Current Events > A quarter of Millennials have $100,000 saved.

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spudger
01/30/20 3:54:10 PM
#51:


SK8T3R215 posted...


She should be investing a chunk of that instead of leaving it sit there earning nothing...

he said shes buying a house. if thats the case the bank needs to see that available cash, not funds tied up in investments.
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PrettyBoyFloyd
01/30/20 3:57:16 PM
#52:


Hell I'll be dead before retirement age and I don't want anyone else get my money if I saved.

Might as well spend it while you can before others start dipping into it.

Unless one is looking to retire in their 40s.

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SK8T3R215
01/30/20 3:57:22 PM
#53:


spudger posted...
he said shes buying a house. if thats the case the bank needs to see that available cash, not funds tied up in investments.

?

ETFs are hard to liquidate now?

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Slaya4
01/30/20 3:58:20 PM
#54:


spudger posted...
he said shes buying a house. if thats the case the bank needs to see that available cash, not funds tied up in investments.

Exactly. Somebody on this board knows how's to work the system. Give credit to where credit is due.

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krazychao5
01/30/20 4:02:09 PM
#55:


Slaya4 posted...
She doesn't want to do that. She'd rather save for our house. Considering she's debt free and will have 100k in her savings account by year end at 24 is great. Don't know what you're talking about tbh and besides building wealth through real estate is way better than any 401k.
You can save for a house and invest at the same time. Do you at least put that money in a high yield saving account? Please don't have it in a checking or regular savings otherwise y'all just pissing away money. There is no reason to have that much cash on hand. Sure, buy a house. But you don't need to pay 100% of the house in cash (it's a bad investment decision) and you should have that money be working for you. You can invest and save at the same time. You guys are really shooting yourselves in the foot, but hopefully she is getting 2% interest on that at the minimum.

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Slaya4
01/30/20 4:05:30 PM
#56:


krazychao5 posted...
You can save for a house and invest at the same time. Do you at least put that money in a high yield saving account? Please don't have it in a checking or regular savings otherwise y'all just pissing away money. There is no reason to have that much cash on hand. Sure, buy a house. But you don't need to pay 100% of the house in cash (it's a bad investment decision) and you should have that money be working for you. You can invest and save at the same time. You guys are really shooting yourselves in the foot, but hopefully she is getting 2% interest on that at the minimum.

This isnt my money this is her money. I already told her about all these options that you guys are pressing onto me. All I'm saying having 100k in liquid savings isn't something that should be downplayed as various poster are doing right now.

I've already advised her on putting it into a decent savings account which she has.

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dameon_reaper
01/30/20 4:06:15 PM
#57:


pffft, I hardly have 2 grand saved...
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Caution999
01/30/20 4:06:37 PM
#58:


spudger posted...
he said shes buying a house. if thats the case the bank needs to see that available cash, not funds tied up in investments.

Wouldn't surprise me if they did. When I bought a house, they basically got everything on my records except a vial of my blood...and I'm sure they probably wanted that, too.

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krazychao5
01/30/20 4:07:37 PM
#59:


Slaya4 posted...
This isnt my money this is her money. I already told her about all these options that you guys are pressing onto me. All I'm saying having 100k in liquid savings isn't something that should be downplayed as various poster are doing right now.

I've already advised her on putting it into a decent savings account which she has.
You sound like my friend and his wife. It was tough to convince them that debt is not necessarily bad and that they should use their savings to make them more money. Sometimes you need to bust out charts and statistics to show just how much money is being wasted.

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Squall28
01/30/20 4:07:54 PM
#60:


Not all of us are dumb with money.

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Slaya4
01/30/20 4:21:36 PM
#61:


krazychao5 posted...
You sound like my friend and his wife. It was tough to convince them that debt is not necessarily bad and that they should use their savings to make them more money. Sometimes you need to bust out charts and statistics to show just how much money is being wasted.

Yeah, she's the saver, I'm the investor. I've just come to terms with that. It took an arm and a leg to try and have her transfer her money from an lolnavyfederal savings account to lolnotsomediocre savings account. She's the type of person, if it's not convenient to do, she's not going to do it.

