Current Events > 1 in 6 millennials now has $100,000 saved. 1 in 3 have $15,000 saved.

(+) Yeah! (+)

Tupacrulez posted...

What is it with people being intimidated by "5 years experience"?

Because it's easier to just become this than even bother trying:

https://www.reddit.com/r/NEET/
---

There's probably a good chunk that live with their parents to save that much money cause housing is crazy expensive.
---

cerealbox760 posted...

Tupacrulez posted...

cerealbox760 posted...

The trick is to not own a house and to not go to college (for millennials of course) . I wonder what percentage of millennials own property and are stuck in student loans.

What in the fuck....

Learn a trade and rent.

Learning a trade is good.
Renting is a rip off depending on where you live.
---

shanefu22 posted...

cerealbox760 posted...

Tupacrulez posted...

cerealbox760 posted...

The trick is to not own a house and to not go to college (for millennials of course) . I wonder what percentage of millennials own property and are stuck in student loans.

What in the fuck....

Learn a trade and rent.

Learning a trade is good.
Renting is a rip off depending on where you live.

Oh I know trades are good. I'm in one. And damn good at it.
---

Tupacrulez posted...

cerealbox760 posted...

Tupacrulez posted...

cerealbox760 posted...

The trick is to not own a house and to not go to college (for millennials of course) . I wonder what percentage of millennials own property and are stuck in student loans.

What in the fuck....

Learn a trade and rent.

Literally
"Get a job and throw money away"

I swear this careless 'I don't care about value and my own worth' attitude of young people was created by rich old dudes so they'd have fewer people to contend with from younger generations.

Mortgages are the biggest ripoff and most people never manage to pay it off. Nvm that. Your entire livelihood depends on a local job market that can crash at anytime. You're gambling and thats out of your control. Get skilled and if college helps you, great. But not every degree is profitable like a STEM degree and most college kids dont go for stem. College is overdue for a massive reform. In the meantime, the smart thing for the average person is to learn a trade or become business literate.
---

cerealbox760 posted...

Mortgages are the biggest ripoff and most people never manage to pay it off. Nvm that. Your entire livelihood depends on a local job market that can crash at anytime.

So what's the alternative then? Rent? Same problem: if you lose your job, you might lose the ability to pay the rent. Live with mom and dad like the guys on r/neet?
---

REMercsChamp posted...

cerealbox760 posted...

Mortgages are the biggest ripoff and most people never manage to pay it off. Nvm that. Your entire livelihood depends on a local job market that can crash at anytime.

So what's the alternative then? Rent? Same problem: if you lose your job, you might lose the ability to pay the rent. Live with mom and dad like the guys on r/neet?

If you lose your job, would you rather have to pay rent or would you rather have to get foreclosed? The former is much easier to manage via unemployment benefits, whereas the latter is much more stressful.
---

FLUFFYGERM posted...

REMercsChamp posted...

cerealbox760 posted...

Mortgages are the biggest ripoff and most people never manage to pay it off. Nvm that. Your entire livelihood depends on a local job market that can crash at anytime.

So what's the alternative then? Rent? Same problem: if you lose your job, you might lose the ability to pay the rent. Live with mom and dad like the guys on r/neet?

If you lose your job, would you rather have to pay rent or would you rather have to get foreclosed? The former is much easier to manage via unemployment benefits, whereas the latter is much more stressful.

I'm not sure I understand. If you can't afford to pay your monthly mortgage how do you magically have enough to pay rent? Maybe people are buying houses that are too expensive for them?
---

REMercsChamp posted...

I'm not sure I understand. If you can't afford to pay your monthly mortgage how do you magically have enough to pay rent? Maybe people are buying houses that are too expensive for them?

It's easier to couch surf if you are only renting. You don't get shafted by foreclosure / bankruptcy. And you can more easily work out a payment agreement with a landlord than with your bank. If I had to pick, I'd rather be unemployed while renting. Imagine being unemployed while owing hundreds of thousands of dollars on your house.
---

REMercsChamp posted...

FLUFFYGERM posted...

REMercsChamp posted...

cerealbox760 posted...

