Current Events > 1 in 6 millennials now has $100,000 saved. 1 in 3 have $15,000 saved.

(+) Yeah! (+)

https://www.usatoday.com/story/money/2018/01/23/millennials-1-6-now-have-100-000-socked-away/1053803001/

And the numbers have been increasing. What a fantastic time to be a young person. The economy is thriving, unemployment is at record lows, stock prices are at record highs, and the economy hasn't been this dynamic and strong in a long time.

Millennials are quickly poising themselves to become the generation of financial thriving and success. God bless America.
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wat
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God bless capitalism
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John_Galt posted...

God bless capitalism

Amen. The most powerful wealth-building engine for the greatest number of people.

Pulled 1 billion out of abject poverty over the last few decades.

https://www.economist.com/news/leaders/21578665-nearly-1-billion-people-have-been-taken-out-extreme-poverty-20-years-world-should-aim

And reduced abject poverty from 1/3rd to 1/2 of the planet to 1/10th of the planet over the course of less than 100 years. And it's actively increasing the wealth in the poorest countries the fastest. Often radically transforming countries within individual lifetimes.

https://www.economist.com/news/international/21719790-going-will-be-much-harder-now-world-has-made-great-progress

https://www.theguardian.com/society/2013/mar/17/aid-trade-reduce-acute-poverty

6% less people are in abject poverty just from 2012 to 2014.

http://www.worldbank.org/en/news/press-release/2015/07/01/poverty-continued-to-decline-falling-from-274-percent-in-2012-to-216-percent-in-2014

Capitalism is power.
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CrimsonRage posted...

meanwhile wealth inequality increases, millions still don't have health insurance and education remains in the shitter, and the environment gets even more neglected

You don't know what you're talking about. Did you read the fucking topic title? Millennials are quickly saving more money. At rates that are expected to increase. This is fantastic news. Our predecessors were horrendous with money.

And putting health insurance on a pedestal is what lead to clownshoes politicians conflating "health care" and "health insurance" to the tune of giving us the horrendous pile of shit that is the ACA. If you want us to be able to afford universal healthcare, we need to eliminate obesity and smoking which take up 30% of our yearly healthcare expenditures.
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something tells me that the majority of those 1 in 6 millennials are working full time while living expense free with mom & dad
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@The_Admiral

You probably give millennials a lot of flak, but we're not all ignoramus socialist clowns! :D
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Well of course, because they can't afford to buy houses and are having to stay home. Saves a shit ton of money!
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Those are extremely low numbers. It's like bragging that your favorite sports team wins nearly a third of the time. But then again it's also meant to be propaganda to keep the lower class slaving away and thinking their big break is just around the corner while the upper class tries to find another way to exploit basic needs for profit.
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millenials are in their early 30s now so
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Romulox28 posted...

something tells me that the majority of those 1 in 6 millennials are working full time while living expense free with mom & dad

"Fuck I can't figure out how this is possible through hard work, therefore anyone achieving it must be living with mommy and daddy!!!!!"

A decent number of millennials live with family.

http://www.businessinsider.com/millennials-living-at-home-state-map-2017-5

But that's not a bad thing. Delaying moving out until you've finished college and saved up some money is a great first step towards building wealth. In fact, some cultures expect you to do that because building wealth as a family is much more important than pretending you're independent just because you struggle to pay bills on your own.

It's another reason why the left's attacks on the nuclear family are absolute insanity. The concept of the nuclear family is one of the most powerful and most enabling assets one can have in thriving and building financial wealth at a young age.
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Heineken14 posted...

Well of course, because they can't afford to buy houses and are having to stay home. Saves a shit ton of money!

> saves a shit ton of money
> can't afford to buy houses

ummm make up your mind son
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FLUFFYGERM posted...

