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Started By
Message
1
Posted on 1/23/18 at 8:44 pm to Lou Pai
quote:
Lmao is their home yielding anything for them to live off of?
You can’t be this stupid.
Posted on 1/23/18 at 8:44 pm to VABuckeye
I could believe it. Many millennials are not having children. Two nice incomes without those little fricking anchors can add up quick.
Posted on 1/23/18 at 8:44 pm to VABuckeye
Because that's not the norm and you know it.
The average boomer is a financial disaster. This is a fact.
The average boomer is a financial disaster. This is a fact.
Posted on 1/23/18 at 8:46 pm to GreatLakesTiger24
Boomers are the largest group of residential real estate owners in this country. Jesus, are you stupid or obtuse? Are some of those homeowners in bad shape regarding equity? Yes. Are a whole lot of them sitting on a pile of money when they decide to sell and downsize? You bet!
This post was edited on 1/23/18 at 8:47 pm
Posted on 1/23/18 at 8:47 pm to LSU1018
quote:
Does this include retirement?
IMO, it's pretty obvious it does
The OP says "in savings" which I would think definitely means retirement is included.
Posted on 1/23/18 at 8:48 pm to VABuckeye
Rofl sure they may net a gain post-tax, but that 17k figure is still a joke and a house is a pretty illiquid source of funds.
Posted on 1/23/18 at 8:49 pm to BigPerm30
I know a couple who dont have kids and both clear over 100k a year salery at 26 years old. Theyre killing it with investments. I am envious
Posted on 1/23/18 at 8:49 pm to VABuckeye
The median home value in the United States is less than 200k. What you're describing isn't (going to be) a major trend.
Posted on 1/23/18 at 8:49 pm to TJGator1215
They're going to need it to pay someone to check in on them as they age.
Posted on 1/23/18 at 8:49 pm to TJGator1215
lol
yeah, sure.
yeah, sure.
Posted on 1/23/18 at 8:50 pm to TJGator1215
quote:
$100k saved in bank
That would be quite possibly the worst way to store 100k in equity. With today's interest rates you are losing money after inflation
Posted on 1/23/18 at 8:51 pm to Lou Pai
What post tax? Do you realize how it works if you sell your house? Arrived and joint can get up to $500k from the sale without paying one cent of taxes on the money.
Look, it isn’t as good as money in the bank but it should be factored in. It’s an asset and for most it’s an appreciating asset to some degree.
Look, it isn’t as good as money in the bank but it should be factored in. It’s an asset and for most it’s an appreciating asset to some degree.
Posted on 1/23/18 at 8:51 pm to GreatLakesTiger24
quote:
Most boomers have less than $17,000 saved for retirement
Wait till Millennials start putting their kids through upper schools and college.
Posted on 1/23/18 at 8:51 pm to BamaSaint
quote:
It's easy to do when you refuse to have kids and still live with your parents
Good point. I'd have half a mil if I lived at home up to my 30s
Posted on 1/23/18 at 8:52 pm to TJGator1215
quote:
Sixteen percent say they have $100,000
Oh well they say they have 100k saved so this study is valid. What a joke. 16% say they graduated from Ivy League schools. See how easy that was?
Posted on 1/23/18 at 8:53 pm to VABuckeye
quote:
Boomers are the largest group of residential real estate owners in this country. Jesus, are you stupid or obtuse? Are some of those homeowners in bad shape regarding equity? Yes. Are a whole lot of them sitting on a pile of money when they decide to sell and downsize? You bet!
God you people are exhausting. We know with almost absolute certainty that that's not how Boomers are acting. Yeah, they have equity in their house, but they also have credit card debt, zero in retirement, and live paycheck to paycheck to pay that mortgage. They could sell their house and pay off those debts, but we know they will tell you they aren't going to do that in any study that's conducted.
I write that to say, Boomers and their defenders are the ones that are stupid or obtuse because they will look at empirical data and tell you it's wrong because that's not the way they act (as about .000001% of the sample).
ETA: All of that is just ignoring the fact of the iliquid nature of essentially their only asset.
This post was edited on 1/23/18 at 8:56 pm
Posted on 1/23/18 at 8:53 pm to GreatLakesTiger24
True. But homes worth less tend to be in areas with lower cost of living. $200k buys a starter condo where I live but incomes and cost of living are also higher here. Northern Virginia.
Posted on 1/23/18 at 8:53 pm to TJGator1215
This article makes it sound like millennials are financial wizards. I do expect millennials to have close to 100k if they have 401k's. Some of them may consider this is "in the bank". They are reaping the benefits of Trump's economy.
Also, many mills live with their parents and DO NOT PAY RENT or other bills most people have to pay. These mills should have a lot in the bank.
A mill with a $50k salary living with the parents should be able to save a minimum of $10k per year. 10 years = $10k and put money in a 401k or ROTH.
Also, many mills live with their parents and DO NOT PAY RENT or other bills most people have to pay. These mills should have a lot in the bank.
A mill with a $50k salary living with the parents should be able to save a minimum of $10k per year. 10 years = $10k and put money in a 401k or ROTH.
Posted on 1/23/18 at 8:54 pm to tonydtigr
quote:don't worry, I'll call them losers when they have a similar amount of money saved in middle age
Wait till Millennials start putting their kids through upper schools and college.
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