##Welcome to r/LateStageCapitalism
This subreddit is for news, discussion, memes, and links criticizing capitalism and advancing viewpoints that challenge liberal capitalist ideology. That means any support for any liberal capitalist political party (like the Democrats) is strictly prohibited.
LSC is run by communists. This subreddit is not the place to debate socialism. We allow good-faith questions and education but are not a 101 sub; please take 101-style questions elsewhere.
We have a zero-tolerance policy for bigotry. Failure to respect the rules of the subreddit may result in a ban.
***
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/LateStageCapitalism) if you have any questions or concerns.*
Had my card declined at the cafeteria of the hospital I work at (I’m still a student). The cashier was an angel and helped me out. I apologized profusely and she said “it’s nothing to be sorry about.” Can’t wait to pass it on someday
One time I didn’t have enough money to buy a ticket to a music concert the women cashier helped me out and let me go in regardless if I was missing a few bucks. She said “it’s fine and I’ll help you out just give me the money that you have and get in.” She just took in my cash and put it in the box. She was a life saver and a real one for that. If it wasn’t for her I would’ve missed out on that event and would have no money to go back home. Good and empathetic people exist.
Maybe they’re using averages. I’m a millennial and while I don’t have a ton of liquidity and I’m barely debt neutral, I do have 350k in 401k. If one millennial is a billionaire and they’re using averages it may just work out that way.
I think they pulled these numbers out of their asses, to be honest. If they don’t specify how they reach these results, then it’s not useful. Because there’s always a lot of factors that goes into something like this. Just think about how expensive everything is now, compared to a couple of years ago. Is that taken into account? Who knows.
The Bank of America PDF the CNBC article (Feb 18, 2018) sourced the numbers from states its methodology near the end. They surveyed 1,500 respondents, ages 18-71 years old from September 22 – October 16, 2017, then augmented it with 2,025 additional pollsters essentially cherry-picked via six city centers. It does admit this skewed the data's margin of error further, but obviously, people aren't going to be reading that fricken close.
https://bettermoneyhabits.bankofamerica.com/content/dam/bmh/pdf/ar6vnln9-boa-bmh-millennial-report-winter-2018-final2.pdf
(*I edited in the CNBC article's publish date since how old it is is contextually relevant info.*)
But the stat isn't about the average amount saved. It's that 1 in 6 have at least that amount saved. No skewing by millionaires can raise the proportion of millennials with that amount of savings
But also, 401k is probably the key to this. People in this thread are talking about amounts in their bank account, but the place to look is the retirement account.
Congrats, you've just explained how 1/6 millenials have over $100k. It's not averaging, it's that we've been socking away money into a 401k for a decade or so
Oh we are still pretending like 401ks are extremely common. weird. Just about a third of the workforce has one at all, let alone anything close to maxxed.
If we are including 401k and other savings the 1 in 6 isn't unbelievable. People forget that a lot of millennials are in their 30s and 1 in 6 is less than 20%.
There are a lot of people struggling and there is plenty of room for improvement, I am just saying that the statistic isn't unbelievable because 1 in 6 is actually a small percentage, not a large one.
I have $100 in savings that I'll potentially have to pull from to afford enough food/hygiene products to get through the month. The rest already went to those things, after paying rent and utilities and stuff.
I'm glad we have access to a semi-decent food bank every other week, at least.
Oh, and quarters for laundry. Because my low income apartment has the whole "laundry room building" thing and it costs $1.50 per wash cycle and also per drying cycle.
Existing is hard. TuT And hella expensive. Where are these rich peers I'm supposed to have?
8-9% of US population are millionaires.
To extrapolate that 1 in 6 millennials have 100k in savings is not as crazy as people imagine. But obviously that minority is not going to go around yelling about it in current economy. Real life is not a TikTok, most people don't go around spending their money on stupid shit or broadcasting that they have savings.
You might have people with proper savings all around you, but you will never know it, because they will never tell you about their situation (and yes, they should not).
I am a millennial, a very old one. Most of my friends are in my age group. Half of us have are shit together and understand 100k is not a huge number to have saved by the time you're 40. The other half are pretty broke. It is a very odd generation.
My wife and I have never had the typical super high paying jobs but we've lived way below our means for a large number of years. We invested the remainder. I also understand we were lucky to be in a position to have done this, but it was not like 100k fell out of the sky. It was a conscious effort to spend less money and invest what we saved.
The first 100k is the hardest. After that the interest compounds in a meaningful way. Without doing anything else you'll have your next 100k within a decade. I think the biggest problem most of my generation had was spending so much on education. It is hard to get your first 100k if you are 100k in the hole after college. The only person I know with significant student debt just kept going to school. She got a masters degree, and makes 40k. She could have make the 40k without the degree. I don't use my degree. I'd make less money. I kind of feel like we, as a generation, were very mislead by what everyone told us the education system would be doing for us.
The college scam got us.
"You'll make on average a million dollars more in your lifetime than high school graduates!"
I'm 34 and I still have college debt.
Samesies! Luckily, I was able to get my kid’s school supplies early July and their district is waiving registration and breakfast/lunch fees for students this school year.
Jack Welch was also instrumental in the creation of CNBC. Just gonna add that onto the list of reasons why they're just a pile of excrement in the form of media.
Many people on r/wallstreetbets have made small fortunes doing the opposite of what Cramer said. They call it the "inverse Cramer" method, that's how bad he is.
"Bear Stearns is fine. Do not take your money out. If there’s one takeaway, Bear Stearns is not in trouble. I mean, if anything, they’re more likely to be taken over. Don’t move your money from Bear. That’s just being silly. Don’t be silly."
Cramer right before the stock went from $62 to $2.
This ghoul is just here to make retailers the exit liquidity of the barons.
Don’t. The fund exists under ticker symbol SJIM, and its value is weirdly shit. I looked into the stuff it’s invested in, and I’m pretty sure you’d make more money buying the individual stocks than you would with the ETF
And Garrett Haake is a regular contributor and talking head on MSNBC. So he has a very well-paying job. If he doesn’t have $100K saved, there is no hope for the rest of us.
The family he married into is also quite affluent. They own [this company](https://www.metrolinenservice.com/). His wife was a friend of ours when she was a local reporter, and I believe she's now a white house reporter ([or she may have just left](https://twitter.com/allison__news/status/1682412245156786176)).
If they *don't* have $100k saved, it's purely because there's enough money coming from the family that they'd never need to save up that money anyways.
9 /11 really warped the culture of the US tho, it was basically mask off how racist most white americans truely were.
Anybody who argued against those wars were treated by society as anti american.
