The War Room

Do you have a big bank?

I feel like I don't have any real money saved up.

Is it normal to not have $100k in the bank?

I feel like most people I talk to have a ton of money saved.

Historically I have not been good with money but I have been getting a lot better recently.

Owning a home is not a priority to me or at least living in it isn't. I want to buy my first home and rent it out. The majority of my money goes to going out. I'm not too big into getting a ton of clothing/shoes but I love tech/gadgets. I am not cheap in the slightest (not trying to flex, wish I was cheaper). Between stocks, savings, etc. I have under $10k saved.

I do make good money and feel like I could save what people already have saved in just 2 years, if that.

What bothers me is a lot of people I know are good in this area. One of my colleagues is significantly younger than me and makes like $50k less than me and has 6 figures saved (he is the cheapest man on the planet though). I'm getting to the point in my life where I feel like this is a major turn off to a potential gf.

Am I tripping or do I need to grow up?

*EDIT; Yes, I know putting money into a savings account will do nothing. I guess I worded some things wrong but I am defining these $ figures as in money period. Whether checkings, savings, 401k, Robinhood, etc.

๐Ÿ„ Personal Life
๐Ÿง  Advice
๐Ÿ’ด Money Management
Burn Towns, Get Money
I think this is all personal preference. But my preference is to have money in the bank and pay cash for everything.

Are you in sales to get rich? As in, generational wealth rich? Or just to have cash flow to party?

The only way you can get rich and bank $ Millions is not spending everything you bring in.

Not to mention the power of long-term investing on those saved dollars.

Check out The Money Guy Show on Youtube. Watch their savings rate / age episodes. Digest this.

If you're in your 20's or 30's (it sounds like you are)... saving just $500 / month can make you a multi-millionaire by the time you're 60 with no extra work put in. That's one smartwatch / month or a few expensive bar bills.

Not to mention, learning different strategies to manage your money (other than going out) is a great way to understand how other people operate, how their businesses operate, and therefore sell more.

You do you, but it's always wise to save for a rainy day (or a missed commission payment).
WR Officer
King of the Coors Knights
I was going to comment but you pretty much covered it all so take my upvote. I agree on all the above, but the worst thing you can do is just sit on savings in the bank. You get virtually 0% interest. Should you have a portfolio? Absolutely. Should you listen to any of us on what to invest in? Absolutely not haha.ย 
Valued Contributor
Account Executive
Some things that make one happy might not make the another feel the same way. When my accounts have a lot of money, I find joy in that. But my brain is also satisfied when I have a long and wild night out with friends. I know a lot of people that have literally no care for the latter.ย 

I am in sales for many reasons but yes, getting rich is one of them.
$500/month is literally nothing you are right.ย 

I think I need to be more strategic. Just putting the money in a savings will not cut it. I just need to properly invest the money I do have instead of putting a little here and there.ย 
Notable Contributor
Senior Account Executive
To answer your question it depends on a lot of factors and I don't know your situation and expenses, but here are a couple of rules I try to live by...

-Get in the habit of living off your base and banking/investing your entire commission check and/or bonuses.ย 

-Don't do credit card debt.ย 

-Fight lifestyle inflation at all costs. Buy nice things when you have enough saved where it's immaterial. Ex: I'm trying to hold off on buying a nice car until I'm a millionaire, until then I'm trying to stick with my 2010 Toyota.

Source: I have over $200k saved/invested, under 30, and not cheap with things I care about (apartment, travel, great food).
Valued Contributor
Account Executive
These are good recommendations.
My base is almost to the point where I could live off of but right now I'm not there yet.ย 
I was in the habit of paying everything with my card and paying it in full each month but that went away so I have a few thousand in CC debt unfortunately.

There is a lot that you should not be cheap with and those are definitely some of them. I switched to a high end body wash that really works and was annoyed at the $20 price tag but didn't think about that fact that that is one cocktail in the city almost. I need to shift the mindset.ย 
Enterprise Account Executive
$20 soap?!
Sales Manager
Putting money in the bank is stupid IMO because inflation will erode your savings over time.ย  Your money will be worth less tomorrow.ย ย 

Investing is great, but if you follow the old money you will likely put your cash into a vehicle that returns 7% a year like a 401k (you should be maxing your 401k regardless)

If you're young do some research and make a few calculated bets.ย  Crypto is bottoming out and cannabis industry is in it's infancy with federal bills about to pass.ย  Those would be better mid-term to long holds but you NEED to watch the market and understand when to go cash otherwise you'll ride it all the way down during a crash.ย 
Enterprise Account Executive
If you're new to investing DO NOT touch crypto or individual stocks. VTI is all you need.

Source: 35 year old with $1.5M net worth
Inbound Sales Manager
bitcoin won't fit in my piggy bank.ย 
Funbags Enthusiast
Big bank take lil' bank
Account Executive
My wife and I try to put away roughly 1/3 of our incomeโ€ฆ10-15% will get you where you need to be if you start early enough.

We donโ€™t live a super lean life, but well with in our means. We have tons of friends that make more than us with significantly less saved for retirement. The main difference is that when they want something or want to go on an expensive vacation, they just do itโ€ฆ when we want one of those things, we plan and save for it.

With the amount we have saved for retirement so far at 35, we could literally not save another penny and be 100% ok (with avg return year over year).ย Itโ€™s never going to seem like much, but one day youโ€™ll look at your savings and think โ€œholy shitโ€. Biggest thing to remember is that itโ€™s never too late to start saving
Call me what you want, just sign the damn contract
Visit and
Get a copy of The Millionaire Next Door from your local library.

Start reading.
Account Executive
Oooh personal finance - this is my fav topic.ย 

First organize how much you spend, I suggest the personal finance subreddit. Use mint, YNAB or excel to start figuring out where your money is going.ย 

You already know where you spend (going out), what are you going to do about it? Are you going to cook/drink more at home?ย 

Max out your 401k if you're not already, it reduces your taxable basis. Second, automatically transferย  $500-1000/paycheck or whatever to a brokerage account and autoinvest that into the S&p or some basic exchange.ย 
Itโ€™s a mindset thing. Having some cash in the bank makes me fell safe. Also one of my whyโ€™s is being able to be financially Independentย 
How big is your...
Going 'tax exempt' for big commission checks?
How big of a smart ass are you?