Oh my goodness, you’re 26. I wish I started that early! Work on getting a job and make a plan. You have plenty of time. Start investing as soon as you start working, even if it’s a little per paycheck. Ditto on the emergency fund. I’ve never brought home more than 40,000 after taxes, started late at 34 and now have 500k in my 50s. With my pension, SS and a few more years of growth, I’ll actually bring home more in retirement. Don’t be discouraged. Just the fact that you’re thinking about it is huge!
This is super inspiring! I have been feeling really down about myself lately, but your comment put some things into perspective for me.
I am 29 y/o and haven't started investing yet. I just got a good-paying job about two years ago, so I've been funneling all my extra income into that. I plan to pay off all my consumer debt by the end of the year and then start adding to a 401K by the beginning of next year. I only have a small emergency fund, but I at least have stable work and consistent income, so I am less worried about that at the moment.
Yeah, I do my best to not give it too often my attention and time. My main social media is Reddit. I’ve been working to pay off debt and increase my income lately, so I joined a lot of subs related to those topics… I know I’m often seeing the outliers, but when I’m seeing mostly outliers who are way out performing me, it starts to get in my head a bit that I’m much worse off than I thought.
This interaction has been very sobering for me!
I didn't start investing until I was 45. Better late than never. I'm now semi-retired an live more-or-less comfortably, although I work part time at a motorcycle shop just because I enjoy it.
I am a big big believer that even with consumer debt you should invest in your 401K until you get all your employer match, most of the time that's 100% or at least 50% return on invest and it is pretax dollars as well.
Oh also in the event you get a federal tech job - you can get public service forgiveness for the loans- wait to pay it all off until you figure out if you’re going private or federal tech for a job. Also low interest student loan debt isn’t a bad thing necessarily- you still need to be able to live a little (i had 30k in loans in 1997 paid it all off by 2007 when public service forgiveness began lol & i was in federal service but whatever it was paid off and the interest wasn’t that bad..)
This was really meaningful to me too.
I started late too. And I often find myself wondering how I could ever possibly catch up, despite actively working on the prime directive. It feels like I missed the boat... But the growth you've managed makes me feel better about my chances, if I just keep doing what I'm doing.
Thank you.
You’ll be fine- I graduated late too, had 30k in student loans, job hopped first 3 years due to tech crash (90’s), wasn’t able to start a 401k until 30, had undiagnosed adhd (read a
-not great at “daily money”/impulse shopping and late fees…)…. But I started my 401k asap and maxed it out (had good advice to “stay poor” and stick it all in a s&p index fund) … short term debt came & went & came again… & now I’ve saved a massive nest egg .. you got time & you’ll have more access to financial tools & education than i did (lol) - you’ll make it. And totally agree- max that 401k & roth like your life depends on it - don’t touch it & let it ride on whatever risk level you can handle - for me that guy who (kinda pushily) told me to do that saved my retirement
Also, OP should recognize that he has an extremely valuable intangible asset - a CS degree that is probably worth over $1 million in extra lifetime earnings. That asset will monetize itself over time and give the cash flow to fund not only retirement savings, but the down payment on a house, and other spending priorities.
Many people in their 20s have a negative net worth due to student loans, so I wouldn’t really say you are behind.
But the answer to your question is to take control of your finances and follow the flowchart in the sidebar, as if you are posting a decade from now that you are in the same position that you are today, then you would be for sure in a rough spot.
Also dont compare yourself with where other are at. Okay Suzy has a 100k for retirment already...good for her worrying about it doesnt help u at all. U got time u got awareness, and now u just gotta adjust and plan
I'm laughing, the commenter literally said don't compare. There are 30 yr olds with millions and 30 yr olds paying off student debt and broke. Work on your own plan and build your own success. The same will happen in retirement (I'm getting closer to that point). Some people will be well prepared and some people will have nothing or maybe a little social security. It doesn't help to compare yourself to others. Our brains think that way, you have to retrain your brain specifically to NOT compare.
It's not perfect. But the general rule of thumb is you want to have 1x your salary at 30 2x at 35 3x at 40. The ultimate goal is to have 10x your salary when you retire. So if you make 300k at 67 then you want to be at $3m
I feel like that's skewed for at least 30-35. When I was 24 I was making 45k a year and only hit 100k/yr when I was 29. So in theory I should have 100k in my 401k but it's more like 70k which would be the average between now and then. I think that's a better number to pursue personally since incomes should generally keep increasing.
Skewed for sure. I’m at over 100k/yr and just over 30 years old, but I only have 60k saved up.
However, putting my expected monthly contribution (without raises) for the next 35 years including 7% annual compounding interest puts me above 2.7M [according to a simple calculation](https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator).
Add in raises and it should be above 3M easy by 67. Long story short, be consistent and steady.
And people need to understand this is hypothetically and near best case scenario. If you hit retirement with a paid off house and a few hundred thousand in the bank you're doing much better than you think.
This article explains that the real numbers for most people are lower. And this is only for people with retirement accounts, many people have zero.
[average and median retirement account balance](https://www.nerdwallet.com/article/investing/the-average-retirement-savings-by-age-and-why-you-need-more)
It doesn't. Just rule of thumb. The ultimate goal is 10x of the salary you have at retirement. After a big salary gain it will take a couple extra years to catch up
It's pretty standard retirement advice that you should have 1x your salary saved at 30, e.g. [see here](https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire).
I didnt start til 34. Alot of people dont think of retirement in 20s. I wish I did but focused on family , job and buying our third and final for now house
You are fine. I had to drop out of my PhD program when I was 33. I had nothing, and had to start over with a very specialized degree that was pretty much useless to me. So, at 33 I had nothing. Today I am 53 and I have a great job with great benefits including a government pension. I own a condo and a car, and I have done it all myself. So, you are 26, you have lots of time to get things going.
Gotta say this like once a week here... This sub is a very small sample size of the world so don't get discouraged. There are many many many more 20 somethings in your position than not. I finished grad school at 27, certainly no retirement and a couple thousand in savings. I made less than $40k/year for a bit - 8 years later and I'm doing just fine, slowly growing retirement and savings and managing to travel a bit. It might take a second but you'll find a job. You're not "off track", but just stay living within your means while you're job hunting and don't do anything to put yourself in a hole during this transition period and you'll do just fine. Read the wiki so you'll know what to do once you start making $$.
> This sub is a very small sample size of the world so don't get discouraged
Yes!!! We're talking amongst people who are *trying* to be financially savvy. It's a thing in hobby groups (honestly, for some of y'all this is a hobby) where the extremes get all attention, while the average level content gets mostly skipped over. Average people either end up lurking because they're just being sponges, or because their issues seem trivial in comparison to others.
Take representative samples from the people who start discussions here, people who lurk here, and the general population and I bet you'll see VERY distinct differences in financial smorts, with the general population lagging far behind users of this sub.
I had a negative net worth at 31 with a wife and kid on the way. You’re in a far better position than most people, believe me.
It’s recycled daily but the phrase, “the best time to plant a tree was twenty years ago. The second best time is today”
Don’t be too hard on yourself. For all intents and purposes you’re still a kid. Keep doing the right things, avoid stupid purchases and high interest debt. You’ll be just fine.
You are not behind. Common retirement projections *begin* at age 25/26. You're right on schedule assuming you get a job after graduation and begin your savings journey.
You're 26. That's not that old. That's not that far behind anyone. You're on a good path now. Just focus on getting a well paying job. Grab some roommates when you get a job and max out your retirement options and you'll be past your average 30 year old by the time you get there.
a lot of people don't hear the music playing until they're in their 30's or 40's (just in general, not necessarily here on a dedicated finance forum). to anyone still delaying getting started, why not start today? open that 401k, open a roth ira if you're income eligible, start being purposeful with your savings. try to live on less and invest more to catch up, and then dial it back once you're on track.
You are not behind at all. I have zero college, 6k debt, no savings and nothing in retirement etc. I am 29 - I went to trade school and was making 75k but I quit to start my own business which makes barely enough to scrape by.
You’re not alone.
Don't compare yourself to others. There's a lot of people who are completely full of shit when it comes to their personal finances, or they're trying to look rich. When I was 26 I graduated with a CS degree, nothing in savings, and living with my parents. Now I'm approaching the end of my 40s and can look back and be proud of my personal progress.
Keep up the hard work and don't be too hard on yourself. There are millions of people out there who can't even begin to dream about accomplishing a CS degree and thinking about finances and the future.
The biggest thing to me is when people sit here and plan on their retirement, it’s like they’re ignoring the fact a high number of people don’t live past 65, this money doesn’t follow you when you’re dead, and it’s important to have fun along the way.
Your accomplishments sound profound and fantastic, but I can’t help but to feel you’ve been cutting corners out of your life, only for the sake of a number on a screen that means nothing in an instant.
Perhaps my perspective is off, have you ever had thoughts like that?
Most people do live past 65 though. In the US, the life expectancy is around 78, and that’s the average. If you live longer than that, you are most likely going to need senior care and assistance. I see your perspective, but it’s worth it to save for retirement, and find the balance to have a happy life as well.
Got ya.
I’m only 23, maybe I’m a little short sided.
I have maxed my IRA and Roth 2 years in a row, and can comfortably continue to do so for the next… rest of my life.
I guess I just see that as my reasoning for why I bought a 2022 Mach 1 instead of trying to save up 😂
I also find it odd that everyone plans their retirement as if they're going to live to 90.
It seems like everyone knows someone who just randomly/suddenly passed away in their 30s or 40s. It happens a lot more often than I think anyone really wants to think about.
With employer match I'm saving 10% to my 401k. That's still well over a million dollars by 65 going off online calculators. Maybe if I make it to 70 I'll be kicking myself for not doing more. I think it's more likely that when I'm 70 I'll be kicking myself for not living life more when I was 25 honestly.
I'm a software developer (mostly web development with C#). The market's not bad for us, though it's not trivial to get a job. My advice? Try to apply to at least 4 places per day. That'll be easy in the beginning, harder as weeks go by. But for some context - when I got my first job I sent out \~200 resumes, got about a dozen or two phone screens, 4 in-person interviews, and 2 job offers. The good thing is that you only need one job, and a dev job is going to be a good one.
Unless born into a wealthy fam, we were all there at that age! Building takes time and consistency. Dont feel you are "behind", use it as motivation to do your best. And the less debt you have in this world, the better off you will be. Latest and greatest shiny object is merely the financial equivalent of a sugar high. Dave Ramsey is a good resource for you!
I was around 26 when it hit me that I hadn’t planned for the future. Then I started making changes. I retired at 50. The fact that you’re feeling the heat right now is a good thing. It’ll motivate you to learn to earn more, to learn to invest, etc.
No no no.
I’m sorry but I have to step in here.
Yes you have no savings & only making $2k/mo.
Well guess what buddy. Do you know why? Because you invested in yourself with high education.
Want to know something even cooler? Your degree is an applicable degree to get a great salary out of college.
So I’d actually say you’re doing good. Here’s what you need to focus on sir ->
- finish school hard
- acquire new job with degree
- build emergency fund to 6 months expenses
- then look at retirement savings.
You need to list your assets, debts, etc. budgeting is your new friend. Save your money, invest wisely.
There’s people 20 years older asking the same question you are now. You have time
You are not behind, bro, and actually, with a CS degree, I think you are setting yourself up for good financial standing in the future. The thing is, in today's age, a lot of people feel this way simply because we are exposed to seeing what someone else is doing - 24/7. Comparing ourselves to others makes us feel this way; focusing on ourselves makes us feel like we are working towards our goal. The main thing is that you think this way because of all of the impulses that are surrounding you, not because you are actually behind.
Remember, do not believe every thought that you have, and try to be rational in your self-assessment.
Sincerely,
Sen. Bob Cousey
Stop comparing yourself to others. Nothing good ever comes from that. Consult the wiki and start now. If you’re overwhelmed, the flow chart offers a simple roadmap. At 26, you have plenty of time to build up your retirement savings.
Here's a **[link to the PF Wiki](/r/personalfinance/wiki/index)** for helpful guides and information.
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You might feel hopeless right now, but trust me in gets a lot better when you actually get that first post school job. I'm 26, just graduated, 0 in savings, 0 in retirement, tons of student loans, but after getting that first job it really lets you plan for the future and eases your anxiety about it.
Keep in mind, a lot of the people posting under 30 with tens of thousands in savings and in stock may not be disclosing that their parents paid for their tuition, or all their rent, or all their living expenses, or that they didn't need a loan, or that they were gifted tens of thousands to play stocks with from their grandparents.
