2024 4:10 PM

OP DL tends to trend older, many of us are retired, if you are retired and don't have at least $250k in savings then you are royally fucked. If you have a decent job you should have $250k in your mid 30's.

by Anonymousreply 73November 18, 2024 4:11 PM

[quote] If you have a decent job you should have $250k in your mid 30's.

I guess a lot of people have indecent jobs.

by Anonymousreply 74November 18, 2024 4:40 PM

Please enlighten us about these profiles you are so afraid of.

by Anonymousreply 75November 18, 2024 4:53 PM

[quote] I guess a lot of people have indecent jobs.

A lot do but there are many that that have decent jobs that prioritize living for today more than preparing for a future. Many people have decent jobs that could give them $250k in savings but they would rather buy a new car every couple of years, take vacations several times a year and have all the latest gadgets and clothing.

by Anonymousreply 76November 18, 2024 4:54 PM

The scary part is whether these savings will retain their value. On the one hand, Trump is likely to spur inflation - so holding on to cash is like negative interest rates. But the market feels overvalued, so you could be putting in dollars that will soon be worth cents. Not a great time.

by Anonymousreply 77November 18, 2024 5:05 PM

Now that I'm old, I can say that marriage or a long term committed relationship is absolutely the way to go to insure financial stability Obviously if the person is unhealthy, abusive, a loser etc. that doesn't apply. And at a minimum you should like them alot.

by Anonymousreply 78November 18, 2024 5:11 PM

The only way to save money is spend less than you make. That’s so profound

But for some reason, an amazing number of people can't do it. I exempti poor people, those with health issues, loss of jobs, etc. But so many middle class people can't do it ieither. Even one less Uber ride or a meal out would help. But they won't even bother with that.

by Anonymousreply 79November 18, 2024 5:20 PM

I have eleventy three million billion dollars. Should I be ok?

by Anonymousreply 80November 18, 2024 5:35 PM

I spend way to much money on cat food. I don't even have a cat.

by Anonymousreply 81November 18, 2024 5:40 PM

$250k in savings by your mid 30s is fantasy. Even doctors have to pay off student loans and buy a home.

Net worth? Maybe, but actual savings, naww.

by Anonymousreply 82November 18, 2024 5:46 PM

[quote] Even one less Uber ride or a meal out would help. But they won't even bother with that.

Your general point is valid, but that’s a bit extreme. The cost of a 50 dollar meal at age 21 invested in the broad market at a four percent real return would give you 280 dollars at 65. Not huge. You have to save quite a lot of these small items over your life

by Anonymousreply 83November 18, 2024 5:48 PM

To R78, a good marriage is a great way to ensure financial stability, a great divorce agreement 13 years later is even better financial security.

by Anonymousreply 84November 18, 2024 5:50 PM

[quote] I have substantial net worth and would never waste the money to fly business class despite being very tall.

Why do you consider it a "waste", r52? What is wasteful about traveling in (ever so slightly) more comfort? Particularly as a very tall person.

by Anonymousreply 85November 18, 2024 6:01 PM

A tall person can book the exit row or the economy plus section for substantially less than business class.

by Anonymousreply 86November 18, 2024 6:05 PM

In liquid assets, i have almost 300K in liquid assets, but I have that much because I plan on buying a house and need at least 100K for a down payment. Otherwise, I would have it in an MM fund or other investments.

by Anonymousreply 87November 18, 2024 6:10 PM

R70 there are more days in a month than there days are in four weeks (with the exception of February) so people paid every other week have a “bonus” month twice a year.

by Anonymousreply 88November 18, 2024 6:24 PM

[Quote] I have eleventy three million billion dollars. Should I be ok?

Sorry R80 but you need at least twelvty million billion bitcoins to be ok. You’re fucked.

by Anonymousreply 89November 18, 2024 7:10 PM

[quote] A tall person can book the exit row or the economy plus section for substantially less than business class.

So you can be shoulder-to-shoulder with the two other largest passengers on the plane? No thanks. My height and broad shoulders are a great aesthetic and social advantage everywhere except the exit row of a domestic air carrier.

by Anonymousreply 90November 18, 2024 7:22 PM

[quote]Why do you consider it a "waste", [R52]? What is wasteful about traveling in (ever so slightly) more comfort? Particularly as a very tall person.

