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

(+) Yeah! (+)

Romulox28 posted...

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.

I don't think it's a matter of being impressive or not impressive. It's a matter of pragmatism. The system works if you make wise decisions. Delaying gratification is one of those wise decisions. And I'm sure you can accomplish these saving goals even if you live with room mates. Rent isn't that expensive unless you live in some shitty city where living in a box costs $4,000 a month.
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100,000 isn't that bad as a young millennial.
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Asherlee10 posted...

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.

I don't disagree, but it isn't the current norm.

I think I might also see something wrong with living just above the poverty line and also sacrificing even more just to save for retirement. It kind of begs the question of quality of life and what's worth it and what's not.

For example, if you were making $36k/year for two people while you were going to school and you were able to save $5000/year for retirement. That's pretty low living conditions.

Take home would be around $29k/year right? So minus $5k, that's $24k/year for 2 people. That seems really harsh.

Depends on where he lives. Where I live, 24k a year for 2 people is very comfortable. You can find awesome 2-bedroom apartments in nice areas for $850 a month. Or a 1 bedroom for even less. If you have two people working (or room mates) you should be able to save money on 24k per year.

Unless you make bad decisions like finance a $30,000 car and buy a brand new phone each year.
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FLUFFYGERM posted...

The system works if you make wise decisions.

Relying on average people making wise decisions seems like a flaw in the system.
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FLUFFYGERM posted...

Romulox28 posted...

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.

I don't think it's a matter of being impressive or not impressive. It's a matter of pragmatism. The system works if you make wise decisions. Delaying gratification is one of those wise decisions. And I'm sure you can accomplish these saving goals even if you live with room mates. Rent isn't that expensive unless you live in some shitty city where living in a box costs $4,000 a month.

you mean "the system works if your parents made wise decisions and can help you get started"

also as a side note, rent is pretty damn expensive when you start getting closer to major job markets. if you want to work in NYC for example, where you'll be making those very high salaries, you are going to be spending a ton of money on housing
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Intro2Logic posted...

FLUFFYGERM posted...

The system works if you make wise decisions.

Relying on average people making wise decisions seems like a flaw in the system.

"Relying on gravity to not pull you down if you jump off a cliff seems like a flaw in the system!!!111"
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Romulox28 posted...

FLUFFYGERM posted...

Romulox28 posted...

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.

I don't think it's a matter of being impressive or not impressive. It's a matter of pragmatism. The system works if you make wise decisions. Delaying gratification is one of those wise decisions. And I'm sure you can accomplish these saving goals even if you live with room mates. Rent isn't that expensive unless you live in some shitty city where living in a box costs $4,000 a month.

you mean "the system works if your parents made wise decisions and can help you get started"

It's certainly important to have a strong nuclear family (which is why it's insane that the left is engaged in a war against the concept of a strong nuclear family). But it's not the only determinant in someone's success.

Like I said to Asherlee, where I live you can easily life a comfortable life and save money on 24k a year. And if you have room mates or two people working, life should be easy mode financially-speaking unless you're shitting away the average $550 car payment each month, $115 on a single phone, etc.
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FLUFFYGERM posted...

"Relying on gravity to not pull you down if you jump off a cliff seems like a flaw in the system!!!111"

Why is your go-to move always to exaggerate your opponent's point and add exclamation marks?
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Romulox28 posted...

also as a side note, rent is pretty damn expensive when you start getting closer to major job markets. if you want to work in NYC for example, where you'll be making those very high salaries, you are going to be spending a ton of money on housing

NYC is an outlier. I work in downtown Chicago and make good money and have extremely affordable rent a 50 minute train ride away. There's more affordable rent closer to the city but I like being out in the suburbs next to the forest preserves and lakes and stuff.
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Antifar posted...

FLUFFYGERM posted...

"Relying on gravity to not pull you down if you jump off a cliff seems like a flaw in the system!!!111"

Why is your go-to move always to exaggerate your opponent's point and add exclamation marks?

