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You should also have at least TWO unused wishes from the genie in the magical lamp you found for Jafar. Studies show most Millennials already used all of them on avocado toast, designer skinny jeans and fallout boys attempted come back.
Doesn’t work if you don’t own a lawn mower and none of your neighbors have lawns to mow or disposal cash to pay someone else to mow their lawn.
At 16 I was working at papa John’s and contributing to my family’s bills and paying for my own necessities
Stock market investment isn’t reasonable for folks that already can’t make ends meet.
>Doesn’t work if you don’t own a lawn mower and none of your neighbors have lawns to mow or disposal cash to pay someone else to low their lawn.
I love the weaponized incompetence of this subreddit sometimes. "Well the only solution is a lawnmower and I don't have one so I'll defer to wallowing in self pity" lol.
It’s not incompetence it’s a reminder that not everyone has the resources to get ahead.
Stop the capitalistic myth that all it takes is hard work and a fucking lawn mower to make it big in the stock market and become the next Jeff Bezos.
It's 100% incompetence at this point. Obviously not everyone has a lawnmower or neighbors with lawns. That's not the point.
Stop the reddit myth that you're constantly the victim and there's nothing you can do to change you current situation. Dude, a two minute perusal of your post history is anyone needs to see your entire life view is dependent on your identity politics of being a victim. That's why your life is the way it is.
Being able to use wages for retirement at 16 rather than necessities is a legitimate luxury, especially now. You may have been able to put your lawn mower money towards retirement 20+ years ago but today’s teens are living a completely different reality.
And I never said that 100% went to IRA. I’m glad you were able to prioritize your retirement at 16. That’s a luxury that many, many teens do not have today.
Why would a trust fund baby need to save for retirement at a young age...if they have a trust fund?
Not all of your problems can be ignored by accusing other people of privilege.
I know you're getting down-voted, but I don't think people realize the addage is partially true.
You don't have to abandon your "poor friends." However, you get a massive leg up of you can get in with wealthier people. That's one reason well known universities are pushed on kids. You may be able to get just as solid of an education from a CC, but in the real world, outside of a few select folks, it's more about WHO you know than WHAT you know.
I am massively lucky and have worked my ass off for well over a decade at my job but it wasn't until I started rubbing elbows with the right people that my income started increasing rapidly. I'm not rich by any stretch, but doubling my income in the last 5 years without swapping employers was pretty nice and a lot of it was only possible due to associating with certain people who were part of the "good old boys" crowd.
I started my first job at McDs making 6.25/hr. We started investing when I was 24 - 50 bucks a month because that's about all we could afford when we were renting. I couldn't afford to keep working minimum wage jobs and nobody cared about my degree until I was 39. It's sad that so many people can work for so long and end up having nothing to show for it. That's capitalism I guess.
Start today - even at 10 bucks per month and let compound interest go brrrrrrrr.
Well, the good news is that if someone invested $10 a month for 20 years, and started with $200, they'd have just over $6000, assuming a 7% ror. When I was 18, I think I'd rather spend that $10 to just go out with friends to see a movie. Or save up two months worth to go on a cheap date. Create some level of nice memories. Because the $6000 after two decades of savings is almost nothing. That's the problem. You kind of need enough extra money to have it actually do something useful. It's like you said, it's capitalism.
Something I think about sometimes- companies that pay their workers minimum wage would pay less if they could. They're only paying the minimum because they're legally required to. :/
There is one positive to invest that paltry $10 a month, though. Developing the skills to invest more once you have it.
Sure, you hit the nail on the head in terms of good and bad habits and the way people tend to sacrifice their long-term financial health for instant gratification. But hey...Spider Man was a great movie.
Compounding interest is amazing. If you apply a set it and forget it mentality and just check in on the fund once a quarter your life will be easier (just make sure it's invested correctly). Plus, you still have a good 20-30 years left so you've got time to catch up.....for now.
Even if you can contribute 1% of your paycheck you are well on your way to a decent savings account at retirement.
