Is $80,000 in a bank good for a 44 years old man?

[Anonymous]

[Middleman]

I would certainly think so as having any savings is better than none, but more importantly would be has he covered all of his debts, and has his house been fully paid for? As by age 70 everything needs to have been fully covered. If you don't have a substantial savings of say up to a million in the bank or mutual funds by age 70 or say funds put into a Roth IRA with the mortgage covered one would be in some pretty serious straits getting old.

The general rule of thumb to saving is:

Age 35: 1x your annual income
45: 3x
55: 5x
67: 8x

According to Dave Ramsey the finance guru he recommends you to ideally have between 3-6 months of savings for an emergency fund and then to dump around 15% of your annual income into a retirement account or mutual fund, saving & investing the rest and using only cash for payments (no credit cards). If one is prudent and smart using this method one can create a solid retirement fund relatively easy maybe within 10-25 years.

[D_Bone_Steak]

Not if you somehow found out about it. A woman will see that and start thinking about how it can't even buy a house. It's just fine for a man... by himself. If I was this man my first question though would be why the fuck do you care?

[Asker]

Thats the question. Why the f would he share his money in a bank to me if we are not dating

[Asker]

Well actually we were talking about how he got covid and that he asked the government for help and he got denied. Then he said good thing I have $80k in a bank. And I was like okay lol

[D_Bone_Steak]

Ah... that mother fucker is trying to brag I bet... like I'd bet money on it. For me it's a moral code to pretend I'm broke as all hell even though 80k looks laughable to me. That's just it, I would never want to be wanted for money, and thus I would never tell anybody about it.

But I see this stuff a lot with some of my cohorts. They'll buy a fancy car, dress stylish, brag about things they own and money, just to pick up chicks. ... and we all make the same money, while I'm just fine with a retired police car and a small place... shit, my weight cage and guns is all I love... maybe this computer/TV/playstation I'm on right now when I'm sipping a brew too many.

Girl he's trying to impress you for some reason. Some dudes are just like that. The last thing I would do is tell anybody that knows me I have anything, because I already know what would happen... they try to get it. When it comes to women I'd rather be wanted for my abs and muscles than some possession.

I'm not a female but I'd be thinking the dude is fucking lame. It's kinda like my mom taught me when I was a teen and selling drugs... DON'T ADVERTISE. Don't wear that pot leaf shirt and neclace and a cop won't look at you twice. I get it though... some dudes are like me, and just play the game in a honest way... some are liars pretending that... some have the gift of gab (or game), and then there's those dudes that doing nothing but buy shit to impress people.

TLDR: I bet he's trying to impress you... you might think it's lame, but it seems to work on some chicks... expecially chicks that don't have shit. I think the dude is dumb because they're always minus a whole lot at the end of that game. They have to keep working that hard just to build it back up and try again.

[WindAtMyBack]

Where? I'll answer as if he were in the US, since I don't know the answer anywhere else.

It's better than a lot of people, but he could do a heck lot better. He needs to get on the ball if he wants a decent retirement without having to be very careful with his money. It also depends a lot on what kind of pension he may have. If he has no kind of pension at all then he's in pretty bad shape.

Bottom line is, no it's not good. It's only good if you compare it to virtually no savings at all.

[Avicenna]

Well, it's very unusual for someone to have all of their money in a basic bank account. But that's not a bad amount of savings. A lot of context is missing here- his income and debts (if any) are also a factor when looking at his finances, as well as other assets.

[bobby_bush_eater]

Sounds foolish. Unless there are very specific plans for investments with it that money should have been invested (probably in stocks and mutual funds) many years ago. The compound interest missed out on is insane, you can’t do much with 80k cash other than a down payment for a house. A man at 44 should have learned this by now

[DannyUk2017]

No, not good... Dump his ass...(joking)...
Are you for real now? How much poverty is in the world today, even $1000, means a lot... Unless the person (you) is JUST FOR the FINANCIAL GAIN and NOTHING (else matters)...

[MTC29]

That money should be invested and not gather dust in a bank at a fraction of a percent interest. Regardless, at age 44 he should have a minimum six digits in assets.

[RolandCuthbert]

Well yeah if he has like few hundred thousand in savings.

Are you saying this is all the cash he has?

[Asker]

Yes.

[RolandCuthbert]

Uhm no mam. He needs more money to get to a point where he can retire successfully. I mean, he can still do it. I started pretty late too.

[Fireguy17]

What are his debts, or what is his net worth.
It doesn't mean much if he is ass deep in debt, except if he owns a home.

[Guy13]

If he’s paid off house or inherited one etc…. What do you think ⁉️

[TallAnon]

I mean, if you're not using it, it might as well be 0, but it's a substantial number. I would be investing it long before that.

[Anonymous]

to have any money in the bank these days is good

[FilmGuy93]

It's not bad.

[Anonymous]

No..

[EaterPeter]

Very good I guess.

[Hispanic-Cool-Guy]

Yes.

[In_Trance]

wdym by good?

[MrTaboo]

Are you out of debt?

[Anonymous]

no..