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    Am I falling behind for a 20 year old or am I on good pace?

    Currently I am 20 and have a little under 6k in my bank account accounting for debt, a bit over 5k in my brokerage and have just under 1.5k in my Roth IRA. Career wise I want to be a low voltage technician but haven't been able to start yet due to medical issues. If everything falls into place I should be starting later this year (not gonna jinx myself) but is this a decent spot for a 20 year old to be in? Im worried I dont have enough and Im going to fall behind and just be screwed in this economy where everything is insanely expensive.

    Am I falling behind for a 20 year old or am I on good pace?
    byu/No_Mail_3862 inFrugal



    Posted by No_Mail_3862

    10 Comments

    1. weirdoldhobo1978 on

      I rarely had more than $500 in my bank account when I was 20…

    3. yetanothermisskitty on

      Lol im approaching 30 and I have less than 2k in my savings account.

    4. nismo_muscle on

      Yo chill out!  No need to worry right now. Just focus on getting your job. If that doesnt work out,  then change careers or try something different. 

       I was living paycheck to paycheck till my late 20s. But was also in school. 

      You’re 20. You have time to make adjustments,  mistakes,  or major changes to your life (all in the positive sense).

      Just save what you can when you can and live within your means. 

    5. Elder_Chimera on

      I’m in my mid 20s and I just got positive like last year. I’m up to abt $26k in net worth now. The fact you’re even positive at 20 is huge, most ppl don’t go positive until like their 30s. You’re ahead, don’t sweat.

    7. OkWeather303 on

      Mate, you need to chill out a little bit. You’re 20 so you’re already doing so much better than a lot of 20 years and even some older people. Who are you comparing yourself too to feel like you’re falling behind? You’re doing well. Just keep up the same intensity without so much emotion attached to money.

    8. Reasonable_Tea_2101 on

      I’m 22 and I’m almost out of debt.you’re perfectly fine where you are and you will get it straightened out. Everyone takes their own pace in life and you just gotta keep working towards ur goals

    9. Icy_Parfait_4066 on

      I have to affirm you for saving up almost 6K in the bank and having a brokerage account at 20. I haven’t heard of brokerage account until I was in my 40s. You are thinking about learning a trade – way to go! Very commendable! Lots of 20 year ikd don’t even know what they want to do. Only 2 pieces of unsolicited advice: don’t go into debt if possible unless it is for buying a house or a car. Second, try to live within your budget with disciplined savings every month. Maybe dollar cost average into the S&P. Wishing you the best.

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