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re: 1 in 6 millennial: $100k saved in bank
Posted on 1/23/18 at 8:59 pm to djmicrobe
Posted on 1/23/18 at 8:59 pm to djmicrobe
quote:
This article makes it sound like millennials are financial wizards
They may not be wizards, but they're a hell of a lot better than Boomers by just about every objective measure.
quote:
They are reaping the benefits of Trump's economy.
Boomers could be realizing the same gains, but the dumbasses neglected to save for retirement for the last 40 years.
quote:
Also, many mills live with their parents and DO NOT PAY RENT or other bills most people have to pay.
As always, this is true, but overstated. The number of 18-34 year olds living at home has increased 5% since 1970 so it's not like were talking about astronomical differences.
2
Posted on 1/23/18 at 9:05 pm to Mingo Was His NameO
quote:
Boomers could be realizing the same gains, but the dumbasses neglected to save for retirement for the last 40 years.
Let’s just ignore the fact that 2008-2009 wiped out a lot of people or at least set them way back in their retirement plans. Add the fact that interest rates for investing cash absolutely suck and it’s not hard to see why things are the way they are.
quote:
U.S. homeowners lost a cumulative $3.3 trillion in home equity during 2008, according to a report from Zillow. (MortgageWire.) One in six homeowners is now underwater on their mortgage. The stock market erased $6.9 trillion in shareholder wealth in 2008.
Report was from 2009. Home equity has rebounded at least some in most areas.
This post was edited on 1/23/18 at 9:07 pm
Posted on 1/23/18 at 9:20 pm to Mingo Was His NameO
quote:
Boomers could be realizing the same gains, but the dumbasses neglected to save for retirement for the last 40 years.
You are full of shite. Like every group there are plenty of people ignorant of finances. A lot of boomers got caught in the switch from social security/ pension retirements to 401k plans with no idea of how to use them let alone how to invest in the stock market. I just read today millennials don’t invest most hold money in savings accounts. That’s the 2nd fastest way to go broke.
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