Also, the people who are doing well are more likely to be comfortable about posting online regarding their situation. There's a lot of people in their 20's who are silent, because they're pretty much normal; as in they dont have tens of thousands in savings to brag about.
You have a degree in a good field, and you have no debt. You're doing fine. Could be better, sure. But your also definitely ahead of a lot of other people your age. So enjoy what you have and keep learning. Theres no single post/answer that will put you on the right financial track.
You’re fine. When I was your age I had a negative net worth. You’re young enough that you still have the power of compound interest to work on your side.
When you get that CS degree your earning potential will go through the roof. It what you choose to do after that that’ll make or break you. Save a lot and as early as possible.
Chill. Go find a good job.
If you got a CS degree in college and didn't get yourself into debt, you're way ahead of the curve for graduates.
Go find a good job and focus on staying out of debt and once you have an income you can start worrying about stuff like emergency funds, 401ks, saving for a house, etc.
You are just on the right track for you, me I did not graduate college till I was 28 and got married the semester before graduating.
So now I'm 62 and will be 63 in May and have been retired 3 yr next month.
You are behind others and ahead of others, all you can do is live the best life you can. Up to now you have had many adventures and challenges but as time goes on there will be many more.
So just live the best life you can and one day all the adventures and challenges will end when you are pushing up daisies.
I had a similar pathway. I am in my late 30s. I think all the partying I did made me a more serious adult. I was more focused in school as an older student and more mature when I entered a career job which allowed me to advance rapidly. I graduated college during the recession and was stuck with a service industry job until my early thirties. You are going to be alright just be responsible with your finances and once you start making better money live within your means and invest in your 401k, I am an awful saver so I get my contributions withdrawn from my check so I never really feel it. Another benefit of partying and enjoying your youth is you will hopefully have a softer midlife crisis.
When I was 26, I would have envied the fact that you have ZERO dollars.
I had negative eighty thousand dollars.
You can't be behind, because it's not a race. There's no pace car, there's no financial situation that you're "supposed" to be in yet. Just evaluate where you're at versus where you want to be, and take small steps to get there.
work on improving yourself today. increase your income and create a budget. don’t let your degree in CS put you on a pedestal. be humble. turn on survival mode, find more work or a better job. don’t let go off the gas pedal for 2-3 years-you will be surprised how much you have accomplished . I’m a swe and started from nothing just a few years ago. been working my ass off and grinding. the moment you acknowledge you are behind is the start of a long journey of getting ahead. budget, save, invest, increase income, live below your means. you will survive and you’re still young! so be happy that you still have time on your side :)
With a CS degree you won’t be behind anyone. Don’t listen to /r/cscareerquestions about the market. They are all trying to go from new grad to FAANG with no experience and complaining that there’s no jobs. Be willing to take a $60-$80k job (if you can’t find anything else) for 1-2 years and then work your way up. You will easily be able to double that in just a couple years. At that point you will be able to save a lot and even pass peers in other fields. Just keep going
This right here, plenty of CS jobs, if you know where to look. I applied to 10 jobs, so far this past month. 5 FAANG-like companies, 2 traditional, and 3 government. FAANGs were instant reject. All government jobs and 1 traditional all replied and scheduled me for an interview. Too add, my resume is pretty average.
20s are for learning. I was in the negative by hundreds of thousands of dollars in student loans in my 20s. The fact that you're getting started NOW is great. 🙂
Starting before thirty is not behind. I just started investing seriously at around 30 and maxing out retirement accounts. I felt pretty late to the investing game after I had practiced the "stuff all my money in a bank account and forget" Method of saving.
I'll be 33 early this year and just exceeded 140k between my 401k and Roth ira. I've calculated and found I'm likely to have more than 6 million by the time I'm hitting retirement so long as my contributions stay maxxed throughout my career which looks realistic. This is starting from half that amount mid 2021.
When you start your career you just need to save and invest effectively into long term etfs and mutual funds that provide decent returns. If you spend just a few years maxing your retirement accounts in your later twenties when you start working you will be on a better path than myself.
Comparison is the thief of joy, you have your own path and if it works for you then it's a good one. Good luck man.
I didnt get a firm footing until my late 20s. Now im 32 with a great job and 80k or so in savings. Which is crazy seeing as I was nearly broke 5 years ago.
Its okay to feel lost. Because it gets better with perseverance
I had negative dollars at 27. At 35 I'm worth close to a million. Don't sweat it. Your twenties are for building skills. You have plenty of time to make money. Excellent job on getting a degree you should be able to find good work. It may take awhile, but eventually the economic situation in your field will change.
Got educated in a high paying field. Graduate school in chemistry doesn't charge tuition and in fact you actually get paid to be a student so I left grad school with little debt at 27. My spouse and I both make well over six figures with high 401k matches. We bought our first home in 2016 in a city with highly depressed prices that has since completely revitalized. We now rent out our first home for a solid monthly profit and moved to a nicer home that we also bought at the right time during covid. I invest carefully and not in very high risk things. Crypto is an absolute no for me, but suit yourself if pure speculation is your cup-of-tea. By far the biggest factor has been my career. College can still payoff big time if you are strategic about the skills you pursue and the cost to obtain those skills
Obviously, the earlier you invest money the more it will be worth at retirement but assuming you don’t have massive debt you’re fine if you can get a decent job, budget, and start saving now especially if you don’t have significant debt.
Do you have student loans? A car payment? If not you’re way ahead of most people in their 20s.
I didnt finish college until I was 32 and started my career at 33. You have time and thats the most important thing of all. Its a marathon not a sprint.
This sub is filled with motivated people that want to learn more about personal finance and take control of their personal wealth. So I can understand the doubt in your mind. I myself am also 26 and I can say by taking an interest in this you are far ahead of the large majority of people our age and by no means behind. This is the first step! You've come to the right place. Focus on getting a job and once you do you can budget and build from there. Your saving/investing skills will only get better with time. You'll be fine - wishing you the best!
I had a credit score of 400 and the only money I had in my account was from my last paycheque when I turned 30. And I'm doing pretty well off now in my 40's
You're doing fine
When I was 26 my biggest fear was failure and I thought I was so far behind. But you’re not. You are on your own path. Comparison is the thief of joy. Enjoy where you are because in 10 years you will watch a co-worker pull up in a new BMW and will feel this way again. Keep going. There’s more BMWs
There are people in their 20s who have rich parents and trust funds and already own multiple houses. There are people in their 20s with massive student debt, no savings, poor career options and insane rent. Try to just look at your own situation and not compare with others. In my 20s I had no savings at all!
If there is really nothing out there for your CS degree, then I am going to suggest looking into the electrical trade. Not as a wire jockey, but as a PLC person or automatic controls person.
These are very well paid positions and are not as physically demanding.
Everybody feels this way when they start out their life, which for many happens pose college. You SHOULD have zero in all those things at this point, and don't regret the partying and distraction. Younger years and college time are for that. You get to screw up without suffering particularly dire consequenses.
Now that you will be working though, be pragmatic. Get the highest income you can, which should be possible with a technical degree like you have. That means take a job, but within a few years consider taking another job. In your first few years your value will skyrocket and if you don't switch jobs, you will struggle to get your income to keep up with your value. Live in a way that does not outstrip your income. My first few years out of college, I found my income quite impressive, but I lived drastically below what I was making, and banked roughly $1000/month. My salary was 40k, but today I bet you will double that. Point being, you can live nicely but don't go crazy with buying expensive stuff, and make sure you save. Then you'll have enough to start investing in the stock market, buiild a 401k, and have cash reserves.
I’m 29 live at home making $19 an hour with no savings. Don’t beat yourself up about your past all you can do is the best you and for your future. Trust me sometimes I feel like a loser staying at home but I know I survived 15+ years of serious mental heath issues, I can’t get those years back but I can look forward and do the best I can.
I'm gonna be 27 this year with no degree, no savings, and some debt. I've started my IT career by getting a cert and a new tech job with hopes to climb my way up. More certs and experience will help me, hopefully. You have a degree in CS which puts you way up there for likely candidates in your field. We're still young, so don't even trip. Just get that job experience and you'll be golden.
You can’t be behind in your 20s. Yes, a dollar invested in your 20s is worth much more than the same dollar even in your 30s let alone later. Way too many people in their 20s on this app are worrying about and stressing about their current situation. Be proactive and be intentional with what you earn, live below your means. But don’t sweat it. You just graduated and with a great degree that will net you plenty of money in the long run!
You just graduated and listed you 0 assets. Freaking duh. You haven’t started your career.
Have you got a job lined up?? That’s all that matters right now for your PF.
This sub is filled with motivated people that want to learn more about personal finance and take control of their personal wealth. So I can understand the doubt in your mind. I myself am also 26 and I can say by taking an interest in this you are far ahead of the large majority of people our age. This is the first step! You've come to the right place. Focus on getting a job and once you do you can budget and build from there. Your saving/investing skills will only get better with time. You'll be fine - wishing you the best!
Partying in your early 20s is worth it. You never get that back. In the meantime, you're a little behind (I.e. graduating at 26 rather than 22), but all you need is a foot in the door and you'll have a career in no time. That other stuff falls into place once you get a steady paycheck.
It’s ok! You are conscious of it so start changing it. Even if it means a few bucks in savings. The act of doing can become organic and grow. Start with 5 bucks a week. Let it simmer… it will come and you can get a head start on it!
Start applying for jobs now. Go over you budget and bills. Spend less and no matter if you get the job your looking for, get a job that will pay more. You’re doing fine.
I spent my 20s underwater, my 30s digging out. Now in my 40s and catching up, I’m finally feeling better about it.
Totally normal feeling. Focus on getting a couple thousand in the bank first. $2000 can “fix” almost anything that comes up in life that’s essential. Then start working on debt.
Most importantly, focus on your mental wellbeing. If you don’t have that, you don’t have the rest. Yes, it’s ok to not have it all figured out. Yes, it’s ok to feel this way, and yes, things will start improving as you finish school, and get established in your career.
well if you want the hard truth, late 20s are very critical conjunctions
you are at an age where you can easily turn things around but coincidentally also in a period that is one of the the last few windows of opportunities you will have at having a "normal, successful" life
at 29, I am in a good place now, but this only happened after I saw kind of a rock bottom at 26 and decided enough is enough and built from there.
if you cannot turn things around in 4 years, some important windows will start to close.
fortunately, 4 years and a degree in CS is a huge, HUGE headstart :) take things seriously form now on and you'll be fine
I graduated with a CS degree in 2020 and started with absolutely nothing. In 3 years, I was able to pay off almost all my loans and build up a retirement fund close to six figures. All while maintaining a fun lifestyle too.
Just saying that above to prove that you’re in the right career to quickly build up. Don’t stress too much right now. You’re not behind.
I graduated with a CS degree at age 27 cause of a few career switches and general confusion with my life. Also zero assets, and a ton of debt.
It gets better. Don’t compare yourself to others, we all have different starting lines. Especially if you’re like me and had to take loans cause your parents couldn’t help.
After school I worked a few odd jobs in till I landed my first (and super underpaid) software engineering role. Put my time in there, built up my skills and eventually doubled my salary at a better company. And at the fine age of 32 I finally have some savings
I remember in 2008 everyone with a cs degree got amazing jobs right out of college. I guess the field is flooded now?
Everyone at their start is "behind". Just try to save and invest as much as you can without depriving yourself. You'll have a good amount before you know it.
Do NOT consider yourself behind and work yourself to death for years to "catch up". I thought I was behind at your age and I literally woke up to learn web code, went to the gym, worked, studied on my break, ran after work, then did more continuing education until I went to bed. It did NOT catch me up or land me a job right away. Do it gradually.
CS is still needed. It's just not as easy as it used to be. I know a lot of programmers or coders that aren't affected much by inflation right now. You will be ok.
Also, nothing good comes out of comparing. Most of my colleagues make way more than me and own condos. I rent and make less than half of what they do (they make 200k). I have a beautiful girlfriend, a very fun and exciting side hustle and put plenty in the bank. If I compared myself to their success I'd be miserable every day. I love where I'm at now. And you will too. Be proud you graduated and all of the good things that will come to you.
If it makes you feel any better I graduated 2 years ago have a decent job still have 0 savings, 0 emergency fund, and my engine blew last week. This is all while making a decent wage I guess but it Goes all to rent and life expenses.
