How Much Money Should I Have by the Time I’m 30?

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How Much Money Should I Have by the Time I’m 30?
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Ask Money Mom: 'How much money should I have by the time I’m 30?'

Photo: Lambert/Getty Images Ellie just turned 29, but money-wise, she feels stuck at 22. It seems like she’ll be in debt from college and graduate school forever. Her job at an art museum in Manhattan pays a little over $70,000 — enough for her to afford her loan payments, rent a studio in Brooklyn, and do fun things on weekends, but she’s not saving anything.

These gold standards are not only unrealistic, they’re way too uniform. One of my friends owed $250,000 for medical school at 30, but now makes over $800 an hour as an ER doctor; another planned to open a business at 29, but was set back by a year when an unexpected health issue drained most of her savings at 28. Would you lecture either of them about her lack of savings at 30?

Personally, I used to avoid this process like the plague. Throughout my 20s, looking at my bank account would send me into a clammy-palmed shame spiral. Moderate expenses — the occasional haircut, clothing at sample sales, and drinks with friends — always added up to more than I anticipated, which made me feel like an idiot. The only way to get over it was by deploying an immersion tactic: I now get a text message with my checking account balance every single morning .

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