And putting health insurance on a pedestal is what lead to clownshoes politicians conflating "health care" and "health insurance" to the tune of giving us the horrendous pile of shit that is the ACA. If you want us to be able to afford universal healthcare, we need to eliminate obesity and smoking which take up 30% of our yearly healthcare expenditures.

This is one of the dumbest fucking things I've ever read. It's like saying "We need to stop putting food and shelter on a pedestal!"
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FLUFFYGERM posted...

Heineken14 posted...

Well of course, because they can't afford to buy houses and are having to stay home. Saves a shit ton of money!

> saves a shit ton of money
> can't afford to buy houses

ummm make up your mind son

do you understand what "saved" means
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FLUFFYGERM posted...

@The_Admiral

You probably give millennials a lot of flak, but we're not all ignoramus socialist clowns! :D

Millennials are now entering their mid-30s, and that $100K includes retirement savings. That's really pretty pathetic at that point in your life. By that time, your 401(k) or retirement accounts should be at least twice that.
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FLUFFYGERM posted...

> saves a shit ton of money
> can't afford to buy houses

53% don't have $15k. What sort of down payments are they making?
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Why is there such a discrepancy between those who have $15,000 saved (47 percent instead of the 1 in 3 mentioned earlier), and those with $100,000+ saved (1 in 6)?

Wealth means little when the gap between those who have less and more keeps getting wider, which it is.
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Pretty easy to save if you still live with parents and have no kids.

Unquestionable posted...

Those are extremely low numbers. It's like bragging that your favorite sports team wins nearly a third of the time. But then again it's also meant to be propaganda to keep the lower class slaving away and thinking their big break is just around the corner while the upper class tries to find another way to exploit basic needs for profit.

I mean if half of millennials have $15,000 saved up...that's really fucking great news. A lot of people who are older than that can't even afford a $1,000 emergency.

Are you a socialist/communist? I mean, imagine literally buying into some conspiracy theory about the middle class being exploited for profit. Profit is a fantastic thing and anyone can benefit from it. "WAAAAAAA profit!!!!!" lmao

Did you actually read the article? The number of millennials who have $100,000 saved up increased from 8% to 16% from 2015ish to now. In other words that population doubled in just two and a half years or so. And the number of millennials who saved up $15,000 increased from 33% to 47% in the same time frame.

Wealth compounds. At this rate, half of all millennials will have six figure net worths while they're still fantastically young. We will be a generation of very wealthy people at this rate. Yet you're complaining in the most paranoid way, without even looking at the numbers.

"WAAAAAAAAAAAA profit" LOL!!!!
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Unquestionable posted...

FLUFFYGERM posted...

And putting health insurance on a pedestal is what lead to clownshoes politicians conflating "health care" and "health insurance" to the tune of giving us the horrendous pile of shit that is the ACA. If you want us to be able to afford universal healthcare, we need to eliminate obesity and smoking which take up 30% of our yearly healthcare expenditures.

This is one of the dumbest fucking things I've ever read. It's like saying "We need to stop putting food and shelter on a pedestal!"

Health insurance is demonstrably a different thing than health care. To speak of "we need affordable healthcare" while thinking of health insurance is really dumb.
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The fuck am I so broke for then?! >:V
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The Admiral posted...

FLUFFYGERM posted...

@The_Admiral

You probably give millennials a lot of flak, but we're not all ignoramus socialist clowns! :D

Millennials are now entering their mid-30s, and that $100K includes retirement savings. That's really pretty pathetic at that point in your life. By that time, your 401(k) or retirement accounts should be at least twice that.

You are incorrect. It's recommend that you have your yearly salary in retirement savings by the time you're 30. Millennials can still be in their lower 20's as well.
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The Admiral posted...

FLUFFYGERM posted...

@The_Admiral

You probably give millennials a lot of flak, but we're not all ignoramus socialist clowns! :D

Millennials are now entering their mid-30s, and that $100K includes retirement savings. That's really pretty pathetic at that point in your life. By that time, your 401(k) or retirement accounts should be at least twice that.