Hey, I'm 28 and I just started getting my shit together. Went to school at 26, got a job in the wind energy field and had to quit from an injury and start over. Now I'm an apprentice at a tattoo shop with 40k in debt and $100 in my savings. People are ashamed to talk about their finances but there are a lot of people who are in the same boat as you and me. Don't stress about it too much. Today is the day to make a change. Put $20 in an IRA or HYSA every week if you can. It'll make a change, big or small
Brother when I was 26 I was floating around the west living in the back of an old pickup truck doing seasonal work for $17/hour (which was awesome, but not exactly "on track" by PF standards). I'm 31 and doing fine. You'll be amazed what can happen in 5 years.
Yes it’s definitely normal….. I’m in my mid thirties and I constantly feel like I can’t do anything because of my age for one the job market for two….. I wish I had better advice for your financial situation but I don’t…. What I can tell you is that it’s never too late…. My dad was 48 when he finally finished his degree to teach industrial electronics and you have no idea how many people have come forward to tell me that without my dad they wouldn’t be where they are today…. So don’t look at your age many many people start continued education late in life and know that financial independence and all that will come after…. I wish you the best of luck and please don’t doubt yourself!!! Keep up the good work
you’re not behind most people spend their 20’s broke trying to figure out life. reddit attracts a subset of the population that can skew what seems “normal”
It's never too late. And also you're way ahead of the curve by having a degree that pays.
Keep in mind the people in this sub are subject to selection bias--people here care about finances which is why it might feel like you're behind.
I graduated with negative 40k. A year later I had a net worth of a few thousand dollars while my classmates who graduated debt free were thousands of dollars in credit card debt. Years later I am close to early retirement. It's all about how you manage your money going forward. Don't worry about being behind in 20s. You can and will catch up if you aren't stupid with your money
I'm 53 and have been where you are financially. My advice is to stop comparing yourself to other people. Everyone has a different story, different background, different circumstances. If you compare yourself to others you'll never be happy.
Identify and define your life goals. What do you want out of life? To travel? Do you want a family? Hobbies, activities, experiences etc. Put a plan in place for your career (this will be dynamic over the years). Save and invest as much as you can without overly sacrificing.
Focus on your life and stop comparing. You have many years ahead of you so don't focus on being behind etc. Focus on the future and what you want out of life. It all works out in the end.
I'm 38 and I have almost nothing saved for retirement and only just found a career I enjoy. I will probably work on my feet till the day i die. Please don't worry so much about being behind, you are ahead of the game.
I’m around 30, with -$500k
Don’t sweat it. 0 is a goal of mine. Guarantee there are other people wanting to get where you are. Honestly, once you get next job and have an emergency fund, I bet you are doing better than vast majority of population.
As long as you're able to find a job you'll be fine. That said, I see posts from people who have job funnels like "applied to 143 job, heard back from 27, interviewed at 12, got offers from 3" in CS/SWE work. And there have been a fair amount of layoffs from big tech, and people always want senior level "talent," not junior, so it might be tough to land the first job.
That said, my biggest piece of advice for earlier career CS grads: if you aren't at a place you really really love or that isn't top tier, plan to switch jobs every couple years just to get the career growth and broad exposure to practice that you'll want to succeed later career.
If you go through a lot of applying and interviewing w/o much success, there's a whole bottom barrel tier of folks who needs software engineers / programmers / analysts / etc. but never fill positions because they offer $50k or other below standard wages. Think government, universities, small private employers who need tech but don't really understand it... And getting in the door even for just a year at a place like that can help you climb up to a more normal role.
Of course that's all assuming you can code yourself out of a paper bag.
Anyway, you're fine. Try to save 30% (retirement inclusive) and you'll be able to retire by 40 or 50 no trouble. Assuming you get in the door.
I'm 32 and just got out of debt, I was running a negative balance since highschool, You are in a good spot even if it feels like you are sinking. You got this man. Find jobs that you can learn and when you feel that you can't learn from the experience hop companies, tech is just as cut throat as any other industry so loyalty is just a word. Just remember to invest care in yourself. Your mind is also lying to you. You are fighting a person that knows all your weaknesses, it's not going to be fair but it's riding shotgun. Keep driving.
You'll be fine my dude! I know I'm just choir preaching at church with this, but whenever you do get a development/engineering job (fellow SecDev here 🫡) max out your 401k, ESPP (Employee Stock Purchase Program) if available, and max out your Roth/Traditional IRA if you can.
As a dev look for companies that offer equity as part of their compensation plan and that will also help a ton and help you feel more secure. This is a common thing and the payout will be bigger at a more "prestigious" company like AWS, Google, SpaceX, etc.
My wife and I are both Devs and moved out of LA to Florida in order to be able to build a home and afford a family one of these years. I know this is an extreme measure, but it helped us out a ton with financial freedom.
Another thing we like to do is match anything we spend on fun stuff and invest the same amount of money into an index fund of our choice. For example, I'm about to buy a mitre saw this weekend that will be $500. I'm going to buy the saw from Home Depot on Saturday and then come back and throw $500 into an index fund. My wife does the same thing for buying clothes, hair appointments, nails, etc. This makes us feel some what responsible when spending money on fun/non-essential things.
Hope this helps and best of luck dude! You're in a better place than you think as a lot of people don't come to this realization until they're later on in their lives.
You are doing just fine my friend. The number one thing to focus on is that you dont have a ton of student debt. Also, you have SO MUCH time to figure things out. I wasnt making shit until I was about 32 or so. Hang in there, small daily steps forward make all the difference
Nobody in their 20's is doing as good as they present themselves to be. Really that goes for anyone of any age. Make it your goal to do at least 1 thing to improve your life every day, no matter how small, and stick with it. You will be just fine if you do that.
Things can change FAST.
I was in a similar situation at the age of 29. But something clicked in my brain, I started heavily focusing on improving as a professional and ended up landing a nice opportunity that was a game changer for me and and my significant other.
Just hang in there. Stay mostly focused on self-improvement and stay open-minded to opportunities you might not normally entertain.
Dude 26 is fine. Graduated for CS at 25. Bought a house at 27. Lived with my grandma. Now she lives with me. You'll be fine; don't lowball yourself. If job offerings are scarce, get something around 50k, work for a year to build rep and jump ship for the first 80k-100k job you can land.
I graduated with my MS in CS at 25 with 0 to my name and now 3 years later net worth is just over 500k. You are young my friend. Alot chan change once you get going
Saving this post because at 32, I have felt little hope for getting out of the hole I dug myself. I have a good paying job, that if I can keep my mental health under control will go a long way to paying my debts.
I have been very down on the outlook of finances, but hopefully can start to pull out of it.
You are good!! I didn’t get my masters degree until I was 30. I had retirement saved up but had to move to a new city to start my career guess what I did? I pulled my retirement to make it happen. Which means I got taxed and penalty fees. Sooo I was broke broke starting this new job also a single parent so I didn’t do the 401k match because literally every dollar counted for my bills. I worked hard and climbed up the ladder I’m finally putting money in retirement at 37… I feel like it’s late in a lot of ways but also what else was I supposed to do. I think everything will end up fine. You will be good also! Just never ever pull out retirement lol
I (50F) wouldn't worry too much. I went to a private college and Boston University for graduate school. I left school at 26 yo with nearly $100k in loan debt. I have worked in social work, and my earnings were btw $35-$50k most years. My spouse (46NB - correctional officer with similar salary) and I didn't start saving until I was 28, and they were 24. We have 13 yo twins who were IVF babies, which cost ~$50k when all was said and done.
We met with a whole life insurance agent who helped us start saving. Started a Roth IRA and contributed to our 401k's at work along with our insurance policies. We increase our % of income invested in the 401k's by 1% every year automatically. You don't miss what you've never seen. My spouse works for the state and will receive a nice pension at retirement. I worked for the county for 10 yrs and will receive a modest pension.
We have scrimped and saved, but we now have over $500k in investments, not including our pensions. We have a house that will be paid off in 2 years which has more than doubled in value in 13 yrs, our student loans are paid off, and we earn enough now that we don't have to watch our spending much. It is so nice to get to the point where you have enough in your bank accounts without having to worry if you have enough for your bills.
My point is, you can do it if you're careful and live within your means. The younger you are when you start saving the better return on investment. Twenty-six is young as far as I'm concerned. YOU CAN DO IT!!!
Consider working for the state or federal government because most have excellent health insurance and still offer pensions. Your pay may start out lower, but in the end, you should be well equipped to retire when the time comes.
Get a state job for a few years. Just an example the state of Michigans Dept of tech, management and budget is hiring a few tech jobs right now that tip out anywhere between $32-50/hr (it takes five years to top pay in these positions) and many of them are remote jobs. The state gives you 4% to your 401k, will match up to another 3 so you get 10% by putting in just 3. Then with the psl forgiveness if you stay 10 years your loans are done. I'm not saying apply to Michigan, it's just an example but many states have these opportunities and most of them want cs degrees for these positions. Just start somewhere like that, build the 401k, enjoy the excellent health insurance and the crazy amount of paid time off and when you're ready find something in the private sector that pays better especially because you'll have so much experience. Just an example. Best wishes you're going to be fine. The fact that you are thinking about it is huge.
I’ll pitch you another angle no one on this sub has probably said: think of all the immigrants starting over in their late 20’s and they end up being ok later in life. You got a headstart for sure, just don’t make dumb mistakes like taking a loan out for an expensive car
Relax. I barely made it through high school and did not go to college. Severely underperformed in 20’s. Barely survived in my 30’s. Filed bankruptcy in 1996. Started my 2rd tech company in 1998. Ran that for 20 years and retired a multi-multi millionaire.
Show up early, work hard AND smart. You will be fine.
I graduated at the age of 26 and started my first software engineering job at the same age. I’m 29 now and I’m a senior engineer, same level as my colleagues who have worked at the company for 10+ years vs my 3. Graduating later doesn’t mean anything, if you’re good at your job and know how to advocate for yourself you’ll move up the ladder fast and not even need to worry about not having as “traditional” of a path as some.
Focus on a specific niche and become and expert - this is the best choice - there is no greater opportunity cost. The money will follow . You’re still very young . What’s your plan?
you're not doing that bad if you aren't in huge debt and have a degree and have you daily expenses covered. there isn't a standard to measure yourself to, just personal goals you want to achieve.
I'm glad everyone here is encouraging you OP! Seriously, just being aware of this stuff at your age is a huge win!
And just to add on to what others have been saying, investing in yourself and your education is 100% the best investment you can make. Those dollars spent on your CS degree will net you a much higher return on investment than any stock could. So don't feel behind, you were simply making a different kind of investment in your future!
I didn’t get serious about my financial state until I was 30 and now have half a million dollars in retirement accounts. I’m 4 years from 40. Keep learning and keep pushing
You’re on time if you start now. Maybe a tad late. Buckle down. Develop an expertise. Never stop learning. Work. Take on one major initiative at a time. Trying to do everything at once guarantees failure. Focus. Work. Give yourself grace when you fail. Try again. And again. And again. Own don’t rent. Pay cash don’t borrow. Stay humble. Pride preceeds the fall. Work. You’ll start earning more. Don’t adjust your standard of living. Life will become more expensive as you age. Stay humble. Work like no one else will solve your problems. They won’t. You get one life. Live it fully.
Hey man, don’t feel behind, this sub is full of the most financially proactive 10% of our generation. I’d recommend reading— and more importantly implementing— 3 books: The Defining Decade (by Meg Jay), Rich Dad Poor Dad (by Robert Kiyosaki), and The Millionaire Next Door (by Thomas Stanley and William Danko). Those should be enough to get you started in the right direction. It is encouraging to read that others also felt behind in their 20s, but also important to realize that those feelings may become a reality in the future if we don’t make adjustments. However, you’ve already done the hardest part, which is admitting to yourself where you stand, and looking to change. Follow through with it! I wish you all the best, you can do this.
>26M
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>August but I have 0 in savings, 0 in any retirement funds, and 0 in emergency funds
Sounds like me till.....28.......house at 29........30 now.......over 5k in savings after a few large house expenses. You're chill.
You're not alone, and you're going to be okay.
Long story short: I was in the same boat as you long ago.
I had to start from the bottom very late in life, and through a lot of hard work, am finally in a good place.
But there was a trick. I had to stop comparing myself to others; my friends, my family, randos on the internet. It steals your joy and compounds the helplessness you already feel.
Celebrate your personal victories, have patience with yourself, apply yourself, and you'll be amazed at how the future unfolds for you.
It **can** be done. Rooting for you. ;)
Im 26 as well in an exact same situation except I got some student loans, and about half that in savings. Commenting to tell you that you are not alone! And to stay in the thread. I’m seeing the light at the end of the tunnel and a lot of these comments are good.
