Latest news with #financialanxiety
Yahoo
2 days ago
- Business
- Yahoo
A Software Developer Who Finally 'Escaped Retail Hell' Says They Finally Hit Six Figures But Feel Poorer Than Ever—'I Thought I'd Feel Rich'
After years in low-paying retail, a Reddit user recently landed a software development job with a $105,000 salary. But instead of feeling relief or success, they're overwhelmed by financial anxiety. 'Just hit $105K salary (software dev, finally escaped retail hell) and I thought I'd feel... rich? Or at least comfortable?' the poster wrote in the r/MiddleClassFinance subreddit. 'Instead, I'm lying awake at 2 a.m. doing mental math about whether I can afford the $6 fancy coffee tomorrow.' Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Invest where it hurts — and help millions heal:. They explained that their old life on a $45,000 salary came with simplicity. 'I lived in a sh*tty studio, ate ramen, had like $200 leftover each month but somehow felt fine??' Now, with more income, they shop at Whole Foods, rent a one-bedroom apartment, and save $1,500 a month. Yet every expense feels heavier. 'Now I'm stressed about every purchase over $50.' 'I think I'm experiencing some twisted version of lifestyle inflation,' they added. 'When I made $45K I'd buy a $15 shirt without thinking. Now I make $105K and I spent 20 minutes last night researching if a $40 sweater was 'worth it.'' This sentiment hit home for many commenters who said they've experienced the same thing. 'When I was making less, I mentally felt 'whatever' since the progress I was going to make on lower income was minimal,' one person shared. Trending: 'Before I made enough to save anything, there was no point thinking about money that much. Now my spending habits can make thousands of dollars of a difference in my annual savings and I am thinking of everything in terms of how it impacts my retirement,' another added. Another person said, 'My higher-paying job is miserable so now every dollar has inherently more value to it. Each one represents endured suffering and relatively few things seem worth the cost.' Others blamed the problem on lifestyle creep and expectations. 'At $50K, spending $100 on a fancy keyboard was a way to feel like I could spend money. At $110K, spending $100 on a fancy keyboard I don't really need is just opportunity cost,' a commenter explained. One philosophical reply suggested this is a predictable psychological trap. 'Kierkegaard coined the term 'angst' to describe how it feels when you know that your choices have future consequences, but you don't know exactly which choice will result lead to which consequence,' they wrote. In essence, when one is broke, their options are limited. When they're making six figures, there are more forks in the commenters pointed out that a six-figure salary today doesn't go as far as it once did. '$100K now is more like $60K pre-COVID,' one person wrote. Another broke down their expenses on a $160,000 salary and still had less than $1,200 a month left after taxes, healthcare, housing, and child support. 'I should be swimming in cash like Scrooge McDuck.' And when it comes to groceries? Whole Foods got roasted. 'Shopping at Whole Foods is kind of a waste unless you have certain health requirements,' one person noted. 'There's a reason they call it Whole Paycheck.' The original poster may not feel wealthy, but many agreed their habits show long-term thinking. Read Next: Can you guess how many retire with a $5,000,000 nest egg? .UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article A Software Developer Who Finally 'Escaped Retail Hell' Says They Finally Hit Six Figures But Feel Poorer Than Ever—'I Thought I'd Feel Rich' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
01-06-2025
- Business
- Yahoo
Here's how much you should have saved for retirement at age 30, 50 or 60 — are you at risk of falling behind?
