[e00z]

As 20-somethings, we all worry about this at one point or another, and we all constantly strive and work to get to financial security. Right now I'm in college studying pre-dentistry. I feel like the point I will have truly become financially secure will be when I get into dental school. Life won't seem as big of a gamble anymore. I think by my late 20's, if everything goes according to plan, I will be able to rake in a decent pay to be able to live pretty well off. Although right now, everything is a big IF. IF I get in. I'm sure everyone has the same dilemma in different situations. Being able to get hired by big 4, getting into other types of grad schools, finding that dream job.

Have any of you guys made it? That point where you're pretty content in life and you know you will be able to enjoy a..I don't want to say lavish lifestyle but to be able to live above your means. What age did you become financially secure at? and if you haven't, what age do you hope to achieve it by? What does everyone do? What are everyone's goals financially? What do you have to do and how much work do you have to put in to achieve those goals? When does this uncertain period of our lives end?

Maybe I'm naive and I'm just falling back on the belief that once we all get our dream jobs, life will become a lot more simple and less stressful. Is this true? Am I being too idealistic?

I don't mean to sound emo or anything. I love college and life is fun. But there's always that dread in the back of my head..

[j00n]

I've been at that point until it all came crashing down suddenly. All i have to say is when you get to that point make sure you SAVE SAVE SAVE and invest long term.

[HSuke]

I'll be able to live beyond my means once I get a cheaper gf. =p

It'll be at least a year or two before I'm comfortably financially secure. For me, that means being able to save several thousand each month either into investments.

[lisalee89]

Hopefully I WILL get to that point. Right now with the way things are going for me, I can say that I am very blessed andI hope to get there. If things turn out my way and by the looks of it, it is, then I will get there.

[dot1q]

Overall, yes. You may be in school but its always a good idea to sort of map out your life for next couple of years (if possible). However, defnitely don't obsess or worry about it all the time. Whats interesting with my life is I actually never worried about anything when it came to my future. I basically lived on a day to day basis on the notion that if I worked hard enough each day, the fruits of my labor will eventually pay off. Even when I was right out of college living in a rented basement room with $100 average balance in my checking account, this was my general attitude on life. It was a hard 2-3 years before I became financially stable but even then I don't think I ever really worried about my future or had any discontent toward my current situation at the time. I live the same way today. Actually this applies to my social/personal/family life as well. I never really seeked to get married nor ever thought about it. I just met the right person at the right time in my life and it just happened. Same with my daughter. We just decided one day that we both wanted kids and it just happened.

17 - financially independent (except for summers where I would stay at home for 2 months)
20 - financially independent period
23 - financially stable
25 - financially secure
27 - got married
29 - had a daughter
31 - today

[[HyuNi]]

I think financial security has a lot less to do with how much you make and mostly how you spend/save your money.

Back in college, after tuition and dorm fees were paid off, I had $20~ as discretionary spending per month
Now, I'm done with my masters, have a career, and don't have to worry about making ends meet; that is if I don't get laid off.
It doesn't mean that I'm more happy now than I was back in college.
Sure, I can (and have) bought myself things I never had the luxury to buy before, but I was equally, if not more happy then, than I am now.
The only significant finacial difference, is that I'm saving quite a bit for my next transition in life.

If you're content with where you are at right now, most likely you will have that same attitude regardless of where you end up.

It's foolish to think that if you only had 'this' or one more of 'that', you'd be fully satisfied. It's good to have goals, but there too many people in this world that believe they are not or refuse to believe they are happy, unless they have met their goal(s).

[lifejuggler]

I will honest be amazed if anyone made it during their twenties now that the economy is bad and all... I can probably say that you will not be financially secure until early to mid thirties...

[Temoin la Nuit]

I don't consider myself financially secure. If I lose my job, my income drops drastically. That means I have to work to survive.. that's not financial security.

Realistically speaking, I don't aim to be able to live on passive investment income and be financially secure until at least 35-40s.

[saiainoshi]

Neeeewwwp not here.. until I pay my car off. I'll still feel the financial pressure when car insurance months come on top of my carpayment and rent My mother always said more money more bills, how true is that..