Right but the rate at which the millennial population is saving those numbers is increasing very fast. The number with six figure savings doubled in under 3 years. That's saying something.
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Antifar posted...

FLUFFYGERM posted...

> saves a shit ton of money
> can't afford to buy houses

53% don't have $15k. What sort of down payments are they making?

I made a 20k down payment.

I had so much money I started spending too much. Now I have to cut back.

I need to budget a little better.
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FLUFFYGERM posted...

"Fuck I can't figure out how this is possible through hard work, therefore anyone achieving it must be living with mommy and daddy!!!!!"

lol give me a fucking break

the article you linked to describes millennials as "americans between the ages of 23 and 27." so those are people who are roughly 1 to 5 years into their careers. I am sure a few of those people are insanely successful anomalies, but i find it extremely hard to believe that there is such a significant amount of people in this age range who are able to save up 100k in liquid cash within 5 years of college graduation while paying for an average life.

when i graduated from college i lived with my parents practically expense free, working at my first job that paid like 35k. i made so much money that i didnt even know what to do with it, and when i moved out in a few years i had like $60k in cash just sitting in a savings account
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Antifar posted...

FLUFFYGERM posted...

> saves a shit ton of money
> can't afford to buy houses

53% don't have $15k. What sort of down payments are they making?

Dunno about down payments. Not concerned with that in this topic. What I'm concerned with is the fact that from 2015ish to now, the number of millennials who have 100k saved doubled from 8% to 16%. And the number who saved $15,000 went from 33% to 47%. The only people who can see these numbers and not see something wonderful happening are the ones who are going to insist on their narrative rather than look at what's happening.

53% don't have 15k saved yet but 63% of millennials said they're saving. IE they're working towards that. If we project these rates outwards 10 years, we're in for a really good time.
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$100,000 isn't a lot of money in terms of savings. If you started funding an IRA at age 18 with the maximum $5,000 annual contribution, it would crack $100,000 of value somewhere between age 31 and 32. And that's just one investment. If you're not working in the public sector and don't have a fat pension coming your way, you need to be investing more than that.

The real problem is people who graduate college and expect to live at the same standard of living they did at their parents' house, instead of the reality of being a young person which is living in tiny apartments or fixer-upper houses driving crappy cars scraping by, saving for the future.
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Drpooplol posted...

The Admiral posted...

FLUFFYGERM posted...

@The_Admiral

You probably give millennials a lot of flak, but we're not all ignoramus socialist clowns! :D

Millennials are now entering their mid-30s, and that $100K includes retirement savings. That's really pretty pathetic at that point in your life. By that time, your 401(k) or retirement accounts should be at least twice that.

You are incorrect. It's recommend that you have your yearly salary in retirement savings by the time you're 30. Millennials can still be in their lower 20's as well.

Based on their definition, half of millennials are over 30 and 1-in-6 of them are 35 or older. And yet only 1-in-6 have more than 100K in savings, which includes retirement accounts and non-retirement investments according to the article. That's terrible for adults that age.
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Romulox28 posted...

FLUFFYGERM posted...

"Fuck I can't figure out how this is possible through hard work, therefore anyone achieving it must be living with mommy and daddy!!!!!"

lol give me a fucking break

the article you linked to describes millennials as "americans between the ages of 23 and 27." so those are people who are roughly 1 to 5 years into their careers. I am sure a few of those people are insanely successful anomalies, but i find it extremely hard to believe that there is such a significant amount of people in this age range who are able to save up 100k in liquid cash within 5 years of college graduation while paying for an average life.

when i graduated from college i lived with my parents practically expense free, working at my first job that paid like 35k. i made so much money that i didnt even know what to do with it, and when i moved out in a few years i had like $60k in cash just sitting in a savings account

well your doubt and your personal experience doesn't change the fact that 16% of them have 100k saved (up 8% in just a couple years) and that 47% of them have 15k saved (up 14% in a couple of years) and that most of them say they are saving.

what do you consider an average life?
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The Admiral posted...

