"Americans ain't saving enough money" - CNBC

[CHICAGO]

When it comes to savings, Americans are falling short. Nearly 70% of adults have less than $1,000 in their savings accounts.

Retirement funds are looking equally bleak. In fact, about half of US families have zero retirement account savings.

"Particularly the younger generation likes to think, 'I'll save more when I'm making more.' But whether you're making $50,000 a year or $200,000 a year, we all have challenges saving," says Kimmie Greene, money expert at Intuit and spokeswoman for Mint.com.

"Because oftentimes what happens is, when people make more," she says, "they end up spending more."

The sooner you start saving — for retirement or any other major purchases you hope will be in your future — the better. After all, time is on your side when you're young, thanks to the power of compound interest.

While the amount you need in savings is highly personal, and specific dollar amounts can be arbitrary, Greene offers a simple formula to help you figure out if you're setting aside enough money.

In your 20s: Aim to save 25% of your overall gross pay, Greene tells CNBC. "That 25% is the combination of 401(k) withholdings, matching funds from your employer and any cash savings that you have," she notes. "It can also include debt repayment.

"Just make sure your lifestyle expenses don't exceed 75% of your gross income."

By age 30: Have the equivalent of your annual salary saved, Greene says. If you earn $50,000 a year, aim to have $50,000 in savings when you hit 30.

Again, this includes any retirement account contributions, matching funds from your company, cash savings, or money you have invested elsewhere, in index funds or robo-advisers.

The most important things to do with your money before 30


By age 35: Have twice your annual salary saved.

By age 40: Have three times your annual salary saved.

By age 45: Have four times your annual salary saved.

By age 50: Have five times your annual salary saved.

By age 55: Have six times your annual salary saved.

By age 60: Have seven times your annual salary saved.

By age 65: Have eight times your annual salary saved.

DO ALL THAT SAVING THEN DIE.

NAH fukk THAT.

IM GONNA BALL OUT WHILE IM IN MY PRIME.

fukk TOURING THE GLOBE AS AN OLD MAN.

IM GONNA DO THAT NOW.

YOU CANT TAKE NONE OF THOSE SAVINGS WITH YOU WHEN YOU DIE.

ILL NEVER LOOK FORWARD TO RETIREMENT
UNLESS ITS A VERY EARLY RETIREMENT
BECAUSE THAT MEANS
YOURE AN OLD ASS MAN.

IVE SEEN TOO MANY BLACK MEN
DIE NOT LONG AFTER RETIREMENT.




​

 

[Wild self]

This is why I gamble on sports and crypto markets.... seeing returns that I’d have to work an entire month for

Yeah, now more and more people gonna stop trying to work jobs/careers altogether.

 

[Wild self]

DO ALL THAT SAVING THEN DIE.

NAH fukk THAT.

IM GONNA BALL OUT WHILE IM IN MY PRIME.

fukk TOURING THE GLOBE AS AN OLD MAN.

IM GONNA DO THAT NOW.

YOU CANT TAKE NONE OF THOSE SAVINGS WITH YOU WHEN YOU DIE.

ILL NEVER LOOK FORWARD TO RETIREMENT
UNLESS ITS A VERY EARLY RETIREMENT
BECAUSE THAT MEANS
YOURE AN OLD ASS MAN.

IVE SEEN TOO MANY BLACK MEN
DIE NOT LONG AFTER RETIREMENT.




​

What about your kids? You gonna make them start off on square ONE?

That's the selfish thing about a lot of broke people: they have no confidence of their family lineage or wealth building

 

[levitate]

Daycare--cuz both ya'll gotta work--

THIS x Infinity.

What y'all know about spending over $2000 a month in daycare cost?

 

[mson]

I couldn’t even find a full time job until I was 30

“Save 25% of your income every year” these fukkers not living in the real world.

Why not?

 

[CHICAGO]

What about your kids? You gonna make them start off on square ONE?

That's the selfish thing about a lot of broke people: they have no confidence of their family lineage or wealth building

IF MY GROWN ASS KIDS ARENT DOING WELL
BY THE TIME I RETIRE
THEY FAILED ME AND THEMSELVES
BECAUSE I WILL PUT THEM IN A BETTER POSITION TO SUCCEED
THAN ME NOR ANYBODY IN MY FAMILY TREE EVER HAD.





​

 

[Wild self]

THIS x Infinity.

What y'all know about spending over $2000 a month in daycare cost?