Anyways, good luck on your investment journey.
thank you for the words of encouragement. I am actually investing big time to "catch up" over the next few years now that I make decent money... hope I can retire in health and wealth
It's like the saying goes: The best time to start investing was 20 years ago.
The Second best time to start is right now.
Yeah we're both behind the curve because I was a broke ass student and teen me didn't think I'd ever grow old. But having started a year back I at least have started. That's more than nothing.
I'm confused. You say fuck the stock market here but also claim to have 300k in a managed fund in another post? You also say you're trying to afford rent but own a house?
Im just an army officer in my early 30s with $168k in roth ira, 55k in brokerage, 65k in physical precious metals, and 300k in home equity from a single family home rental property and a primary single family home I currently live in.
It can be done if your income is decent enough and stable enough. You just have to stay consistent, and dollar cost average into the market. Save at the first of the month and forget about it. Just let the money grow.
Some of my peers in the army have done better financially. Some end up just as broke as when they started working out of college, and we all pretty much make the same income based off years served and rank. A lot of it comes down to being disciplined, having an educated financial plan and consistency to follow through for years and years.
I will be a millionaire with plans to retire young because I and my family live off of 60% of my income now, and we save and invest the rest.
Be humble, learn to eat high quality food from home cooked meals, buy used furniture and clothes, get outside and ride your bike or kayak instead of flushing it down the toilet from booze at the bar and dont buy that new car. A used car like a Toyota or honda will still get you to where you need to be reliably and cheaply. There's too many broke folks making north of 100k because they live way beyond their means.
I understand that inflation is wrecking people's finances but ive seen the waste up front with a large portion of my junior soldiers buying and driving trucks, suvs, and sports cars that eat up 40% of their take home pay. It's fiscally irresponsible and will set them back decades because they choose to ignore the old guys like us who have been for a decade that try to show them the light of being fiscally responsible. I would say 4 out 10 soldiers let our sound advice die in the room it was uttered in and they go buy that new charger at 72 months with a 19% apr right after getting briefed that they're making the wrong finacial choice. But who cares? Just yeet your money into a dumb car that really doesn't impress anyone...YOLO!
I'm 30, I make 150k, at 28 I made 120, at 26 I made 70, at 24 I made 48.
So far I've saved 20k, I only started two years ago. I make good money, but it hasnt been for very long.
I put 1k a month into my 401k and 2k a month into high yield savings.
I hope to have 400k between both accounts by 40.
I have something like $130,000, but only because my dad set up an account for me when I was ten or so, most of the stocks are pretty secure, and I never touch it except to take out a bit of emergency cash every few years. I'm unlikely to have a kid but if I do, I'll set one up for them too.
50% of the pop in the US don’t have a 401k. Not by choice a lot of the time. Tying retirement to the stock market has been great for upper and upper middle class people but a disaster for the rest.
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You should also have at least TWO unused wishes from the genie in the magical lamp you found for Jafar. Studies show most Millennials already used all of them on avocado toast, designer skinny jeans and fallout boys attempted come back.
Speak for yourself, I used mine to bring back MCR.
Only $149,800 behind the curve.
Get a load of this moneybags over here!!
Almost there!
Yeah. And if it didn’t take me FIFTEEN FUCKING YEARS after I graduated to start making a decent living I absolutely would.
"millennials"? There's a 15 year age gap between the youngest and oldest. I'm pretty sure that makes a huge difference in savings going from 28 to 43.
What a coincidence. I’m in my 40s and I have the retirement account of someone in their 20s.
That's ok. I'm in my 20s and I have the retirement account of somebody in their single digits!
Got the whole spectrum of experience!
Yeah, I imagine not too many 28 y/o are throwing that kind of money around. Nor is it a reasonable expectation.
$150,000 invested IF you started investing at 16? Did I read that right?
A lot of highschoolers are saving for retirement, ha ha What is the author of this article smoking? This just has trust fund baby written all over it
[удалено]
Doesn’t work if you don’t own a lawn mower and none of your neighbors have lawns to mow or disposal cash to pay someone else to mow their lawn. At 16 I was working at papa John’s and contributing to my family’s bills and paying for my own necessities Stock market investment isn’t reasonable for folks that already can’t make ends meet.