Because the business class ticket usually costs at least $4,000 more than an economy ticket for a 16-hour round-trip flight. That $250 per hour spent to avoid a temporarily uncomfortable experience. I prefer to spend $4,000 on something more durable.

by Anonymousreply 91November 18, 2024 7:27 PM

I’m in my mid 30s with close to 250k. How did I do it? 2 years of community college, 2 years at a state university, and decent analytical jobs in the business field. Also had to move to a lower COL area. It’s not as easy as it sounds. Especially if you have parents who are worse off than you.

by Anonymousreply 92November 18, 2024 7:32 PM

72, net worth over $3 million; no heirs. Who needs a sugar daddy?

by Anonymousreply 93November 18, 2024 7:50 PM

Make sure you fly economy R72 so you don’t waste money and only one meal at a restaurant per week.

by Anonymousreply 94November 18, 2024 7:56 PM

Easily a million. I don’t look at it because I don’t need it.

by Anonymousreply 95November 18, 2024 7:57 PM

R92- is that all in or liquid? It’s not that impressive if I’m being honest.

by Anonymousreply 96November 18, 2024 7:58 PM

R96 Considering I outsaved my parents in my 20s it’s impressive. That’s my 401k and my job accrues a pension as well.

by Anonymousreply 97November 18, 2024 8:02 PM

R96, is not easily impressed.

R92, $250k is huge and you are on the right track. At 33, I had no retirement savings, no real property and only @ $35k in savings. Just 22 years later, I have $1.4 mil in retirement, $30Ok in liquid investments (ETFs, securities, money market account) and about $70k in savings. I am also a homeowner. R92, you are in the game -- compound interest and tax-deferred growth are your friends.

by Anonymousreply 98November 18, 2024 8:10 PM

If my mom hadn’t left everything to me I’d be living in a dumpster. I really, really hope that won’t still happen but we did elect ykw, so I have my doubts.

by Anonymousreply 99November 18, 2024 8:27 PM

[quote] Also had to move to a lower COL area.

I did this, inadvertently.

I was miserable with my job and my rent had increased by ~ 50%. The market had shifted & had become a landlord's market.

I found another job that paid more than the job I was miserable with. I ended up moving. I thought that my new location would have the same COL, but with regard to housing, COL was actually lower at my new location. (At that time, Not anymore, though.)

by Anonymousreply 100November 18, 2024 8:58 PM

55 years old, 2 million in 401K, 300K in savings. Own my home so another 450K in net worth,

by Anonymousreply 101November 18, 2024 9:09 PM

according to AARP calculator, saving $50 a month (one meal) and investing it in the S%P (average yearly return 10% for 25 years would return you around $88,OOO. Imagine if you did that for two meals a month! Of course, I suck at math but that’s what their calculator showed.

by Anonymousreply 102November 18, 2024 9:37 PM

Maybe I'm off base, but it seems to be gay men -- usually white, though not always -- who have the money. It is not Trans Women of Color keeping these LGBTQ+ Community Centers afloat financially, even though the services at these centers cater mainly to their kind these days.

by Anonymousreply 103November 18, 2024 10:17 PM

The trans women of color should have worked the streets harder to raise their standard of living.

by Anonymousreply 104November 18, 2024 10:36 PM

[quote]And fat?

r46 To me, yes. I've gained 20lbs over the last 4 years. Just got off the scale and it read 141. That's big for me. My normal build is small/slim (H: 5'7" W: ~115-120lbs).

by Anonymousreply 105November 18, 2024 10:44 PM

If people have money, they generally don't need community center level services. That can't be surprising?

by Anonymousreply 106November 18, 2024 10:48 PM

r103 Because white gay men are still white and male. White males statistically are higher earners in the US. Their sexual orientation causes them to surpass their straight male counterparts because they usually only have themselves to care for. If you compare the finances of white gay men who have never been married to women and don't have children to white gay men who were once married to women and have children, more than likely the childless gay men are higher earners than the gay men with children and ex-wives.

In short: Having a family to support is expensive. Especially when kids are involved and especially if the kids are unplanned which is the case with most heterosexual unions. Gay male couples with kids have the luxury of meticulously planning to add a child to their lives.

by Anonymousreply 107November 18, 2024 10:50 PM

Rich gay men fund community centres for those who need them, not for themselves.

by Anonymousreply 108November 19, 2024 12:15 AM

[quote] Gay male couples with kids have the luxury of meticulously planning to add a child to their lives.