Most Americans are worried about money, especially when it comes to retirement. A 2025 survey by Capital One and The Decision Lab found that 77% of U.S. adults feel anxious about their personal finances. A separate Allianz Life survey reveals that 64% of adults fear outliving their savings more than death itself. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) One way to deal with this anxiety is to check whether your retirement savings are on track depending on your age and income. Analysts at financial giant T. Rowe Price published retirement savings benchmarks to aim for depending on age and salary. Having ballpark figures to aim for at different periods in life can help you understand whether you're on track or behind and motivate you to take action. Here's a closer look at the figures suggested by the T. Rowe Price team. Your 30s are a critical time to start building momentum with your savings. On one hand, your income is probably accelerating as you start to make strides in your career. On the other hand, this is also a period that involves some of your biggest expenses, such as buying a house or starting a family. For example, the median age of a first-time homebuyer is 38, according to the National Association of Realtors. These big-ticket expenses could make it difficult to save any of your income. However, you also have the luxury of time, which means you have multiple decades of saving, investing and compounding wealth to look forward to, so your money still has plenty of time left to grow. T. Rowe Price suggests having 1x to 1.5x your annual income saved by your mid-to-late 30s to stay on track for retirement. That means if you earn $70,000 each year, you need at least $70,000 to $105,000 saved in financial assets to be on track for a comfortable retirement. The average 50-year-old probably has a more established career, a lower mortgage and adult children that don't need as much financial assistance. In general, this is a great time to double down on your savings and investments to get to your retirement goal as early as possible. T. Rowe Price suggests that if you have anywhere between 3.5x to 5.5x your annual income saved in your 50s, you're on track to retire comfortably. That means if your annual income is $100,000, you need up to $550,000 saved in total assets. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it The team also suggests ramping up your yearly savings rate to 15% of your income or more. 'We found that 15% of income per year (including any employer contributions) is an appropriate savings level for many people, but higher earners should likely aim beyond 15%,' says the report. While it may be difficult to save 15% earlier in your career, it becomes more achievable, and necessary, as your income increases. The average retirement age for men is 64 and for women it's 63, according to a study by the Center for Retirement Research at Boston College. However, you may decide to leave work earlier or later than the average age depending on how much wealth you've managed to accumulate by your 60s. According to T. Rowe Price, the average 60-something needs between 7.5x to 13.5x their annual salary in net assets to retire comfortably. This means if you're earning $120,000 you may need up to $1.62 million saved in total wealth to consider leaving the workforce. Keep in mind that these benchmarks are general rules of thumb based on a 4% withdrawal per year in retirement. Your target could be very different from T. Rowe Price's suggestions depending on your retirement goals. If you plan to move somewhere with a different cost of living or expect to increase your spending in retirement, your savings goal may differ significantly. If you're behind on your retirement savings, T. Rowe suggests the following to catch up: Take advantage of the full company match in your workplace retirement plan, if they offer one Increase your savings rate over time Make catch-up contributions to your workplace retirement plan or IRA, if you're over age 50 Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Fox News
31-05-2025
- Business
- Fox News
Evening Edition: Women Leading The Way In Overcoming Financial Anxiety
Young women in America are leading the way in taking steps overcome financial anxiety during times of economic downturn. They are changing their consumer behavior by cutting back on spending and embracing a DIY lifestyle. It is a trend of strategic smart saving coupled with smart spending that is helping to build a more stable financial future. FOX's Tonya J. Powers speaks with Emily Zekonis, finance expert for online savings platform Raisin, who says by using some financial foresight you could see a long-term change for the better. Click Here To Follow 'The FOX News Rundown: Evening Edition' Learn more about your ad choices. Visit
Yahoo
24-05-2025
- Business
- Yahoo
Simon Cowell admits he's nowhere near as rich as people think — and he constantly lives in fear of going broke
Even multimillionaires aren't immune to money worries. Simon Cowell — the media mogul behind The X Factor and America's Got Talent — recently opened up about his financial anxiety on the How to Fail with Elizabeth Day podcast and shared a vulnerable side. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) 'I always worry about money,' he said, as the Daily Mail reported. 'I haven't made anywhere near as much as people think I have.' Cowell, 65, is widely perceived as one of the wealthiest figures in entertainment. During the podcast, he was asked if he was worth £500 million (the equivalent of $671 million), as has been reported. He quickly shut that down. 'Oh God, it's not that. I'm not even close to that,' he said. 'I've made a lot, I'm not going to lie. I've made a bit of money, yes, but not that much, no.' His relationship with money has been shaped by hardship. At 28, Cowell found himself in serious debt. Those days are far behind him, but he still finds the financial world so unstable that he never feels fully at ease about his finances. 'What is safe? Is it gold, cash, stocks? I don't think anything's safe any longer,' he said. 'I guess your house.' That sense of unease was clear during the early days of the COVID-19 pandemic, when Cowell rushed to accelerate production on his shows. 'I had a horrible feeling it's going to be like that movie Contagion, and I think we need to get all of our shows into production around the world quicker this year,' he recalled. 'And we did.' Read more: This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Cowell now says he's walked away from the constant pursuit of wealth. In recent years, he's downsized his company, Syco Entertainment, and stepped back from the spotlight. He is focused more on spending time with his 11-year-old son, Eric, and his partner, Lauren Silverman. 