FLUFFYGERM posted...

@The_Admiral

You probably give millennials a lot of flak, but we're not all ignoramus socialist clowns! :D

Millennials are now entering their mid-30s, and that $100K includes retirement savings. That's really pretty pathetic at that point in your life. By that time, your 401(k) or retirement accounts should be at least twice that.

Wow...I've never felt so poor in my life, and I'm middle class with decent savings and investiments, along with a 401k and no debt.

I'm just so pathetic.

I'm 29
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@r4X0r @The_Admiral

You guys raise valid points, but you have to remember that millennials started hitting the job market right when the Great Recession was at its worst throughout 2008 and beyond. It was really tough to find gainful employment and to save.

And you also have to realize that the rate at which these numbers is increasing is pretty extraordinary. I mean, unless you guys are from a generation when the rates were even more extraordinary. <_<
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All I saw there was '1 in 6 millenials has a family that can support them while they work'
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Tupacrulez posted...

All I saw there was '1 in 6 millenials has a family that can support them while they work'

If it really is the case that it is strong nuclear families that are enabling this kind of increase in savings rates, then we should protect nuclear families and enact legislation that empowers them and makes them even stronger. And as a culture we should encourage this.
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The Admiral posted...

Based on their definition, half of millennials are over 30 and 1-in-6 of them are 35 or older. And yet only 1-in-6 have more than 100K in savings, which includes retirement accounts according to the article. That's terrible for adults that age.

The article doesn't want you to think about it critically. It wants to fool you into thinking the system is working despite the massive income inequality.
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Unquestionable posted...

The Admiral posted...

Based on their definition, half of millennials are over 30 and 1-in-6 of them are 35 or older. And yet only 1-in-6 have more than 100K in savings, which includes retirement accounts according to the article. That's terrible for adults that age.

The article doesn't want you to think about it critically. It wants to fool you into thinking the system is working despite the massive income inequality.

The system literally is working. The percentage of the millennial population that has at least 15k saved went from 33% in 2015 to 47% now. What will it be in 2020? 65%? 75%?

The percentage that had 100k saved went from 8% in 2015 to 16% now. What will it be in 2020? 20%? 25%?

And what will the results of these saving/investment practices be in 20 years, after compounding in a dynamic and growing economy? More millionaires and wealthy millennials!
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Asherlee10 posted...

r4X0r posted...

$100,000 isn't a lot of money in terms of savings. If you started funding an IRA at age 18 with the maximum $5,000 annual contribution, it would crack $100,000 of value somewhere between age 31 and 32. And that's just one investment.

I might know 1 person who was able to accomplish that from 18-30. Not saying it doesn't happen, but doesn't seem like a norm.

If I had not purchased a home, and then decided to take it upon myself to be the only income in that home while my fiance attended university, (or perhaps even removing only 1 of those factors), I would easily be able to hit that target.

And I've yet to make more than 35g in a year.

If you aren't going out and buying stupid shit, its very doable.
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Tupacrulez posted...

Asherlee10 posted...

r4X0r posted...

$100,000 isn't a lot of money in terms of savings. If you started funding an IRA at age 18 with the maximum $5,000 annual contribution, it would crack $100,000 of value somewhere between age 31 and 32. And that's just one investment.

I might know 1 person who was able to accomplish that from 18-30. Not saying it doesn't happen, but doesn't seem like a norm.

If I had not purchased a home, and then decided to take it upon myself to be the only income in that home while my fiance attended university, (or perhaps even removing only 1 of those factors), I would easily be able to hit that target.

And I've yet to make more than 35g in a year.

If you aren't going out and buying stupid shit, its very doable.