Have child. ✔️

by Anonymousreply 109November 19, 2024 12:26 AM

TWoC tend to be unemployed.

by Anonymousreply 110November 19, 2024 3:21 PM

R101, are you single? Do you live in a blue state?

by Anonymousreply 111November 19, 2024 10:43 PM

[quote] It is not Trans Women of Color keeping these LGBTQ+ Community Centers afloat financially, even though the services at these centers cater mainly to their kind these days.

Don't be a bitter Betty. Considering the uniquely disenfranchised corner of the world they occupy, TWOC are doing their best. They take all the shit so the rest of us can lead heteronormative lives and thrive as best we can.

by Anonymousreply 112November 19, 2024 10:48 PM

[quote] TWoC tend to be unemployed.

Disagree. TWoC are very industrious and tend to be employed in the world's oldest profession.

by Anonymousreply 113November 19, 2024 10:52 PM

I wish I invested in bitcoin...a friend told me to buy when it was around 5 thousand dollars. It's now over 90 thousand...WTF. I hope everything crashes!

by Anonymousreply 114November 19, 2024 10:58 PM

[quote] If you compare the finances of white gay men who have never been married to women and don't have children to white gay men who were once married to women and have children, more than likely the childless gay men are higher earners than the gay men with children and ex-wives.

Not sure about that. In corporate structures it is easiest to ascend when you are white, male, straight, coupled and a father. A "bachelor" is not as valuable as a "family man." At my Fortune 50 company, I have never had a gay male boss, at any tier.

by Anonymousreply 115November 20, 2024 1:46 AM

Bunch of rich fucking bitches here

by Anonymousreply 116November 20, 2024 1:59 AM

You don’t know the answer to your question OP? Really.

by Anonymousreply 117November 20, 2024 5:04 AM

r115 If a straight married man with kids is making 150k/year and a gay single and childless man is making 90k/year, the gay man is usually still earning more because his take-home pay and spending is different than the straight married man with kids. That's what I mean. That straight married man is probably spending 50% of his earnings on supporting his family. That makes his actual earnings 75K/year.

by Anonymousreply 118November 20, 2024 8:58 AM

And here it is:

Offsite Link
by Anonymousreply 119November 20, 2024 9:00 AM

Let’s not forget straight men are happy with a backyard bbq, a case of Pabst Blue Ribbon and the once a year hand job their wives give them at Christmas or birthdays, Whereas us gays want Cosmopolitans, cocaine and a toy boy.

Therefore if we look at happiness and cost of living then the straight guys are better off.

by Anonymousreply 120November 20, 2024 9:41 AM

r120 Straight men (or men in general who have been with women in the past) are fine until they have kids. Then it's all downhill from there. Having kids ruins your peace and your pocket. Most men stay in an unhappy marriage until the kids are at minimum 18 because they want to avoid child support. There is a reason women are the primary initiators of divorce.

All in all, that gay male "carefree" lifestyle is like heaven to most straight men who are married with kids. Most of them are miserable. Having kids is life-ruining for multiple reasons but mainly financial. I have no idea why people insist on reproducing.

Offsite Link
by Anonymousreply 121November 20, 2024 9:58 AM

[bold]A lot of these pretentious posts about all you have to do is skip a dinner out an invest it long term are the Marie-Antoinettes of the gay world.[/bold] A lot of people do not have good paying jobs, live pay check to pay check and struggle just to buy enough food to cook at home 365 days a year. Around 56% of US adults can't afford a $1000 emergency.

It's not due to spending like a drunk sailor, European trips, or dining out. It may make you feel better to dismiss this fact and blame them with judgmental statements, but failing to understand the real economics of all people an not just your "personal struggle" says a lot about your inability to see beyond yourself to solving real world problems.

by Anonymousreply 122November 20, 2024 10:29 AM

R122, I think the entire country is guilty not just Datalounge. Most of us do not understand that many of our neighbors struggle, cannot dine out or save money in a Roth IRA. We are only made aware of their frustration and discontent in the most obnoxious ways (i.e. election day) so there is no opportunity for empathy or understanding. Exploiting the divide and pitting us against each other is so politically effective. The so-called "American Dream" is just a dream for most Americans. America is a rigidly segregated and class-stratified society, and there are significant overlays of gender, ethnicity, geography and education level.

by Anonymousreply 123November 20, 2024 3:33 PM

[quote] Around 56% of US adults can't afford a $1000 emergency.

