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Message
re: "If You Have Savings In Your 20s, You’re Doing Something Wrong"
Posted on 9/17/15 at 9:51 am to matthew25
Posted on 9/17/15 at 9:51 am to matthew25
quote:
gree. Friend needs shoulder surgery. Hi-deduct plan of $7000 then 80-20 split.
He has saved grand total of $4500. He is having to take out a loan of $6000 at 9.65%. He is lucky he doesn't have to take a payday loan at over 25%.
This is dumb on so many levels. Hospitals work out payment plans, also, they don't negatively effect your credit. In fact most people that loan money will say excluding medical bills.
On the other hand, having a deductible that high is bad business too. May as well not have ins imo.
1
Posted on 9/17/15 at 9:51 am to mattz1122
I saw a Lexus SUV, bad to be a 2002 or so, with missing hubcaps double parked the other day.
Posted on 9/17/15 at 9:52 am to WG_Dawg
Who doesn't like free money? They also fail to realize most people have a major medical before 55. That alone will break them.
Posted on 9/17/15 at 9:53 am to thesoccerfanjax
quote:
I saw a Lexus SUV, bad to be a 2002 or so, with missing hubcaps double parked the other day.
Lexus has never made a vehicle with hubcaps. Try again.
Posted on 9/17/15 at 9:55 am to JabarkusRussell
If I could go back, I'd have a savings, and take it serious, back before I was a teenager.
Well..if I could go back I'd just remember winning lottery numbers.
Well..if I could go back I'd just remember winning lottery numbers.
Posted on 9/17/15 at 9:58 am to lynxcat
I don't save but I have some savings that end up getting spent on experiences not stuff. Just blew my load this summer and now get to spend a couple months getting my account back up to par so I can go and spend it doing some shite that I want to do again.
Can I live while I'm young?
Can I live while I'm young?
Posted on 9/17/15 at 10:09 am to LoveThatMoney
quote:
the premise isn't wrong
The premise isn't necessarily wrong, but the article is beyond stupid. I guarantee you this chick's "job" is to pick from a list of topics and bang out a bunch of clickbait articles at $8 a pop. At that rate no point in actually thinking through or even editing what you've written.
Posted on 9/17/15 at 10:14 am to JabarkusRussell
quote:
$200 a month isn’t going to make the dent
$200 a month, starting at 25, at just 6 1/2% is half a million when you're 65. At 8%, it's $700k.
So, idiot gambler is gambling that someone is going to value "networking" (drinking, carousing, etc.) in the workplace in excess of hundreds of thousands of dollars (Hint: they won't).
Posted on 9/17/15 at 10:28 am to thesoccerfanjax
quote:
When does your insurance scam stop paying out?
I guess my own-occupation disability insurance will stop paying me when my degenerative disc disease suddenly and mysteriously un-degenerates and when the 6-inch metal plate in my neck magically disappears and my cervical discs magically reappear.
Posted on 9/17/15 at 10:31 am to Sneaky__Sally
quote:Does blowing all your money on a nostalgia band really count as "experiences" though?
I don't save but I have some savings that end up getting spent on experiences not stuff. Just blew my load this summer and now get to spend a couple months getting my account back up to par so I can go and spend it doing some shite that I want to do again. Can I live while I'm young?
Posted on 9/17/15 at 10:43 am to LNCHBOX
Get off my nuts
Posted on 9/17/15 at 10:45 am to Ace Midnight
quote:
$200 a month, starting at 25, at just 6 1/2% is half a million when you're 65. At 8%, it's $700k.
So, idiot gambler is gambling that someone is going to value "networking" (drinking, carousing, etc.) in the workplace in excess of hundreds of thousands of dollars (Hint: they won't).
$700K won't be worth shite in the 40 years until I'm 65. I have a Roth IRA that I max out every year, but that $5,500 a year will only give me a bit over a $1 mil by the time I'm 65 1/2 which also won't be worth anything due to inflation. My generation is going to have to hope for a golden financial age of the stock market or have multiple retirement accounts to actually enjoy retirement by the time it rolls around.
Posted on 9/17/15 at 10:48 am to JabarkusRussell
I mean. Look at the chick that wrote it..
This may be a troll article.
quote:
Lauren Martin is a Senior Lifestyle Writer at Elite Daily. After graduating from PSU, she moved to NYC to write fart jokes at Smosh Magazine. Making her way to ED, she now writes riveting commentary on nude pics, condoms and first dates.
This may be a troll article.
Posted on 9/17/15 at 10:52 am to JabarkusRussell
The sequel to that article:
"If you're in your early thirties and only have $10,000 in savings, you've done it wrong."
"If you're in your early thirties and only have $10,000 in savings, you've done it wrong."
Posted on 9/17/15 at 10:53 am to McCaigBro69
quote:
$700K won't be worth shite in the 40 years until I'm 65. I have a Roth IRA that I max out every year, but that $5,500 a year will only give me a bit over a $1 mil by the time I'm 65 1/2 which also won't be worth anything due to inflation. My generation is going to have to hope for a golden financial age of the stock market or have multiple retirement accounts to actually enjoy retirement by the time it rolls around.
Seriously? Can't tell if you're joking or not.
Inflation will devalue that money, but if you think having an extra $1 million to your name at 65 will be worthless, you're also doing it wrong.
Posted on 9/17/15 at 10:59 am to McCaigBro69
quote:
$700K won't be worth shite in the 40 years until I'm 65.
How much do you think you need then? $3 million? $5 million? $20 million?
Don't save at all then. Good luck with that.
Posted on 9/17/15 at 10:59 am to Ace Midnight
quote:
$200 a month, starting at 25, at just 6 1/2% is half a million when you're 65. At 8%, it's $700k.
Exactly.
Posted on 9/17/15 at 11:00 am to LoveThatMoney
quote:
In your twenties, you are more likely to be single, have less assets and basically have the ability to take on what could otherwise be crushing debt if you don't succeed at your gamble because you have the ability to go through bankruptcy and/or work your way out of debt over time.
The problem is, depending on what you mean by "gamble," the overwhelming likelihood is you won't succeed. Then you are spending your prime money making years getting out of debt instead of growing your nest egg.
I don't disagree with the general premise of your post, but there definitely needs to be balance and control.
Posted on 9/17/15 at 11:07 am to Ace Midnight
quote:
$200 a month, starting at 25, at just 6 1/2% is half a million when you're 65. At 8%, it's $700k
That being said, where do you SAFELY get those returns with today's rates? If you hand a financial advisor $3K a month right now, what rate of return do you expect to get with minimal risk?
Posted on 9/17/15 at 11:18 am to carlsoda
quote:
On the other hand, having a deductible that high is bad business too. May as well not have ins imo.
Ehh, if he is having to exhaust his savings and take out a loan of $6,000, I'm assuming his total bill is $10,500. Without insurance, that would be $17,500 based on the deductible and coinsurance numbers provided.
I'd say having some form of insurance surely helped him out.
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