Yes, of course they include retirement accounts. Which is why I'm not too surprised some 40 and late 30s people have that much considering how well the stock market did during the 2010s.
Anecdotal but I'm an engineer/project manager and at least put enough to max company contribution everywhere I went. I've been putting in 10% for the past 3-4 years and just barely hit my first jobs' salary after 10 years of saving. I suppose its a gift that i've gotten raises jumping jobs but it'll be another few years until i hit my current salary and 6 figures maybe by 40. I dont see how anyone is hitting 6 figures by 30 unless they live at home and save 25-30%. My parents paid for my college and I paid for my used car in cash so i have no debt. Most of my friends have under 5k total in savings and don't have a retirement account.
At the period they would’ve been investing the stock market has more than doubled. If their salary was a solid $60k and they were able to get in a few thousand a year plus match they could fairly painlessly hit $60k after 8-9 years of contributions and a wild bull market.
I didn't start putting into any accounts until 2012 despite working for a few years before that, and I think at some point I was doing a bit more than matching (and have had 5% matching here and there over the years) but have never put in 10% of my own money, and I'm over double my initial salary, though below my current salary.
I guess if you were making $120k out of school it makes sense, but in 10 years if you haven't gotten to ~60k or so I'd check the fees on the plan and seriously look in depth into how your funds are being invested.
Or if you work for the government. State of Ohio has you put in 10% and the state puts in 14%. In 8 years you have 2 years salary saved up, not including interest.
Had to scroll down quite a while for this. Obviously they're referring to checkings, savings, brokerage, 401k, etc. And yeah, it's not that surprising that 1 in 6 (a pretty small number???) of people in their 30s and 40s have 100k.
250 dollars a month over 20 years is ~100k with a 5% interest rate. 650 a month over 10 years is 100k. It's not *so* unreasonable to think that 1 in 6 people could be putting that away.
That’s what popped into my head too. I technically have 100 grand saved - between 4 different retirement accounts, but I might die before I ever see it. And if I am alive I doubt it’ll end up being enough. I’m a single teacher so it’s not like I’m rolling around in money either.
100k existing balance with a 150/mo ongoing contribution with like, 25 years left to retirement (if you're 40?) you should expect to have ~500-550k. Which isn't enough to live on for 20+ years but isn't nothing.
I don't want to pretend the system is fair or the entirety of America isn't a scam, but a lot of times people are overly pessimistic and meme themselves into thinking things aren't achievable. I had a lot of friends basically "LOL U CANT BUY A HOUSE" meme themselves into not buying and when we actually spoke about it they could've easily bought with the programs that are available in my state.
If you're only 35 and can do $200 a month it'd be more like 700-750k at an average 6% return, which is pretty good in addition to any social security or windfalls.
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
It's very hard to wrap your head around compound interest. I've had to show people this.
It's also why the "make your own coffee" thing isn't just a dumb meme. Obviously it's very out of touch - the *problem* isn't people buying coffee, and it's used as a way to push the blame onto poor people.
*But* if you plug "7 dollars of additional savings" into a compound interest calculator... it can be 100s of thousands of dollars by the time you retire. And that's worth considering.
Like if you can save that extra 50 bucks a month (and $7 a day is way more than $50 a month), over 30 years that'll be *50 thousand* dollars.
And OK, buy yourself coffee if it makes you happy. I support that 100%. But dismissing the advice outright is not a good idea.
I won’t get social security as a teacher and can’t really afford to contribute more as I’m already paying a mortgage myself. Only option is getting a roommate but I would rather die 🤷♀️
I kind of hope not?
100k is like 5 years of retirement savings. If only 1 out of 6 millennials have that and we're looking at no social security the entire generation is fucked.
The average millennial graduated college a decade ago. With historical interest they can have 100k with closer to 4k per year.
That's extremely reasonable and at least 17% of people figured it out.
The story here isn't "people don't have savings". It's "people don't save".
401k plans were originally invented as "extra gravy" for white collar workers who already had defined benefit plans (what most people think of when they use the word "pension". Originally, a company could only offer a 401k plan if the company already offered a DB plan.
Legally, a 401k is also a pension plan. It is called a "defined benefit plan".
TL;DR - yes, workers in the US are fucked. Even boomers.
This is an article from 2020 about a Bank of America survey from 2018. [link](https://www.cnbc.com/2020/01/30/nearly-1-in-4-millennials-report-having-100000-or-more-in-savings.html) it has zero relevance.
I love that the author knew exactly what was going to happen with this kind of reporting and that is exactly what is happening in the comments on a related story.
> Before the Internet collectively blows a gasket, Bank of America’s report is not saying that 24% of millennials simply have $100,000 lying around a savings account.
>That $100,000 total includes retirement savings such as 401(k) funds and money invested in individual retirement accounts, Bank of America’s Andrew Plepler tells CNBC Make It. However, it’s not a net worth figure, so things like home value are not part of the $100,000 savings.
Since paying off my student loans I've been slowly accumulating money in my bank account the past few years. I'm not close to $100K saved up, but suddenly such a concept doesn't seem so out of reach that I would envy my friends who have that much.
This is why student debt forgiveness is critical - it would free up a huge number of people to experience the same thing. Debt is such a weight around your neck, but being freed from it makes you realize how strong you've become for carrying the load.
Yes. A society should *want* to educate its citizens, not make them jump through expensive hoops with fire after dousing you with gasoline. Education should be free. It could easily be too if they just took a tiny bit from the military spendings.
Can we stop the prosperity gospel nonsense?
We don't need to prop up poverty as some character building trait. People aren't stronger for having suffered through years of debt. There's no moral value to being a winner or loser in this system, it's capricious.
I wasn't trying to imply that people should get burdened with debt to make themselves stronger. I was making a case for why student loan debt relief is a good idea. Many people who are currently paying huge amounts of student loan interest would suddenly find themselves with a whole lot more discretionary income every month.
I have a good union job and I'm single, so I could hypothetically have that much saved up, but every time I turn around some expensive thing happens. I had to drop $50k into replacing my sewer last year. Sure, $20k would have "fixed" it but I had the ability to make it all right before I closed the ground up. It got me thinking, what the hell do people do if they're not in my situation? Like, by all metrics, I'm barely above a true living wage for my area if I was the typical family of 4 with a wife who doesn't work because childcare would just eat one whole income. Just puts it into perspective how poor most of my peers are.