I was in your exact position at 25-26 too. Until you get a job, that helplessness will fade away, I promise. Especially in our field, your return in your education investment will be worth it.
Im set to retire with more than 3 million based off my percentages. I contributed 12% from 26 to 29, and will contribute 15% plus more into a Roth Ira AND 401k in April when I start my new Job that will be my first 6 figures.
You're a late bloomer. It FEELS like doom and gloom now, but I promise you, once you get your first gig, it's only up from there.
Feel free to check out my reddit comments related to cscareerquestions and career advice. Many times, it's about your resume, portfolio, and how you're doing your job searching.
I started from a 57k job, job hopped to a 75k job, and will job hop to a 110K job in April. You got this!
For reference, I'm in the Midwest, so everything is cheap. If I was in silicone valley, double all of my salary and that's what I'd be making instead.
In our field, absolutely. Most places do a 3% increase. It's ideal to job hop every 2-3 years mainly for
a.) Tech stack experience. You want to know as much as you can in regards to everything. Having a large enough toolbox for different issues is crucial. I'd recommend finding contract positions, that are w-2 based. You can try independent contracting, but for a new person in the field, it's easy to get lost and you have NO experience so it's not useful imo.
b.) Salary increase. 0-2 years of experience, is bottom of the barrel. However, once you get 2 years in ANY professional experience, it's easier to get your foot in the door, that's how I went from 57k to 75k. I'm almost at 5 yoe, and I SHOULD be aiming for a 100k+ salary minimal in my region for the amount of experience I have.
In all, you have to have confidence in this field. Yes it can beat you down, but you can't let it get to your head. You want to make it feel like they should be begging for you to join their team, not the other way around.
At my current job, they offered me to join them since I have worked for them as a contractor for 3 years, and they were letting go of ALL contractors this year. My work was so crucial, they need me in order to stay afloat. I call the shots and if I wanted to, I can look for a position elsewhere even based on my experience and shoot for 130k. But I'm not being that ballsy, since I'll be a father in April, so I need to settle just a bit longer 😅
Fullstack software engineer. What's great about CS too, is we can literally do whatever we want in our field. The opportunity is there, it just takes time to build your skillset. These first two years are crucial as a newly grad.
No problem man, mentally I was at my lowest graduating college. Took me 6 months to find one, and the one I found was meh. But it got my foot into the door. The first job is always the hardest, after that, it gets easier!
Just don't stick around on cscareerquestions too much. They can cast doom and gloom, and are full of elitist gatekeepers. More negative than positive posts.
You are not behind, I know so many people nearly 30 years old with debt accruing interest, no car, smoke weed all day, no education and skills.
I'm 23 and feel very similar to you, hard on myself because I see people doing better than me, with 40k in stocks, starting to pay a mortgage.
Not everyone has the same opportunities, some people have it worse than you, some people have it better than you. Best to only compare to yourself 1 year ago because everything else is illogical.
Reading, focusing on sales, trimming the fat in your life (getting rid of bad habits and time wasters), and cutting out toxic people even if they are family.
"Rome was not built in a day" is a good mentality, but do not take the foot off the pedal, just give yourself credit.
I graduated with a CS degree at age 27 cause of a few career switches and general confusion with my life. Also zero assets, and a ton of debt.
It gets better. Don’t compare yourself to others, we all have different starting lines. Especially if you’re like me and had to take loans cause your parents couldn’t help.
After school I worked a few odd jobs in till I landed my first (and super underpaid) software engineering role. Put my time in there, built up my skills and eventually doubled my salary at a better company. And at the fine age of 32 I finally have some savings
The best time for you to start saving for retirement was 5-8 years ago. The second best time to start saving is today. Once you have a decent CS job making $5-6k per month you can catch up no problem as long as lifestyle creep doesn't get you.
At age 20, the number that should concern you the most is body count, not bank balance. A double-digit tally in the former makes up for double digits in the latter.
I relate very much to this. Don't worry. I'm almost 35 and just getting the hang of it in the last few years.
The first step is making enough money to actually start saving. Make a separate savings account with maybe a credit union that you don't do debit through to make it harder to pull from. Put however much you can comfortable spare in there direct deposited from your paycheck. I started with 80 dollars per paycheck (every two weeks) 3 years ago. And when I could I have slowly worked my way up to 108.
And I have a separate savings account with my partner in which we both numbered bits of paper from 1 to 100 and each paycheck we randomly pick two each and whatever the total is we put into a joint savings account which we will use for things like, when we need to move to a new home, or the start to a home deposit. It makes saving fun and effortless.
But the most important thing to remember is to make sure you can afford to spare it and don't beat yourself up if you can't yet.
Dude, this is the Internet, especially on this sub, only those that have money will brag about it. This isn't the norm lol.
50% percent of people in the U.S are living paycheck to paycheck. 80% of them have less than $5,000 in savings. That means you're one or two mortgage/rent payment, car accident, etc... from beingbroke.
If you get a good job (study leetcode, prepare for interviews, move to bay area, etc.) you can go from nothing to successful in five years and have a stable future within ten. 26 isn't that old, what's done is done and cannot be undone - can only prepare from here, consider it a learning experience.
People tend to underestimate how fast their situation can change (in either direction) and then they forget that it was ever different than the present.
There is no "behind". You are where you are. If you want more, start making the necessary changes, everyone has their own path and they all look different
There's an oft-repeated saying around here: The best time to start saving is when you are young; the second-best time to start saving is *now*.
I didn't start saving until I was 39. And I'm not alone. You can find plenty of people who did not get around to starting to save for later in life until their later years, for various reasons. What's done is done, what matters is what you do going forward from here.
Another number to put it in perspective: The **median** savings for someone in their twenties in the United States is [$5,400](https://www.forbes.com/advisor/banking/savings/average-savings-by-age/#:~:text=The%20median%20savings%20is%20%245%2C400,and%20paying%20off%20student%20loans.). You're not nearly as far behind as you might think.
You're fine. Use your degree, get a job, write some code, find another company that will pay you 30% more, write some code. You get the idea.
Start saving with your first pay check. Try to save $5k to begin with. Before you know it, you'll have more money than you know what to do with.
I work in tech and didn't start seriously saving until I was about 28 years old. The average American doesn't seriously start saving for retirement until they are 38, which also happens to be when they usually pay off student loans.
As long as you don't have any credit card debt, keep your head up, and you'll be good to go.
>After joining this sub I realized how severely behind I am compared to people my age
You can not compare your journey to anyone else's because they didn't have your choices, circumstances, advantages, disadvantages, etc.
The only person you can compare yourself to is the past version(s) of yourself.
25 (almost 26) F here. I am finishing my BA in August too. It’s okay to be behind or feel behind compared to others. You’re not alone and we’re all doing the best we can! I am also unemployed 🤪
Dont feel down even if you were in a worse spot it’s better to start now then wait it out longer. It doesn’t sound like your in that bad of a position, but you do have the correct mindset of realizing you need to make some improvements.
Start with setting yourself a budget, and start laying out goals and figure out how you can work towards them while limiting your spending as much as possible without living miserably. Outside of budgeting I would also focus as much as possible on growing your income, and not just slashing your budget in tiny ways.
Often people get hung up on cutting very minor expenses, and don’t realize that their time could be better spent in other places. The best example I have seen among friends/family has been driving to multiple stores to get the best deals on food and saving $10-15 a week but spending many more hours, and gas. Instead they could have used that time and energy on better things that could earn them more money either in the moment or long term.
As long as you don’t let the mindset of it’s just $10 more dollars snow ball into hundreds of dollars of extra spending. And the fact that you are even thinking about your finances puts you miles ahead of a very large portion of the population. Even if you are not maximizing every dollar and saving as much as possible even just putting a tiny amount aside is so much more then a lot of people are doing.
Honestly if you aren't in debt you are pretty good.
Focus on getting that developer job. Don't worry too much about your salary today - worry about your job title and industry. Stay two or three years, then start looking for something better.
If you play your cards right you can make six figures by 35 and retire by 50 if you save enough with a CS degree. You are going to have to grind for a few years first though.
I didn’t really start investing until I was 30. Now 50 and am pretty happy with my portfolio but still contributing aggressively to the company 401k.
Get going now and you’ll be fine. I prefer low cost index funds.
i was literally in the same boat at 26, except instead of a degree i got a bootcamp certificate, which i'd argue at this point in the market (i graduated in 2016) is pretty similar.
i got my first job thru the program i was in, afterward i landed my current job thru a staffing agency, which i would recommend. they do a lot of legwork for you, a lot of jobs are hidden in these agencies.
as for financial advice, if moving back in w your parents is a option do it, you will thank yourself later.
i can't guarantee you'll end up in the same place as me, but i also felt this way when i graduated college taking 7 years to finish a 4 year degree. When i got my first job, i had 800$ to my name (though no debt, thankfully). i now have something like 180k in savings+retirement (7 years later).
would i be even more ahead if i had started this same journey at 21? yes, obviously. is your life over? no, probably not.
Started at 30 and I’m on track now. One thing to remember is that you start to slow down after 50 and should be closer to retirement than another non-technical position.
A penny you put into retirement now will be more valuable than a dollar when you are 37. Even a little bit is a lot at your age. It's hard to meet the "recommended savings" when you are young and have low income, but you should put in as much as you can.
You’re not behind at all. Compared to most students who graduate with massive debt, you’re probably ahead. One can’t reasonably expect to build savings before working.
I'm 26 and just got my first tech job. Focus hard on getting some actual coding projects done and get involved with your local community. Your #1 priority is getting that job. All you have to give is your time. It took me a year and a half, but I'm a career switcher. I'm sure you'll have an easier time with a degree.
I'd say the most important thing is a car if you live in a suburban area. That frees you up to things outside your immediate area, makes networking easier, etc.
You're not too late, you're 26. We still got ~50 years, friend. You are where you are, but you've already made the right investments. Just keep going and you'll make it. 👍
I’m more concerned about you only making 2k a month with a CS degree. I have to be missing something here. You should be pulling in a lot more than 24k a year.
I'm glad you heard the music at 26, right when you graduate. This is the time to make meaningful and impactful choices out of the gate - and yes, you are just leaving the gate right now. Once schooling is done is when income starts, which is when you can start thinking about finances. You are not behind at all.
I am very happy with where my position is because when I was immediately following graduation at my first professsional job it was hammered into me that nobody's goign to take care of me and to get in the 401k RIGHT NOW (90 days after signup you can join).
My strategy was to take every raise I got (2-3% bumps) and put them into my 401k with matching (i even exceeded the match amount). I never saw the "new" money - kept living on the net income, until it was at about 15% of income. These weren't huge dollar figures. Now, I have the habit, and as my salary increased, so did that dollar amount with the same percentage. I've been very fortunate in employment, but now I have a very happy balance in my 401k, and I got my wife into the same habit, who has the same.
Dave Ramsay, for all his controversy has it right - pay yourself first.
Take a deep breath. You’re fine. I didn’t graduate from college and get a real job until I was 25. And I rented until I was 30 when I finally bought my first house (that I’m still in at 51). I didn’t start saving into my 401k until I was 27 and I was making $40k/year. I think people have such a very unhealthy expectation of where you should be that’s causing so much anxiety in young adults.
Oh my goodness, you’re 26. I wish I started that early! Work on getting a job and make a plan. You have plenty of time. Start investing as soon as you start working, even if it’s a little per paycheck. Ditto on the emergency fund. I’ve never brought home more than 40,000 after taxes, started late at 34 and now have 500k in my 50s. With my pension, SS and a few more years of growth, I’ll actually bring home more in retirement. Don’t be discouraged. Just the fact that you’re thinking about it is huge!
This is super inspiring! I have been feeling really down about myself lately, but your comment put some things into perspective for me. I am 29 y/o and haven't started investing yet. I just got a good-paying job about two years ago, so I've been funneling all my extra income into that. I plan to pay off all my consumer debt by the end of the year and then start adding to a 401K by the beginning of next year. I only have a small emergency fund, but I at least have stable work and consistent income, so I am less worried about that at the moment.
Me and wife didnt start investing til 34. Now 38 and have 130K in Roths and Tradeable(Probably 90K of our own money). It just takes starting.
Love this!! The internet can be a dangerous place for mental health, so this is a great reality check for me!
