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

[Cobraman]

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.

Why save a whole bunch of money that you never get to use?

[Cobraman]

Her goal wasn't her financial stability.

I don't get it. You work for yourself and earn money just to pass it on. My kids won't get shit from me

[32vfromhell]

I roll my eyes at the talk about cell phones being expensive when in 1990 everyone owned a land line that was just as expensive if not more so where you paid up to 20-25 cents a minute, and god help you if you wanted to get online and had to pay by the minute for that as well. Hell, even video games cost 75 bucks in 1992 dollars.

The same people talking down about "kids these days" all blowing their money on phones are the same guys who dropped coin on a new walkman, nike pumps, boombox, or big ass CRT TV, or super fucking expensive 1990's era computer.

Also this :



Versus this:




Hard to save up when you are unemployed. I make pretty good money but all my savings got wiped out going through 2 periods of unemployment and buying a house. One during the recession, and again earlier this year during a shorter stretch but no doubt painful to deal with. I am contributing to my 401k, contributing to my companies generous stock-option plan, but paying down all debt is still a challenge. Much harder to do being kicked in the ribs while you are down. Other "savings" such as stock in my previous company end up being worthless, so adding to the frustration.

Joining the job market during the recession will likely cost me a significant amount over my lifetime. I have made the best of it, and am now getting within striking distance of cresting the realm into adding another digit to my annual salary, but it would be incredibly foolish and arrogant to think its all been -my- hard work and talent that's gotten me there, when instead its really been a lot of luck in floating in the right position, when so many others like me grind out year over year at 1% annual raises when cost of living goes up 3% every year. Again, another hard area to save when you are playing catch up and trying to stay loyal to a company (which is a bad idea).

[32vfromhell]

Skewed unemployment numbers. I'd rather compare to the work participation numbers.

Then you could compare it to underemployment, which is much harder to quantify.

[juiceweezl]

The same people talking down about "kids these days" all blowing their money on phones are the same guys who dropped coin on a new walkman, nike pumps, boombox, or big ass CRT TV, or super fucking expensive 1990's era computer.

You're missing one key part here. Sure, I had an Atari as a kid, and once or twice even a cool pair of kicks. However, I had to wait for a birthday/Christmas/etc. (and sometimes combined) to get something like that OR I had to bust my ass doing odd jobs to raise part or all of the money myself. I remember going to the department store and putting something on layaway. I would work hard to come up with more money to go there and pay down on it each week until it was mine. There's value in that.

I'm as guilty as the next guy at 'spoiling' my kids. My oldest is 12, and he has an XBOX One, my old laptop, all the sports gear he could ever need, my old iphone, etc. He also has chores around the house, makes outstanding grades, and works on other stuff as needed at our house, my parents, etc. He's active in community service projects, and doesn't sit around all day playing video games. He doesn't have an allowance either, and he saves his money to buy things he wants. He also saves far more than he spends.

My 8 year old isn't quite as adept at the saving money thing, but he's learning. He too is active in the community, sports, and school, and he doesn't receive an allowance either. The closest thing to an allowance my kids ever received were tokens I gave them weekly that represented time to spend watching TV, playing video games, etc. They received an 'allowance' of tokens specific to something on Sunday with no restrictions on how they spent them. If he had 2 hours of TV for the week and spent it all on Sunday, then he had none the rest of the week. Before long, my oldest was trading tokens that he didn't like as much (2 of them for 1 of something he wanted) and learning the value of 'currency'. It took about a year for him to begin to learn to budget, plan ahead, etc. using that system. My youngest is still learning.

The biggest problem I see is this entitlement and sense of must have immediately. I went to college because it was a necessary step to reach the career goals I chose when I was 16. I'm still working towards accomplishing them now that I'm 41. I have never felt that someone should give me a high paying job just because I have a degree nor to I feel like I should be able to have something I want immediately. Everything comes at a price and usually with a sacrifice. Too many people today don't understand that.

[93LXHORSE]

Her goal wasn't her financial stability.

Oh, she used it. When my grand dad was alive, they married in 1965, she was his second wife, he was her second husband.

They took a cruise every year. Everywhere a cruise ship could go, they went. They took a cruise every year from 1965 to 1984. I lived with them for 2 years while going to tech school, as soon as I graduated, they took 10 more cruises.
Alaskan
Caribbean
Panama Canal
Mediterranean (40 day cruise)
South Pacific
North Atlantic
Mexico..... on and on and on

They bought a house together in 1965 - Cash $23,000 sold for $106,000, and that was in Forrest Hill, LOL...

They bought a baby blue Oldsmobile Regency every 10 years, cash.

They didn't see much need for fancy material things.

Never paid a dime of interest ever, to anyone.

They were getting 18% interest on Jumbo CDs back in the 80s... can you imagine? Money doubles every 4 years.

They both lived through the depression and were penniless, they survived back then (without knowing each other) because they both had farms and could eat.

They were afraid of growing old and not having good medical care, and they were afraid Social Security would run out and not be of any help.

[slow99]

They were getting 18% interest on Jumbo CDs back in the 80s... can you imagine? Money doubles every 4 years.

Inflation was 14% in 1980

[93LXHORSE]

Inflation was 14% in 1980

And I think interest on a home was ridiculous as well.

Yet another reason they did their best to stay ahead of the curve, I guess.

My fiance's dad lives by the same rules. He on the other hand owned an aircraft business for 40 years and sold it for I can only imagine how much, and he pays no interest on anything, and lives off of interest income since 1996. He will never run out of money either.

[sosoe]

I wish I was smarter on Investment.. All I have is my 401k that I started about 3yrs ago and my business profits..

[Baba Ganoush]

That explains the success of all the title loan and payday loan places: people are broke AND stupid.

[fordracing19]

That explains the success of all the title loan and payday loan places: people are broke AND stupid.

I only have 2 more weeks left on my loan.

Sent from my SAMSUNG-SM-N910A using Tapatalk

[4king]

I've had people who drive a 2-3 year old car break down crying when we tell them they need to buy a new battery. Then they ask to borrow jumper cables, they can't even afford to buy cables for them selves

[Baron Von Crowder]

I've had people who drive a 2-3 year old car break down crying when we tell them they need to buy a new battery. Then they ask to borrow jumper cables, they can't even afford to buy cables for them selves

I guess they are too stupid to figure out how to manage money, or need to find another mode of transportation.

But that isnt what we are talking about here.

[46Tbird]

And I think interest on a home was ridiculous as well.

My parents paid 13% interest on their loan for a 1986 Thunderbird.

I say that's money well spent!!

[TexasDevilDog]

Thanks Dave Ramsey....... I will show you guys pictures from Argentina when we get there.