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Started By
Message
re: 1 in 6 millennial: $100k saved in bank
Posted on 1/23/18 at 9:35 pm to tigerinthebueche
Posted on 1/23/18 at 9:35 pm to tigerinthebueche
quote:
Did most of them lose their money in the crash
Had they not sold the stocks that saw a large depreciation during the recession those same stocks would be worth more now than at any other point the Boomers owned them.
quote:
were they just irresponsible?
yes
The recession only affects a persons net worth when it comes to assets. Like I explained earlier, if I had a stock worht $100 in 2005, $70 in 20009, and $175 dollars today I've made or lost no money. You don't realize a gain or loss until the disposition of the stock. Now when that stock was worth only $70 my net worth was $30 less, but that isn't truly all that important.
0
Posted on 1/23/18 at 9:36 pm to TJGator1215
quote:
say they
Posted on 1/23/18 at 9:38 pm to tigerinthebueche
quote:
Did most of them lose their money in the crash or were they just irresponsible?
I’ll put it to you like this. The same folks who tell me they don’t want any risk are the same ones I see at the casino chasing their losses
Posted on 1/23/18 at 9:39 pm to TJGator1215
That kid who won the powerball is seriously skewing the data
Posted on 1/23/18 at 9:41 pm to YoungManOldMan
quote:
Nah man. Any person who has a 401K with a decent match after first 10 years working should have at least $75K if they contribute just 5-7%.
Agree with you, but life happens. Kids happen. Keep up the good work. I just have a difficult time believing 1 in 6 of your generation has matched your success. Great sign for our country if true though.
Posted on 1/23/18 at 9:44 pm to kywildcatfanone
quote:
Did their parents die?
And grandparents from the boomer generation.
Millennials - the new trust fund babies.
Posted on 1/23/18 at 9:47 pm to Stevo
quote:
Kids happen
Not sure how we feel about this. The three most successful couples in our group of friends have 0 kids between us.
I’m on the fence myself.
Posted on 1/23/18 at 9:48 pm to starsandstripes
quote:
Millennials - the new trust fund babies.
Explain how someone could be a trustfund baby when their parents, on average, saved $17k for retirement.
Posted on 1/23/18 at 9:52 pm to TJGator1215
I'm 32 with 150K 401K balance. I didn't do anything extreme. Is this not normal?
Posted on 1/23/18 at 9:58 pm to YoungManOldMan
quote:
Not sure how we feel about this. The three most successful couples in our group of friends have 0 kids between us.
Jump in, the water is warm.
Posted on 1/23/18 at 9:59 pm to Stevo
For the folks with professional degrees who don't finish school until 25-26 at the earliest , It's definitely hard to have 100k saved up in 401k, with student loans looming.
Posted on 1/23/18 at 10:00 pm to TigerBalsagna
Look, I’m very happy for y’all. Trust me. I just refuseto believe 1in 6 have you equaled. Keep up the good work.
Posted on 1/23/18 at 10:06 pm to Stevo
Im 28, and probably 1/10 people I graduated LSU with have 100k liquid right now. I refuse to believe that number.
If we are talking 100k in equity then sure.
If we are talking 100k in equity then sure.
Posted on 1/23/18 at 10:11 pm to Retrograde
I’d like to see the numbers on millennial home ownership. I bet that’s way way down. Then I bet there is a spike in mid late 30s when student loans are coming off the ledger.
Posted on 1/23/18 at 10:11 pm to TigerBalsagna
quote:
I'm 32 with 150K 401K balance. I didn't do anything extreme. Is this not normal?
It's not normal, but it should be. To save $150k in 10 years at 8% annualized returns, you essentially need to save $10k per year. With company matches, this isn't overly burdensome.
It simply needs to be a priority, and for most, it isn't.
Posted on 1/23/18 at 10:12 pm to GreatLakesTiger24
quote:
Most boomers have less than $17,000 saved for retirement
It's no secret boomers are awful with money. Always have been.
Posted on 1/23/18 at 10:12 pm to Retrograde
quote:
Im 28, and probably 1/10 people I graduated LSU with have 100k liquid right now. I refuse to believe that number.
I didn't read this entire thread or the article because my time is too important, but no one should have $100k in savings. If they're talking about savings plus 401k plus other investments, then that's pretty decent I guess. Though if they're using an age range that goes up to 37, I'd wager that's why the number is higher than most would probably expect.
Posted on 1/23/18 at 10:14 pm to agdoctor
quote:
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.
Damn, with how experienced, smart and know-it-all boomers are you'd think they read a fricking book and educate themselves.
Boomers
Posted on 1/23/18 at 10:14 pm to Ingeniero
quote:
If only boomers would've saved some money, maybe we wouldn't be in the shitter
This boomer saved plenty of money junior all while paying a small fortune in taxes. You won’t have to take care of me-just keep those fries hot.
Posted on 1/23/18 at 10:16 pm to Chucktown_Badger
quote:
I didn't read this entire thread or the article because my time is too important,
quote:
6k posts
Just saying
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