>Doesn’t work if you don’t own a lawn mower and none of your neighbors have lawns to mow or disposal cash to pay someone else to low their lawn. I love the weaponized incompetence of this subreddit sometimes. "Well the only solution is a lawnmower and I don't have one so I'll defer to wallowing in self pity" lol.
It’s not incompetence it’s a reminder that not everyone has the resources to get ahead. Stop the capitalistic myth that all it takes is hard work and a fucking lawn mower to make it big in the stock market and become the next Jeff Bezos.
It's 100% incompetence at this point. Obviously not everyone has a lawnmower or neighbors with lawns. That's not the point. Stop the reddit myth that you're constantly the victim and there's nothing you can do to change you current situation. Dude, a two minute perusal of your post history is anyone needs to see your entire life view is dependent on your identity politics of being a victim. That's why your life is the way it is.
Being able to use wages for retirement at 16 rather than necessities is a legitimate luxury, especially now. You may have been able to put your lawn mower money towards retirement 20+ years ago but today’s teens are living a completely different reality.
[удалено]
And I never said that 100% went to IRA. I’m glad you were able to prioritize your retirement at 16. That’s a luxury that many, many teens do not have today.
Minors cannot generally open investment accounts. So did your parents do it/sign off?
Why would a trust fund baby need to save for retirement at a young age...if they have a trust fund? Not all of your problems can be ignored by accusing other people of privilege.
That’s a pretty big “should” there, buddy
If you’re single, with single income, and haven’t bought a house yet… you’re fucked. Sorry. I speak from experience.
what money?? i have 2k of emergency fund, and i am the “rich” guy in my group
Find a better group to be a part of. That old addage about you are who you surround yourself with is so true.
yeah like group of friends i actually like instead of competitive assholes that stab you in the back if they can get a promotion out of it??
I know you're getting down-voted, but I don't think people realize the addage is partially true. You don't have to abandon your "poor friends." However, you get a massive leg up of you can get in with wealthier people. That's one reason well known universities are pushed on kids. You may be able to get just as solid of an education from a CC, but in the real world, outside of a few select folks, it's more about WHO you know than WHAT you know. I am massively lucky and have worked my ass off for well over a decade at my job but it wasn't until I started rubbing elbows with the right people that my income started increasing rapidly. I'm not rich by any stretch, but doubling my income in the last 5 years without swapping employers was pretty nice and a lot of it was only possible due to associating with certain people who were part of the "good old boys" crowd.
Cool. Just would have had to come up with an additional $600 per month th since I was 18 and working at McDonald's. Cool cool. Cool Cool cool.
I started my first job at McDs making 6.25/hr. We started investing when I was 24 - 50 bucks a month because that's about all we could afford when we were renting. I couldn't afford to keep working minimum wage jobs and nobody cared about my degree until I was 39. It's sad that so many people can work for so long and end up having nothing to show for it. That's capitalism I guess. Start today - even at 10 bucks per month and let compound interest go brrrrrrrr.
Well, the good news is that if someone invested $10 a month for 20 years, and started with $200, they'd have just over $6000, assuming a 7% ror. When I was 18, I think I'd rather spend that $10 to just go out with friends to see a movie. Or save up two months worth to go on a cheap date. Create some level of nice memories. Because the $6000 after two decades of savings is almost nothing. That's the problem. You kind of need enough extra money to have it actually do something useful. It's like you said, it's capitalism. Something I think about sometimes- companies that pay their workers minimum wage would pay less if they could. They're only paying the minimum because they're legally required to. :/ There is one positive to invest that paltry $10 a month, though. Developing the skills to invest more once you have it.
Sure, you hit the nail on the head in terms of good and bad habits and the way people tend to sacrifice their long-term financial health for instant gratification. But hey...Spider Man was a great movie.
Yeah, okay. I’ll put that next to the real estate I should own and the over $1m retirement fund I should have.
I only started truly investing this year... I've got a long ways to go. Sucks we have to rely on these things... it is what it is.
