Two thirds of Millennials have nothing saved for retirement

Crude Abolitionist

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You dont have to live an extravagant lifestyle to spend money on bullshyt. For example, I cook my own lunch every week. Once a week I go out. So I spend maybe $20 a week on lunch. A lot of people spend 2, maybe 3x that. That's $1000-2000 a year right there. Going out drinking every weekend is another huge waste of money... I know a lot of millenials who do that. High end phone... more $$$. Obviously not everyone does this but there are definitely some "low end" ways to waste money

Alot of people don't realize how much they lose clubbing...
 

Crude Abolitionist

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My parents didn’t teach me shyt about personal finance.

But, they did instill in me a delayed gratification mindset.

Same. Everyday I'm reading about it everyday I'm learning. Watching videos right now in my TD Ameritrade account getting me use to the tools and how not to get messed up.
 

kovi

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Many people don’t have the luxury to spend money on bullshyt. I have better savings than the vast majority of the middle class ($100K+ has to pay taxes on my investments) but I’m paying for school and penny pinching the rest. Outside of Quizlet and the occasional Dunkin’ Donut iced coffee, my money goes to gas.

I grew up poor and money has been a constant stress since like 11 years old so I don’t splurge on myself, and this has negatively impacted me as a person.

Even if I have the opportunity (95% will), I’ll never buy a new car, a house over $250K or go on multiple vacations a year (don’t currently have passport).

My next “big” purchases will be: disability insurance, laptop battery repair, 5 scrubs and a summer class.

Haven’t bought new cloths in 3 years. I have a flat screen TV and some new shirts but they were gifts. Don’t know how y’all do it.
 
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Two thirds of millenial women are instagram models making money for ass pics, and holding packets of flat tummy tea, and boxes of crap you get every month
 

beejus

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Pretty sure they're not factoring in the perpetually poor in this study. They're talking about college-educated millennials.

Don't be so sure about that. This is where the article got it's information from.

New Research Finds 95 Percent of Millennials Not Saving Adequately For Retirement

  • Two-thirds (66.2%) of working Millennials have nothing saved for retirement. This situation is far worse for working Millennial Latinos as 83 percent have nothing saved for retirement.
  • There is a significant gap between Millennial Latinos and other racial and ethnic groups in terms of participation in employer-sponsored retirement plans. Only 19.1 percent of Millennial Latinos and 22.5 percent of Latinas participate in an employer-sponsored plan, compared to 41.4 percent of Asian men and 40.3 percent of Millennial White women, who had the highest rate of participation in a retirement plan.
  • Figure 5, about half (49.4%) of Millennial Latinos work for an employer that offers their employees a retirement plan. Other races and ethnicities have greater access to an employer- sponsored plan, as two-thirds or more of Millennial Whites (71%), Blacks (67.2%), or Asians (66.2%) work for employers that offers plans.
 

mson

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I’m thankful in that I’ve never been a materialistic person.

Too many of us spend money on bullshyt.

I’m sitting on enough savings and investments to just drop out of the job market for several years if I wanted to. And I’m not even close to 40. Haven’t even crossed 35.

How much you talking about?
 

Red Shield

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I think most have probably accepted there won't be any retirement...

It is not about having your shyt straight, it is about the financial crash and the student loan bubble that a lot of these people have to deal with.

The deck was stacked against your favour if you are a millenial.

When that student loan bubble pops :wow:

Higher ed is going with it......



and then you have all the other bubbles....

fukking real estate/housing bubble was reblown :whew:
 
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