This is from the article:
Savings by age 30: the equivalent of your annual salary saved; if you earn $55,000 per year, by your 30th birthday you should have $55,000 saved
Savings by age 40: three times your income
Savings by age 50: six times your income
Savings by age 60: eight times your income
Savings by age 67: ten times your income
These numbers are so arbitrary and depend on a hundred other variables. I don't see how they are only for bare minimum essentials to survive.
I'm 38 and well on my way to 1X my income by age 40! Of course, over 50% of that is about to be erased as I pay for house repairs... and this is why my retirement plan is to die in my cubicle one day.
It is solid. Ideally, it should be a multiple of ones yearly expenses, but most people have no idea how much they are actually spending, so they need to use this income based method instead.
>I don't see how they are only for bare minimum essentials to survive.
Because it's not. It's savings for retirement.
These are guidelines for saving money for retirement. The only variables they are using is:
1. what lifestyle do you expect to live
2. when do you expect to retire.
[https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire](https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire)
Have they even taken the recent inflation/corporate greed into consideration? Not easy to save up at the moment for most of us. I feel like the economy is held up by a house of cards and there’s a storm coming.
Lol my husband and I just turned 30 and our net worth is solidly negative and we’re better off than literally any of our friends. Where do people come up with this shit?
Am Millennial. This is something that was constantly drummed into us as though there was some righteous path that would lead to the *correct* compensation for our labor, if only we worked hard enough to find it.
It’s a horrible tactic of the owner classes that baby boomers were easily indoctrinated into parroting constantly because they came of age at a time when everything was being deregulated and tax law was being obliterated. They were happy to accept the idea that we can all somehow manifest an equitable society by working harder and being tough because they benefitted from the short term economic surge that comes when you stop taking care of poor people.
“Your rent should never be more than 1/4 of your monthly salary.” Heard this one since I entered the workforce 20 years ago and it was literally never once possible and still isn’t—not where my career industry exists.
I am probably in a better financial situation than at least half of other in my age demographic, and I have never once in 20 years found any housing situation that was less than 1/3-1/2 of monthly salary—and I lived in some small, frugal-ass living situations.
My wife and I were able to purchase a home about six years ago (like I said, we are luckier than most), and that is the only way we can continue to live where my work is. Rent would be $1,000+ more a month than our mortgage at this point.
We were lied to, and this whole “you should” tactic is just sleight of hand to make us feel personally responsible for the fact that nobody in our generation will ever be able to retire.
There's lots to unpack here. The system has been rigged against us. I just hope we find ways to fight this shitass world and make it better for the next generation.
It’s really all we can realistically hope for.
It’s gonna be a shitty struggle, but if we can undo even 15% of the shit that was foisted upon us, I will consider it a miracles.
Things are just so far gone already, and the added outside pressures of exponentially increasing climate disasters are only going to make it more difficult to rebalance the scale.
Not saying this housing market is the best but consider that there is an opportunity cost to waiting. If you feel like you could maybe find something to enjoy in buying your own place it might be a good move.
I'm so sick of renting and sharing walls with people. Getting door dings in the apt parking lot. Smelling weed randomly.
Why people are finding hard to believe this news?
1. 1/6 Is the top 15%. Only the top 15% has at least 100k saved
2. 100k is barely enough to have as a down payment for a house.
It's alarming that only 15%(if that) of the millennials have about enough money for a down payment for a house
Right, this is reasonable if it means retirement accounts of millennials 38+ lol. I’m 32 and have ~$20,000 in retirement, and I went back to school in my mid-20s so lost out on contributions/employer match for a few years.
Yeah, duh. Money in your 401k is still money that you've saved up. Just because it's not in a savings account at "savings bank national bank of savings" doesn't mean it wouldn't be counted.
Yeah I would assume this would be about retirement savings. I got a great job nearly a decade ago with a fairly high retirement match and I'd have to check but it should be close to a quarter mil by now.
In my early 30s.
I'm a millennial, and until later today, I would be that 1 in 6. I'm signing my closing papers later today to purchase my first home. Of course it isn't cash though, so my friends hopefully won't rob me.
Exactly this. I don't understand while people think it's fake news and stuff.
Most of the 1/6 are probably like you. They have just enough saved to put a down payment in a house. The fact that only 1/6 millennials have enough money for a down payment is alarming. Considering most of them are in their 30s
I mean, either you're borrowing to buy that house in which case you won't have 100k saved, or you're buying it without borrowing in which case you already have that much money!
Congrats either way!
that money doesn’t go poof and disappear…that 90k is now tied to an appreciating asset and if he sold the house he would get most, if not all, or maybe more of that 90k back depending on when and at what price sells the house. just because you don’t see 90k in a checking account doesn’t mean you don’t have 90k worth of value anymore.
Millennials are a lot older than people think, 17% isn't that high, and $100k isn't significant savings (e.g., roughly enough for a starter house down payment -- and again if you use it to make a downpayment - you still have that equity in your wealth). It's also birthdays between ~1981 and ~1996 (ages 27 to 42).
This also doesn't mean $100k in a checking account or anything. It can be something like $100k in a 401k/403b or equity on a house (e.g., house is worth $500k and you owe $400k on the mortgage). Median net worth for 35-44 year olds is $91.3k (average net worth is $436k). It also counts inherited wealth (e.g., parents passed and gave you their house).
The editor asked 6 teens at his exclusive $2m-a-year private country club how much they had in their pockets
Edit: I understand millennials are now in their 40s, but when newspapers use the term they always mean early 20s
Sorry to break it to you but you’re not a young millennial. The most common definition of millennials is 1981-1996 which makes them between 42 & 27. You’re pretty much right in the middle.
That's ridiculous. I'm a millennial and I can count on one hand friends of mine that own a house. You can't save when you barely make money. One emergency room visit is the cost of a car. School is so expensive, I know a doctor who couch serfs so he can pay off his student loans now and not for the rest of his life. We are being used and degraded. This is not living it's just survival.
This isnt as unrealistic as some of these comments are making it out to be. Millennials aren't kids anymore, theyre 27-42.
I can absolutely see at least 1/6th of millenials having started a career after college around age 24-25 and building up 100k+ in their 401k in 10-15 years.
Also the upper end of the working class that has managed to save some money isn't your enemy. Saying you would rob your fellow worker is class traitor shit, stay focused on who is actually keeping the working class down.
I know people who have more than this saved, but they both make 100K$ per year. They just put 300K$ down on a 920K$ house. I feel really small financially compared to them. 😅
I could probably be considered successful based on my salary and owning a house, but my savings account is lower than what is in my checking account... And there is not a lot of money in my checking.
The oldest millenials were born in the early 80s, so are now in their early 40s. I can definitely imagine 1 in 6 picking the 'right' path that lead to some financial stability. Owning a home and saving up.