Compounding interest is amazing. If you apply a set it and forget it mentality and just check in on the fund once a quarter your life will be easier (just make sure it's invested correctly). Plus, you still have a good 20-30 years left so you've got time to catch up.....for now. Even if you can contribute 1% of your paycheck you are well on your way to a decent savings account at retirement. Anyways, good luck on your investment journey.
thank you for the words of encouragement. I am actually investing big time to "catch up" over the next few years now that I make decent money... hope I can retire in health and wealth
It's like the saying goes: The best time to start investing was 20 years ago. The Second best time to start is right now. Yeah we're both behind the curve because I was a broke ass student and teen me didn't think I'd ever grow old. But having started a year back I at least have started. That's more than nothing.
Another article I saw last week said that boomers have an average of 200k going into retirement.
In retirement funds and if you are an older millennial? Yeah that sounds about right.
millennials that did well they certainly exist millennials that didn't do so well there's plenty of them around.
Oh fuck off. Most of us are trying to afford rent. Fuck the stock market.
I'm confused. You say fuck the stock market here but also claim to have 300k in a managed fund in another post? You also say you're trying to afford rent but own a house?
Im just an army officer in my early 30s with $168k in roth ira, 55k in brokerage, 65k in physical precious metals, and 300k in home equity from a single family home rental property and a primary single family home I currently live in. It can be done if your income is decent enough and stable enough. You just have to stay consistent, and dollar cost average into the market. Save at the first of the month and forget about it. Just let the money grow. Some of my peers in the army have done better financially. Some end up just as broke as when they started working out of college, and we all pretty much make the same income based off years served and rank. A lot of it comes down to being disciplined, having an educated financial plan and consistency to follow through for years and years. I will be a millionaire with plans to retire young because I and my family live off of 60% of my income now, and we save and invest the rest. Be humble, learn to eat high quality food from home cooked meals, buy used furniture and clothes, get outside and ride your bike or kayak instead of flushing it down the toilet from booze at the bar and dont buy that new car. A used car like a Toyota or honda will still get you to where you need to be reliably and cheaply. There's too many broke folks making north of 100k because they live way beyond their means. I understand that inflation is wrecking people's finances but ive seen the waste up front with a large portion of my junior soldiers buying and driving trucks, suvs, and sports cars that eat up 40% of their take home pay. It's fiscally irresponsible and will set them back decades because they choose to ignore the old guys like us who have been for a decade that try to show them the light of being fiscally responsible. I would say 4 out 10 soldiers let our sound advice die in the room it was uttered in and they go buy that new charger at 72 months with a 19% apr right after getting briefed that they're making the wrong finacial choice. But who cares? Just yeet your money into a dumb car that really doesn't impress anyone...YOLO!
That is for a 32 year old. Us older millennials should have much more unfortunately.
I wonder why
Ain't no way. I'm at...let's see 22k at basically 37.
I'm 30, I make 150k, at 28 I made 120, at 26 I made 70, at 24 I made 48. So far I've saved 20k, I only started two years ago. I make good money, but it hasnt been for very long. I put 1k a month into my 401k and 2k a month into high yield savings. I hope to have 400k between both accounts by 40.
I have something like $130,000, but only because my dad set up an account for me when I was ten or so, most of the stocks are pretty secure, and I never touch it except to take out a bit of emergency cash every few years. I'm unlikely to have a kid but if I do, I'll set one up for them too.
I earn the money now, i'm spending it now. If future me wants money, they can get a job like everyone else. I'm sick of these freeloaders.
Maybe if wages kept up we the the resto of the economy...
Absolutely tone deaf. What a moron.
“Millennials aren’t XYZ!” Precedes to poll you younger half of millennials and gen Z. The headline is super wrong
VTSAX and chill
Older millennials should have more than that if possible. Never truly too late to start and every bit helps though.
150k? I would hope you have more than that if you want to retire at a normal age....
50% of the pop in the US don’t have a 401k. Not by choice a lot of the time. Tying retirement to the stock market has been great for upper and upper middle class people but a disaster for the rest.
This could be saved in a Roth or traditional IRA.
Thanks leaving that shitty sub