'I've definitely got enough. I don't need any more,' he said. 'I don't yearn for what I thought I wanted a few years ago.' His shift in mindset stems from challenging the 'myth of more' or the belief that more money means more happiness. At one point, he tried to keep up with billionaires and mingled with yacht-owning elites. But the deeper he went, the more disillusioned he became. 'I didn't like the people,' he said. 'I thought they were obnoxious, I thought they were snobby. … I remember saying to Lauren, 'Do we actually know anyone who's super rich and happy?' She went, 'No.' I went, 'Nor me.'' Cowell's perspective mirrors long-standing research. A 2010 Princeton University study found that happiness rises with income, but only up to about $75,000 annually (about $109,000 today). The message remains: financial stability can reduce stress. Still, beyond a certain point, more money doesn't buy more happiness. These days, Cowell says he's choosing meaning over money. He's inviting friends to work on passion projects without pay and has let go of the drive to accumulate wealth. 'Someone did actually say to me once, 'Live in your money.' And it was really good advice,' he said. 'Enjoy it, and be happy with it, but understand that the world is precarious.' He seems to be taking that advice to heart, and offering a timely reminder: Sometimes, enough really is enough. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
Forbes
18-05-2025
- Business
- Forbes
Female Founders Face Unique Stresses But There Are Solutions
Female entrepreneurs face challenges that extend far beyond the well–documented problems associated with raising capital in a male-dominated funding ecosystem. And yet, despite high levels of stress and burnout, the vast majority of female founders enjoy their entrepreneurial journey and while finding ways to work 'differently' in pursuit of their goals. Those are just two of the findings In a new report documenting the experience of 250 entrepreneurs. Authors Yvonne Biggins and Nonie White have highlighted the specific issues reported by female founders while also identifying at least some of the strategies that can help them overcome a set of challenges that include financial anxiety, balancing professional and personal responsibilities and hormonal changes. Both White and Biggins have track records as entrepreneurs and also work as coaches and psychologists. As they acknowledge, the study started life as market research for their coaching activities but quickly developed into something more. 'We realised that we were onto something that not many people were talking about and that people needed to hear about,' says White. 'And as we got into further, we realised we were uncovering best practice that wasn't commonly being talked about.' While the report acknowledges the systemic hurdles faced by women in business, the main focus is on psychological stresses. Inevitably, money - or the lack of it - is a perennial problem. The researchers point to high levels of financial anxiety, with 45% of respondents naming cash flow as a particular worry. This, in turn, leads to mental health issues, such as low mood and negative thinking patterns. It has to be said that many male founders would report similar concerns, so is there really a difference between the experience of men and women Nonie White says there is. 'Every entrepreneur experiences financial anxiety,' says White. 'But what makes it particularly powerful for women is the funding disparity that they experience. Whatever the scale of the business, women are operating in an ecosystem where money is tight. ' In addition, women often have to deal with what Biggins describes as operational overload. 'Women often carry the childcare and domestic burden. There is too much to do and too little time. This is the top source of stress,' she says. And the data suggests that the majority of women fall into a demographic group that is particularly prone to overload. Most female entrepreneurs in the U.K. are aged between 35 and 54, putting them squarely in the 'sandwich generation,' with caring responsibilities for their children and parents. At the same time, women in this age group also experience the hormonal changes hormonal challenges associated with the perimenopause and menopause. 'Hormonal challenges can affect cognition, energy and wellbeing,' says Biggins.'Twenty-one percent said hormonal changes affected their performance and life satisfaction.' Loneliness also emerged as a problem. Again, this is something experienced by both men and women, often for the simple and very good reason that being the person who makes all the decisions can be incredibly isolating. White says this can be more acute for women. 'Women often lack the networks and role models that men have. Also, if you are a mother running a business, you are probably inspired by the flexibility it gives you, and you are probably working from home, which means you are alone. So there's the loneliness of being the CEO and the practical loneliness of working alone.' But what can be done to help women overcome the stresses that have been identified? Well, it's partly about systemic change, something that can really only happen by educating the ecosystem about the challenges faced by women and redressing the present funding imbalance that sees the bulk of VC capital going to men. But Biggins and White have also identified practices that can help women thrive. One thing they believe all entrepreneurs should do is make time for the things that make life fun and fulfilling. 'The data shows that thriving entrepreneurs invest in their wellbeing,' says Biggins. 'They make time for joy and for fun.' Health and fitness is important. The research suggests that while a high percentage of entrepreneurs do less exercise due to time constraints, those that do make a point of exercising benefit from higher performance scores. Spending time in nature and practising mindfulness are also beneficial. Often, entrepreneurs can feel guilty about taking time for themselves, but Biggins and White say the data shows that the investment in time and energy pays off in terms of better performance. Entrepreneurs should seek out support in the shape of coaches, mentors or advisers. Talking with friends and family may be useful but it can also be counter-productive if there is little understanding of what it takes to run a business. So here's the good news: the research finds that 97% of women enjoy entrepreneurship, with 66% reporting higher life satisfaction,
