Millenials have $100k socked away (taxes, rates, Florida, Indiana)
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I found this very surprising when I saw the headline. I think most of us think of millenials as being very young, at some point GenXers turned into millenials, at least for the media so now a millenial is up to seems like almost 40 so I'm not really shocked they have some money socked away
The problem isn't the so called 16% of millennials that have 100k stashed away in investments, savings, trust funds, etc. The real problem is the 60% who don't have a dollar to their name and are drowning in debt.
I think a lot of the "Millennials have no money" thing goes back to the immediate aftermath after the Great Recession.
I graduated college in 2010. It took me basically four years to find a professional track job paying $50,000 or more. That was in 2014. I live in a low cost of living area, so my dollar goes farther. I used to work for a Boston based company. Adjusted for COL, my current salary should go to about $120,000 if I lived in the Boston burbs.
Given where I live and the local job market, no, most Millennials aren't doing that well, but the motivated and educated leave areas like this for larger cities.
This. My wife graduated in 2010 as well and was fortunate to jump right into a $50k job, but in the Orlando market, which doesn't get you much from a housing market perspective. They had no retirement plan because it was a small business, and since she was 21 and didn't really consider retirement and was incredibly lucky to land that job, she didn't really save anything.
I've been behind myself as a Gen-Xer as I'm barely at $100k saved in retirement plans at age 42, mainly due to a divorce and losing my shirt in the housing market in the late 2000's. I became debt free again in 2013 and have been making up ground basically from zero since but have been through 2 layoffs in the last 2 years (unrelated to my performance) which is setting me back again.
To someone else's point - young people who have that much saved should consider themselves fortunate, but many haven't really experienced life yet. If they continue to be health and economically fortunate and grow that to where they're in good shape by their early 40's then they'll be in great shape. Some of us had grandiose plans only to have life throw enough curve balls at them to keep those expectations grounded.
I actually spent most of this thread trying to decide if I was a millennial or not (born 1981). If I am, I'm probably at the high end of age for the group.
From what I read, It seems like 1982 is now the common consensus as the earliest year for the start of the millennial generation. I have a few friends that were born in 81/82 and they seem to be a little more solid in their life now and when the recession hit. I don't think the recession fundamental changed their thinking as much as the younger part of the generation. I think people in their late 20's to early 30's got hit the hardest by the effects of the recession from a physiological standpoint in the millennial generation. Those like the poster who's only 24 graduated from high school when the economy was back on the upswing don't really have a recession reference point.
For example, those born in the 80's, I say if your childhood movie was The Goonies, your in the gray are of a GenX/Millennial mixture. If your child hood movie was The Lion King you are solidly in the Millennial Generation. I had know idea about that movie until a few of my, 81/82 birth year, friends mention that as a big childhood movie of theirs.
I'm about to turn 30 so I'm definitely a millennial. If you read these boards you would think we all just graduated high school and are getting our first job. I've been out of my parents house for a decade now and I haven't been back.
I think a lot of the "Millennials have no money" thing goes back to the immediate aftermath after the Great Recession.
I graduated college in 2010. It took me basically four years to find a professional track job paying $50,000 or more. That was in 2014. I live in a low cost of living area, so my dollar goes farther. I used to work for a Boston based company. Adjusted for COL, my current salary should go to about $120,000 if I lived in the Boston burbs.
Given where I live and the local job market, no, most Millennials aren't doing that well, but the motivated and educated leave areas like this for larger cities.
In 2010 I was still making $20k a year. A 401k and having substantial savings wasn't even on my mind at the time.
In mid 2013 I had to cash out on my 401k which was only $4500 and proceeded to be unemployed for the next 9 months. That cost me 10k in credit card debt. I finally got a $20hr+ job in 2014 so I've been able to have a solid footing financially for the last 3yrs which has enabled me to save, pay of my debt and make 401k contributions but I'm not even close to having $100k saved up in different investments,saving accounts, etc and I don't feel bad about it either.
For us things really ramped up for us after 33/35.
My income didn't ramp up all that much, but after I hit 100k in investments, things started to take off (despite the 2008 crash and some bad investing choices on my part).
I actually spent most of this thread trying to decide if I was a millennial or not (born 1981). If I am, I'm probably at the high end of age for the group.
You missed the cutoff by a year. The Millennial birth year starts in 1982.
In 2010 I was still making $20k a year. A 401k and having substantial savings wasn't even on my mind at the time.
In mid 2013 I had to cash out on my 401k which was only $4500 and proceeded to be unemployed for the next 9 months. That cost me 10k in credit card debt. I finally got a $20hr+ job in 2014 so I've been able to have a solid footing financially for the last 3yrs which has enabled me to save, pay of my debt and make 401k contributions but I'm not even close to having $100k saved up in different investments,saving accounts, etc and I don't feel bad about it either.
The sad part is that your experience is more commonplace that what many realize. I have peers that due to student debt, credit card debt, etc. in combination with wages that haven't kept up with the rising cost of living, can't even fathom putting anything significant away in savings much less earn any passive type of income.
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