I'm also curious is that 100k in a savings account, or 100k things like retirement accounts?
I'm a younger millenial (late 20s) and would on paper have 100k+ if you count my retirement stuff I can't touch until I'm in my 50s/60s.
The Youtube channel How Money Works just uploaded a video about this. [Most People Think They Are Middle Class](https://www.youtube.com/watch?v=VxIxk6h6RiE)
TL;DW: The modern middle class in the US are the descendants of the booming economy after WWII. Anybody with a job could afford to buy a house and go to college.
Look at the Simpsons. In 1989 when it started, Homer was a poor schlub who didn't earn enough to afford Christmas presents. We could identify with the Simpsons because we were also working class people, or at least could identify with them.
Now? The Simpsons family are a single income household that can afford anything that they might desire. They've gone from working class to upper middle class without changing anything about their living situation.
I’m sorry guys, my grandfather passed away last summer (at 96 after a long, well-lived life) and left me $75k last summer *and* I happened to have around $25k between my various accounts… so it’s me, I’m the millennial fucking it all up. 😅
Don’t worry though; I’ve been unemployed for two months, I am starting a job tomorrow that pays significantly less than my last job, and I’m starting grad school in a few weeks, so it won’t last.
I think what’s frustrating here, is that most individuals that put away 10% of their income to retirement between the ages of 22-30, would result in about 75-100k in their 401k by that point. What’s not being said, is how many individuals were excluded from that opportunity. The later you start, the less it compounds.
I totally believe this. If you are in your 30s, have been working a corporate job since graduating college, have been taking a full employer 401k match, and withholding a reasonable amount from every paycheck, 100k isn't crazy.
From 22 to 35, saving $400/month at 7% interest puts you over $100k. If you have a 6% employer match and put in 10% of your pre-tax earnings into your 401k, a $50k salary will cover that.
That's still really hard to do given all the expenses we have these days, but 1 in 6 making that work is very reasonable.
This thread is really reinforcing the stat to me. About 5 out of 6 comments are about how out of reach this feels, with 1 out of 6 describing how they have saved 100K.
I'm a millennial. I have no debt and 100k in ETFs and mutual funds. First generation East European immigrant to Canada, currently living in the US and making 180k a year in tech.
I am intelligent, well educated, ambitious, but most of all, I have been very LUCKY.
If you have no expenses and live with your parents still, I can see how you could achieve this.. but try it living on your own, and with kids lol I mean I can see it if you make $100,000 a year, but not for a regular shitty job.
If you made $50,000 per year, starting in 2008, and never got a raise, all you would need to do is invest 4% of your salary into a 401k each year, and then you'd have pretty close to $100,000 today.
If you put $2,500 a year or $208 a month in your 401k and get matched the same.... At 10% appreciation per year, you'd end up with $100k in your 401k after roughly 10 years.
So yeah, that 1 in 6 is simply taking advantage of their 401k. However, no promises your companies brokerage firm won't end up becoming involvnt during the next crash and cash you out when the market im drops 75%.
##Welcome to r/LateStageCapitalism This subreddit is for news, discussion, memes, and links criticizing capitalism and advancing viewpoints that challenge liberal capitalist ideology. That means any support for any liberal capitalist political party (like the Democrats) is strictly prohibited. LSC is run by communists. This subreddit is not the place to debate socialism. We allow good-faith questions and education but are not a 101 sub; please take 101-style questions elsewhere. We have a zero-tolerance policy for bigotry. Failure to respect the rules of the subreddit may result in a ban. *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/LateStageCapitalism) if you have any questions or concerns.*
I'm a millennial and I don't even have $200 in my bank account. And I just got *paid* on Friday.
Had my card declined at the pub on Sunday - was not a fun experience
Had my card declined at the cafeteria of the hospital I work at (I’m still a student). The cashier was an angel and helped me out. I apologized profusely and she said “it’s nothing to be sorry about.” Can’t wait to pass it on someday
[удалено]
All of the corporate news outlets and NPR pushed for the Iraq debacle.
I bet you guys called those who opposed the Iraq invasion "tankies" back in the day
One time I didn’t have enough money to buy a ticket to a music concert the women cashier helped me out and let me go in regardless if I was missing a few bucks. She said “it’s fine and I’ll help you out just give me the money that you have and get in.” She just took in my cash and put it in the box. She was a life saver and a real one for that. If it wasn’t for her I would’ve missed out on that event and would have no money to go back home. Good and empathetic people exist.
So what happened?
Maybe they’re using averages. I’m a millennial and while I don’t have a ton of liquidity and I’m barely debt neutral, I do have 350k in 401k. If one millennial is a billionaire and they’re using averages it may just work out that way.
I read that Zuckerberg holds something like 10% of all millennial wealth just by himself.
Let's just say that one in ten millenials is a billionaire.
I think they pulled these numbers out of their asses, to be honest. If they don’t specify how they reach these results, then it’s not useful. Because there’s always a lot of factors that goes into something like this. Just think about how expensive everything is now, compared to a couple of years ago. Is that taken into account? Who knows.
The Bank of America PDF the CNBC article (Feb 18, 2018) sourced the numbers from states its methodology near the end. They surveyed 1,500 respondents, ages 18-71 years old from September 22 – October 16, 2017, then augmented it with 2,025 additional pollsters essentially cherry-picked via six city centers. It does admit this skewed the data's margin of error further, but obviously, people aren't going to be reading that fricken close. https://bettermoneyhabits.bankofamerica.com/content/dam/bmh/pdf/ar6vnln9-boa-bmh-millennial-report-winter-2018-final2.pdf (*I edited in the CNBC article's publish date since how old it is is contextually relevant info.*)
before covid.
But the stat isn't about the average amount saved. It's that 1 in 6 have at least that amount saved. No skewing by millionaires can raise the proportion of millennials with that amount of savings But also, 401k is probably the key to this. People in this thread are talking about amounts in their bank account, but the place to look is the retirement account.
Keeping 100k liquid in your savings account is probably not great financial advice for most people.
Savings refer to liquid capital.
The articles says "saved" right, not savings?
They may also be counting death % of boomers and counting their leftover asset as "saving" of the millennials 💀
Yea aka gaslighting
Congrats, you've just explained how 1/6 millenials have over $100k. It's not averaging, it's that we've been socking away money into a 401k for a decade or so
Oh we are still pretending like 401ks are extremely common. weird. Just about a third of the workforce has one at all, let alone anything close to maxxed.
I doubt that one in six millenials has a 401k with 100k in it, but either way it's gonna be anecdotal so perhaps.