Mortgages are the biggest ripoff and most people never manage to pay it off. Nvm that. Your entire livelihood depends on a local job market that can crash at anytime.

So what's the alternative then? Rent? Same problem: if you lose your job, you might lose the ability to pay the rent. Live with mom and dad like the guys on r/neet?

If you lose your job, would you rather have to pay rent or would you rather have to get foreclosed? The former is much easier to manage via unemployment benefits, whereas the latter is much more stressful.

I'm not sure I understand. If you can't afford to pay your monthly mortgage how do you magically have enough to pay rent? Maybe people are buying houses that are too expensive for them?

Yes. Where I live, rent is almost as much as a mortgage.

There is also a lot of what-ifs in the above argument for renting. An asteroid could hit the earth tomorrow and we'd all be dead, but it should stop you from living life.
---

FLUFFYGERM posted...

REMercsChamp posted...

I'm not sure I understand. If you can't afford to pay your monthly mortgage how do you magically have enough to pay rent? Maybe people are buying houses that are too expensive for them?

It's easier to couch surf if you are only renting. You don't get shafted by foreclosure / bankruptcy. And you can more easily work out a payment agreement with a landlord than with your bank. If I had to pick, I'd rather be unemployed while renting. Imagine being unemployed while owing hundreds of thousands of dollars on your house.

I don't think so dude. Many people won't rent to you if you're unemployed. It's not as easy as you're making it out to be. If you're unemployed you still owe "hundreds of thousands of dollars" in theoretical rent payments anyway assuming you don't plan on being homeless.
---

Youre pretty good at baiting lol. What about the 67% which dont even have 15k
---

IllegalAlien posted...

Youre pretty good at baiting lol. What about the 67% which dont even have 15k

47% have 15k. 53% don't. But 67% say they are actively saving.

And I already addressed this post in greater detail earlier in the topic. <_< But basically from 2015-2018 the number of millennials with 100k saved went from 8% to 16%. and the number with 15k saved went from 33% to 47%.

so the numbers are growing at a very fast rate and that fills me with determination.
---

Tupacrulez posted...

What is it with people being intimidated by "5 years experience"?

I still apply to them, I just get nothing back. Intimidation has nothing to do with it, the 100% lack of replies back do.

The jobs for machining down here are actually 8+ years general machining + 5+ years experience on a specific type of machining, for $13/hour starting pay. The mechanical draftsman jobs flat out aren't there.
---

FLUFFYGERM posted...

IllegalAlien posted...

Youre pretty good at baiting lol. What about the 67% which dont even have 15k

47% have 15k. 53% don't. But 67% say they are actively saving.

And I already addressed this post in greater detail earlier in the topic. <_< But basically from 2015-2018 the number of millennials with 100k saved went from 8% to 16%. and the number with 15k saved went from 33% to 47%.

so the numbers are growing at a very fast rate and that fills me with determination.

I dont really understand these numbers compared to the topic title tbh. The rate of cash is certainly a function of the fact that millennial are now late 20s and 30s
---

But only 1 in 100 knows what they're saving for.

The other 99 literally damage the economy by sitting on their piggy bank, at a tenth of a percent annually, instead of investing it or even spending it on stuff they want.

"Saving money" is the biggest waste ever. If you don't spend it, what use is it? You might as well have not worked those hours instead.

I can tell you what every dollar I have saved up is for. Some dor the next house downpayment, some for taxes, some for emergencies, some for the next car, some for TBD purchases of a few grand and finally some for vacation.
---

IllegalAlien posted...

I dont really understand these numbers compared to the topic title tbh. The rate of cash is certainly a function of the fact that millennial are now late 20s and 30s

I mean I suppose you'd expect that, but if the rate continues then we'd expect what, 20-25 percent of millennials to have six figures saved? What about in another 6-9 years after that? And then another 6-9 years after that? If we keep the economy thriving, I'm very excited for the future of my generation. Millennials are proving to be shaping up financially speaking.
---

IllegalAlien posted...

FLUFFYGERM posted...

IllegalAlien posted...

Youre pretty good at baiting lol. What about the 67% which dont even have 15k

47% have 15k. 53% don't. But 67% say they are actively saving.