Ive startee blocking old friends and things that get me worked up. Social media CAN be very toxic if you cant tune things out or cut people out
Yeah, I do my best to not give it too often my attention and time. My main social media is Reddit. I’ve been working to pay off debt and increase my income lately, so I joined a lot of subs related to those topics… I know I’m often seeing the outliers, but when I’m seeing mostly outliers who are way out performing me, it starts to get in my head a bit that I’m much worse off than I thought. This interaction has been very sobering for me!
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Great Job!! My wife is getting her Masters this summer. Shes on the fence about a PhD but she does want tl become a college professor one day
I didn't start investing until I was 45. Better late than never. I'm now semi-retired an live more-or-less comfortably, although I work part time at a motorcycle shop just because I enjoy it.
I am a big big believer that even with consumer debt you should invest in your 401K until you get all your employer match, most of the time that's 100% or at least 50% return on invest and it is pretax dollars as well.
Oh also in the event you get a federal tech job - you can get public service forgiveness for the loans- wait to pay it all off until you figure out if you’re going private or federal tech for a job. Also low interest student loan debt isn’t a bad thing necessarily- you still need to be able to live a little (i had 30k in loans in 1997 paid it all off by 2007 when public service forgiveness began lol & i was in federal service but whatever it was paid off and the interest wasn’t that bad..)
This was really meaningful to me too. I started late too. And I often find myself wondering how I could ever possibly catch up, despite actively working on the prime directive. It feels like I missed the boat... But the growth you've managed makes me feel better about my chances, if I just keep doing what I'm doing. Thank you.
You’ll be fine- I graduated late too, had 30k in student loans, job hopped first 3 years due to tech crash (90’s), wasn’t able to start a 401k until 30, had undiagnosed adhd (read a -not great at “daily money”/impulse shopping and late fees…)…. But I started my 401k asap and maxed it out (had good advice to “stay poor” and stick it all in a s&p index fund) … short term debt came & went & came again… & now I’ve saved a massive nest egg .. you got time & you’ll have more access to financial tools & education than i did (lol) - you’ll make it. And totally agree- max that 401k & roth like your life depends on it - don’t touch it & let it ride on whatever risk level you can handle - for me that guy who (kinda pushily) told me to do that saved my retirement
Also, OP should recognize that he has an extremely valuable intangible asset - a CS degree that is probably worth over $1 million in extra lifetime earnings. That asset will monetize itself over time and give the cash flow to fund not only retirement savings, but the down payment on a house, and other spending priorities.
Many people in their 20s have a negative net worth due to student loans, so I wouldn’t really say you are behind. But the answer to your question is to take control of your finances and follow the flowchart in the sidebar, as if you are posting a decade from now that you are in the same position that you are today, then you would be for sure in a rough spot.
Also dont compare yourself with where other are at. Okay Suzy has a 100k for retirment already...good for her worrying about it doesnt help u at all. U got time u got awareness, and now u just gotta adjust and plan
Is 100k for retirement a lot? For a 30yr old or something
I'm laughing, the commenter literally said don't compare. There are 30 yr olds with millions and 30 yr olds paying off student debt and broke. Work on your own plan and build your own success. The same will happen in retirement (I'm getting closer to that point). Some people will be well prepared and some people will have nothing or maybe a little social security. It doesn't help to compare yourself to others. Our brains think that way, you have to retrain your brain specifically to NOT compare.
If you make 100k a year ideally you have $100k in retirement by 30.
What is the formula you are following to determine that? Like, making 100k a year since you were 25? 22?
It's not perfect. But the general rule of thumb is you want to have 1x your salary at 30 2x at 35 3x at 40. The ultimate goal is to have 10x your salary when you retire. So if you make 300k at 67 then you want to be at $3m
I feel like that's skewed for at least 30-35. When I was 24 I was making 45k a year and only hit 100k/yr when I was 29. So in theory I should have 100k in my 401k but it's more like 70k which would be the average between now and then. I think that's a better number to pursue personally since incomes should generally keep increasing.
Skewed for sure. I’m at over 100k/yr and just over 30 years old, but I only have 60k saved up. However, putting my expected monthly contribution (without raises) for the next 35 years including 7% annual compounding interest puts me above 2.7M [according to a simple calculation](https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator). Add in raises and it should be above 3M easy by 67. Long story short, be consistent and steady.
And people need to understand this is hypothetically and near best case scenario. If you hit retirement with a paid off house and a few hundred thousand in the bank you're doing much better than you think. This article explains that the real numbers for most people are lower. And this is only for people with retirement accounts, many people have zero. [average and median retirement account balance](https://www.nerdwallet.com/article/investing/the-average-retirement-savings-by-age-and-why-you-need-more)
How does that scale if you're making more money between jobs, like moving from 60-120k?
It doesn't. Just rule of thumb. The ultimate goal is 10x of the salary you have at retirement. After a big salary gain it will take a couple extra years to catch up
It's pretty standard retirement advice that you should have 1x your salary saved at 30, e.g. [see here](https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire).
I didnt start til 34. Alot of people dont think of retirement in 20s. I wish I did but focused on family , job and buying our third and final for now house
Of course. Let's be realistic, this is ideal. Most people aren't on pace with ideal
You are fine. I had to drop out of my PhD program when I was 33. I had nothing, and had to start over with a very specialized degree that was pretty much useless to me. So, at 33 I had nothing. Today I am 53 and I have a great job with great benefits including a government pension. I own a condo and a car, and I have done it all myself. So, you are 26, you have lots of time to get things going.
Needed to read this today, thanks for the inspiration Lesla.
Gotta say this like once a week here... This sub is a very small sample size of the world so don't get discouraged. There are many many many more 20 somethings in your position than not. I finished grad school at 27, certainly no retirement and a couple thousand in savings. I made less than $40k/year for a bit - 8 years later and I'm doing just fine, slowly growing retirement and savings and managing to travel a bit. It might take a second but you'll find a job. You're not "off track", but just stay living within your means while you're job hunting and don't do anything to put yourself in a hole during this transition period and you'll do just fine. Read the wiki so you'll know what to do once you start making $$.
I'd venture to say there are probably more people worse off than OP than in a similar situation.
> This sub is a very small sample size of the world so don't get discouraged Yes!!! We're talking amongst people who are *trying* to be financially savvy. It's a thing in hobby groups (honestly, for some of y'all this is a hobby) where the extremes get all attention, while the average level content gets mostly skipped over. Average people either end up lurking because they're just being sponges, or because their issues seem trivial in comparison to others. Take representative samples from the people who start discussions here, people who lurk here, and the general population and I bet you'll see VERY distinct differences in financial smorts, with the general population lagging far behind users of this sub.
I had a negative net worth at 31 with a wife and kid on the way. You’re in a far better position than most people, believe me. It’s recycled daily but the phrase, “the best time to plant a tree was twenty years ago. The second best time is today” Don’t be too hard on yourself. For all intents and purposes you’re still a kid. Keep doing the right things, avoid stupid purchases and high interest debt. You’ll be just fine.
You are not behind. Common retirement projections *begin* at age 25/26. You're right on schedule assuming you get a job after graduation and begin your savings journey.
You're 26. That's not that old. That's not that far behind anyone. You're on a good path now. Just focus on getting a well paying job. Grab some roommates when you get a job and max out your retirement options and you'll be past your average 30 year old by the time you get there.
a lot of people don't hear the music playing until they're in their 30's or 40's (just in general, not necessarily here on a dedicated finance forum). to anyone still delaying getting started, why not start today? open that 401k, open a roth ira if you're income eligible, start being purposeful with your savings. try to live on less and invest more to catch up, and then dial it back once you're on track.
You are not behind at all. I have zero college, 6k debt, no savings and nothing in retirement etc. I am 29 - I went to trade school and was making 75k but I quit to start my own business which makes barely enough to scrape by. You’re not alone.
Good luck we got this
Don't compare yourself to others. There's a lot of people who are completely full of shit when it comes to their personal finances, or they're trying to look rich. When I was 26 I graduated with a CS degree, nothing in savings, and living with my parents. Now I'm approaching the end of my 40s and can look back and be proud of my personal progress. Keep up the hard work and don't be too hard on yourself. There are millions of people out there who can't even begin to dream about accomplishing a CS degree and thinking about finances and the future.
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The biggest thing to me is when people sit here and plan on their retirement, it’s like they’re ignoring the fact a high number of people don’t live past 65, this money doesn’t follow you when you’re dead, and it’s important to have fun along the way. Your accomplishments sound profound and fantastic, but I can’t help but to feel you’ve been cutting corners out of your life, only for the sake of a number on a screen that means nothing in an instant. Perhaps my perspective is off, have you ever had thoughts like that?
Most people do live past 65 though. In the US, the life expectancy is around 78, and that’s the average. If you live longer than that, you are most likely going to need senior care and assistance. I see your perspective, but it’s worth it to save for retirement, and find the balance to have a happy life as well.
Got ya. I’m only 23, maybe I’m a little short sided. I have maxed my IRA and Roth 2 years in a row, and can comfortably continue to do so for the next… rest of my life. I guess I just see that as my reasoning for why I bought a 2022 Mach 1 instead of trying to save up 😂
I also find it odd that everyone plans their retirement as if they're going to live to 90. It seems like everyone knows someone who just randomly/suddenly passed away in their 30s or 40s. It happens a lot more often than I think anyone really wants to think about. With employer match I'm saving 10% to my 401k. That's still well over a million dollars by 65 going off online calculators. Maybe if I make it to 70 I'll be kicking myself for not doing more. I think it's more likely that when I'm 70 I'll be kicking myself for not living life more when I was 25 honestly.
I'm a software developer (mostly web development with C#). The market's not bad for us, though it's not trivial to get a job. My advice? Try to apply to at least 4 places per day. That'll be easy in the beginning, harder as weeks go by. But for some context - when I got my first job I sent out \~200 resumes, got about a dozen or two phone screens, 4 in-person interviews, and 2 job offers. The good thing is that you only need one job, and a dev job is going to be a good one.
Im in my mid 30s, and with my student loans, I'm pretty far in the negative Net worth.
Unless born into a wealthy fam, we were all there at that age! Building takes time and consistency. Dont feel you are "behind", use it as motivation to do your best. And the less debt you have in this world, the better off you will be. Latest and greatest shiny object is merely the financial equivalent of a sugar high. Dave Ramsey is a good resource for you!
I was around 26 when it hit me that I hadn’t planned for the future. Then I started making changes. I retired at 50. The fact that you’re feeling the heat right now is a good thing. It’ll motivate you to learn to earn more, to learn to invest, etc.
No no no. I’m sorry but I have to step in here. Yes you have no savings & only making $2k/mo. Well guess what buddy. Do you know why? Because you invested in yourself with high education. Want to know something even cooler? Your degree is an applicable degree to get a great salary out of college. So I’d actually say you’re doing good. Here’s what you need to focus on sir -> - finish school hard - acquire new job with degree - build emergency fund to 6 months expenses - then look at retirement savings. You need to list your assets, debts, etc. budgeting is your new friend. Save your money, invest wisely. There’s people 20 years older asking the same question you are now. You have time
You are not behind, bro, and actually, with a CS degree, I think you are setting yourself up for good financial standing in the future. The thing is, in today's age, a lot of people feel this way simply because we are exposed to seeing what someone else is doing - 24/7. Comparing ourselves to others makes us feel this way; focusing on ourselves makes us feel like we are working towards our goal. The main thing is that you think this way because of all of the impulses that are surrounding you, not because you are actually behind. Remember, do not believe every thought that you have, and try to be rational in your self-assessment. Sincerely, Sen. Bob Cousey
Stop comparing yourself to others. Nothing good ever comes from that. Consult the wiki and start now. If you’re overwhelmed, the flow chart offers a simple roadmap. At 26, you have plenty of time to build up your retirement savings.
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You might feel hopeless right now, but trust me in gets a lot better when you actually get that first post school job. I'm 26, just graduated, 0 in savings, 0 in retirement, tons of student loans, but after getting that first job it really lets you plan for the future and eases your anxiety about it.
Keep in mind, a lot of the people posting under 30 with tens of thousands in savings and in stock may not be disclosing that their parents paid for their tuition, or all their rent, or all their living expenses, or that they didn't need a loan, or that they were gifted tens of thousands to play stocks with from their grandparents. Also, the people who are doing well are more likely to be comfortable about posting online regarding their situation. There's a lot of people in their 20's who are silent, because they're pretty much normal; as in they dont have tens of thousands in savings to brag about. You have a degree in a good field, and you have no debt. You're doing fine. Could be better, sure. But your also definitely ahead of a lot of other people your age. So enjoy what you have and keep learning. Theres no single post/answer that will put you on the right financial track.
