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re: A quarter of Millennials have $100,000 saved. Here's how they plan to spend it
Posted on 1/30/20 at 2:56 pm to RLDSC FAN
Posted on 1/30/20 at 2:56 pm to RLDSC FAN
quote:
Because of debt, 42% say they aren't able to buy a home
Interesting, I'm in debt because I bought a home. What did they waste money on before they thought making a wise investment would be a good idea?
1
Posted on 1/30/20 at 3:00 pm to DownshiftAndFloorIt
quote:Absolutely
I made more last year than my dad ever has in his life, and by no means living extravagantly. shite ain't the same no more.
$100,000 in 2000 is the same as $148,000 today
The 6 figures mark is no longer a comfortable goal
This post was edited on 1/30/20 at 3:01 pm
Posted on 1/30/20 at 3:22 pm to RLDSC FAN
Millennial here. I have way more than $100K saved. How am I going to spend it? I'm not. I'm letting it grow for a few decades. 
Posted on 1/30/20 at 3:24 pm to Snipe
quote:
Yeah, let's pretend that the cost of living and basic goods haven't skyrocketed over the last 10-15 years,
How old are you? this is life. The cost of living goes up, never down.
quote:
while wages have stayed the same and full time jobs have been cut down 50% by most corporations.
BS.
If the industry you're in is stagnant and you desire more money change careers like a lot of people do.
Just because I don't have a "doesn't affect me attitude" doesn't mean it's not a fact, it has happened with several industries. The cost of benefits and thirst for profit margin have destroyed a ton of full time jobs. I have a good career, own my own home, and my car is paid off. That doesn't mean I can acknowledge that it is much harder to live a comfortable life now than it was 10 years ago.
My father is 65 years old and comments all of the time on how expensive it is to survive these days. Age doesn't have anything to do with it. Im in my 30s and have worked my arse off to move up in my company. I'm simply saying that the amount of people who have that opportunity has drastically dropped. There are people with legitimate degrees working two jobs due to lack of full time opportunity.
This post was edited on 1/30/20 at 3:31 pm
Posted on 1/30/20 at 3:26 pm to mylsuhat
quote:
The 6 figures mark is no longer a comfortable goal
It isn't. Still very hard to achieve though. I think only around 10% of individual Americans make 100,000+.
Posted on 1/30/20 at 3:26 pm to RLDSC FAN
Wait I thought the narrative was that half of us didnt even have $1000 in savings.
Posted on 1/30/20 at 3:26 pm to RLDSC FAN
quote:
Over three-quarters of all millennials are saddled with debt and 16% hold more than $50,000 in debt, not including mortgages.
Sucks to suck
This post was edited on 1/30/20 at 3:35 pm
Posted on 1/30/20 at 3:28 pm to CAD703X
quote:
is this savings part of employee sponsored 401ks?
You think bank of america did a study and didn't differentiate this?
People here go out of their way to be stupid just to make fun of millennials.
Edit: Actually, I'm wrong and BoA appears to be doing this even though it's worded vaguely. I'll leave my post so people can call me dumb.
This post was edited on 1/30/20 at 3:34 pm
Posted on 1/30/20 at 3:34 pm to RLDSC FAN
Calling bullshite that 25% of millennials have 100,000 saved unless they’re counting 401k and house equity.
Posted on 1/30/20 at 3:36 pm to The Pirate King
I am pretty sure they are counting 401k as a savings vehicle in this survey. So I think it's 100k across anything that could be considered a retirement account.
This post was edited on 1/30/20 at 3:37 pm
Posted on 1/30/20 at 3:36 pm to The Pirate King
quote:
Calling bullshite that 25% of millennials have 100,000 saved unless they’re counting 401k and house equity.
I don't think they're counting equity. That wouldn't make sense to call that money saved.
I would imagine that when they compare these figures to other generations, they include retirement savings for them as well.
Posted on 1/30/20 at 3:42 pm to cooLStorybreaUx
quote:
Just because I don't have a "doesn't affect me attitude" doesn't mean it's not a fact, it has happened with several industries. The cost of benefits and thirst for profit margin have destroyed a ton of full time jobs. I have a good career, own my own home, and my car is paid off. That doesn't mean I can acknowledge that it is much harder to live a comfortable life now than it was 10 years ago.
All you are doing is acknowledging what has happened throughout the modern industrial age. And will continue to happen. The only difference is where in recent history the theme was start at the bottom and work your way up, continue to learn and educate yourself to advance your career, where as now, you like many others are saying getting a degree should be good enough to reach my goals. Industry should come down to me instead of me rising through industry.
It's a same argument used to justify $15/hr at fast food joints, "How can anyone raise a family on minimum wage. You shouldn't. You should aspire for greater things. Minimum wage is entry level work.
Too many people today are lazy (may be a strong term) but what I mean is, No one is going to give you anything in the working world. You have to go out and make the life you want. You know the old saying opportunity knocks, well it's bull shite, Opportunity just keeps moving down the road, You want it you got to go get it.
Major problem I see in the progressive party has brainwashed millions of people and a generation or two into thinking that they can't do anything without governments help, and every problem in their lives is the fault of someone who has more than they do. And for lazy people, it's easy to latch onto something like that. Especially if there's the possibility of getting something you want without having to put out much if any effort for it.
Posted on 1/30/20 at 4:06 pm to RLDSC FAN
quote:
A quarter of Millennials lied about having $100,000 saved
Amirite?
But really, I don't believe that at all.
Posted on 1/30/20 at 4:15 pm to WildManGoose
Just because every other generation is financially retarded doesn't mean we are.
Posted on 1/30/20 at 4:17 pm to Quidam65
Like your reply. $3.50 sounds right.. My grandson (21 yo) lives with us and works much as he can to pay car note, insurance, phone. It's hard for young people to get ahead.
Posted on 1/30/20 at 4:23 pm to DownshiftAndFloorIt
It makes sense... for a moderately responsible professional, if you come out of college at 22 and put in ~7K into your 401(k) with employee matching and continue to grow that incrementally until 30, you'll easily have 100K savings.
The biggest mistake people do is not put into retirement early.
If you just maxed out your 401(k) [18.5k annually] starting at 28, you'd have roughly $3M in the bank by your early 60's. That doesn't include any other securities, ETFs, housing equity... It's not sexy but it works.
The biggest mistake people do is not put into retirement early.
If you just maxed out your 401(k) [18.5k annually] starting at 28, you'd have roughly $3M in the bank by your early 60's. That doesn't include any other securities, ETFs, housing equity... It's not sexy but it works.
This post was edited on 1/30/20 at 4:24 pm
Posted on 1/30/20 at 4:27 pm to ATLabama
The concern there is if the government will allow that money to sit there and grow until I need it, and will the growth rate significantly outrun inflation.
Posted on 1/30/20 at 4:33 pm to RLDSC FAN
quote:
A quarter of Millennials have $100,000 saved. Here's how they plan to spend it
I believe it..
They are in their 30's and still live at home
They are afraid to drive so they do not own a car
Have money because they are afraid to talk to chicks and go out on dates.
Thank God us Gen X'ers will save this planet from them and the Boomers.
Posted on 1/30/20 at 4:34 pm to RLDSC FAN
Does this include 401k and shite?
Posted on 1/30/20 at 4:34 pm to Restomod
quote:
I believe it..
They are in their 30's and still live at home
They are afraid to drive so they do not own a car
Have money because they are afraid to talk to chicks and go out on dates.
Thank God us Gen X'ers will save this planet from them and the Boomers.
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