Posted on 02/20/2017 2:33:22 PM PST by Jyotishi
you survey = your survey
(Darnit!)
As a baby boomer (class of 47) I will defend the Millennials.
I was in my early 30s when I realized that I had no savings and I was in debt to my eyeball (mostly credit card revolving credit). At the time the only considerations I made when buying something was how much would it add to the monthly minimum payment.
Then I woke up. I think it was when I realized I was still paying for a Television that I had already replaced.
I got my act together and in a few years out of debt and begin saving, started a 401K, and participated in the Company’s stock plan.
Long story short, I wasted the first 15 years of my working life but was able to get control of my finances so when the time came I was able to retire comfortably.
There is still time for the Millennials to mature and begin getting ready for when they will no longer be able to work (and I do not believe SS as we know it today will be around).
Some of the Baby Boomers are not doing that great either. Sandwich generation.
Have a niece like that, but she isn’t even going to college. Not sure WHAT she is doing other than being a supporter of Hillary and that ilk.
Her grandmothers would have bawled her out by now. May they rest in peace.
All due to the high cost of medical weed poor babies.
The ones with a couple hundred thousand don’t waste their time on dumb surveys.
I didn't have any savings starting off but then I didn't have any debt either. I paid my way as I went and didn't start saving until I got out of the Air Force. But today, I am retired and still debt free and I have substantial savings to fall back on.
Whatever happened to initiative, perseverance, motivation and discipline to make your own way in the world? Nowadays these kids want everything given to them. They think their sugar daddy is the government.
It really wasn't until my 40's that I started to have bits of spare money and could start getting into investing (rental properties) and build up real equity.
I was never unemployed or anything, and I had a great record of raises and promotions, but the cost of everything seemed to keep going up too.
I can't blame any 18 year old for not having $1K in savings these days... but I guess a 35 year old should probably start to be on track to having something, even if it's a 401k or something like that.
We traveled down the same path. I was also in my 30s before I could buy a home (still living in it been paid off for a long time).
There are of course exceptions, but between 18-30 is the time to get established. 30-40 really begin to get your affairs in order and by 40 should be doing some serious saving.
Young people never have much money. Why should Millenials be any different.
As a solid baby boomer, I remember driving around with $4 in my wallet and putting $3 in the gas tank so I had $1 left for emergencies. I remember buying my first home and having every cent wrapped up in that house and the mortgage and nothing beyond that.
Young people don’t have money. This is news?
A whole 1k?
Gee, that would almost cover new tires for the car.
“Maybe I’ll go to the movies.....by myself.”
I spent ten years active duty, went to college on the GI bill and never had any real savings until we were in our mid 30s.
Did pretty well until I had to move for a job and lost the house at the height of the crash. 6000sf on 15 acres—over 200k in improvements and couldn’t sell it for 250. Left it on the market over a year before we expended all our savings on mortgage and rent. It’s taken almost ten years to get back on our feet and we still don’t have six months in savings.
Prices have risen steadily for years without a commensurate hike in wages for most. Many millenials are decent hardworking people who have less opportunity than their parents generation. It’s not surprising that they have no savings. Half work two or three jobs without OT thanks to Obama. College used to be the way to gain an upper hand, but the rise in cost has only been matched by the decline of its worth.
1 K today is about equal to 500 in 1990 or 300 in 1980.
So it really isn’t much money.
Sadly, many NON-Millennial Americans also have less than $1,000 lying around.
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There is still time for the Millennials to mature and begin getting ready for when they will no longer be able to work (and I do not believe SS as we know it today will be around).
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Not one myself, but thanks for being one of the few to defend. Many here are quick to berate the ‘youngins’, yet won’t point out the culprit of the problem: GOVT.
Govt is the reason, since the 50’s, both (fe)male have to get out just to pay the bills...being nickel and dime’d to death; having moved from a Republic AGES ago.
As you said, many won’t realize until reality smacks ‘em in the face and I hope they DO learn...and soon.
I don’t believe I’ve seen ANY feedback where mine/younger generations even *THINK* the SS Ponzi scheme will still be around. IMO, this will be the next big battle: grey hairs vs. grand-children. THAT is where the involuntary servitude is really going to be fought. Maybe it’ll be the wake-up call needed to start reducing/eliminating govt.
There’s always the basement in Daddy’s house.
well,,im 57 and I have less than 10 dollars in savings.
No sh!t, Sherlock.
When your only ‘choices’ in employment that you remotely qualify for (thanks to companies ‘requiring’ 4-6 years of experience for entry level jobs) are a smattering of $10-$12 an hour jobs at different companies or temp agencies, and rent + utilities is ~$650 AT THE BARE MINIMUM, how the **** do you save anything?
And that’s assuming you don’t fall for a company promising ‘unlimited opportunity’ which is actually a fraud jobs with commission-only pay. They’re having a field day with that.
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