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Started By
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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 4:34 pm to DownshiftAndFloorIt
Posted on 1/30/20 at 4:34 pm to DownshiftAndFloorIt
quote:
and will the growth rate significantly outrun inflation.
Almost certainly
0
Posted on 1/30/20 at 4:36 pm to The Pirate King
quote:
Calling bullshite that 25% of millennials have 100,000 saved unless they’re counting 401k and house equity.
Why would you not include 401k contributions in savings?
Posted on 1/30/20 at 4:44 pm to RLDSC FAN
I am 29, and we keep 3 months of expenses in our savings so nowhere near 100k, but between our 401k and our mutual funds, just over 100k.
Posted on 1/30/20 at 4:46 pm to Steadyhands
quote:
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?
College education.
It is an absolute sham that it costs as much as it does these days.
The dilemma is simple: In most cases, you need a college degree to get a decent job with an upward career trajectory. To pay for college, you have to take out a lot of money with high-interest rates, which unlike any other debt in America, is not dischargeable by bankruptcy. You get a job, but it barely covers the cost of living and debt repayment. Saving for retirement takes a hit, as does the ability to purchase a long-term appreciable asset like a home.
If Boomers don't think this is "their" problem, they are sadly mistaken. Most Americans in the middle-class have a majority of their wealth tied up in their homes. A lot of these homes are in "flux" environments, such as the suburbs.
If at 65, you want sell your 4-5 BR home in the 'burbs and turn into a prune in a golf community in Arizona and Florida, but no one either (a) can afford it at what you would consider a reasonable asking price, or (b) don't want it because they don't have a large family and would rather live in the city and avoid traffic/have entertainment, you've seen a considerable amount of your wealth deteriorate.
As an economy, we're all in this together.
I think forgiving all student-loans is somewhat ridiculous, but, sometimes you need to press the reset button and go into the next wave with actual regulations (see '08 financial crisis). Set borrowing restrictions based on the University and major. Prevent public institutions from jacking up prices on out-of-state students 3X if they participate in a federally governed lottery system. I know certain schools (Ole Miss and Alabama come to mind) have more kids from out-of-state than in-state. Admittedly, major metro areas like Dallas, Atlanta, Houston have more money, qualified students, and resources 10x over those states, but it shouldn't be over a 25% penalty to have them attend.
There's a lot of ways to make this work. We just need to be committed.
Posted on 1/30/20 at 4:48 pm to Restomod
quote:29 and own (not renting) my home
They are in their 30's and still live at home
quote:2019 Tacoma TRD OR
They are afraid to drive so they do not own a car
quote:Married, thanks though
Have money because they are afraid to talk to chicks and go out on dates.
quote:lol get fricked. The self-aggrandizement of one's generation and how it somehow makes them less of a piece of shite / more of a white knight is laughable
Thank God us Gen X'ers will save this planet from them and the Boomers.
This post was edited on 1/30/20 at 5:27 pm
Posted on 1/30/20 at 4:57 pm to DownshiftAndFloorIt
quote:
Because we fricking have to. Takes two people working to pay a frickin house note these days
“These days”? Dude that’s not new to your generation.
Posted on 1/30/20 at 5:05 pm to UpToPar
quote:
Why would you not include 401k contributions in savings?
Cause you don’t have access to all of it like you do the money in a savings account.
It’s a semantics argument. Define savings. Then you can tell them what you have saved. Traditional savings are funds you have full Access to without penalties for withdrawing it.
A 401K isn’t like that.
Posted on 1/30/20 at 5:29 pm to tigerinthebueche
Stay at home moms are uncommon now. Wasnt the case when I was a kid.
Posted on 1/30/20 at 5:33 pm to tigerinthebueche
quote:
Cause you don’t have access to all of it like you do the money in a savings account.
It’s a semantics argument. Define savings. Then you can tell them what you have saved. Traditional savings are funds you have full Access to without penalties for withdrawing it.
A 401K isn’t like that.
Who keeps $100K in a savings account? That's about as financially irresponsible as it gets unless you are making some serious coin or are about to make a large purchase.
Posted on 1/30/20 at 5:38 pm to mylsuhat
Because they spend it on their kids - the Millennials
Posted on 1/30/20 at 5:42 pm to UpToPar
quote:
Why would you not include 401k contributions in savings?
Trolling. Dude that kicked it off can't even successfully google something so...
Posted on 1/30/20 at 5:47 pm to RLDSC FAN
quote:
Here's how they plan to spend it
By writing a big arse-tax check about 4 months after they elect Bernie?
Posted on 1/30/20 at 5:58 pm to olgoi khorkhoi
The way inflation is going, I’ll need $10Billion to retire. Thanks, Federal Reserve.
Posted on 1/30/20 at 6:06 pm to UpToPar
(no message)
This post was edited on 1/30/20 at 6:09 pm
Posted on 1/30/20 at 6:13 pm to RLDSC FAN
Surprised this is not a GreatLakesTiger thread.
Posted on 1/30/20 at 6:18 pm to DownshiftAndFloorIt
quote:
Because we fricking have to. Takes two people working to pay a frickin house note these days
Depends on the market you're in. My mortgage payment is equivalent to a weekly paycheck from just me.
Posted on 1/30/20 at 6:24 pm to UpToPar
quote:
Who keeps $100K in a savings account? That's about as financially irresponsible as it gets unless you are making some serious coin or are about to make a large purchase.
Had about $240K in a savings account for a few months before buying our house. It was weird logging in and seeing that much liquid asset.
Then we put $200K down on the new house and it all looks more normal.
Posted on 1/30/20 at 6:32 pm to ourkansastigah
quote:
Living with mom and dad has its privileges...
I was going to say that not having rent or a mortgage allows you to put a lot back. I've been on my own since I was 18 with no help financially from my family. I've made bad decisions and good ones and I'm still trying to work it all out.
Posted on 1/30/20 at 6:53 pm to RLDSC FAN
Called stock market going through the roof
Posted on 1/30/20 at 6:55 pm to RLDSC FAN
quote:
How much does the OT have saved?
My portfolio is not up to f**k you $$$ yet but I have passed kiss my arse $$$ and I am way past OT balla $$$.
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