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How long will it take to save $100,000?



Filed under : finance

How long will it take to save $100,000?

My boyfriend and I just graduated University and got jobs that make $55,000 a year each. We are thinking about buying a house but are curious to know how long it would take to save $100,000. How much will we be taxed on our $55,000 a year and assuming that our spending habits do not change and we only spend $1,930 a month for all expenditures how long will it take? Also would our tax burden be less if we were married?

Also I guess the fact that we spend $1,800 a year on auto auto insurance and that the health auto insurance and dental costs are $150 and $15 a month respectively each or $400 and $50 if one of us had the family plan is relevant.

Thanks!

One Response to “How long will it take to save $100,000?”

  1. taylor lautner says:

    With your income combined, you could save 100k in 3-5 years depend on your debts,student loan.Keep your spending to minimum.My saving take about 10 years to save up to 150k including 401k,Roth IRA, and cash in the bank.But I only save by myself with 62k/year

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