The definition of being unable to afford a $1000 emergency is that the person had not saved a $1000 to cover it. It doesn’t look at how many of them could have saved a $1000 but chose to spend it instead.

by Anonymousreply 124November 20, 2024 3:43 PM

R118, I understand what you are saying. I know gay married fathers who also have to support a household and send children to college. In most cases later in life than their straight counterparts. So they too are worse off that our hetero counterparts. My point is there are still barriers to professional advancement for openly gay men, or presumptively gay "bachelors." A mistaken impression that we are unserious, uncommitted, and less motivated because we are not tethered to family obligations.

So it is not a given that the typical gay man would naturally be more successful or wealthier than his straight male counterpart. In an alternative universe, our accomplishments could be celebrated as occurring against the odds or in the face of adversity...but this is Datalounge and America. Our achievements are reviled because we are gay.

by Anonymousreply 125November 20, 2024 3:52 PM

r111 Yes to single, no to blue state. I am contemplating moving to Mexico, Looking at condos in Puerto Vallarta.

by Anonymousreply 126November 24, 2024 3:00 AM

[quote]I am contemplating moving to Mexico

When your head and torso are inevitably found in different bags, can I have your stuff?

by Anonymousreply 127November 24, 2024 3:04 AM

Good grief, you fuck well, and you learn to choose your boyfriends and spouses wisely. Get a good degree, work a while, then hook up.

My cousin Linda always said nothing beat mastering the art of a good pelvic thrust. Two ex husbands, and alimony payments that will set her up for forty years.

by Anonymousreply 128November 24, 2024 3:07 AM

[quote] the most obnoxious ways (i.e. election day) so there is no opportunity for empathy or understanding.

True enough. Although election day killed my empathy.

by Anonymousreply 129November 24, 2024 3:26 AM

r128 If that's what it really takes, I'd rather live in a cardboard box on the east side off Mack Ave, for real.

by Anonymousreply 130November 24, 2024 3:34 AM

r127 You have the wrong impression of Mexico.

by Anonymousreply 131November 24, 2024 5:22 PM

[quote] My cousin Linda always said nothing beat mastering the art of a good pelvic thrust. Two ex husbands, and alimony payments that will set her up for forty years.

I always knew Linda was a whore.

by Anonymousreply 132November 25, 2024 4:35 AM

Lustful Linda living a life of leg-spread luxury.

by Anonymousreply 133November 25, 2024 4:48 AM

Re (R119):

mao - My theory is that historically, successful gay men disproportionately failed to identify as gay in research studies until perhaps the last fifteen years or so (think early Tim Cook or - ugh - Peter Thiel. Hell, even zillionaire, “husband of Diane von Furstenberg,” Barry Diller, still pretends to be straight).

Career sensitive successful gays’ recent greater willingness to “come out and/or come clean” (see, e.g., incoming billionaire Treasury Secretary Bessent) means that nothing has really changed, just more realistic data is now being collected.

by Anonymousreply 134November 25, 2024 2:20 PM

what about the people living from paycheck to paycheck? is this true? people with no emergency savings?

by Anonymousreply 135November 27, 2024 1:23 PM

How can anyone claim poverty and order from Door Dash?

Saving money isn’t genius.

by Anonymousreply 136November 27, 2024 2:31 PM

That used to me, R135 but I was young and not making much money (maybe $35k). I found it very uncomfortable living that way however, some get comfortable with it.

When I worked part time at Hahne’s (now Lord and Taylor’s), we had a customer who would buy thousands of dollars worth of clothes and shoes. She wouldn’t pay her bill until her card was declined. She’d go to Customer Service, pay her bill on the spot, and go back and buy her shit.

by Anonymousreply 137November 27, 2024 3:35 PM

I think gay people usually have more in savings as typically we don't have children. I have over 500K in my retirement accounts and over 250K in cash savings and about 350K in investments maturing and about 900K equity in my home......so I'm not in bad shape. I hope I can shelter in place through the Trump years......

