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

[SMKR]

Can't say that I'm shocked, but damn this is eye-opening.

Study finds that 52% of millennials have less than $1,000 in savings, while 62% of American overall have less than $1,000:

http://www.marketwatch.com/story/mor...ist=lcountdown

They all invest in the Nasdaq stock: YOLO

[Ruffdaddy]

Its because of student loans I would imagine. I bet no other generation had the majority of its youth starting life with $40k+ in debt.

This.

School was stupidly more affordable a generation ago. And now...students are expected to pay 40K for a degree before they are ever even working in their respective field.

[abecx]

Which to me is stupid. Don't borrow money for stuff you cant afford. Get a job, work your way through school. Novel concept. These whiny bitches want their debt forgiven because they "were preyed on" and now they cant get a job with that Cultural studies degree.

So its the kids fault when their parents and the school system push the agenda to be successful in life they had to go to College? Working their way through school was never a possibility with how much inflation keeps going and how wages never changed, as well most youth ended up getting very low pay internships because employers take advantage of students.

This problem honestly has more to do with the previous generation ( fucking shitty baby boomers ).

[sosoe]

I'd have a hard time sleeping at night without a rainy day fund.

Story of my life..

[93LXHORSE]

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!

[abecx]

Don't even get me started. While I do believe that a higher education is absolutely awesome, the whole social outlook on someone that doesn't have a college degree is dumbfounding... especially when that person has proven practical experience and success in their respective field.

I've never stepped into a college, when I went to go meet the rest of my company in Switzerland we were eating at some fondue restaurant and everyone was asking me questions about myself to get to know me better. The first question that was asked of me was what college I went to. I got a round of applause when I said I've never been to college. While it use to make me proud that I had accomplished so much without going, in the last few years it bothers me with how much misguided importance people place on it.

Reminds me of the 5 monkeys experiment of people just perpetuating ignorance.

I would like to add, I have never had a job turn me down because I lacked college experience. I also would like to go to College to get a phd in mathematics when i'm older.

[93LXHORSE]

I wish that could still apply, but even the most disciplined saver couldn't do that these days. Awesome for her!

Yeah, indeed. Luckily I managed to start acting right, this time I won't blow it all.

Stupid behavior can blow a lot of money. I have always had a great job, have saved 6 figures, inherited 6 figures from my mom back in 2007, but it all went down the drain. It is amazing how fast you can piss away everything when you are living the Scott Weiland lifestyle, which I did for many years.

Now I am afraid of being too old to work, driving a little car with no AC and living in a tiny house in Stop 6, and know that every decision for the rest of my life has to be a good one.

Starting right after Christmas. Cuz I kinda went nuts on toys and purses, LoL...

Hell I bought the dog a remote control jeep, ha ha!!

[8mpg]

I have less than $1k in savings and Im not worried. I have credit cards for emergency expenses. Im hoping to have my house paid off in a total of 3 years though. All my money gets dumped towards debt as fast as I can.

[32vfromhell]

Which to me is stupid. Don't borrow money for stuff you cant afford. Get a job, work your way through school. Novel concept. These whiny bitches want their debt forgiven because they "were preyed on" and now they cant get a job with that Cultural studies degree.

As someone who did work their way through some school, good luck with working your way through a top level college making nothing with no benefits (because you are a part timer) and paying 30/40k/yr college costs. You -still- will end up with a massive debt, but this time, i guess you will have some shitty "work history" to go along with your degree.

This aint 1990. Tuition rates have skyrocketed while wages have either remained flat or depressed.

I have had YOY raises, but not without a few hiccups along the way, and my path is certainly not the norm. The norm is getting paid dick squat, no advancement, and saddled with huge debt.

[bcoop]

I've got 12 months expenses in an emergency savings account, a solid amount in my 401k, no credit card debt, another smaller savings account, a Roth IRA I intend to max out every year as well as planning to sink some money in to an IPO when it goes public. I am nowhere near where I want to be, but I'm light years ahead of where I was 10 years ago, or even 5 years ago. My only debt is my house and truck. As I get older, I worry about this stuff a lot more. I find myself going out less, and stretching things as thin as possible just to put a little more in savings every chance I get.

I did go a little overboard with the kids' Christmas this year, and I feel terrible about the amount I spent, and what I could have put in to savings had I not gone crazy. It scares the shit out of me when I think back to where I was right after my divorce. Income was steady, but savings was wiped out and if anything has gone wrong, it would have gone really wrong really fast. I got lucky then, and was determined to not find myself in that position again. I just wish I had seriously started saving sooner. Particularly with my 401k.

[ftp]

If you live with the understanding that food, clothes, shelter, and transportation are the only must have things, you can save a lot more money. I can't imagine having a family and having less than $10,000 in savings, let alone under $1000 in savings. Being single is one thing, but when you have a family you have to have some savings.

[Roscoe]

The ones who aren't saving now are the ones that will be as soon as life hands them a pretty firm lesson.

[dcs13]

So its the kids fault when their parents and the school system push the agenda to be successful in life they had to go to College? Working their way through school was never a possibility with how much inflation keeps going and how wages never changed, as well most youth ended up getting very low pay internships because employers take advantage of students.

This problem honestly has more to do with the previous generation ( fucking shitty baby boomers ).

Another problem with this generation...It's someone elses fault. Nut up.
I have 2 nephews working through college. They'll be fine. The other joined the Marines. He'll get his schooling through them.
Problem is these kids wanna have the nice car, the i phones, all the other crap and not sacrafice to succeed. Eff em. I worked my ass off and made sacrafices. Hell this week I bet I work 15 hours overtime...Sucks dragging in late, sleeping and turning around again. But the money is good and I can do what I want in life. Thats how I got where I am. Oh, did I forget to mention I don't have a degree... Yeah, college aint that important, work ethic and making good decisions is more important.

[abecx]

Another problem with this generation...It's someone elses fault. Nut up.

I agree with this sentiment too, but for other topics. How many intelligent decisions did you make at 18? Be a little reasonable here, the fault of college is not youths but from the ones that pressed its value. Sometimes faulting the teacher/parent is valid, and this would be the case, otherwise not finding the root cause of the issues will just continue it down the line.

And let me know when you want to compare jobs and overtime, 15 hours is pretty weak.

[Tremor14]

i wanted to chuckle at 15 hours overtime too.