To point out how stupid his statement was. Note that his username is Intro2Logic so it's probably a gimmick account where the gimmick is saying absurdly stupid things. <_<
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@Antifar

Why is your go-to move always abandoning your shitty topics when you realize that your socialist angle falls apart under some additional exploration of the articles you link?
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Living with parents is a great way to save money since you avoid duplication of fixed costs when moving out.
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John_Galt posted...

God bless capitalism

I'm about at $75k through savings and investments.
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Communism sucks.
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Asherlee10 posted...

$850/month on rent when you bring in $2000/month is not a good situation.

So many things will take a backseat. Healthy eating, doctor visits, reliable transportation, insurance, etc.

It almost becomes an existential problem.

You can find nice 1 bedrooms or studios for $650 a month. You can have room mates. If your girlfriend/spouse works then you have two incomes for rent.

Healthy eating, doctor visits, reliable transport, etc, are not actually that expensive for two people who are both employed. I live on a tight budget despite making a lot of money (because I want to save and retire young) and I still live very comfortably. If I had a partner with even a minimum wage income, that'd be a lot more money to play with.
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Asherlee10 posted...

Antifar posted...

FLUFFYGERM posted...

"Relying on gravity to not pull you down if you jump off a cliff seems like a flaw in the system!!!111"

Why is your go-to move always to exaggerate your opponent's point and add exclamation marks?

I've noticed this too. It seems rude and inappropriate.

Mockery and pointing out the absurd are valid tactics.

Asherlee10 posted...

FLUFFYGERM posted...

Antifar

Why is your go-to move always abandoning your shitty topics when you realize that your socialist angle falls apart under some additional exploration of the articles you link?

Why are you being so combative?

Eh, not really that combative. It's just a lot of fun sometimes, especially with people who have a history of making ridiculous claims and then not ceding even an inch. And it's worth noting that he asked about my go-to move first, so I asked about his afterwards. I've gone into detail on Antifar's views in many of his topics and he inevitably abandons them lol.
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DragonGirlYuki posted...

Living with parents is a great way to save money since you avoid duplication of fixed costs when moving out.

Yep. And having room mates or living with your partner rather than taking turns staying at each other's place is also great.

MangaFan462 posted...

John_Galt posted...

God bless capitalism

I'm about at $75k through savings and investments.

That's fucking fantastic. Congratulations. Keep it up!

DragonGirlYuki posted...

Communism sucks.

Yep.
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Intro2Logic posted...

FLUFFYGERM posted...

The system works if you make wise decisions.

Relying on average people making wise decisions seems like a flaw in the system.

LOL this is where we are as a society. Personal responsibility is a "flaw in the system."
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Anyway, is no one at all impressed by the percentage increases from 2015 to 2018? Is that not actually impressive?

Six figure savers doubled from 8% to 16% and 15k savers went from 33% to 47%. That's...huge!
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Ugh, millennials....
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That feeling when Admiral says 100K in retirement is pathetic and you only have 30K. >_>
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If you don't have a months worth of income for unexpected expenses than that is your own personal failing.
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DragonGirlYuki posted...

If you don't have a months worth of income for unexpected expenses than that is your own personal failing.

An emergency surgery can easily exceed 15k if you have no or shitty insurance

CapnMuffin posted...

That feeling when Admiral says 100K in retirement is pathetic and you only have 30K. >_>

By your mid-30s? Yeah.
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It is the risk you take if you don't want to pay for insurance. Can't have your cake and eat it too.
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Asherlee10 posted...

1 bedroom with roommates? Also he said it was 1 income for 2 people. I think the details of that scenario is important because he was sacrificing so much. Which is why I think this becomes an existential issue.

With 1 income of 29k, you could live comfortably where I am. It would require delaying some nice things (can't finance a new car, can't have a flagship smartphone, etc) but you'd have plenty of food, a set of wheels, a nice place, etc.

It's hardly a sacrifice, to be honest.

Asherlee10 posted...

want to agree with you, but I don't think it works that way in reality.

I received a mouth injury (unexpected) and needed an emergency root canal and crown. I do have insurance but still have to pay about $2k out of pocket. I'm lucky about my financial situation that I can easily afford that expense suddenly. But when $2k is your entire month's income, you'd be f***ed.

