Is $5000 in savings good for a 22 yr old?

Best Answer:

tiescore: If you can invest that in a Roth IRA using the Rule of 72: Invested at an 8% return you'll have $10,000 at 31, $20,000 at 40, $40,000 at 49, $80,000 at 58, $160,000 at 67… so probably about 10%-ish of what you'll need to retire, already banked before you even get started on adult life. Plus, everything until you spend it will be TAX FREE!

Other answer:

tiescore:
Yes but try to add to it as offen as you can, even if it's only $10. The next time try for $12. My wife and have been doing that until we retired back in 2005
Judy:
decent
SumDude:
Depends on the rest of your financial life. Do you have a car? wife? kid? already through college? steady job, or was it a gift / inherited? etc.
Jake:
Yep its alot of money lucky you
0NE TRlCK P0NY:
It's approx. $5000 more than I had at that age. GOOD JOB !!
Kathy:
Yes it is.

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