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re: 1 in 6 millennial: $100k saved in bank
Posted on 1/24/18 at 1:44 am to tigerbutt
Posted on 1/24/18 at 1:44 am to tigerbutt
This makes me think the sample was really biased in the survey or they have a crap sample to begin with.
There is a huge difference if the sample skews older. Late 30s means prime earning years at healthy salaries while early stage millennials might be lucky to make $50K.
I save more than just about anyone I know that is my age and I struggle to believe 1/6 have that many assets. If they do have that much cash, then they need to pay down the debt balances. There is no way 1/6 has wealth of $100K+.
There is a huge difference if the sample skews older. Late 30s means prime earning years at healthy salaries while early stage millennials might be lucky to make $50K.
I save more than just about anyone I know that is my age and I struggle to believe 1/6 have that many assets. If they do have that much cash, then they need to pay down the debt balances. There is no way 1/6 has wealth of $100K+.
This post was edited on 1/24/18 at 1:49 am
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Posted on 1/24/18 at 3:33 am to VABuckeye
So what generational group gets credit for raising the millennials?
Seems like the shitty parenting and participation trophies are on the parents of the millennials.
Also do you older farts who constantly make fun of millenials, do you all not realize that the millennials are the ones who are going to put your old asses out in the streets or nursing homes? Maybe we will even through yalls asses in the hospice when you get old so that they can legally kill you off. Seems like you old farts can never think anything through.
Seems like the shitty parenting and participation trophies are on the parents of the millennials.
Also do you older farts who constantly make fun of millenials, do you all not realize that the millennials are the ones who are going to put your old asses out in the streets or nursing homes? Maybe we will even through yalls asses in the hospice when you get old so that they can legally kill you off. Seems like you old farts can never think anything through.
Posted on 1/24/18 at 4:12 am to The Pirate King
quote:
250k for a retiree can last a hell of a long time. With SS, You could stretch that 250k a longggg way. Not to mention the interest it’s gaining.
Not really.
Due to insurance cost which is my biggest expense each month, it's a killer. Then one has to pay for meds. Even with insurance, one of my meds cost more then $400 a month. Then take a look at SS. Last 9 years, raises in that were less then 7% over that time. That did NOT keep up with inflation. Oh, lets not forget that SS for a married couple with a income over 44K, their SS is taxes up to 85% of it. 
Everybody really thinks that a Roth will save them taxes. NOT, due to the fact once one draws SS and from their Roth and once one's income crosses that $44k or $32k single, everything is TAXED.
Posted on 1/24/18 at 5:41 am to TJGator1215
They should the little babies who cry about everything get Tops. They do not know what it is like to do without while paying off student loans. I paid for my degrees, paid off my homes in California which were $125k and sold for $550k. I started my own businesses which took me years of living on a tight budget until the businesses took off where I could finally make some money.
Millennial s want things immediately and if I had a free college degree and lived at home I could have saved well over $100k by my third year on the job.
Millennial s want things immediately and if I had a free college degree and lived at home I could have saved well over $100k by my third year on the job.
Posted on 1/24/18 at 5:58 am to johnnyrocket
Who is living at home? Everyone I know moved out before college and never went back
Posted on 1/24/18 at 6:14 am to Paul Allen
People don’t know who the frick millennials are.
Posted on 1/24/18 at 6:25 am to VABuckeye
That’s assuming they can sell and downsize
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!
This post was edited on 1/24/18 at 6:26 am
Posted on 1/24/18 at 6:38 am to johnnyrocket
Most of the people I knew moved out on their own by 17 or 18yrs old. Yes, they had roommates to pay rent. They did not live with their mommy.
I see more young adults now living with their parents or off of their parents than ever before. Some parents even pay their kids house not which is unreal while their kid who is an adult partied all night and sleeps all day.
If you look at the upper scale apartments by LSU do you think these free loading kids and yes parents who kids get Tops (welfare for the colleges) could afford to pay rent at these places if they did not have Tops (welfare for universities and colleges).
When I went to school while in the military or after I got out the apartments or dorms around campus were very basic. Most people in school had part time jobs some people like myself a fulltime job while going to school.
Millennials are handed things other generations were told to work for. Yes, if you live at home with low rent or no rent, no student loans, etc you can build up a savings quicker.
Yes, I should not have to pay for Tops (welfare for colleges and universities to stay open). If you want to invest in your education work for it, take out loans paying the loan back, get good grades earning a scholarship, or join the military and or work for a company that offers college tuition reimbursement.
I see more young adults now living with their parents or off of their parents than ever before. Some parents even pay their kids house not which is unreal while their kid who is an adult partied all night and sleeps all day.
If you look at the upper scale apartments by LSU do you think these free loading kids and yes parents who kids get Tops (welfare for the colleges) could afford to pay rent at these places if they did not have Tops (welfare for universities and colleges).