There are programs in Illinois that will cover most or all of the cost if that was to happen to someone here. And you can work with the hospital to set up a payment plan for a reduced principle. My sister in law went to the emergency room and they first quoted her 4k but then she got it reduced to 1400 and set it up on monthly payments. They don't make that much, maybe 35k combined, but they live comfortably and could save if they wanted to.
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Rexdragon125 posted...

An emergency surgery can easily exceed 15k if you have no or s***ty insurance

Yeah but there are programs that will cover most or all of the cost if it's an emergency and you can't afford it. Asherlee10 posted...

FLUFFYGERM posted...

Mockery and pointing out the absurd are valid tactics.

It is completely unnecessary. Why even do that?

Nah. It's the only way to point out how wrong some boneheaded people are. It's astoundingly effective. Pro-tip: If you don't like it, don't say something that is utterly ridiculous if it gets framed from a different angle.
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The Admiral posted...

CapnMuffin posted...

That feeling when Admiral says 100K in retirement is pathetic and you only have 30K. >_>

By your mid-30s? Yeah.

I got a friend who says he wants a new car and his budget is a payment of $600 a month. He is in his late 30s and he won't even say the budget in terms of price. I get a feeling he has no savings at all.
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DragonGirlYuki posted...

The Admiral posted...

CapnMuffin posted...

That feeling when Admiral says 100K in retirement is pathetic and you only have 30K. >_>

By your mid-30s? Yeah.

I got a friend who says he wants a new car and his budget is a payment of $600 a month. He is in his late 30s and he won't even say the budget in terms of price. I get a feeling he has no savings at all.

That's because people are unbelievably bad with their money nowadays. That's why I'm so happy to see that millennials are making progress at a fast rate.
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I have $200 right now. I'm 30. I make $32k a year
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Yeah he is going to get ripped off at a dealership since it is easy for them to fudge the numbers if you are fixated on payments.
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It is impressive if so many people have a lot of savings because they live with their families.

Why? Because it means the mentality that you ave to move out as soon as you turn 18 is ending, and that families are getting stronger.
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FLUFFYGERM posted...

With 1 income of 29k, you could live comfortably where I am. It would require delaying some nice things (can't finance a new car, can't have a flagship smartphone, etc) but you'd have plenty of food, a set of wheels, a nice place, etc.

kind of funny that you're touting how affordable it is to live in illinois when it has the most prohibitively expensive property tax in the entire country.

and when it comes to renting: monthly payments are the highest in 30 years, median rent has doubled in the last 20 years, etc (http://time.com/money/4830674/rent-afford-increase-prices/)

if i dont get to use personal experiences to get a point across then you shouldn't either lol
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Damn_Underscore posted...

It is impressive if so many people have a lot of savings because they live with their families.

Why? Because it means the mentality that you ave to move out as soon as you turn 18 is ending, and that families are getting stronger.

Exactly.

Romulox28 posted...

FLUFFYGERM posted...

With 1 income of 29k, you could live comfortably where I am. It would require delaying some nice things (can't finance a new car, can't have a flagship smartphone, etc) but you'd have plenty of food, a set of wheels, a nice place, etc.

kind of funny that you're touting how affordable it is to live in illinois when it has the most prohibitively expensive property tax in the entire country.

and when it comes to renting: monthly payments are the highest in 30 years, median rent has doubled in the last 20 years, etc (http://time.com/money/4830674/rent-afford-increase-prices/)

if i dont get to use personal experiences to get a point across then you shouldn't either lol

Property tax bones the people with mortgages. If you're renting you should be fine for now. You can literally use Zillow to find comfortable housing situations and see that it's not just my personal experience.
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I never got the appeal of home ownership. You are pretty much tying your wealth in an illiquid asset and taking on a lot of debt. It is also hard to move if you happen to find a better job elsewhere.
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DragonGirlYuki posted...

