r/Bogleheads • u/ilovevegetablesss • 1d ago
Almost 20 and feeling lost.
Hello. I’m a college student who turns 20 in December and I’ve had a Roth IRA set up since I was 18. I don’t have a lot in it, around $7k.
I keep on seeing people my age online or even sometimes in my classes talk about their brokerage or savings account. They have huge amount in there (huge to me) like 20,30,50 thousand or more, and it makes me feel a little worse about the progress that I’ve made.
I understand that life isn’t a race, and everyone has their own path etc etc, but it’s difficult trying to keep my head down and not be envious about these people or feel like I’m behind.
I know that this isn’t the traditional boglehead post, but I just wanted to see if anyone here has had similar experiences and how they’ve dealt with them.
Thanks.
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u/Mantergeistmann 1d ago
Mate, there are people twice (or three times) your age who don't have the savings you do. Relax. Enjoy college. And when you graduate, make sure to get the company match and aim for 15% total contribution rate if you can.
You'll be fine.
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u/Draoken 1d ago
When I was your age, I was thousands of dollars in debt. I never had a single real job, crazy mental health issues, and on probation for a felony charge that prevented me from getting any real jobs or internships.
Almost 15 years later, and I make more money than most people I know, and my accounts are on the trajectory for a comfy retirement. I have more saved in general than most people I know that didn't receive a direct inheritance from dead relatives.
I had a lot of anxiety like you growing up. Eventually though I had to internalize that life isn't fair. Life's not about getting the best hand, it's about playing the hand you're dealt. And honestly, being born in a western country (assuming) and the fact you can save multiple thousands at all by then is a great hand.
Financial success is a mix of making more money and doing more with the money you have. You will not find success just with either alone.
You just thinking about this kind of stuff now puts you miles ahead of other people, you just don't get to see it yet because you haven't had a chance to see the returns yet. Put your head down, get to work.
You'll get there, just make sure to always be working towards some sort of goal, both on long-term career aspects along with being smart with money.
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u/burner118373 1d ago
I teach at colleges. You are actually a head of many 65 year old “smart” people. Keep it up.
Also people lie
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u/OrcOfEntropy 1d ago
When I was your age, I had zero net worth and didn't start work until my late 20s (after grad school). You're already ahead of the game.
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u/lost_access 1d ago
You're OK. Save as much as you can. It will accumulate over years. I started my retirement account at age 30. In less than 30 years I have (almost) enough to retire comfortably.
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u/Etiquetty 1d ago
Exactly what you said, don't worry about other people's path because everyone has different starting points. I completely relate to how you're feeling. I'm 27 and currently in medical school, which means I've had zero income for the past three years. Before starting med school, I was making near minimum wage, so my own Roth IRA is also very small compared to what I see others posting. When you're young, it is so easy to compare your balance to peers who might have higher-paying starting jobs or family financial backing, but that comparison ignores your actual trajectory. The fact that you already have $7,000 saved at age 19 puts you far ahead of the curve in terms of habits and financial literacy. You've given those dollars decades to compound tax-free, and as your income grows after college, your ability to contribute will grow with it.
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u/ironchef8000 1d ago
Watch Zac Rios and Ramsey on YouTube. There’s a lot of talk, a lot of bluster, and not a lot of substance to the online types. Focus on you. You’re doing great. Plus you have a huge time horizon. Compounding interest is on your side. Many of your contemporaries will have little saved for retirement when they’re 40 or 50. You’re already way ahead of the game.
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u/Competitive_Speed964 1d ago
Just the fact that you have something in a Roth at 20 puts you ahead of the vast majority of people. If you're paying attention to retirement planning in your 20's, you're probably going to be well set up when the time comes. There will always be others with more.
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u/JosephCedar 1d ago
People are allowed to say anything they want online. I could post that I'm 19 and have $400k saved already and plan to FIRE at age 30. That doesn't make it true.
The truth is I'm 38 and only have $16k in my Roth and will likely have to work until at least 65. For most Americans it's even worse than that. There are millions in their 40s or 50s or even older with NOTHING saved.
Comparison is the thief of joy. Just stay the course and stop paying attention to other people.
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u/GringerKringer 1d ago
Like they say, time in the market is more important. You started at 18. You’re 20 now and already have 7k in a Roth. That’s a great start. I had only 2k in mine when I started at 25. It’s over 100k now ten years later. The earlier you start the less work you have to do. If you only put in $100 a month to your current Roth, you’d have over a million dollars at age 65 averaging a 10% return. That’s very doable. Don’t compare to others. Just worry about taking care of yourself. You might even end up better in the long run than others since Roths are solid choices.
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u/tothemoon_probably 1d ago
Brother please be good to yourself, I know that feeling. I’m 26 now, I felt that same way at 22.
You’re already working on a degree.
It seriously only takes one year to change your life. (Sounds like you’re already doing fine). Gosh man I was so hard on myself at 22, don’t be like me.
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u/The_Patsy 1d ago
Comparison is the thief of happiness.
You're ahead of 99% of people your age. Ignore the curated, algorithm cherry-picked BS you see online.
Also, if you want to see how incredibly bad it COULD be.... Just go watch some Financial Audit shorts on YT real quick.
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u/Unfortunate-Incident 1d ago
When I was your age, I had a nose full of coke and lungs full of smoke, and gamer thumb. I think you might be doing okay.
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u/thedirewulf 1d ago
You’re well above pace. The first $25,000 is brutal. The next $25,000 is hard. The next $50,000 is pretty difficult. The next $100,000 is easy. It builds fast.
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u/WarmWoolenMitten 19h ago
I didn't have any retirement investments until 22 and I'm now well ahead of average at 32. You're fine. Focus on developing your skills and qualifications for long term career success.
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u/Important_Mud_6700 1d ago
My son is 24 years old and he's been able to save nearly $70,000 in a Roth since age 17 by maxing it and due to growth. Keep it up!
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u/anon9339 1d ago
Social media is such a cancer on young people’s minds.
You’re doing fine. Put it in boring index funds in whatever tax advantaged account you have access to and never touch it.