My money isn't liquid and is tied up in real estate/stocks/crypto and is more or less the same value as hers if not more. Don't care to add up all my worth tbh.

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SK8T3R215
01/30/20 4:28:11 PM
#62:


Slaya4 posted...
My money isn't liquid and is tied up in real estate/stocks/crypto

2 of these can be liquidated very easily...

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Slaya4
01/30/20 4:33:59 PM
#63:


SK8T3R215 posted...
2 of these can be liquidated very easily...
...which is taxable not sure what you're trying to argue at this point.

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fan357
01/30/20 4:45:24 PM
#64:


Im 33. All my accounts combined Im almost at 230k. Id like to think Im doing decent.

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SK8T3R215
01/30/20 4:58:04 PM
#65:


Slaya4 posted...
...which is taxable not sure what you're trying to argue at this point.

You said they were illiquid which they aren't... So uh yeah that's the point.

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#66
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apocalyptic_4
01/30/20 5:13:34 PM
#67:


If I really wanted I could save double that by 41 if not more especially if your contributing to a company match retirement fund that should be more than feasible.

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DevsBro
01/30/20 5:14:15 PM
#68:


I couple of months ago, I got a check for $117k.

I spent it the next day though lol.

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Darmik
01/30/20 5:15:25 PM
#69:


DevsBro posted...
I couple of months ago, I got a check for $117k.

I spent it the next day though lol.

I get checks higher for that amount all the time.

Unfortunately I need to deposit them into the customers account.

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AngelsNAirwav3s
01/30/20 5:20:51 PM
#70:


SK8T3R215 posted...
You said they were illiquid which they aren't... So uh yeah that's the point.

Plus savings account interest is taxed the same as your regular income too... so... not sure what he was talking about taxes either

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Krojen
01/30/20 5:30:25 PM
#71:


emblem boy posted...
Options or shares?
Both. I bought hundreds of shares when it dropped below $200 last year. Back when every joe was all smug with insider sources saying it was time to cut bait and sell.

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spudger
01/30/20 5:31:33 PM
#72:


Krojen posted...

Both. I bought hundreds of shares when it dropped below $200 last year. Back when every joe was all smug with <u>insider sources</u> saying it was time to cut bait and sell.

nice.

i remember that time. "they are going under!" lol
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emblem boy
01/30/20 5:36:33 PM
#73:


Krojen posted...
emblem boy posted...
Options or shares?
Both. I bought hundreds of shares when it dropped below $200 last year. Back when every joe was all smug with <u>insider sources</u> saying it was time to cut bait and sell.


Damn, nice.
I missed out on that shit. Not too late though i guess
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tigerslashII
01/30/20 6:33:19 PM
#74:


I have about $8k in retirement and another $4k in my checking and emergency fund. I have student loans and a car loan though the interest is so low on those I'm only making minimum payments, shoveling everything else either into retirement accounts or other investment vehicles.

Buying a house just always seems out of my range though. If I scrimp and save I can put maybe $800 a month away after rent and all that. It's gonna take forever to get a downpayment.

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DevsBro
01/30/20 6:45:43 PM
#75:


tigerslashII posted...
I have about $8k in retirement and another $4k in my checking and emergency fund. I have student loans and a car loan though the interest is so low on those I'm only making minimum payments, shoveling everything else either into retirement accounts or other investment vehicles.

Buying a house just always seems out of my range though. If I scrimp and save I can put maybe $800 a month away after rent and all that. It's gonna take forever to get a downpayment.
Nicely done bro.

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Heineken14
01/30/20 6:46:18 PM
#76:


I figured this was combined.
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DrizztLink
01/30/20 6:47:46 PM
#77:


Like, a quarter of us have a grand total of 100k in savings?

Because I'd believe that.

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Tony_Biggie_Pun
01/30/20 6:48:38 PM
#78:


Wow that's actually really great. They should use it to buy land or gold
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tigerslashII
01/30/20 7:03:32 PM
#79:


DevsBro posted...
Nicely done bro.
No sure if trolling

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TheBiggerWiggle
01/30/20 7:07:19 PM
#80:


This is fake news. The oldest millennials turn 36 or maybe 37 this year. 41 is younger gen X.

