Two thirds of Millennials have nothing saved for retirement

[KingBeez]

Y'all better get in on this stock game. I've been beating the market so far in the past 365 days

Open up a Vanguard 401k and watch ya money grow

open up a credit card and build up that credit

open up an online savings account that has a APY of 1.3% compared to traditional banks that have .01%

Have a traditional bank account and a credit union account for emergencies

keep some cash at home just in case you need to hide out for a bit.

than watch ya net worth grow. A little goes a long way

 

[ItzRailT]

Glad I'm in the minority fukk Jordan's and clothes and that other bullshyt I'm thinking 10 years and more down the line. I thank my parents for teaching me the value of saving.

 

[Wild self]

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



When that student loan bubble pops

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



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

fukking real estate/housing bubble was reblown

Once the college loan bubble pops, a lot of professors are gonna get bodied by their students.

 

[Contrefaire]

Until something is done about wage stagnation, the exorbitant cost of tuition and skyrocketing houses prices, things are only going to get worse.

People can talk all day about how millennials just aren't saving enough and/or living above their means, yet the evidence shows most people aren't even spending frivolously anymore (and the article says as much). It's not clubbing, concerts or vacations that's doing us in, it's the litany of day-to-day expenses taking up every possible dollar. The cost of living has dramatically increased while wages go absolutely nowhere. This is a known fact that somehow continues to be largely swept under the rug. It seems a lot of people, especially the ones who've "made it" don't like talking about all that.
Notice how many of these "Welp, I got mines " folks are quick to pass the buck and (vaguely) suggest the rest of us just need to invest/buy stocks (with what money) or "start a business" (with WHAT money!?). They're often short on details but long on trite platitudes, "don't be materialistic", "live humbly" etc etc. I mean that's cool and all - and very easy to say - but nikkas are already living that life to no avail. So what then?

And how exactly does one go about doing all that "saving" and entrepreneurship while saddled with tens of thousands in student loan debt and making $17/hr at their current job? And with little hope of earning much more for several years at that......

On another note, all the money I have saved now is about to go straight toward a down payment on a house. I'll have to rebuild my savings from the ground up after that, all in order to have the "luxury" of having a permanent roof over my head that EYE own. And this is true for a lot of my friends who are also in the market (or have already purchased a home). So what then? Because the days of buying a home at 25 with a meager $2,000 down payment off the strength of your salary at General Motors or the post office alone are loooooong gone.

And what's a 401(k) when your employer is telling you you're not eligible for it? Or hell, don't even offer one....

 

[Illified infinitely]

Save your peanuts and think $1 Milly is enough to keep you afloat for 20+ years you are retired. We all gonna be working longer than you think. Unless you acquire tens of millions. You ain’t safe! Let’s see how you Milly (probably significantly less) will be worth after 35 years of inflatiOn taxes and overall bullshyt. You gonna be working with the rest of the middle class. Lol

 

[Originalman]

Save your peanuts and think $1 Milly is enough to keep you afloat for 20+ years you are retired. We all gonna be working longer than you think. Unless you acquire tens of millions. You ain’t safe! Let’s see how you Milly (probably significantly less) will be worth after 35 years of inflatiOn taxes and overall bullshyt. You gonna be working with the rest of the middle class. Lol

Truth

 

[Illified infinitely]

Truth

Most retirees complain they are bored anyway and want to go back to work

 

[Easy-E]

Our paychecks eat up a check a month and we pay bills and eat off the other one

All the fukked up laws and tax bills passing and they expect us to just deal with it

 

[Tribal Outkast]

I just want to do it old school and stuff my money under the matress or get my Mister from Color Purple on and just throw that shyt in different sections of the house lol. It's hard to trust these people with your retirement money cause ain't no telling what will happen in the next few years. nikkas 401k might be getting spent on all kinds of boats and cars right now

 

[Skrilla]

Some of you are never going to have any extra money with your mentality, and I say this as someone who has about 100k liquid right now, not including assets. I'm not rich but what i'm doing is working. Everytime these "$100 in savings" threads pop up, nikkas type essays about how there's literally no way to invest or even save. Or how you shouldn't even bother doing anything because "what if you lose all your money one day?" etc. Any excuse to stay broke.

Don't quote with your broke babble either. Just keep losing i guess.

 

[Illified infinitely]

Some of you are never going to have any extra money with your mentality, and I say this as someone who has about 100k liquid right now, not including assets. I'm not rich but what i'm doing is working. Everytime these "$100 in savings" threads pop up, nikkas type essays about how there's literally no way to invest or even save. Or how you shouldn't even bother doing anything because "what if you lose all your money one day?" etc. Any excuse to stay broke.

Don't quote with your broke babble either. Just keep losing i guess.

Congrats bro. How old are you? 30 years is a long time. Some of you savings dudes life will hit you hard. These “broke boys” will capitalize on big business deals and the rest will fall somewhere in between having to work past retirement.

100 k in 30 years with inflation will be like 40 k now .

I’m just saying in 5 years someone with no saving will have more than you.

It’s really all about making more money.

Otherwise live frugally so you can retire and continue to live frugally.

Btw I can’t save cuz I’m paying my debts and rent and bills and shyt. All of which is 200% higher than 20 years ago

 

[Skrilla]

Y'all better get in on this stock game. I've been beating the market so far in the past 365 days

Open up a Vanguard 401k and watch ya money grow

open up a credit card and build up that credit

open up an online savings account that has a APY of 1.3% compared to traditional banks that have .01%

Have a traditional bank account and a credit union account for emergencies

keep some cash at home just in case you need to hide out for a bit.

than watch ya net worth grow. A little goes a long way

Yeah, i know ppl have bills, as these nikkas in here keep repeating, but if you really want to build up your capital, you will find ways outside of your 9 to 5. Personally, i got tired of just "maintaining" or getting by, i wanted more so i knew i had to figure something out.

You'll likely need multiple streams of income, unless you're some doctor or lawyer with a high income already.

Once you secure multiple streams of income, stack your paper....don't spend on shyt you don't need.

Invest in what you want etc.

They keep saying it's impossible but i know ppl who are doing it. And some of them grew up poor too. I'm not saying it's easy, or that it will make you wealthy, but you can live comfortably by doing this

 

[Skrilla]

My family doesn’t believe in saving to t401k, they say it’s better just to buy property and rent it out than to save to 401k

My aunt retired when she was like 70, and they took out 17k out of her 401k for taxes. She nearly fainted after they told her how much they were taking out for taxes.

I agree with that too. I got shyt in regular brokerage and savings, and i keep the rest stashed away.

 

[Huellz Santana]

i think everyone is missing the point. this is a SYSTEMIC issue.

even if you have savings for yourself, what about your future family? can you cover them? What about your parents? Are they saved up for retirement? cuz if not, you gotta take care of them.

if the consuming class has no money, then consumption goes down. and so will the market and everyone's investments.

it saddens me when i think about it. because while I have a lot of money saved up, I'm only a medical emergency (from me or a family member) away from being in a financial bind again.​

 

[Crude Abolitionist]

Bought my first ETF shares a couple min ago.

Keep investing that's all I can say at this point.