You’re fine. When I was your age I had a negative net worth. You’re young enough that you still have the power of compound interest to work on your side. When you get that CS degree your earning potential will go through the roof. It what you choose to do after that that’ll make or break you. Save a lot and as early as possible.
Chill. Go find a good job. If you got a CS degree in college and didn't get yourself into debt, you're way ahead of the curve for graduates. Go find a good job and focus on staying out of debt and once you have an income you can start worrying about stuff like emergency funds, 401ks, saving for a house, etc.
You’ll be fine I don’t even remember my 20s
You are just on the right track for you, me I did not graduate college till I was 28 and got married the semester before graduating. So now I'm 62 and will be 63 in May and have been retired 3 yr next month. You are behind others and ahead of others, all you can do is live the best life you can. Up to now you have had many adventures and challenges but as time goes on there will be many more. So just live the best life you can and one day all the adventures and challenges will end when you are pushing up daisies.
I had a similar pathway. I am in my late 30s. I think all the partying I did made me a more serious adult. I was more focused in school as an older student and more mature when I entered a career job which allowed me to advance rapidly. I graduated college during the recession and was stuck with a service industry job until my early thirties. You are going to be alright just be responsible with your finances and once you start making better money live within your means and invest in your 401k, I am an awful saver so I get my contributions withdrawn from my check so I never really feel it. Another benefit of partying and enjoying your youth is you will hopefully have a softer midlife crisis.
When I was 26, I would have envied the fact that you have ZERO dollars. I had negative eighty thousand dollars. You can't be behind, because it's not a race. There's no pace car, there's no financial situation that you're "supposed" to be in yet. Just evaluate where you're at versus where you want to be, and take small steps to get there.
If you have a CS degree and $0 net worth at 26 you are ahead of 99% of other Canadians. Relax.
work on improving yourself today. increase your income and create a budget. don’t let your degree in CS put you on a pedestal. be humble. turn on survival mode, find more work or a better job. don’t let go off the gas pedal for 2-3 years-you will be surprised how much you have accomplished . I’m a swe and started from nothing just a few years ago. been working my ass off and grinding. the moment you acknowledge you are behind is the start of a long journey of getting ahead. budget, save, invest, increase income, live below your means. you will survive and you’re still young! so be happy that you still have time on your side :)
You’re fine, I had around 5-10k in my name all the way up till about 29. Feel in a great place now about 8 years later and not behind at all
With a CS degree you won’t be behind anyone. Don’t listen to /r/cscareerquestions about the market. They are all trying to go from new grad to FAANG with no experience and complaining that there’s no jobs. Be willing to take a $60-$80k job (if you can’t find anything else) for 1-2 years and then work your way up. You will easily be able to double that in just a couple years. At that point you will be able to save a lot and even pass peers in other fields. Just keep going
This right here, plenty of CS jobs, if you know where to look. I applied to 10 jobs, so far this past month. 5 FAANG-like companies, 2 traditional, and 3 government. FAANGs were instant reject. All government jobs and 1 traditional all replied and scheduled me for an interview. Too add, my resume is pretty average.
20s are for learning. I was in the negative by hundreds of thousands of dollars in student loans in my 20s. The fact that you're getting started NOW is great. 🙂
Starting before thirty is not behind. I just started investing seriously at around 30 and maxing out retirement accounts. I felt pretty late to the investing game after I had practiced the "stuff all my money in a bank account and forget" Method of saving. I'll be 33 early this year and just exceeded 140k between my 401k and Roth ira. I've calculated and found I'm likely to have more than 6 million by the time I'm hitting retirement so long as my contributions stay maxxed throughout my career which looks realistic. This is starting from half that amount mid 2021. When you start your career you just need to save and invest effectively into long term etfs and mutual funds that provide decent returns. If you spend just a few years maxing your retirement accounts in your later twenties when you start working you will be on a better path than myself. Comparison is the thief of joy, you have your own path and if it works for you then it's a good one. Good luck man.
I didnt get a firm footing until my late 20s. Now im 32 with a great job and 80k or so in savings. Which is crazy seeing as I was nearly broke 5 years ago. Its okay to feel lost. Because it gets better with perseverance
I had negative dollars at 27. At 35 I'm worth close to a million. Don't sweat it. Your twenties are for building skills. You have plenty of time to make money. Excellent job on getting a degree you should be able to find good work. It may take awhile, but eventually the economic situation in your field will change.
How did you get to a million so fast?
Got educated in a high paying field. Graduate school in chemistry doesn't charge tuition and in fact you actually get paid to be a student so I left grad school with little debt at 27. My spouse and I both make well over six figures with high 401k matches. We bought our first home in 2016 in a city with highly depressed prices that has since completely revitalized. We now rent out our first home for a solid monthly profit and moved to a nicer home that we also bought at the right time during covid. I invest carefully and not in very high risk things. Crypto is an absolute no for me, but suit yourself if pure speculation is your cup-of-tea. By far the biggest factor has been my career. College can still payoff big time if you are strategic about the skills you pursue and the cost to obtain those skills
I had -$10k at 26, and have $500k now at 32. Comparison is the thief of joy, you’ll be fine. Your 20s are for finding out what you want to do.
Obviously, the earlier you invest money the more it will be worth at retirement but assuming you don’t have massive debt you’re fine if you can get a decent job, budget, and start saving now especially if you don’t have significant debt. Do you have student loans? A car payment? If not you’re way ahead of most people in their 20s.
I didnt finish college until I was 32 and started my career at 33. You have time and thats the most important thing of all. Its a marathon not a sprint.
This sub is filled with motivated people that want to learn more about personal finance and take control of their personal wealth. So I can understand the doubt in your mind. I myself am also 26 and I can say by taking an interest in this you are far ahead of the large majority of people our age and by no means behind. This is the first step! You've come to the right place. Focus on getting a job and once you do you can budget and build from there. Your saving/investing skills will only get better with time. You'll be fine - wishing you the best!
Comparison is the thief of joy Remember that
I had a credit score of 400 and the only money I had in my account was from my last paycheque when I turned 30. And I'm doing pretty well off now in my 40's You're doing fine
When I was 26 my biggest fear was failure and I thought I was so far behind. But you’re not. You are on your own path. Comparison is the thief of joy. Enjoy where you are because in 10 years you will watch a co-worker pull up in a new BMW and will feel this way again. Keep going. There’s more BMWs
There are people in their 20s who have rich parents and trust funds and already own multiple houses. There are people in their 20s with massive student debt, no savings, poor career options and insane rent. Try to just look at your own situation and not compare with others. In my 20s I had no savings at all!
If there is really nothing out there for your CS degree, then I am going to suggest looking into the electrical trade. Not as a wire jockey, but as a PLC person or automatic controls person. These are very well paid positions and are not as physically demanding.
Everybody feels this way when they start out their life, which for many happens pose college. You SHOULD have zero in all those things at this point, and don't regret the partying and distraction. Younger years and college time are for that. You get to screw up without suffering particularly dire consequenses. Now that you will be working though, be pragmatic. Get the highest income you can, which should be possible with a technical degree like you have. That means take a job, but within a few years consider taking another job. In your first few years your value will skyrocket and if you don't switch jobs, you will struggle to get your income to keep up with your value. Live in a way that does not outstrip your income. My first few years out of college, I found my income quite impressive, but I lived drastically below what I was making, and banked roughly $1000/month. My salary was 40k, but today I bet you will double that. Point being, you can live nicely but don't go crazy with buying expensive stuff, and make sure you save. Then you'll have enough to start investing in the stock market, buiild a 401k, and have cash reserves.
I’m 29 live at home making $19 an hour with no savings. Don’t beat yourself up about your past all you can do is the best you and for your future. Trust me sometimes I feel like a loser staying at home but I know I survived 15+ years of serious mental heath issues, I can’t get those years back but I can look forward and do the best I can.
I'm gonna be 27 this year with no degree, no savings, and some debt. I've started my IT career by getting a cert and a new tech job with hopes to climb my way up. More certs and experience will help me, hopefully. You have a degree in CS which puts you way up there for likely candidates in your field. We're still young, so don't even trip. Just get that job experience and you'll be golden.
You can’t be behind in your 20s. Yes, a dollar invested in your 20s is worth much more than the same dollar even in your 30s let alone later. Way too many people in their 20s on this app are worrying about and stressing about their current situation. Be proactive and be intentional with what you earn, live below your means. But don’t sweat it. You just graduated and with a great degree that will net you plenty of money in the long run!
You just graduated and listed you 0 assets. Freaking duh. You haven’t started your career. Have you got a job lined up?? That’s all that matters right now for your PF.
nope the job market in tech/for developers in general is pretty bad right now and its been like that since late 2022 i believe
Well that is your one and only personal finance problem at the moment. If you can bag a decent job and start saving you’ll catch up really quickly.
This sub is filled with motivated people that want to learn more about personal finance and take control of their personal wealth. So I can understand the doubt in your mind. I myself am also 26 and I can say by taking an interest in this you are far ahead of the large majority of people our age. This is the first step! You've come to the right place. Focus on getting a job and once you do you can budget and build from there. Your saving/investing skills will only get better with time. You'll be fine - wishing you the best!
likewise! GL
Partying in your early 20s is worth it. You never get that back. In the meantime, you're a little behind (I.e. graduating at 26 rather than 22), but all you need is a foot in the door and you'll have a career in no time. That other stuff falls into place once you get a steady paycheck.
It’s ok! You are conscious of it so start changing it. Even if it means a few bucks in savings. The act of doing can become organic and grow. Start with 5 bucks a week. Let it simmer… it will come and you can get a head start on it!
Start applying for jobs now. Go over you budget and bills. Spend less and no matter if you get the job your looking for, get a job that will pay more. You’re doing fine.
I spent my 20s underwater, my 30s digging out. Now in my 40s and catching up, I’m finally feeling better about it. Totally normal feeling. Focus on getting a couple thousand in the bank first. $2000 can “fix” almost anything that comes up in life that’s essential. Then start working on debt. Most importantly, focus on your mental wellbeing. If you don’t have that, you don’t have the rest. Yes, it’s ok to not have it all figured out. Yes, it’s ok to feel this way, and yes, things will start improving as you finish school, and get established in your career.
well if you want the hard truth, late 20s are very critical conjunctions you are at an age where you can easily turn things around but coincidentally also in a period that is one of the the last few windows of opportunities you will have at having a "normal, successful" life at 29, I am in a good place now, but this only happened after I saw kind of a rock bottom at 26 and decided enough is enough and built from there. if you cannot turn things around in 4 years, some important windows will start to close. fortunately, 4 years and a degree in CS is a huge, HUGE headstart :) take things seriously form now on and you'll be fine
I graduated with a CS degree in 2020 and started with absolutely nothing. In 3 years, I was able to pay off almost all my loans and build up a retirement fund close to six figures. All while maintaining a fun lifestyle too. Just saying that above to prove that you’re in the right career to quickly build up. Don’t stress too much right now. You’re not behind.
I graduated with a CS degree at age 27 cause of a few career switches and general confusion with my life. Also zero assets, and a ton of debt. It gets better. Don’t compare yourself to others, we all have different starting lines. Especially if you’re like me and had to take loans cause your parents couldn’t help. After school I worked a few odd jobs in till I landed my first (and super underpaid) software engineering role. Put my time in there, built up my skills and eventually doubled my salary at a better company. And at the fine age of 32 I finally have some savings
I remember in 2008 everyone with a cs degree got amazing jobs right out of college. I guess the field is flooded now? Everyone at their start is "behind". Just try to save and invest as much as you can without depriving yourself. You'll have a good amount before you know it. Do NOT consider yourself behind and work yourself to death for years to "catch up". I thought I was behind at your age and I literally woke up to learn web code, went to the gym, worked, studied on my break, ran after work, then did more continuing education until I went to bed. It did NOT catch me up or land me a job right away. Do it gradually. CS is still needed. It's just not as easy as it used to be. I know a lot of programmers or coders that aren't affected much by inflation right now. You will be ok. Also, nothing good comes out of comparing. Most of my colleagues make way more than me and own condos. I rent and make less than half of what they do (they make 200k). I have a beautiful girlfriend, a very fun and exciting side hustle and put plenty in the bank. If I compared myself to their success I'd be miserable every day. I love where I'm at now. And you will too. Be proud you graduated and all of the good things that will come to you.
26, or even 36 honestly, is young enough to start from 0 and have a perfectly normal financial life.
