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With the new class in the US (the buried in student debt class) there will be no savings whatsoever. Baby boomers are probably the last generation that saved money. Generation X'ers will inherit the baby boomer wealth and pay off debt and spend it frivolously. Generation Y'ers will never make enough to invest. We're moving more and more towards complete reliance upon the government.
With the new class in the US (the buried in student debt class) there will be no savings whatsoever. Baby boomers are probably the last generation that saved money. Generation X'ers will inherit the baby boomer wealth and pay off debt and spend it frivolously. Generation Y'ers will never make enough to invest. We're moving more and more towards complete reliance upon the government.
Please don't make blanket statements. Maybe some of that is true for an increasing % but there are still LOTS out there that do not meet those descriptions in the slightest.
i started saving for retirement. got a 401K and an IRA. my goal is to save 5-7K a year. yes, i still have student loan debt(13K). i am also saddled with dental bills this year. how do i do it? i know how to budget unlike most americans, especially people my age. they are too concerned with instagram and expensive smartphones and data plans. you can't make ends meet? have a social life? maybe those idiot drinking buddies are costing you too much money. what about that high maintenance girlfriend? dump her and either stay single, find another girl who aint materialistic, or stick to prostitutes(in the long run, they're cheaper) get a second job, cut expenses, or both instead of bitching about declining wages and china and republicans and democrats and obamacare and minimum wage. sell drugs if you can't get a job. stop watching the the dumbed down, domesday, fear mongering, partisan-biased news channels.
With the new class in the US (the buried in student debt class) there will be no savings whatsoever. Baby boomers are probably the last generation that saved money. Generation X'ers will inherit the baby boomer wealth and pay off debt and spend it frivolously. Generation Y'ers will never make enough to invest. We're moving more and more towards complete reliance upon the government.
Speak for yourself, please.
My net worth turned positive when I was 26, four years out of college. I'm not going to hit six figures by 30 or seven by 40 which were my goals but I'm on track to retire before 80. Somewhere in between what I'd hoped and what is necessary to not live on cat food.
My net worth turned positive when I was 26, four years out of college. I'm not going to hit six figures by 30 or seven by 40 which were my goals but I'm on track to retire before 80. Somewhere in between what I'd hoped and what is necessary to not live on cat food.
Look at statistics in this Country, you are the minority.
Look at statistics in this Country, you are the minority.
But you didn't say minority/majority or use any clarifying word. You said there would be no savings whatsoever and then used Gen X and Gen Y with a broad stroke instead of a words like many, several, a large percentage, or most. Big difference (even a big difference between some of those clarifying words).
Look at statistics in this Country, you are the minority.
As I have said in other threads, the problem is the standard that passes for "average" in America is pretty sad.
--68% of Americans are overweight (and then wonder why health care is so expensive).
--33% are obese.
--Americans only save 5% of income, yet there are lower income countries that save much more (like China).
--The average American gets divorced or has a kid(s) out of wedlock.
--The average American blows money on at least on of the following non-necessities: tattoos, piercings, cigarettes, recreational drugs, alcohol, $4 coffees.
With much of the above behavior passing for average, it's no wonder the average American is not doing well financially.
Median earnings for full-time workers for my age group is $40k per year. At $40k per year personal income, it's not that difficult to be saving money. It's not that we're buried in debt and can't get jobs. It's that most people choose not to save what I would consider enough for retirement. That's not unique to millenials.
I have pretty high student loans, borrowed close to $40k between bachelor's and post-graduate certifications. My earnings aren't out of the range of normal. My net worth is that of someone ten years older than I am because of how I manage what I bring in better than most. As far as absolute earnings, I've probably earned less since graduating than most college graduates. I've been out of work completely for over a year, worked part-time for another year, and worked very low paying jobs for a year and a half. I've worked full-time for close to typical salaries for less than half the time since I've graduated. If I'd been making what I make now consistently (which again, isn't out of the range of normal), I would be at six figures for net worth by 30 easily.
Last edited by Malloric; 01-07-2014 at 03:17 PM..
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) get a second job, cut expenses, or both instead of bitching about declining wages and china and republicans and democrats and obamacare and minimum wage. sell drugs if you can't get a job.
stop watching the the dumbed down, domesday, fear mongering, partisan-biased news channels.