And I already addressed this post in greater detail earlier in the topic. <_< But basically from 2015-2018 the number of millennials with 100k saved went from 8% to 16%. and the number with 15k saved went from 33% to 47%.

so the numbers are growing at a very fast rate and that fills me with determination.

I dont really understand these numbers compared to the topic title tbh. The rate of cash is certainly a function of the fact that millennial are now late 20s and 30s

And owning less properties than previous generations. I'm sure if the majority of these were homeowners the savings would be much less.
---

DevsBro posted...

But only 1 in 100 knows what they're saving for.

The other 99 literally damage the economy by sitting on their piggy bank, at a tenth of a percent annually, instead of investing it or even spending it on stuff they want.

"Saving money" is the biggest waste ever. If you don't spend it, what use is it? You might as well have not worked those hours instead.

I can tell you what every dollar I have saved up is for. Some dor the next house downpayment, some for taxes, some for emergencies, some for the next car, some for TBD purchases of a few grand and finally some for vacation.

Yeah but it's better to let it sit while you figure shit out than mess around and lose it. I feel like millennials will be the first generation to be truly finance savvy, given enough time.

REMercsChamp posted...

And owning less properties than previous generations. I'm sure if the majority of these were homeowners the savings would be much less.

I don't think home ownership needs to be rushed into. We should learn the lesson from 2007-2009.
---

REMercsChamp posted...

booboy posted...

REMercsChamp posted...

booboy posted...

REMercsChamp posted...

booboy posted...

I'm not buying it. Associate's degree in manufacturing technologies, 2.25 years experience with AutoCAD and Inventor, and the best job I can get is $12/hour retail in fucking Houston of all places.

So if you have that experience why can't you get another job? What happened to the job you had?

Company I was a CAD draftsman for, closed down from a mess of ethics issues. I was also a machinist at Baker Hughes, and my third month there the Haliburton buyout was announced, so I was axed as part of the mass layoffs (I was one of the final ones axed).

So I'm not quite sure I understand. You found your first job with no experience and worked there for a few years. And now it's impossible to find another on because...reasons?

Because "entry level" is 5+ years experience. Guess what I wasn't able to get?

Well you got your first job didn't you? Easier to exaggerate and come up with reasons why you can't get a job than it is to apply yourself to accomplish something.

I had social connections then that I don't now. I know damn well I wouldn't have landed that first job without those connections.
---

FLUFFYGERM posted...

I don't think home ownership needs to be rushed into. We should learn the lesson from 2007-2009.

I agree, but that's still a significant factor in this. The vast majority of the population aged 22-35 will not have $100,000 in liquid cash if they have bought a home.
---

Yeah but it's better to let it sit while you figure s*** out than mess around and lose it. I feel like millennials will be the first generation to be truly finance savvy, given enough time.

Mommy opened then a savings account. She didn't know what it was for either but granny opened one for her so
---

REMercsChamp posted...

I agree, but that's still a significant factor in this. The vast majority of the population aged 22-35 will not have $100,000 in liquid cash if they have bought a home.

Depends on the down payment. You can do an FHA loan and get a home for as little as 3.5% out of pocket. Less if you live in a state that has assistance programs for first-time buyers.

So you could literally buy yourself something decent that costs as much as your rent or maybe a bit more without having to cash out your savings. Live in it a couple of years, then put a real down payment on another house and rent out the first house. You'll have two properties and you'll build up your down payment quickly from the rental profit.

It's hard though, gotta live in an area where rents are good. And you need to find good tenants, and you need to take on some risk, and you need to be okay with being tied down in that area for a long time.
---

FLUFFYGERM posted...

REMercsChamp posted...

cerealbox760 posted...

Mortgages are the biggest ripoff and most people never manage to pay it off. Nvm that. Your entire livelihood depends on a local job market that can crash at anytime.

So what's the alternative then? Rent? Same problem: if you lose your job, you might lose the ability to pay the rent. Live with mom and dad like the guys on r/neet?

If you lose your job, would you rather have to pay rent or would you rather have to get foreclosed? The former is much easier to manage via unemployment benefits, whereas the latter is much more stressful.

Or you structure your bills around 50% of your wage like a smart person does.