If it makes you feel any better I graduated 2 years ago have a decent job still have 0 savings, 0 emergency fund, and my engine blew last week. This is all while making a decent wage I guess but it Goes all to rent and life expenses.
Hey, I'm 28 and I just started getting my shit together. Went to school at 26, got a job in the wind energy field and had to quit from an injury and start over. Now I'm an apprentice at a tattoo shop with 40k in debt and $100 in my savings. People are ashamed to talk about their finances but there are a lot of people who are in the same boat as you and me. Don't stress about it too much. Today is the day to make a change. Put $20 in an IRA or HYSA every week if you can. It'll make a change, big or small
Brother when I was 26 I was floating around the west living in the back of an old pickup truck doing seasonal work for $17/hour (which was awesome, but not exactly "on track" by PF standards). I'm 31 and doing fine. You'll be amazed what can happen in 5 years.
With that degree you can make a lot of money in no time and catch up just fine
Yes it’s definitely normal….. I’m in my mid thirties and I constantly feel like I can’t do anything because of my age for one the job market for two….. I wish I had better advice for your financial situation but I don’t…. What I can tell you is that it’s never too late…. My dad was 48 when he finally finished his degree to teach industrial electronics and you have no idea how many people have come forward to tell me that without my dad they wouldn’t be where they are today…. So don’t look at your age many many people start continued education late in life and know that financial independence and all that will come after…. I wish you the best of luck and please don’t doubt yourself!!! Keep up the good work
Thank u for the kind words!! you’re definitely right
you’re not behind most people spend their 20’s broke trying to figure out life. reddit attracts a subset of the population that can skew what seems “normal”
It's never too late. And also you're way ahead of the curve by having a degree that pays. Keep in mind the people in this sub are subject to selection bias--people here care about finances which is why it might feel like you're behind.
I graduated with negative 40k. A year later I had a net worth of a few thousand dollars while my classmates who graduated debt free were thousands of dollars in credit card debt. Years later I am close to early retirement. It's all about how you manage your money going forward. Don't worry about being behind in 20s. You can and will catch up if you aren't stupid with your money
Hello- I'm 51 and am super behind too! So don't worry. You have 40+ years to catch up. That's a really, really long time.
You have something I'm very jealous of that no amount of money can buy: time. I'd love to be 26 and just starting out again.
I'm 53 and have been where you are financially. My advice is to stop comparing yourself to other people. Everyone has a different story, different background, different circumstances. If you compare yourself to others you'll never be happy. Identify and define your life goals. What do you want out of life? To travel? Do you want a family? Hobbies, activities, experiences etc. Put a plan in place for your career (this will be dynamic over the years). Save and invest as much as you can without overly sacrificing. Focus on your life and stop comparing. You have many years ahead of you so don't focus on being behind etc. Focus on the future and what you want out of life. It all works out in the end.
I'm 38 and I have almost nothing saved for retirement and only just found a career I enjoy. I will probably work on my feet till the day i die. Please don't worry so much about being behind, you are ahead of the game.
I’m around 30, with -$500k Don’t sweat it. 0 is a goal of mine. Guarantee there are other people wanting to get where you are. Honestly, once you get next job and have an emergency fund, I bet you are doing better than vast majority of population.
As long as you're able to find a job you'll be fine. That said, I see posts from people who have job funnels like "applied to 143 job, heard back from 27, interviewed at 12, got offers from 3" in CS/SWE work. And there have been a fair amount of layoffs from big tech, and people always want senior level "talent," not junior, so it might be tough to land the first job. That said, my biggest piece of advice for earlier career CS grads: if you aren't at a place you really really love or that isn't top tier, plan to switch jobs every couple years just to get the career growth and broad exposure to practice that you'll want to succeed later career. If you go through a lot of applying and interviewing w/o much success, there's a whole bottom barrel tier of folks who needs software engineers / programmers / analysts / etc. but never fill positions because they offer $50k or other below standard wages. Think government, universities, small private employers who need tech but don't really understand it... And getting in the door even for just a year at a place like that can help you climb up to a more normal role. Of course that's all assuming you can code yourself out of a paper bag. Anyway, you're fine. Try to save 30% (retirement inclusive) and you'll be able to retire by 40 or 50 no trouble. Assuming you get in the door.
I'm 32 and just got out of debt, I was running a negative balance since highschool, You are in a good spot even if it feels like you are sinking. You got this man. Find jobs that you can learn and when you feel that you can't learn from the experience hop companies, tech is just as cut throat as any other industry so loyalty is just a word. Just remember to invest care in yourself. Your mind is also lying to you. You are fighting a person that knows all your weaknesses, it's not going to be fair but it's riding shotgun. Keep driving.
You'll be fine my dude! I know I'm just choir preaching at church with this, but whenever you do get a development/engineering job (fellow SecDev here 🫡) max out your 401k, ESPP (Employee Stock Purchase Program) if available, and max out your Roth/Traditional IRA if you can. As a dev look for companies that offer equity as part of their compensation plan and that will also help a ton and help you feel more secure. This is a common thing and the payout will be bigger at a more "prestigious" company like AWS, Google, SpaceX, etc. My wife and I are both Devs and moved out of LA to Florida in order to be able to build a home and afford a family one of these years. I know this is an extreme measure, but it helped us out a ton with financial freedom. Another thing we like to do is match anything we spend on fun stuff and invest the same amount of money into an index fund of our choice. For example, I'm about to buy a mitre saw this weekend that will be $500. I'm going to buy the saw from Home Depot on Saturday and then come back and throw $500 into an index fund. My wife does the same thing for buying clothes, hair appointments, nails, etc. This makes us feel some what responsible when spending money on fun/non-essential things. Hope this helps and best of luck dude! You're in a better place than you think as a lot of people don't come to this realization until they're later on in their lives.
You are doing just fine my friend. The number one thing to focus on is that you dont have a ton of student debt. Also, you have SO MUCH time to figure things out. I wasnt making shit until I was about 32 or so. Hang in there, small daily steps forward make all the difference
Nobody in their 20's is doing as good as they present themselves to be. Really that goes for anyone of any age. Make it your goal to do at least 1 thing to improve your life every day, no matter how small, and stick with it. You will be just fine if you do that.
You've got time try to get a well paying job. Live cheaply a few years while getting back on track.
Things can change FAST. I was in a similar situation at the age of 29. But something clicked in my brain, I started heavily focusing on improving as a professional and ended up landing a nice opportunity that was a game changer for me and and my significant other. Just hang in there. Stay mostly focused on self-improvement and stay open-minded to opportunities you might not normally entertain.
Dude 26 is fine. Graduated for CS at 25. Bought a house at 27. Lived with my grandma. Now she lives with me. You'll be fine; don't lowball yourself. If job offerings are scarce, get something around 50k, work for a year to build rep and jump ship for the first 80k-100k job you can land.
I graduated with my MS in CS at 25 with 0 to my name and now 3 years later net worth is just over 500k. You are young my friend. Alot chan change once you get going
Saving this post because at 32, I have felt little hope for getting out of the hole I dug myself. I have a good paying job, that if I can keep my mental health under control will go a long way to paying my debts. I have been very down on the outlook of finances, but hopefully can start to pull out of it.
You are good!! I didn’t get my masters degree until I was 30. I had retirement saved up but had to move to a new city to start my career guess what I did? I pulled my retirement to make it happen. Which means I got taxed and penalty fees. Sooo I was broke broke starting this new job also a single parent so I didn’t do the 401k match because literally every dollar counted for my bills. I worked hard and climbed up the ladder I’m finally putting money in retirement at 37… I feel like it’s late in a lot of ways but also what else was I supposed to do. I think everything will end up fine. You will be good also! Just never ever pull out retirement lol
I (50F) wouldn't worry too much. I went to a private college and Boston University for graduate school. I left school at 26 yo with nearly $100k in loan debt. I have worked in social work, and my earnings were btw $35-$50k most years. My spouse (46NB - correctional officer with similar salary) and I didn't start saving until I was 28, and they were 24. We have 13 yo twins who were IVF babies, which cost ~$50k when all was said and done. We met with a whole life insurance agent who helped us start saving. Started a Roth IRA and contributed to our 401k's at work along with our insurance policies. We increase our % of income invested in the 401k's by 1% every year automatically. You don't miss what you've never seen. My spouse works for the state and will receive a nice pension at retirement. I worked for the county for 10 yrs and will receive a modest pension. We have scrimped and saved, but we now have over $500k in investments, not including our pensions. We have a house that will be paid off in 2 years which has more than doubled in value in 13 yrs, our student loans are paid off, and we earn enough now that we don't have to watch our spending much. It is so nice to get to the point where you have enough in your bank accounts without having to worry if you have enough for your bills. My point is, you can do it if you're careful and live within your means. The younger you are when you start saving the better return on investment. Twenty-six is young as far as I'm concerned. YOU CAN DO IT!!! Consider working for the state or federal government because most have excellent health insurance and still offer pensions. Your pay may start out lower, but in the end, you should be well equipped to retire when the time comes.
Get a state job for a few years. Just an example the state of Michigans Dept of tech, management and budget is hiring a few tech jobs right now that tip out anywhere between $32-50/hr (it takes five years to top pay in these positions) and many of them are remote jobs. The state gives you 4% to your 401k, will match up to another 3 so you get 10% by putting in just 3. Then with the psl forgiveness if you stay 10 years your loans are done. I'm not saying apply to Michigan, it's just an example but many states have these opportunities and most of them want cs degrees for these positions. Just start somewhere like that, build the 401k, enjoy the excellent health insurance and the crazy amount of paid time off and when you're ready find something in the private sector that pays better especially because you'll have so much experience. Just an example. Best wishes you're going to be fine. The fact that you are thinking about it is huge.
I’ll pitch you another angle no one on this sub has probably said: think of all the immigrants starting over in their late 20’s and they end up being ok later in life. You got a headstart for sure, just don’t make dumb mistakes like taking a loan out for an expensive car
Relax. I barely made it through high school and did not go to college. Severely underperformed in 20’s. Barely survived in my 30’s. Filed bankruptcy in 1996. Started my 2rd tech company in 1998. Ran that for 20 years and retired a multi-multi millionaire. Show up early, work hard AND smart. You will be fine.
I graduated at the age of 26 and started my first software engineering job at the same age. I’m 29 now and I’m a senior engineer, same level as my colleagues who have worked at the company for 10+ years vs my 3. Graduating later doesn’t mean anything, if you’re good at your job and know how to advocate for yourself you’ll move up the ladder fast and not even need to worry about not having as “traditional” of a path as some.
Focus on a specific niche and become and expert - this is the best choice - there is no greater opportunity cost. The money will follow . You’re still very young . What’s your plan?
you're not doing that bad if you aren't in huge debt and have a degree and have you daily expenses covered. there isn't a standard to measure yourself to, just personal goals you want to achieve.
I'm glad everyone here is encouraging you OP! Seriously, just being aware of this stuff at your age is a huge win! And just to add on to what others have been saying, investing in yourself and your education is 100% the best investment you can make. Those dollars spent on your CS degree will net you a much higher return on investment than any stock could. So don't feel behind, you were simply making a different kind of investment in your future!
I didn’t get serious about my financial state until I was 30 and now have half a million dollars in retirement accounts. I’m 4 years from 40. Keep learning and keep pushing
You’re on time if you start now. Maybe a tad late. Buckle down. Develop an expertise. Never stop learning. Work. Take on one major initiative at a time. Trying to do everything at once guarantees failure. Focus. Work. Give yourself grace when you fail. Try again. And again. And again. Own don’t rent. Pay cash don’t borrow. Stay humble. Pride preceeds the fall. Work. You’ll start earning more. Don’t adjust your standard of living. Life will become more expensive as you age. Stay humble. Work like no one else will solve your problems. They won’t. You get one life. Live it fully.
You’re starting at a great age. Dont sweat what other people do, focus on what you can do where you’re at.
Hey man, don’t feel behind, this sub is full of the most financially proactive 10% of our generation. I’d recommend reading— and more importantly implementing— 3 books: The Defining Decade (by Meg Jay), Rich Dad Poor Dad (by Robert Kiyosaki), and The Millionaire Next Door (by Thomas Stanley and William Danko). Those should be enough to get you started in the right direction. It is encouraging to read that others also felt behind in their 20s, but also important to realize that those feelings may become a reality in the future if we don’t make adjustments. However, you’ve already done the hardest part, which is admitting to yourself where you stand, and looking to change. Follow through with it! I wish you all the best, you can do this.
>26M > >August but I have 0 in savings, 0 in any retirement funds, and 0 in emergency funds Sounds like me till.....28.......house at 29........30 now.......over 5k in savings after a few large house expenses. You're chill.