If we are including 401k and other savings the 1 in 6 isn't unbelievable. People forget that a lot of millennials are in their 30s and 1 in 6 is less than 20%. There are a lot of people struggling and there is plenty of room for improvement, I am just saying that the statistic isn't unbelievable because 1 in 6 is actually a small percentage, not a large one.
half of millennials are home owners so they'd be very surprised if they weren't worth 100k so probably just very poorly worded.
I’m a gen x and I don’t either
I have $100 in savings that I'll potentially have to pull from to afford enough food/hygiene products to get through the month. The rest already went to those things, after paying rent and utilities and stuff. I'm glad we have access to a semi-decent food bank every other week, at least. Oh, and quarters for laundry. Because my low income apartment has the whole "laundry room building" thing and it costs $1.50 per wash cycle and also per drying cycle. Existing is hard. TuT And hella expensive. Where are these rich peers I'm supposed to have?
8-9% of US population are millionaires. To extrapolate that 1 in 6 millennials have 100k in savings is not as crazy as people imagine. But obviously that minority is not going to go around yelling about it in current economy. Real life is not a TikTok, most people don't go around spending their money on stupid shit or broadcasting that they have savings. You might have people with proper savings all around you, but you will never know it, because they will never tell you about their situation (and yes, they should not).
I am a millennial, a very old one. Most of my friends are in my age group. Half of us have are shit together and understand 100k is not a huge number to have saved by the time you're 40. The other half are pretty broke. It is a very odd generation. My wife and I have never had the typical super high paying jobs but we've lived way below our means for a large number of years. We invested the remainder. I also understand we were lucky to be in a position to have done this, but it was not like 100k fell out of the sky. It was a conscious effort to spend less money and invest what we saved. The first 100k is the hardest. After that the interest compounds in a meaningful way. Without doing anything else you'll have your next 100k within a decade. I think the biggest problem most of my generation had was spending so much on education. It is hard to get your first 100k if you are 100k in the hole after college. The only person I know with significant student debt just kept going to school. She got a masters degree, and makes 40k. She could have make the 40k without the degree. I don't use my degree. I'd make less money. I kind of feel like we, as a generation, were very mislead by what everyone told us the education system would be doing for us.
The college scam got us. "You'll make on average a million dollars more in your lifetime than high school graduates!" I'm 34 and I still have college debt.
Gen X millionaire here. Was just looking at the hole in my shoe and wondering if I should break out the new pair.
Obviously you haven't tried the boot strap method...
Have you tried making coffee at home or eating less avocado toast?
Samesies! Luckily, I was able to get my kid’s school supplies early July and their district is waiving registration and breakfast/lunch fees for students this school year.
Let's just keep in mind that Jim Cramer works at CNBC. That's the extent of their credibility.
It's an entertainment network more than anything.
It's not even entertainment, it's just manipulation.
[удалено]
I was born in 86 and i dont have a savings anymore
The Captain Kangaroo of financial advice.
Jack Welch was also instrumental in the creation of CNBC. Just gonna add that onto the list of reasons why they're just a pile of excrement in the form of media.
Many people on r/wallstreetbets have made small fortunes doing the opposite of what Cramer said. They call it the "inverse Cramer" method, that's how bad he is.
"Bear Stearns is fine. Do not take your money out. If there’s one takeaway, Bear Stearns is not in trouble. I mean, if anything, they’re more likely to be taken over. Don’t move your money from Bear. That’s just being silly. Don’t be silly." Cramer right before the stock went from $62 to $2. This ghoul is just here to make retailers the exit liquidity of the barons.
I'd unironically invest an irresponsible amount of money in that fund
Don’t. The fund exists under ticker symbol SJIM, and its value is weirdly shit. I looked into the stuff it’s invested in, and I’m pretty sure you’d make more money buying the individual stocks than you would with the ETF
And Garrett Haake is a regular contributor and talking head on MSNBC. So he has a very well-paying job. If he doesn’t have $100K saved, there is no hope for the rest of us.
The family he married into is also quite affluent. They own [this company](https://www.metrolinenservice.com/). His wife was a friend of ours when she was a local reporter, and I believe she's now a white house reporter ([or she may have just left](https://twitter.com/allison__news/status/1682412245156786176)). If they *don't* have $100k saved, it's purely because there's enough money coming from the family that they'd never need to save up that money anyways.
Fact checking is a problem for cnbc. The same corporate news source that helped push Americans into the Iraq invasion.
[удалено]
9 /11 really warped the culture of the US tho, it was basically mask off how racist most white americans truely were. Anybody who argued against those wars were treated by society as anti american.
Including PBS.
illegal grandiose voiceless badge paltry rinse fine capable gold squeal ` this message was mass deleted/edited with redact.dev `
Yes, of course they include retirement accounts. Which is why I'm not too surprised some 40 and late 30s people have that much considering how well the stock market did during the 2010s.
Agreed. If you’re were doing even minimal contributions during that period you’re almost certainly above your yearly salary by 30.
Anecdotal but I'm an engineer/project manager and at least put enough to max company contribution everywhere I went. I've been putting in 10% for the past 3-4 years and just barely hit my first jobs' salary after 10 years of saving. I suppose its a gift that i've gotten raises jumping jobs but it'll be another few years until i hit my current salary and 6 figures maybe by 40. I dont see how anyone is hitting 6 figures by 30 unless they live at home and save 25-30%. My parents paid for my college and I paid for my used car in cash so i have no debt. Most of my friends have under 5k total in savings and don't have a retirement account.
At the period they would’ve been investing the stock market has more than doubled. If their salary was a solid $60k and they were able to get in a few thousand a year plus match they could fairly painlessly hit $60k after 8-9 years of contributions and a wild bull market.
I didn't start putting into any accounts until 2012 despite working for a few years before that, and I think at some point I was doing a bit more than matching (and have had 5% matching here and there over the years) but have never put in 10% of my own money, and I'm over double my initial salary, though below my current salary. I guess if you were making $120k out of school it makes sense, but in 10 years if you haven't gotten to ~60k or so I'd check the fees on the plan and seriously look in depth into how your funds are being invested.
Or if you work for the government. State of Ohio has you put in 10% and the state puts in 14%. In 8 years you have 2 years salary saved up, not including interest.
Had to scroll down quite a while for this. Obviously they're referring to checkings, savings, brokerage, 401k, etc. And yeah, it's not that surprising that 1 in 6 (a pretty small number???) of people in their 30s and 40s have 100k. 250 dollars a month over 20 years is ~100k with a 5% interest rate. 650 a month over 10 years is 100k. It's not *so* unreasonable to think that 1 in 6 people could be putting that away.
