When Did Financial Wellness Matter To You?

As you might expect, the older people get, generally the more money they have saved. According to Fidelity Investments, by age 35, you should have saved an amount equal to your annual salary. By age 45, you should have saved three times your annual salary. At age 55, you should have five times your salary and when you retire at age 67, you should have eight times your annual pay (1).

While these guidelines don't guarantee any future financial wellness, it is sometimes helpful to have a savings goal for your future financial well-being.

As daunting as those guidelines may sound, we were wondering...

At what age did you first start considering your own financial wellness?

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Accumulating financial wealth can be an overwhelming concept for someone just starting out. Do you have any words of wisdom or lessons you have learned that have made a difference in your own financial situation?

We'd love to read your thoughts and comments.


The INO.com Team

(1)Kadlec, Dan. "What You Should Save By 35, 45, and 55 To Be On Target." Time Business & Money. TIME.com. September 12, 2012. http://business.time.com/2012/09/21/what-you-should-save-by-35-45-and-55-to-be-on-target/

12 thoughts on “When Did Financial Wellness Matter To You?

  1. Is the euro zone better off than it was a year ago? By most measures, the answer is yes. The region started growing again in the second quarter after 18 straight months of recession. Individual countries are whittling down their budget deficits. And a year after European Central Bank President Mario Draghi pledged to do “whatever it takes” to preserve the euro, the sovereign debt roller coaster ride that sent Spanish and Italian yields soaring in 2011 and 2012 is over. And yet, a new set of alarm bells are ringing in Europe – this time over deflation. Ironically, the very same forces that are driving the recovery are also exerting downward pressure on consumer prices. In fact, if the European Central Bank’s recent actions and comments are any gauge, policymakers are increasingly concerned the euro zone could go the way of Japan, which has struggled with deflation for the last 20 years. If the inflation outlook deteriorates further, we may see policymakers who have been focused on belt-tightening shift their efforts to stimulating demand.

  2. Gold: Is anybody a gold bull anymore? Prices of the yellow metal, after all, fell some 25 percent over the past year from $1,668 to $1,249 per ounce. And it’s probably not over yet, cautions Credit Suisse Head of Precious Metals Research Tom Kendall, who forecasts that prices will drop even further, to an average of $1,080 in 2014. Several different factors are at play here, too. With complete economic meltdowns sidestepped both in Europe and the United States, fewer investors are rushing into gold in preparation for a financial apocalypse. Nor, for that matter, is there much current interest in gold as a hedge against rising prices, since the inflation outlook in much of the developed world is extremely low. In addition, with interest rates rising in the U.S., yield-bearing investments are starting to look more attractive.

    Some 85 percent of the demand for gold is either for jewelry or investment purposes – gold bars, coins and gold-linked exchange-traded funds – as opposed to industrial use, Credit Suisse says. But Credit Suisse’s Kendall sees softening demand there as well, predicting falling demand for gold bars and coins, as well as a continuing selloff in gold-linked exchange-traded funds Restrictions on gold imports enacted last year in India, the world’s largest gold buyer, should also serve to constrain demand. Taking those factors into account, Credit Suisse forecasts an oversupply of 100 metric tons of the shiny stuff in 2014.

  3. The child always wanted to have his way. And if he did not get what he wanted he blew the house down. One day the parent took him to the doctor. The child cried and told the doctor, “I want to eat mosquitoes”. The doctor asked the nurse to get some mosquitoes. Child said, “Please boil these” They were boiled; He picked all except one and threw the rest. In the plate there was one only. He told the doctor to eat the half. Doctor wanting the fees, ate half and. The child screamed, “You ate my half” ooooo Well, that is what our politicians are. Give they ask for more. Science is hard, and the real world is not waiting for these students with open arms. However, this article was eye opening and has encouraged me to provide a more supportive environment for my undergraduate engineers while they are learning the ropes. No question self-motivation trumps what we as educators do in the classroom or lab, but self-motivation isn't always enough when the challenges are hard and there is no positive feedback. Yes, our priorities as a country are warped with many of the best and brightest going into money laundering/ finance, following the dollars available. Regardless we do need to do a better job keeping those that remain in engineering/science because the house of cards that is finance is going to crumble eventually and we as a country won't be left with much else when it does if we don't do something to help prop up the technology infrastructure. The country as a whole may be willing to throw away a generation of scientists by redirecting dollars elsewhere, but that doesn't mean we as educators have to be complicit in aiding and abetting this, albeit unintentionally. I for one am going to rethink how I interact with my students because this tough love approach may not be doing us any favours. And to all the perpetual postdoc PhDs out there, I do understand why you feel you were sold a bill of goods to join the academic science pyramid scheme. However, realize for most of you there are jobs out there, and in science, just not the ones you've spent 10+ years training yourself for (i.e. running your own lab), nor at the pay your deserve for the level of training and education you have. While that is by no means fair, the reward for all of us that stay in this endeavour, despite the pull of dollars elsewhere, is that you are doing something more meaningful for yourself, the US, and the world, than all the professional gamblers/money changers out there combined. Remember, a meaningful life is more than the $ amount in your bank account

  4. Made good money as an employee of a large corp. from 26 -38. Made great money as an entrepreneur from 39 - 56 when I sold out. Used a financial advisor (several) between 40 - 55 never did well. Buy and hold or semi churn.
    In retirement took over all of my investing and have done well especially since I found Mr. Triangle (Adam).

    If possible, in any way, I would urge people to take care of their own money as no one will have your interest more at heart than you will.

    1. JB,

      That is good advice. Although a financial advisor may be a good person to shake for questions, no one will care more about your money and financial wellness than you.

      All the best for continued success,

      Lindsay Bittinger
      INO.com, Inc.

  5. Shucks, I thought I was doing pretty good until I read this....

    I had 1 years salary saved before 40, but not 35. -.-

    Don't think I will get to 3x by 45. We shall see. To all those like me, let me say. 'Tis better to be 1/2 way to the goal than not started at all. Keep on keepin' on!

  6. My financial advisor told me this as I was more worried about saving for my child's college than I was saving for my retirement. He said, "your kid can take our a student loan, but you can't take out a loan for retirement."

  7. My Dad's advice: Never buy anything that you do not have money in the bank to pay for. Credit is OK, as long as you have the funds (or assets) to back it up. And.........never build in a flood plain.

    1. That is Rule 1 of personal financial management and is very prudent advice for everyone . It is common sense and it obviously works. Save for what you need. Don't spend what you have not earned. One exception though. You will need to borrow to buy a house/condo to live in or as an property investment. (But make sure you have at least a 10% deposit, borrow sensibly, make sure you can easily handle the mortgage repayments and pay down that debt as quickly as you can).

      1. Cameron,

        That's great advice. It's funny that sometimes the most simple and basic concepts are overlooked when it comes to financial decisions and planning.

        Thanks for the comment.


        Lindsay Bittinger
        INO.com, Inc.

    2. Haha PreGeezer, love the "And.........never build in a flood plain." That's great advice. And you're right about credit. It is ok as long as you have the funds to back it up. Never get in over your head.


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