Over half of millennials have less than $1,000 in savings

[BMCSean]

What's a "check" señor dennis?

The mark you put in a box next to "Hispanic/not white"

[quikag]

To a great extent, it's not what you make, but what you spend. I know people that make $50-100k/yr that have a lot of money in savings, retirement accounts, etc. and I know people that make low to mid six figures that are broke with a bunch of crap and a huge mortgage and a bunch of fly rides, boats, etc along with a lot of debt. They are a layoff away from it all crumbling. It's crazy.

Talked to a retirement couple 15 years ago at Texas World Speedway. The Ferrari Club was there and this really nice couple were giving rides in their gorgeous red/tan F355. Chatting with them after the ride, I asked what they did prior to retirement. They said they would give me some advice. They both never made more than $100k/yr or so each, geologists or something, but they took 20% right off the top of each of their respective paychecks and saved it and lived on the remainder with minimal to no debt. Fast forward 20-25 years and they are both 50, retired, no debt, with a few million+ in the bank loving life with a red Ferrari and being retired.

I liked that strategy and I've been following it, give or take, since I started working.

[Broncojohnny]

where you money gram half your check back to mexico.

gooooaaaaal!!!!!!!

[Broncojohnny]

It is, without a doubt, what you spend. After that it is finding a way to make interest compounding work in your favor instead of against you.

[Cobraman]

My grandma never made more than 8 bucks an hour, but she started saving in 1922.

She managed to scrape together $740,000 by the time she passed away in June!

So she saved all that cash just to die with it in the bank?

[dcs13]

It is, without a doubt, what you spend. After that it is finding a way to make interest compounding work in your favor instead of against you.

The man is correct:

http://www.daveramsey.com/blog/how-teens-can-become-millionaires/

[GhostTX]

I think people are doing that because they tend to whine about how much they make. I graduated from college in 97 with $28K in debt and got offered two jobs, one for $22K a year and another for $28K. I think the debt versus salary situation has changed all that much since then. Sure the debt is higher but I just don't see it as crippling. What has changed is the sense of entitlement that people have to the better things in life. $150 cable bills, $100 a month cell phones and sorts of other shit are now necessities to a lot of people. I couldn't pay for any of that shit on my first paycheck.

Another agreed. People think they HAVE to have everything. You don't!!!! Live more with less. Eat out less. Cut the cable, you don't have to watch every possible show out there...or at least wait for it to be on something you already pay for (Netflix, Prime, etc).

The whole thing is "keeping up with the Jone's" extreme.

Oh, and we hired a millennial this year and had to explain what a 401k was, why he should do it, how it works and that he should at least contribute the maximum minimum the company matches. And he's an engineer. What are they NOT teaching out there??

[Treybiz]

I think I qualify as a millennial being born in 82.

I didn't save shit until I was 28 or so to have for a later date. I saved for big purchases but never the future or life changes. Had an accident that wiped me out, finally got my head out of my ass and got my undergrad after 9ish years, and knocked my now wife up all within 6 months.

All those set me straight and I've been saving everything I "can" since. I certainly wish I would have started ten years earlier. We still have nice cars and a nice place but it's within our means and we save with a plan now.

[Labora]

Oh, and we hired a millennial this year and had to explain what a 401k was, why he should do it, how it works and that he should at least contribute the maximum minimum the company matches. And he's an engineer. What are they NOT teaching out there??

More common than you might think, apparently a large percent of our staff was not taking advantage of it. I don't know the exact number but more than half was not enrolled. We do a match here too so that is just insane to not be taking that free money.

[93LXHORSE]

So she saved all that cash just to die with it in the bank?

No, actually when she felt herself going downhill, she moved in with my aunt and gave her power of attorney. My aunt then went around to the 9 banks she had CDs and accounts in, then placed it all in one account.

We then went over and cleaned out the house and put it on the market. Within 1 week there was a bidding war and it sold quickly.

The closing occurred on May30th if I remember right, then was funded and the money was in the bank by my 31st.

She then died June 1st. So, we did not have to probate a will, checks were simply written to the proper persons.

It could not have been planned better. That is exactly how she wanted it to happen.

[Broncojohnny]

More common than you might think, apparently a large percent of our staff was not taking advantage of it. I don't know the exact number but more than half was not enrolled. We do a match here too so that is just insane to not be taking that free money.

The 401K issue is just indicative of what I said earlier, can't afford a phone and other useless shit if you are saving all that money. It feels much better to just spend it. It all comes down to personal responsibility.

[slow99]

The man is correct:

http://www.daveramsey.com/blog/how-t...-millionaires/

Damn, this guy went dave ramsey on us.

[Broncojohnny]

Damn, this guy went dave ramsey on us.

Well I guess he didn't start looking down his nose at us like the typical Dave Ramsey disciples.

[slow99]

Well I guess he didn't start looking down his nose at us like the typical Dave Ramsey disciples.

True, I get what the guy's doing and all, but one of my main gripes with him is the attitude of his "students".

[jw33]

"I'm debt free!!!"