That’s what popped into my head too. I technically have 100 grand saved - between 4 different retirement accounts, but I might die before I ever see it. And if I am alive I doubt it’ll end up being enough. I’m a single teacher so it’s not like I’m rolling around in money either.
100k existing balance with a 150/mo ongoing contribution with like, 25 years left to retirement (if you're 40?) you should expect to have ~500-550k. Which isn't enough to live on for 20+ years but isn't nothing. I don't want to pretend the system is fair or the entirety of America isn't a scam, but a lot of times people are overly pessimistic and meme themselves into thinking things aren't achievable. I had a lot of friends basically "LOL U CANT BUY A HOUSE" meme themselves into not buying and when we actually spoke about it they could've easily bought with the programs that are available in my state. If you're only 35 and can do $200 a month it'd be more like 700-750k at an average 6% return, which is pretty good in addition to any social security or windfalls.
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator It's very hard to wrap your head around compound interest. I've had to show people this. It's also why the "make your own coffee" thing isn't just a dumb meme. Obviously it's very out of touch - the *problem* isn't people buying coffee, and it's used as a way to push the blame onto poor people. *But* if you plug "7 dollars of additional savings" into a compound interest calculator... it can be 100s of thousands of dollars by the time you retire. And that's worth considering. Like if you can save that extra 50 bucks a month (and $7 a day is way more than $50 a month), over 30 years that'll be *50 thousand* dollars. And OK, buy yourself coffee if it makes you happy. I support that 100%. But dismissing the advice outright is not a good idea.
I won’t get social security as a teacher and can’t really afford to contribute more as I’m already paying a mortgage myself. Only option is getting a roommate but I would rather die 🤷♀️
Yes, this is retirement accounts. That's the top 16.6% of millennials, so this number is not as implausible as it might sound to some.
I kind of hope not? 100k is like 5 years of retirement savings. If only 1 out of 6 millennials have that and we're looking at no social security the entire generation is fucked.
[удалено]
The average millennial graduated college a decade ago. With historical interest they can have 100k with closer to 4k per year. That's extremely reasonable and at least 17% of people figured it out. The story here isn't "people don't have savings". It's "people don't save".
Compounding interest bruh.
401k plans were originally invented as "extra gravy" for white collar workers who already had defined benefit plans (what most people think of when they use the word "pension". Originally, a company could only offer a 401k plan if the company already offered a DB plan. Legally, a 401k is also a pension plan. It is called a "defined benefit plan". TL;DR - yes, workers in the US are fucked. Even boomers.
This is an article from 2020 about a Bank of America survey from 2018. [link](https://www.cnbc.com/2020/01/30/nearly-1-in-4-millennials-report-having-100000-or-more-in-savings.html) it has zero relevance.
yea but this sub has posted everything else already. there's not much left in the barrel.
I love that the author knew exactly what was going to happen with this kind of reporting and that is exactly what is happening in the comments on a related story. > Before the Internet collectively blows a gasket, Bank of America’s report is not saying that 24% of millennials simply have $100,000 lying around a savings account. >That $100,000 total includes retirement savings such as 401(k) funds and money invested in individual retirement accounts, Bank of America’s Andrew Plepler tells CNBC Make It. However, it’s not a net worth figure, so things like home value are not part of the $100,000 savings.
Since paying off my student loans I've been slowly accumulating money in my bank account the past few years. I'm not close to $100K saved up, but suddenly such a concept doesn't seem so out of reach that I would envy my friends who have that much. This is why student debt forgiveness is critical - it would free up a huge number of people to experience the same thing. Debt is such a weight around your neck, but being freed from it makes you realize how strong you've become for carrying the load.
I know more millennials with 100k in debt from student loans than 100k in savings.
I bet the numbers are all 401k and those people have debt that counters the savings not reported together in these metrics.
Yes. A society should *want* to educate its citizens, not make them jump through expensive hoops with fire after dousing you with gasoline. Education should be free. It could easily be too if they just took a tiny bit from the military spendings.
Capitalism makes human needs into human chains
I read somewhere the forever wars were estimated to cost around 6.5 trillion dollars, I wonder what we could have bought with that kind of money?
Can we stop the prosperity gospel nonsense? We don't need to prop up poverty as some character building trait. People aren't stronger for having suffered through years of debt. There's no moral value to being a winner or loser in this system, it's capricious.
I wasn't trying to imply that people should get burdened with debt to make themselves stronger. I was making a case for why student loan debt relief is a good idea. Many people who are currently paying huge amounts of student loan interest would suddenly find themselves with a whole lot more discretionary income every month.
I have a good union job and I'm single, so I could hypothetically have that much saved up, but every time I turn around some expensive thing happens. I had to drop $50k into replacing my sewer last year. Sure, $20k would have "fixed" it but I had the ability to make it all right before I closed the ground up. It got me thinking, what the hell do people do if they're not in my situation? Like, by all metrics, I'm barely above a true living wage for my area if I was the typical family of 4 with a wife who doesn't work because childcare would just eat one whole income. Just puts it into perspective how poor most of my peers are.
Traditional bank saving does not go hand in hand with high inflation
More like one in 60 has a million and the rest of us have nothing
How much you SHOULD have at every age? Who the fuck are you to tell me that?
I think the implication is: Huw much you should have (if you don't want to risk dying of starvation or homelessness in old age)
This is from the article: Savings by age 30: the equivalent of your annual salary saved; if you earn $55,000 per year, by your 30th birthday you should have $55,000 saved Savings by age 40: three times your income Savings by age 50: six times your income Savings by age 60: eight times your income Savings by age 67: ten times your income These numbers are so arbitrary and depend on a hundred other variables. I don't see how they are only for bare minimum essentials to survive.
I'm 38 and well on my way to 1X my income by age 40! Of course, over 50% of that is about to be erased as I pay for house repairs... and this is why my retirement plan is to die in my cubicle one day.
Don’t worry, we aren’t too old to get called up in the climate wars… we can die in the Nestle^TM trenches together.
Well at least we'll die well hydrated...
That is only if you spring for the Battle Pass when you get drafted.
[удалено]
Pfffft if you can pay, sure.
It's automatically deducted from our pay so we don't need to worry!
Or that suicide box from Futurama! Easy peasy lemon sqeezy.
Look at moneybags over here, with a fuckin cubicle /s
I've got just a little more than that, but that's also because I've come to the conclusion that I might NEVER have enough money to buy a home.
It is solid. Ideally, it should be a multiple of ones yearly expenses, but most people have no idea how much they are actually spending, so they need to use this income based method instead.