by Anonymousreply 138November 28, 2024 2:12 AM

I hope there's a way to not make this sound like humblebragging. My retirement (I cashed out a pension too) grew to $1 million right before the election. My sister and I grew up poor. Being a "millionaire" was just a dream and I never thought I'm ever be a millionaire. I know a million isn't to what it used to be back in 1968 when 10 yo me wished for it. So, I have 18K in my bank account and depending on the day, somewhere between $950k and $1M on any given day in my . Right now it's invested in a few index funds {except for the 100 shares of Reddit that I bought at $47 and closed today at $140}, and I don't need the money so I'm letting it ride. I don't have a car payment and I don't have any credit card debt. For me, the economy did very well under Biden except for inflation, which except for insurance costs, hasn't impacted me that much.

by Anonymousreply 139November 28, 2024 2:45 AM

Congrats, r139. Your wish came true - enjoy it.

by Anonymousreply 140November 28, 2024 3:12 AM

R139 And your point?

by Anonymousreply 141November 28, 2024 5:53 AM

I’m pretty sure R139 directly answered the questions in the OP’s post R141.

Happy Thanksgiving bitches.

by Anonymousreply 142November 28, 2024 10:55 AM

I’m pretty sure R139 directly answered the questions in the OP’s post R141.

by Anonymousreply 143November 28, 2024 10:57 AM

I retired as a teacher 14 years ago and my top salary was 85K and that was after working for 30:years. However, my pension is approximately 67k and since I pay no city/state taxes on it, my actual net income stayed the same. In addition I had access to a TDA paying 8% interest a a year. Even putting 3 to 5% a year into it has given me a nice pile of 700K. I also have excellent medical and dental benefits. I also have other savings which I can be aggressive with since a I'm have a pension..

I’m one of the rare people in the US who have a decent pension and know I’m lucky. The end of pensions has really screwed the middle and lower middle class in this country. People have no idea how they’ve badly this hurt them.

by Anonymousreply 144November 28, 2024 1:48 PM

..since I have a

by Anonymousreply 145November 28, 2024 1:49 PM

R144 - Yes, Pensions are great. My Fed. Govt. pension has allowed me to have a good standard of living in retirement while allowing for savings along with good health ins. through my former employer. I had a similar income (85K) when I retired at the end of 2004. My annual income is near that now (interest savings and TSP (Govt. 401K) and my expenses are quite low. My house is paid for and I only owe about 10K (0.9%) on a new vehicle I bought earlier this year.

Not sure what the future will bring regarding the incoming inept administration, but hopefully I can pull through better that some. There are those with more but there are far more with less so I count my blessings.

Thanksgiving Cheers to all!

by Anonymousreply 146November 28, 2024 3:56 PM

[quote]Yes, Pensions are great. My Fed. Govt. pension has allowed me to have a good standard of living in retirement while allowing for savings along with good health ins. through my former employer. I had a similar income (85K) when I retired at the end of 2004. My annual income is near that now (interest savings and TSP (Govt. 401K) and my expenses are quite low. My house is paid for and I only owe about 10K (0.9%) on a new vehicle I bought earlier this year.

Are you me? I love my CSRS pension (six figures and it goes up by the Social Security percentage every year). No Social Security, but I got to keep my employer health insurance and didn't sign up for Medicare/B. House and car both paid for. Over $900K in high yield savings accounts.

I dread having to start taking RMDs from the TSP (acct. balance nearly $500K) next year (when I turn 73.) I don't need the money and I'm not looking forward to paying the taxes on it.

by Anonymousreply 147November 28, 2024 4:21 PM

R147 - No, I'm not you (I'm 74) but many fall into our category of having a Govt. pension along w/other benefits (health ins). I didn't sign up for Medicare/B either as I have rather good health and the savings from not paying 200.00/month for nearly 10 years adds up to a nice sum. I think Part B only covers co-pays and medicines and my periodic outlay doesn't come anywhere near 200.00 per month.

I don't have as large a nest egg as you but it will grow as long as things don't get too Hinky. My house/land is worth about 450K and insurance/taxes are low compared to what some others pay. As long as I make it to the finish line and there's enough to wrap up the show I'll be happy.

Paying taxes on your TSP withdrawals can be painful but at least you have that surplus income to do whatever. Be sure and adjust your withholding for state taxes as the TSP doesn't do that.

by Anonymousreply 148November 28, 2024 4:41 PM

Who needs savings when our kids had to get their own shit together? It’s a good thing they don’t have kids to feed.

by Anonymousreply 149November 28, 2024 4:54 PM
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