I never got the appeal of home ownership. You are pretty much tying your wealth in an illiquid asset and taking on a lot of debt. It is also hard to move if you happen to find a better job elsewhere.

There are benefits. But I agree. I've been changing my perspective on home ownership, especially in Illinois due to the astronomical property taxes.
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Romulox28 posted...

if i dont get to use personal experiences to get a point across then you shouldn't either lol

But you don't understand he's being positive and showing how God, Guns, and Capitalism are always right!
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Unquestionable posted...

Romulox28 posted...

if i dont get to use personal experiences to get a point across then you shouldn't either lol

But you don't understand he's being positive and showing how God, Guns, and Capitalism are always right!

You've been utterly demolished in this topic, to the point of abandoning your arguments entirely. Please stop posting lmao. Also, tagged you appropriately.
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If you have a huge mortgage you are still paying rent in the form of interest. Only difference is your landlord is the bank.
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DragonGirlYuki posted...

If you have a huge mortgage you are still paying rent in the form of interest. Only difference is your landlord is the bank.

but you're still building equity, especially if you're putting extra payments against the principal
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DragonGirlYuki posted...

If you have a huge mortgage you are still paying rent in the form of interest. Only difference is your landlord is the bank.

That's why you shouldn't buy a home unless you can put down a large enough down-payment so that a large amount of each monthly payment is interest.

Or, if you put down a small down payment, make sure you make regular principle-only payments so you pay it off fast.
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Asherlee10 posted...

FLUFFYGERM posted...

Asherlee10 posted...

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.

I don't disagree, but it isn't the current norm.

I think I might also see something wrong with living just above the poverty line and also sacrificing even more just to save for retirement. It kind of begs the question of quality of life and what's worth it and what's not.

For example, if you were making $36k/year for two people while you were going to school and you were able to save $5000/year for retirement. That's pretty low living conditions.

Take home would be around $29k/year right? So minus $5k, that's $24k/year for 2 people. That seems really harsh.

Depends on where he lives. Where I live, 24k a year for 2 people is very comfortable. You can find awesome 2-bedroom apartments in nice areas for $850 a month. Or a 1 bedroom for even less. If you have two people working (or room mates) you should be able to save money on 24k per year.

Unless you make bad decisions like finance a $30,000 car and buy a brand new phone each year.

$850/month on rent when you bring in $2000/month is not a good situation.

So many things will take a backseat. Healthy eating, doctor visits, reliable transportation, insurance, etc.

It almost becomes an existential problem.

Get roommates?

This shouldn't be so difficult.
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MangaFan462 posted...

Asherlee10 posted...

FLUFFYGERM posted...

Asherlee10 posted...

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.

I don't disagree, but it isn't the current norm.

I think I might also see something wrong with living just above the poverty line and also sacrificing even more just to save for retirement. It kind of begs the question of quality of life and what's worth it and what's not.

For example, if you were making $36k/year for two people while you were going to school and you were able to save $5000/year for retirement. That's pretty low living conditions.

Take home would be around $29k/year right? So minus $5k, that's $24k/year for 2 people. That seems really harsh.

Depends on where he lives. Where I live, 24k a year for 2 people is very comfortable. You can find awesome 2-bedroom apartments in nice areas for $850 a month. Or a 1 bedroom for even less. If you have two people working (or room mates) you should be able to save money on 24k per year.

Unless you make bad decisions like finance a $30,000 car and buy a brand new phone each year.

$850/month on rent when you bring in $2000/month is not a good situation.

So many things will take a backseat. Healthy eating, doctor visits, reliable transportation, insurance, etc.

It almost becomes an existential problem.

Get roommates?

This shouldn't be so difficult.

Apparently having room mates is almost an existential problem lol
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You are still building savings if you put your money into the stock market.
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DragonGirlYuki posted...

If you have a huge mortgage you are still paying rent in the form of interest. Only difference is your landlord is the bank.

True but that rent will go down over time whereas actual rent will only remain the same or go up over time.

Plus, the landlord can boot you out even if you're making payments if they decide to sell the building or something. A bank can't do anything if you're making your payments (nor do they want to do anything).
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