[dot1q]

That means I have to work to survive.. that's not financial security.

I disagree with that entirely. I guess its just how you and I define "financial security". Your definition of financial security seems unreasonable and highly unlikely for the high majority of the population who are under the relative age of retirement. I don't consider being able to support myself indefinitely by just sitting and doing nothing to be financially secure. Its a matter of how many other options you have available to you in such instances where you lose your primary source of financial stability. Me and my wife both work. If either of us lost our job, we would be fine with the bills. If we both lost our jobs and only had to resort to passive income, we'd still be good for at least a year without any change in our lifestyle and several years thereafter with changes of course. Regardless of how bad the economy gets, I think either or both of us can get re-employed within that time. Anyway, I consider myself to be very "financially secure" but apparently not to your standards.

[Temoin la Nuit]

I disagree with that entirely. I guess its just how you and I define "financial security". Your definition of financial security seems unreasonable and highly unlikely for the high majority of the population who are under the relative age of retirement. I don't consider being able to support myself indefinitely by just sitting and doing nothing to be financially secure. Its a matter of how many other options you have available to you in such instances where you lose your primary source of financial stability. Me and my wife both work. If either of us lost our job, we would be fine with the bills. If we both lost our jobs and only had to resort to passive income, we'd still be good for at least a year without any change in our lifestyle and several years thereafter with changes of course. Regardless of how bad the economy gets, I think either or both of us can get re-employed within that time. Anyway, I consider myself to be very "financially secure" but apparently not to your standards.

It's the difference between financial stability and financial security.

I'm financially stable. From what you said, I think you are too.

I don't consider my definition of financial security to be inaccurate.

[j00n]

Financially stable: consistent income, able to pay bills, save a little and live a modest lifestyle.
Financially secure: should you lose your job you have significant finances saved in cash, investments, etc, to maintain your current lifestyle until you are able to get a new job (up to 1-2 years of unemployment).

That's how i see it.

[dot1q]

^ Obviously, I agree.

Temoin, sorry if I eluded that your definition is inaccurate. I just said it's different than mine with higher standards and unreasonable. According to your definition, I wouldn't consider any form of income (passive or not) to qualify to be financially secure. It would have to be money in the bank or equivalent and be enough to cover all possible expenses and estimated inflation till the day I die (including unexpected ones). Obviously, you can't put a figure to this as everyone's expectations of the lifestyle they want to live varies. You're relying on a second source of income to entitle you to financial security and to think of it, my wife and I would be backups for each other to represent the 2nd source of income so even under your definition, I would say I am financially secure. In a nutshell, I would probably agree with you on everything except for the fact that you feel that a requirement is being able to not have income from work indefinitely/forever. If you can go 1-2 years, I would say you are definitely financially secure. Most people cannot even go 1-2 months.

[Shinobu]

When I hit the next powerball, I'll consider myself financially secured.

[HERMIT]

Well, at the moment I've got about 13 bucks in my wallet.
I guess I'm pretty cool with that.

[j00n]

Well, at the moment I've got about 13 bucks in my wallet.
I guess I'm pretty cool with that.

Better get back to WoW farming or sell that Teebu's Blazing Longsword then.

[Wayves]

Well, at the moment I've got about 13 bucks in my wallet.
I guess I'm pretty cool with that.

Um...could you spare me a couple bucks? I can repay you by Friday...

[tian`tian]

I'm worried about when that day will be for me. Just started med school this year, and loans are going to kill me. It kinda sucks that I'm still going through this whole debt/school phase while most of my friends have jobs and are starting to save up. I'm still technically in negative balance. And no time for any sort of job to bring in money!! Ah...what a long road.

[Pogichinoy]

When I hit the next powerball, I'll consider myself financially secured.

Not if I hit that first. Damn those tradies that won it last time.

[terrorist]

working is a privilege.
I'm going to enjoy working.
i will become financially stable.
but i'm not sure about financially security.

My definition for financial security is having some money in the bank
or some kind of unemployment payment from the government if you got laid off. etc.