B-b-b-b-b-b-b-b--b-but the system isn't working!!!!!! We need socialism!!!!!
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FLUFFYGERM posted...

well your doubt and your personal experience doesn't change the fact that 16% of them have 100k saved (up 8% in just a couple years) and that 47% of them have 15k saved (up 14% in a couple of years) and that most of them say they are saving.

what do you consider an average life?

i didnt say i don't believe that 16% have 100k saved up, i just think the vast majority are probably living expense-free with mom & dad and pocketing 95% of their paychecks lol.

for me an average life is paying for normal expenses: rent/mortgage, car insurance, car payments (if applicable), phone bill, utilities, food, commuting bills, shit that comes up in general, etc.

say you're making 100k/yr in manhattan working at an invesment bank, so you take home $64k~, probably half your monthly salary is going towards rent and other bills, so you can save, but realistically that's not the case for most young people.

avg salary for a millennial according to google is $33k/yr, and probably even lower when you consider how limited the age range is of your article (article says 23 - 27, not 18 - 34).

most likely case here is that 1 in 6 of the people they interviewed are working full time making like 50k a year or something, live nearly completely expense free with their parents, take home 40k a year after taxes and after 3 years they have six figures
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The norm should be parents teaching kids to not buy dumb shit. You don't need a brand new vehicle, you don't need a bunch of fancy electronics, you don't need 250 dollar shoes.

Spending habits are a big part of this.
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Romulox28 posted...

i didnt say i don't believe that 16% have 100k saved up, i just think the vast majority are probably living expense-free with mom & dad and pocketing 95% of their paychecks lol.

source?

and even if you're right, what's wrong with that? a lot of cultures do that. (especially families that come from poor countries)

Romulox28 posted...

for me an average life is paying for normal expenses: rent/mortgage, car insurance, car payments (if applicable), phone bill, utilities, food, commuting bills, s*** that comes up in general, etc.

say you're making 100k/yr in manhattan working at an invesment bank, so you take home $64k~, probably half your monthly salary is going towards rent and other bills, so you can save, but realistically that's not the case for most young people.

avg salary for a millennial according to google is $33k/yr, and probably even lower when you consider how limited the range is of your article.

most likely case here is that 1 in 6 of the people they interviewed are working full time making like 50k a year or something, live nearly completely expense free with their parents, take home 40k a year after taxes and after 3 years they have six figures

that's your assumption. need evidence. and even if it's true...so what? if they save up for 3 years and have 100k by the time they want to move out, more power to them for delaying gratification and showing emotional stability like adults should.
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Americans between the ages of 23 and 37

The real title of the article should be "Millennials are getting older"
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Tupacrulez posted...

The norm should be parents teaching kids to not buy dumb shit. You don't need a brand new vehicle, you don't need a bunch of fancy electronics, you don't need 250 dollar shoes.

Spending habits are a big part of this.

Yep. The average monthly car payment now is around $550 without gas/insurance/maintenance. And people are still buying flagship smartphones every year. That's like...$1000 per year for a phone without any data. <_<

If people invested $100 a month into retirement accounts from the ages of 25 to 65 could be $1 million if we expect a 12% average return before inflation.

$650,000 at 10% before inflation.

You can literally have hundreds of thousands in retirement just by skipping the goddam Starbucks every month. And if you double that investment like most millennials should be able to do, you're going to do super well when you're old just from that small monthly commitment.
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theAteam posted...

Americans between the ages of 23 and 37

The real title of the article should be "Millennials are getting older"

The rate at which millennials are amassing more wealth is stunning. At least to me. Maybe Admiral lived in a generation when you could accrue wealth faster but to me its stunning that a population of people who saved six figures could double within a couple years.
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FLUFFYGERM posted...

and even if you're right, what's wrong with that? a lot of cultures do that. (especially families that come from poor countries)

nothing wrong with it inherently, it's just not an impressive statistic if it turns out that a significant number of people in their early/mid 20s have a lot of money saved because someone else is eating the cost for their living expenses.
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Easy to save when you never leave the nest
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