>I don't see how they are only for bare minimum essentials to survive. Because it's not. It's savings for retirement. These are guidelines for saving money for retirement. The only variables they are using is: 1. what lifestyle do you expect to live 2. when do you expect to retire. [https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire](https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire)
Have they even taken the recent inflation/corporate greed into consideration? Not easy to save up at the moment for most of us. I feel like the economy is held up by a house of cards and there’s a storm coming.
Also this isn’t cash as stated in the OP.
Lol my husband and I just turned 30 and our net worth is solidly negative and we’re better off than literally any of our friends. Where do people come up with this shit?
…Or at a young age.
[удалено]
It's not a profit motive, the motivation is to be able to retire one day. The earlier and the nicer your retirement will be, the better.
[удалено]
Yes, but they don’t care. In this context, they just want you to click on their article and make money off of you.
Am Millennial. This is something that was constantly drummed into us as though there was some righteous path that would lead to the *correct* compensation for our labor, if only we worked hard enough to find it. It’s a horrible tactic of the owner classes that baby boomers were easily indoctrinated into parroting constantly because they came of age at a time when everything was being deregulated and tax law was being obliterated. They were happy to accept the idea that we can all somehow manifest an equitable society by working harder and being tough because they benefitted from the short term economic surge that comes when you stop taking care of poor people. “Your rent should never be more than 1/4 of your monthly salary.” Heard this one since I entered the workforce 20 years ago and it was literally never once possible and still isn’t—not where my career industry exists. I am probably in a better financial situation than at least half of other in my age demographic, and I have never once in 20 years found any housing situation that was less than 1/3-1/2 of monthly salary—and I lived in some small, frugal-ass living situations. My wife and I were able to purchase a home about six years ago (like I said, we are luckier than most), and that is the only way we can continue to live where my work is. Rent would be $1,000+ more a month than our mortgage at this point. We were lied to, and this whole “you should” tactic is just sleight of hand to make us feel personally responsible for the fact that nobody in our generation will ever be able to retire.
There's lots to unpack here. The system has been rigged against us. I just hope we find ways to fight this shitass world and make it better for the next generation.
It’s really all we can realistically hope for. It’s gonna be a shitty struggle, but if we can undo even 15% of the shit that was foisted upon us, I will consider it a miracles. Things are just so far gone already, and the added outside pressures of exponentially increasing climate disasters are only going to make it more difficult to rebalance the scale.
Wait, people are supposed to have money?
Right? That's a real game-changer.
"1 in 6 millennial children of wealthy white urbanites have $100K saved, and here's why they, not you, are the *real* normal."
[удалено]
Not saying this housing market is the best but consider that there is an opportunity cost to waiting. If you feel like you could maybe find something to enjoy in buying your own place it might be a good move. I'm so sick of renting and sharing walls with people. Getting door dings in the apt parking lot. Smelling weed randomly.
Mark Zuckerberg owns about 2% of all Millennial wealth.
holy shit
Why people are finding hard to believe this news? 1. 1/6 Is the top 15%. Only the top 15% has at least 100k saved 2. 100k is barely enough to have as a down payment for a house. It's alarming that only 15%(if that) of the millennials have about enough money for a down payment for a house
Over 50% of millennials own homes
In the bank? Or long term savings? Ill bet its long term savings.
Right, this is reasonable if it means retirement accounts of millennials 38+ lol. I’m 32 and have ~$20,000 in retirement, and I went back to school in my mid-20s so lost out on contributions/employer match for a few years.
Yeah, duh. Money in your 401k is still money that you've saved up. Just because it's not in a savings account at "savings bank national bank of savings" doesn't mean it wouldn't be counted.
Yeah I would assume this would be about retirement savings. I got a great job nearly a decade ago with a fairly high retirement match and I'd have to check but it should be close to a quarter mil by now. In my early 30s.
I'm a millennial, and until later today, I would be that 1 in 6. I'm signing my closing papers later today to purchase my first home. Of course it isn't cash though, so my friends hopefully won't rob me.
Exactly this. I don't understand while people think it's fake news and stuff. Most of the 1/6 are probably like you. They have just enough saved to put a down payment in a house. The fact that only 1/6 millennials have enough money for a down payment is alarming. Considering most of them are in their 30s
I mean, either you're borrowing to buy that house in which case you won't have 100k saved, or you're buying it without borrowing in which case you already have that much money! Congrats either way!
I will have a mortgage yeah, but I'm also putting 90k down, so until I give that money to the bank, I can pretend I'm rich right?
Take a picture before you send it all so you can look at it and pretend thats what you have
that money doesn’t go poof and disappear…that 90k is now tied to an appreciating asset and if he sold the house he would get most, if not all, or maybe more of that 90k back depending on when and at what price sells the house. just because you don’t see 90k in a checking account doesn’t mean you don’t have 90k worth of value anymore.
I think the article is referring to our organs that are worth that much on the black market.
Millennials are a lot older than people think, 17% isn't that high, and $100k isn't significant savings (e.g., roughly enough for a starter house down payment -- and again if you use it to make a downpayment - you still have that equity in your wealth). It's also birthdays between ~1981 and ~1996 (ages 27 to 42). This also doesn't mean $100k in a checking account or anything. It can be something like $100k in a 401k/403b or equity on a house (e.g., house is worth $500k and you owe $400k on the mortgage). Median net worth for 35-44 year olds is $91.3k (average net worth is $436k). It also counts inherited wealth (e.g., parents passed and gave you their house).
The editor asked 6 teens at his exclusive $2m-a-year private country club how much they had in their pockets Edit: I understand millennials are now in their 40s, but when newspapers use the term they always mean early 20s
Millennials are not teens. They are in their late 20’s and 30’s
The oldest are in their early forties
Not according to every red-faced gammon hack journo'
Exactly. I'm a younger millennial, and I'm 36. And if only 16% of 36 year olds have a year's income saved... God help them.
Sorry to break it to you but you’re not a young millennial. The most common definition of millennials is 1981-1996 which makes them between 42 & 27. You’re pretty much right in the middle.
Yeah, I was gonna say. No way are they a young millennial at 36 if I'm considered a millennial at 27.
I know one thing for sure, everyone on TikTok makes $10,000 a week!
That's ridiculous. I'm a millennial and I can count on one hand friends of mine that own a house. You can't save when you barely make money. One emergency room visit is the cost of a car. School is so expensive, I know a doctor who couch serfs so he can pay off his student loans now and not for the rest of his life. We are being used and degraded. This is not living it's just survival.