When I went to school while in the military or after I got out the apartments or dorms around campus were very basic. Most people in school had part time jobs some people like myself a fulltime job while going to school.
Millennials are handed things other generations were told to work for. Yes, if you live at home with low rent or no rent, no student loans, etc you can build up a savings quicker.
Yes, I should not have to pay for Tops (welfare for colleges and universities to stay open). If you want to invest in your education work for it, take out loans paying the loan back, get good grades earning a scholarship, or join the military and or work for a company that offers college tuition reimbursement.
Posted on 1/24/18 at 6:51 am to johnnyrocket
I'd love to see the demographics of this survey or study that claims that 16% of millenials have over $100k. I'd be willing to bet that it's a pretty selective sample.
Posted on 1/24/18 at 6:54 am to Oilfieldbiology
quote:
That’s assuming they can sell and downsize
Depends where they live now. In my area it's not difficult.
Posted on 1/24/18 at 6:55 am to TJGator1215
If I had stayed at home and had zero bills at 23, I would of had a lot of money in the bank as well.
Posted on 1/24/18 at 6:57 am to johnnyrocket
quote:
do you think these free loading kids and yes parents who kids get Tops (welfare for the colleges) could afford to pay rent at these places if they did not have Tops (welfare for universities and colleges).
Tops is like $2,500 a semester. I paid $1,550 a credit hour at my college. TOPs isn’t putting anyone over the financial hump
Posted on 1/24/18 at 6:57 am to VABuckeye
Everything is relative. But as someone said earlier in this thread, relying on non liquid assets for retirement is very risky. If the home is the only wealth someone has generated, he is not in a good spot to retire, even if he stands to make $600k off it
Posted on 1/24/18 at 7:21 am to TJGator1215
quote:
they have $100,000 or more in savings
Playing on facebook at work for the profit
Posted on 1/24/18 at 7:25 am to TJGator1215
Damn I feel bad about yelling at my folks for only having 750k saved up now reading this thread 
Trump made some boomers close to ~75k this past year.
Had to teach my mom how to read her YoY statement :( , they just trust their guy at the investment company...
My current withdrawal as of 65 right now is 7k with the 401k, I also have a company pension they drop 3% into every paycheck (I am not married and no kids). Trying to work on that with every penny I have to give.
Trump made some boomers close to ~75k this past year.
Had to teach my mom how to read her YoY statement :( , they just trust their guy at the investment company...
My current withdrawal as of 65 right now is 7k with the 401k, I also have a company pension they drop 3% into every paycheck (I am not married and no kids). Trying to work on that with every penny I have to give.
This post was edited on 1/24/18 at 7:26 am
Posted on 1/24/18 at 7:39 am to johnnyrocket
quote:
I see more young adults now living with their parents or off of their parents than ever before
Yes, about 5% more than in 1970. Though, you'd say it's doubled.
quote:
kids get Tops (welfare for the colleges)
You say this about 5 times, and I actually kind of agree with you. However, people your age are the ones that voted to have the program. That's like blaming kids for the child tax credit.
quote:
Most people in school had part time jobs some people like myself a fulltime job while going to school.
The same number or maybe even more do now.
quote:
Millennials are handed things other generations were told to work for.
What like crippling debt their parents accumulated?
quote:
Yes, if you live at home with low rent or no rent, no student loans, etc you can build up a savings quicker.
So on one hand you want to shite on young people for living at home, then on the other talk about how they can save money doing it while shitting on them for not having money?
quote:
If you want to invest in your education work for it, take out loans
They do because college is about 5 times more expensive in real dollars than when you went.
Look, this isn't that hard. I shite on the avacodo toast eating goobers just as much as you do, but the overwhelming majority of millennials are actually doing quite well for themselves. In fact, by most objective measures, they are doing much better than the Boomers and are working hard to try to clean up the messes they made.
Posted on 1/24/18 at 7:40 am to VABuckeye
I’ve been reading a book recently titled Rich Dad Poor Dad. In it, the author argues that your house is not an asset.
A lot of people aren’t going to like that school of thought.. but it makes a lot of sense to me.
Signed,
a 30 year old millennial who has been a home owner since 25.
A lot of people aren’t going to like that school of thought.. but it makes a lot of sense to me.
Signed,
a 30 year old millennial who has been a home owner since 25.
Posted on 1/24/18 at 7:41 am to VABuckeye
quote:
Depends where they live now. In my area it's not difficult.
That doesn't make it right for this to be your only retirement vehicle. A home is certainly a peice if the retirement puzzle, but if it's the only piece you're in bad shape.
This post was edited on 1/24/18 at 7:51 am
Posted on 1/24/18 at 7:47 am to TJGator1215
Making that money baby
Posted on 1/24/18 at 10:36 am to TJGator1215
quote:
Millennials are pushing back against the stereotype that their money management skills are lacking, as 16% now have savings of $100,000 or more
People become wiser and make better financial decisions as they age, more at 11.
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