Extended families is the way to go. Some of these daycare facilities are

You gotta let grandparents/extended families do their part. Last thing you want to do is let some stranger raise your kids.

 

[Wild self]

IF MY GROWN ASS KIDS ARENT DOING WELL
BY THE TIME I RETIRE
THEY FAILED ME AND THEMSELVES
BECAUSE I WILL PUT THEM IN A BETTER POSITION TO SUCCEED
THAN ME NOR ANYBODY IN MY FAMILY TREE EVER HAD.





​

You not gonna leave them property or other wealth building assets?

If your kids grow up and found out the truth.....then they would simply ditch you in a nursing home and abandon you.

 

[levitate]

Extended families is the way to go. Some of these daycare facilities are

You gotta let grandparents/extended families do their part. Last thing you want to do is let some stranger raise your kids.

Yeah I feel you, but it's just us out here. Family is several states away.

 

[Wild self]

It's time to buy Christmas presents
Your Anniversary
it's your friends' sons' birthday
Valentine's Day
"you're phone is too old, you need to keep up"
"you're X-rays came back, you're gonna need surgery to fix that or else you'll have to get a shot every month"

Just don't start a family until you got 200k saved up.

 

[Wild self]

Yeah I feel you, but it's just us out here. Family is several states away.

The "nuclear family" was always a farce. That's why immigrants in tight knit families do better than people born here with the "me and my lady vs the world" mindset.

 

[mcdivit85]

"Put as much money as you can into your 401(k) as possible" - sponsored by CNBC and the investment industry

But seriously, save 25% of gross income? When wages have been stagnant for decades yet the cost of living continues to rise each and every year, the question becomes simple.

How, Sway?

And what always seems to put me in a quandary is the whole "matching contributions from your employer" line when it comes to 401Ks. Yes, that's great....if you're employed at the company long enough to be vested. Otherwise, those matching contributions are for naught.

With the employment game much different now than it was for our parents and grandparents, most people are not staying at jobs for decades or their entire careers. Most are switching companies every few years. So, that line seems pretty disingenuous to me.

Peace

 

[CHICAGO]

You not gonna leave them property or other wealth building assets?

If your kids grow up and found out the truth.....then they would simply ditch you in a nursing home and abandon you.

IM NOT PUTTING MY LIFE ON HOLD
FOR MY FUTURE KIDS...

YOU KNOW WHY?

MY KIDS MY GROW AND MARRY NON BLACKS
OR BE INVOLVED IN DEVIANT ACTIVITIES
THAT I DONT APPROVE OF.

THEYLL NEVER HAVE TO WORRY ABOUT A THING GROWING UP
AND THEYLL BE PUT IN GREAT POSITIONS TO SUCCEED.

IF THEY CANT DO ANYTHING WITH THAT
fukk EM
BEACUSE I COME FROM NOTHING.





​

 

[AceAge]

Low key tip. Move to the Oranges, my son just got a 2 bedroom apt in Orange He's paying 1100 a month, its near the Highland station, maybe not as close to the path trains that you like but the 44 bus runs to Penn Station and the apt is literally across the street from that stop. It's in an OK area, not too far from West or South Orange. You may want to consider it.

I considered the oranges. Same thing, ghetto outlook, roach infestations, and rat problems and no garages, if there was decent available units then it was almost a lottery to even get approval considering there were hundreds of applicants. There's just too many people on the coast for landlords to change their practices or try to offer better services. Quote from a landlord in downtown Newark: "Who cares if you don't want to pay $1,200 a month for a dump? There's 200 other fish on my line, begging for the unit because they're already paying $1,700 a month for the dump their in now and want a break. "
I was disgusted, but couldn't do sh*t but respect it.

 

[feelosofer]

I considered the oranges. Same thing, ghetto outlook, roach infestations, and rat problems and no garages, if there was decent available units then it was almost a lottery to even get approval considering there were hundreds of applicants. There's just too many people on the coast for landlords to change their practices or try to offer better services. Quote from a landlord in downtown Newark: "Who cares if you don't want to pay $1,200 a month for a dump? There's 200 other fish on my line, begging for the unit because they're already paying $1,700 a month for the dump their in now and want a break. "
I was disgusted, but couldn't do sh*t but respect it.

The area I'm talking about is closer to the South Orange/West Orange border, not perfect but if you're gonna live in Orange, live there. Trust me it's not a dump, but you're right, it may have been snapped up as I'm typing.