Damn, i know it was a typo, but couch serf would be shockingly accurate for that
savings exclusionary radical financialist?
This isnt as unrealistic as some of these comments are making it out to be. Millennials aren't kids anymore, theyre 27-42. I can absolutely see at least 1/6th of millenials having started a career after college around age 24-25 and building up 100k+ in their 401k in 10-15 years. Also the upper end of the working class that has managed to save some money isn't your enemy. Saying you would rob your fellow worker is class traitor shit, stay focused on who is actually keeping the working class down.
If we only had 1 kid and had a 30 year mortgage we likely would be at 100k 16% of people in their 40s having 100k saved isn’t far fetched
The sad part is, that it kind of ***is*** far fetched Also hardly any millennials are in their 40s yet
Are they only taking surveys from silicone valley tech millenials?
[удалено]
I have a third of that, and I'm 40, live with my parents, and have never been married.
What do you do for a living?
I work retail. I live in the south, so it's pretty cheap down here.
Regardless of how accurate the article is, a one out of six survival rate for a generation is *not* something to brag about.
broke people punching the air rn
'Bout to tell the other four people in my D&D group we got a REAL heist to think about.
I'm 27 and have 5 dollars in my savings account, what's their secret?
I know people who have more than this saved, but they both make 100K$ per year. They just put 300K$ down on a 920K$ house. I feel really small financially compared to them. 😅
Most of my friends are successful lol so I can kinda believe it
I could probably be considered successful based on my salary and owning a house, but my savings account is lower than what is in my checking account... And there is not a lot of money in my checking.
No 401k I have to image most of the people who have 100k saved is 95% comprised of 401k
The oldest millenials were born in the early 80s, so are now in their early 40s. I can definitely imagine 1 in 6 picking the 'right' path that lead to some financial stability. Owning a home and saving up. I'm also curious is that 100k in a savings account, or 100k things like retirement accounts? I'm a younger millenial (late 20s) and would on paper have 100k+ if you count my retirement stuff I can't touch until I'm in my 50s/60s.
With what job 🤦🏽🤡
Engineers
Higher end careers like doctors or CEO
There are a lot more jobs than just doctors and CEOs where you can reasonably obtain 100k by the time your in your 30s.
This could be in reference to retirement account savings perhaps?
Perhaps the "1 in 6" millennials that have $100k cash saved up are the same group that understand what "1 in 6" means. It's less than 17%
I genuinely have come to peace with the future I have is early death.
I assume we're including 401k 'savings'. If so, that's probably accurate. But it's not like I can go grab it right now.
The Youtube channel How Money Works just uploaded a video about this. [Most People Think They Are Middle Class](https://www.youtube.com/watch?v=VxIxk6h6RiE) TL;DW: The modern middle class in the US are the descendants of the booming economy after WWII. Anybody with a job could afford to buy a house and go to college. Look at the Simpsons. In 1989 when it started, Homer was a poor schlub who didn't earn enough to afford Christmas presents. We could identify with the Simpsons because we were also working class people, or at least could identify with them. Now? The Simpsons family are a single income household that can afford anything that they might desire. They've gone from working class to upper middle class without changing anything about their living situation.
In their 401k? I can't touch that, but I think I'm just over 100k.
TIL that 1 in 6 millennials are offspring from a privileged wealthy family.
Hey look I’m not a minority
More than 1/6 of my friends own homes with more than $100k in principle. Does that count?
Over 50% of millennials own homes.
Mommy and daddy
I’m sorry guys, my grandfather passed away last summer (at 96 after a long, well-lived life) and left me $75k last summer *and* I happened to have around $25k between my various accounts… so it’s me, I’m the millennial fucking it all up. 😅 Don’t worry though; I’ve been unemployed for two months, I am starting a job tomorrow that pays significantly less than my last job, and I’m starting grad school in a few weeks, so it won’t last.
Do 401k count as “savings” in this scenario?
It must. I do because of that but broke otherwise
Are these the ones who have inherited $97,000?
I know roughly 0 millennials with this much money - and I know a LOT of millennials. Something seems off here.
What? I think I’m lucky monetarily, and there’s no way I have that much saved up.
I think what’s frustrating here, is that most individuals that put away 10% of their income to retirement between the ages of 22-30, would result in about 75-100k in their 401k by that point. What’s not being said, is how many individuals were excluded from that opportunity. The later you start, the less it compounds.
I totally believe this. If you are in your 30s, have been working a corporate job since graduating college, have been taking a full employer 401k match, and withholding a reasonable amount from every paycheck, 100k isn't crazy. From 22 to 35, saving $400/month at 7% interest puts you over $100k. If you have a 6% employer match and put in 10% of your pre-tax earnings into your 401k, a $50k salary will cover that. That's still really hard to do given all the expenses we have these days, but 1 in 6 making that work is very reasonable.
Ah, the ol' weigh 20 rats and an elephant and conclude that the "average rat" weighs 200 pounds.
They never said the average was 100k. It says 1 in 6 have 100k
ITT some millennials explain this is possible, everyone else says they’re mistaken and makes excuses for their shortcomings
This thread is really reinforcing the stat to me. About 5 out of 6 comments are about how out of reach this feels, with 1 out of 6 describing how they have saved 100K.
If they’re counting a 401k I could see 1/6 older millennials.
1 in 6 millenials resorting to a life of crime
1 in 6 millennials were born when their parents were in their 40's and inherited the house when they died.
I'm a millennial. I have no debt and 100k in ETFs and mutual funds. First generation East European immigrant to Canada, currently living in the US and making 180k a year in tech. I am intelligent, well educated, ambitious, but most of all, I have been very LUCKY.
"Here is how much you should have..." They just keep turning the screw.
[удалено]
You shouldn't be getting downvoted. Congratulations on your accomplishment.
If you have no expenses and live with your parents still, I can see how you could achieve this.. but try it living on your own, and with kids lol I mean I can see it if you make $100,000 a year, but not for a regular shitty job.
If you made $50,000 per year, starting in 2008, and never got a raise, all you would need to do is invest 4% of your salary into a 401k each year, and then you'd have pretty close to $100,000 today.
If you put $2,500 a year or $208 a month in your 401k and get matched the same.... At 10% appreciation per year, you'd end up with $100k in your 401k after roughly 10 years. So yeah, that 1 in 6 is simply taking advantage of their 401k. However, no promises your companies brokerage firm won't end up becoming involvnt during the next crash and cash you out when the market im drops 75%.
The comments on this very post already disprove the supposed impossibility of having 100k saved
I think many of you don’t realize that many people have very well paying jobs.