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SocksForWok999
01/30/20 7:10:18 PM
#81:


Financial differences between millennials and boomers are quite exaggerated tbqh

Just being frugal can get you pretty far.

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BigTee66
01/30/20 7:20:23 PM
#82:


The most i had was 1500, for a car and apartment


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SocksForWok999
01/30/20 8:41:28 PM
#83:


CruelBuffalo posted...
Is this liquid cash or like their savings/401k/etc?

Theres no reason to differentiate these for this study.

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cerealbox760
01/30/20 9:19:49 PM
#84:


25% of millennials have $100,000 saved and 75% of millennials dont. It would be nice to separate late-millennials with early-millennials to see how they compare.

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#85
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spudger
01/30/20 9:31:27 PM
#86:


cerealbox760 posted...
25% of millennials have $100,000 saved and 75% of millennials dont. It would be nice to separate late-millennials with early-millennials to see how they compare.


Agreed
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#87
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AngelsNAirwav3s
01/30/20 10:09:35 PM
#88:


Mr Hangman posted...
This seems to wildly conflict with reporting about savings from only a few years ago.

https://www.marketwatch.com/story/most-americans-have-less-than-1000-in-savings-2015-10-06
https://usatoday.com/story/money/personalfinance/2016/10/09/savings-study/91083712/

The original article is literally comparing the age group from 2018 to now lol

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#89
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AngelsNAirwav3s
01/31/20 1:48:27 AM
#90:


Mr Hangman posted...
And their numbers for 2018 seem out of whack too. It claims 16% had more than $100,000 in savings then. The reports I cited claim only 15-17% had more than $10,000, and gives no figure for more than $100,000 but presumably it would be quite a bit less. Something ain't right.

Ah I looked at the articles you posted, makes sense. The original article is referring to money saved, including retirement accounts like a 401k.

The articles you posted refers strictly to cash on hand in an actual savings account.

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RyuVegas
01/31/20 1:51:49 AM
#91:


Eh Im just a part of the 75% then.

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Trumpo
01/31/20 2:00:48 AM
#92:


If you're netting 50k a year that figure is reachable in less than 5 years with some aggressive budgeting.
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Compsognathus
01/31/20 2:31:05 AM
#93:


AngelsNAirwav3s posted...
More than half regularly check account balances or track their expenses, and 46% pay their credit cards in full each month, according to the study. Nearly 40% have boosted their credit score in the past year.

This is a lot more concerning to me, how is "regularly checking account balances" not close to 100%?? Less than half the people pay off their credit cards each month? The fuck is everyone doing?? lol
I'm honestly terrible about this. Like, I know how much I make and I roughly know how much I spend and it is generally less than that.

And it isn't that I don't know how to track my finances. I'm a CPA. I just don't really need to as a well-paid single dude with no debt.

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Rika_Furude
01/31/20 2:39:35 AM
#94:


Im 26 and im almost 40% of the way there

Kinda helps to not buy a house and to not drive any car made this millenium. Fuck the boomers who raised the prices of houses and cars to outrageous extremes

41 year olds arent millenials lmao

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jmikla
01/31/20 3:04:42 AM
#95:


My millennial offspring has >100k because I saved it for them. And 31-41 is not even close to millennial.

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GROWNFOLKS
01/31/20 7:18:20 AM
#96:


Makes sense. Lots of people come from extreme wealth and privilege. Easy to stack up when mom and pop foot the bill for everything.
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1337toothbrush
01/31/20 7:30:46 AM
#97:


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Machete
01/31/20 7:53:53 AM
#98:


TheBlueMonk_ posted...
i have like 20 bucks in japanese yen i didn't use.

i have that.


Don't you also have like several dozen Super Octuple Platinum Ultra Premium credit cards with like a trillion dollar limit on each one? I thought you were the one who always makes topics about those...
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NatsuSama
01/31/20 8:17:27 AM
#99:


I'm stuck on that age range.

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VTBM
01/31/20 8:29:42 AM
#100:


Who the hell are they polling?

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