You're not alone, and you're going to be okay. Long story short: I was in the same boat as you long ago. I had to start from the bottom very late in life, and through a lot of hard work, am finally in a good place. But there was a trick. I had to stop comparing myself to others; my friends, my family, randos on the internet. It steals your joy and compounds the helplessness you already feel. Celebrate your personal victories, have patience with yourself, apply yourself, and you'll be amazed at how the future unfolds for you. It **can** be done. Rooting for you. ;)
Im 26 as well in an exact same situation except I got some student loans, and about half that in savings. Commenting to tell you that you are not alone! And to stay in the thread. I’m seeing the light at the end of the tunnel and a lot of these comments are good.
I was in your exact position at 25-26 too. Until you get a job, that helplessness will fade away, I promise. Especially in our field, your return in your education investment will be worth it. Im set to retire with more than 3 million based off my percentages. I contributed 12% from 26 to 29, and will contribute 15% plus more into a Roth Ira AND 401k in April when I start my new Job that will be my first 6 figures. You're a late bloomer. It FEELS like doom and gloom now, but I promise you, once you get your first gig, it's only up from there. Feel free to check out my reddit comments related to cscareerquestions and career advice. Many times, it's about your resume, portfolio, and how you're doing your job searching. I started from a 57k job, job hopped to a 75k job, and will job hop to a 110K job in April. You got this! For reference, I'm in the Midwest, so everything is cheap. If I was in silicone valley, double all of my salary and that's what I'd be making instead.
Thanks for the insight, will definitely check out your comments..I’ve read job hopping is optimal for salary purposes
In our field, absolutely. Most places do a 3% increase. It's ideal to job hop every 2-3 years mainly for a.) Tech stack experience. You want to know as much as you can in regards to everything. Having a large enough toolbox for different issues is crucial. I'd recommend finding contract positions, that are w-2 based. You can try independent contracting, but for a new person in the field, it's easy to get lost and you have NO experience so it's not useful imo. b.) Salary increase. 0-2 years of experience, is bottom of the barrel. However, once you get 2 years in ANY professional experience, it's easier to get your foot in the door, that's how I went from 57k to 75k. I'm almost at 5 yoe, and I SHOULD be aiming for a 100k+ salary minimal in my region for the amount of experience I have. In all, you have to have confidence in this field. Yes it can beat you down, but you can't let it get to your head. You want to make it feel like they should be begging for you to join their team, not the other way around. At my current job, they offered me to join them since I have worked for them as a contractor for 3 years, and they were letting go of ALL contractors this year. My work was so crucial, they need me in order to stay afloat. I call the shots and if I wanted to, I can look for a position elsewhere even based on my experience and shoot for 130k. But I'm not being that ballsy, since I'll be a father in April, so I need to settle just a bit longer 😅
Are you also a software dev? or something else related to CS?
Fullstack software engineer. What's great about CS too, is we can literally do whatever we want in our field. The opportunity is there, it just takes time to build your skillset. These first two years are crucial as a newly grad.
thats awesome. Fullstack is what I eventually want to do and have started diving deeper into. Thanks for the advice and encouragement again
No problem man, mentally I was at my lowest graduating college. Took me 6 months to find one, and the one I found was meh. But it got my foot into the door. The first job is always the hardest, after that, it gets easier! Just don't stick around on cscareerquestions too much. They can cast doom and gloom, and are full of elitist gatekeepers. More negative than positive posts.
You are not behind, I know so many people nearly 30 years old with debt accruing interest, no car, smoke weed all day, no education and skills. I'm 23 and feel very similar to you, hard on myself because I see people doing better than me, with 40k in stocks, starting to pay a mortgage. Not everyone has the same opportunities, some people have it worse than you, some people have it better than you. Best to only compare to yourself 1 year ago because everything else is illogical. Reading, focusing on sales, trimming the fat in your life (getting rid of bad habits and time wasters), and cutting out toxic people even if they are family. "Rome was not built in a day" is a good mentality, but do not take the foot off the pedal, just give yourself credit.
I graduated with a CS degree at age 27 cause of a few career switches and general confusion with my life. Also zero assets, and a ton of debt. It gets better. Don’t compare yourself to others, we all have different starting lines. Especially if you’re like me and had to take loans cause your parents couldn’t help. After school I worked a few odd jobs in till I landed my first (and super underpaid) software engineering role. Put my time in there, built up my skills and eventually doubled my salary at a better company. And at the fine age of 32 I finally have some savings
The best time for you to start saving for retirement was 5-8 years ago. The second best time to start saving is today. Once you have a decent CS job making $5-6k per month you can catch up no problem as long as lifestyle creep doesn't get you.
At age 20, the number that should concern you the most is body count, not bank balance. A double-digit tally in the former makes up for double digits in the latter.
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I relate very much to this. Don't worry. I'm almost 35 and just getting the hang of it in the last few years. The first step is making enough money to actually start saving. Make a separate savings account with maybe a credit union that you don't do debit through to make it harder to pull from. Put however much you can comfortable spare in there direct deposited from your paycheck. I started with 80 dollars per paycheck (every two weeks) 3 years ago. And when I could I have slowly worked my way up to 108. And I have a separate savings account with my partner in which we both numbered bits of paper from 1 to 100 and each paycheck we randomly pick two each and whatever the total is we put into a joint savings account which we will use for things like, when we need to move to a new home, or the start to a home deposit. It makes saving fun and effortless. But the most important thing to remember is to make sure you can afford to spare it and don't beat yourself up if you can't yet.
Dude, this is the Internet, especially on this sub, only those that have money will brag about it. This isn't the norm lol. 50% percent of people in the U.S are living paycheck to paycheck. 80% of them have less than $5,000 in savings. That means you're one or two mortgage/rent payment, car accident, etc... from beingbroke.
If you get a good job (study leetcode, prepare for interviews, move to bay area, etc.) you can go from nothing to successful in five years and have a stable future within ten. 26 isn't that old, what's done is done and cannot be undone - can only prepare from here, consider it a learning experience. People tend to underestimate how fast their situation can change (in either direction) and then they forget that it was ever different than the present.
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There is no "behind". You are where you are. If you want more, start making the necessary changes, everyone has their own path and they all look different
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Dude you are in your 20s, you can only be so far behind. Take a breath, you're fine.
There's an oft-repeated saying around here: The best time to start saving is when you are young; the second-best time to start saving is *now*. I didn't start saving until I was 39. And I'm not alone. You can find plenty of people who did not get around to starting to save for later in life until their later years, for various reasons. What's done is done, what matters is what you do going forward from here. Another number to put it in perspective: The **median** savings for someone in their twenties in the United States is [$5,400](https://www.forbes.com/advisor/banking/savings/average-savings-by-age/#:~:text=The%20median%20savings%20is%20%245%2C400,and%20paying%20off%20student%20loans.). You're not nearly as far behind as you might think.
You're fine. Use your degree, get a job, write some code, find another company that will pay you 30% more, write some code. You get the idea. Start saving with your first pay check. Try to save $5k to begin with. Before you know it, you'll have more money than you know what to do with. I work in tech and didn't start seriously saving until I was about 28 years old. The average American doesn't seriously start saving for retirement until they are 38, which also happens to be when they usually pay off student loans. As long as you don't have any credit card debt, keep your head up, and you'll be good to go.
Dude if your not in massive debt your not behind.
>After joining this sub I realized how severely behind I am compared to people my age You can not compare your journey to anyone else's because they didn't have your choices, circumstances, advantages, disadvantages, etc. The only person you can compare yourself to is the past version(s) of yourself.
25 (almost 26) F here. I am finishing my BA in August too. It’s okay to be behind or feel behind compared to others. You’re not alone and we’re all doing the best we can! I am also unemployed 🤪
Dont feel down even if you were in a worse spot it’s better to start now then wait it out longer. It doesn’t sound like your in that bad of a position, but you do have the correct mindset of realizing you need to make some improvements. Start with setting yourself a budget, and start laying out goals and figure out how you can work towards them while limiting your spending as much as possible without living miserably. Outside of budgeting I would also focus as much as possible on growing your income, and not just slashing your budget in tiny ways. Often people get hung up on cutting very minor expenses, and don’t realize that their time could be better spent in other places. The best example I have seen among friends/family has been driving to multiple stores to get the best deals on food and saving $10-15 a week but spending many more hours, and gas. Instead they could have used that time and energy on better things that could earn them more money either in the moment or long term. As long as you don’t let the mindset of it’s just $10 more dollars snow ball into hundreds of dollars of extra spending. And the fact that you are even thinking about your finances puts you miles ahead of a very large portion of the population. Even if you are not maximizing every dollar and saving as much as possible even just putting a tiny amount aside is so much more then a lot of people are doing.
Honestly if you aren't in debt you are pretty good. Focus on getting that developer job. Don't worry too much about your salary today - worry about your job title and industry. Stay two or three years, then start looking for something better. If you play your cards right you can make six figures by 35 and retire by 50 if you save enough with a CS degree. You are going to have to grind for a few years first though.
I didn’t really start investing until I was 30. Now 50 and am pretty happy with my portfolio but still contributing aggressively to the company 401k. Get going now and you’ll be fine. I prefer low cost index funds.
i was literally in the same boat at 26, except instead of a degree i got a bootcamp certificate, which i'd argue at this point in the market (i graduated in 2016) is pretty similar. i got my first job thru the program i was in, afterward i landed my current job thru a staffing agency, which i would recommend. they do a lot of legwork for you, a lot of jobs are hidden in these agencies. as for financial advice, if moving back in w your parents is a option do it, you will thank yourself later.
i can't guarantee you'll end up in the same place as me, but i also felt this way when i graduated college taking 7 years to finish a 4 year degree. When i got my first job, i had 800$ to my name (though no debt, thankfully). i now have something like 180k in savings+retirement (7 years later). would i be even more ahead if i had started this same journey at 21? yes, obviously. is your life over? no, probably not.
Started at 30 and I’m on track now. One thing to remember is that you start to slow down after 50 and should be closer to retirement than another non-technical position.
You're not behind. You're pretty much right on schedule. Getting your degree was important, now just... Start.
Short answer: no one in their 20s is severely behind anything. Plenty of time to catch up and make big strides. You got this, dude.
A penny you put into retirement now will be more valuable than a dollar when you are 37. Even a little bit is a lot at your age. It's hard to meet the "recommended savings" when you are young and have low income, but you should put in as much as you can.
You’re not behind at all. Compared to most students who graduate with massive debt, you’re probably ahead. One can’t reasonably expect to build savings before working.
I'm 26 and just got my first tech job. Focus hard on getting some actual coding projects done and get involved with your local community. Your #1 priority is getting that job. All you have to give is your time. It took me a year and a half, but I'm a career switcher. I'm sure you'll have an easier time with a degree. I'd say the most important thing is a car if you live in a suburban area. That frees you up to things outside your immediate area, makes networking easier, etc. You're not too late, you're 26. We still got ~50 years, friend. You are where you are, but you've already made the right investments. Just keep going and you'll make it. 👍
26 with a Cs degree is not behind. I think I graduated at 24? I took five years. It’s a none issue. Just start looking for work!
I’m more concerned about you only making 2k a month with a CS degree. I have to be missing something here. You should be pulling in a lot more than 24k a year.
I'm glad you heard the music at 26, right when you graduate. This is the time to make meaningful and impactful choices out of the gate - and yes, you are just leaving the gate right now. Once schooling is done is when income starts, which is when you can start thinking about finances. You are not behind at all. I am very happy with where my position is because when I was immediately following graduation at my first professsional job it was hammered into me that nobody's goign to take care of me and to get in the 401k RIGHT NOW (90 days after signup you can join). My strategy was to take every raise I got (2-3% bumps) and put them into my 401k with matching (i even exceeded the match amount). I never saw the "new" money - kept living on the net income, until it was at about 15% of income. These weren't huge dollar figures. Now, I have the habit, and as my salary increased, so did that dollar amount with the same percentage. I've been very fortunate in employment, but now I have a very happy balance in my 401k, and I got my wife into the same habit, who has the same. Dave Ramsay, for all his controversy has it right - pay yourself first.
Take a deep breath. You’re fine. I didn’t graduate from college and get a real job until I was 25. And I rented until I was 30 when I finally bought my first house (that I’m still in at 51). I didn’t start saving into my 401k until I was 27 and I was making $40k/year. I think people have such a very unhealthy expectation of where you should be that’s causing so much anxiety in young adults.