The heat, power, and water will stay on, and my house will not be foreclosed upon even if I am laid off for months. Because that's my threshold for bills.
---

FLUFFYGERM posted...

REMercsChamp posted...

I agree, but that's still a significant factor in this. The vast majority of the population aged 22-35 will not have $100,000 in liquid cash if they have bought a home.

Depends on the down payment. You can do an FHA loan and get a home for as little as 3.5% out of pocket. Less if you live in a state that has assistance programs for first-time buyers.

So you could literally buy yourself something decent that costs as much as your rent or maybe a bit more without having to cash out your savings. Live in it a couple of years, then put a real down payment on another house and rent out the first house. You'll have two properties and you'll build up your down payment quickly from the rental profit.

It's hard though, gotta live in an area where rents are good. And you need to find good tenants, and you need to take on some risk, and you need to be okay with being tied down in that area for a long time.

Yes, you're listing scenarios where it may be possible and ignoring the crux of the argument:

The vast majority of the population aged 22-35 will not have $100,000 in liquid cash if they have bought a home.
---

REMercsChamp posted...

FLUFFYGERM posted...

REMercsChamp posted...

I agree, but that's still a significant factor in this. The vast majority of the population aged 22-35 will not have $100,000 in liquid cash if they have bought a home.

Depends on the down payment. You can do an FHA loan and get a home for as little as 3.5% out of pocket. Less if you live in a state that has assistance programs for first-time buyers.

So you could literally buy yourself something decent that costs as much as your rent or maybe a bit more without having to cash out your savings. Live in it a couple of years, then put a real down payment on another house and rent out the first house. You'll have two properties and you'll build up your down payment quickly from the rental profit.

It's hard though, gotta live in an area where rents are good. And you need to find good tenants, and you need to take on some risk, and you need to be okay with being tied down in that area for a long time.

Yes, you're listing scenarios where it may be possible and ignoring the crux of the argument:

The vast majority of the population aged 22-35 will not have $100,000 in liquid cash if they have bought a home.

Maybe millennials not rushing into property ownership means they'll be more calculated when it's time to acquire some property. Part of the problem with 2007-2009 was that people jumped into high risk mortgages with haste, without having adequate savings. Idk.
---

A lot of people are probably seconding guessing their decision to take on more mortgage than they should now that Uncle Sam isn't going to subsidize them anymore with the tax changes.
---

So, now I have a serious question. How do you get into any trade with any real expectation of employment, with no previous experience in given trade? Tech schools are well over $10k (I still have 15k left on my note from my previous tech school which means exactly fuck all).
---

booboy posted...

So, now I have a serious question. How do you get into any trade with any real expectation of employment, with no previous experience in given trade? Tech schools are well over $10k (I still have 15k left on my note from my previous tech school which means exactly fuck all).

I was under the impression that you can get paid to be an apprentice if you pass entrance exams and whatnot.
---

FLUFFYGERM posted...

booboy posted...

So, now I have a serious question. How do you get into any trade with any real expectation of employment, with no previous experience in given trade? Tech schools are well over $10k (I still have 15k left on my note from my previous tech school which means exactly fuck all).

I was under the impression that you can get paid to be an apprentice if you pass entrance exams and whatnot.

So...how does one get this ball rolling? All my previous googling has led me only to aforementioned tech schools.
---

Most banks I know wont let you get a mortgage if your unemployed. Personally I think its a better idea to save the down payment for a rainy day.
REMercsChamp posted...

FLUFFYGERM posted...

REMercsChamp posted...

I'm not sure I understand. If you can't afford to pay your monthly mortgage how do you magically have enough to pay rent? Maybe people are buying houses that are too expensive for them?

It's easier to couch surf if you are only renting. You don't get shafted by foreclosure / bankruptcy. And you can more easily work out a payment agreement with a landlord than with your bank. If I had to pick, I'd rather be unemployed while renting. Imagine being unemployed while owing hundreds of thousands of dollars on your house.

I don't think so dude. Many people won't rent to you if you're unemployed. It's not as easy as you're making it out to be. If you're unemployed you still owe "hundreds of thousands of dollars" in theoretical rent payments anyway assuming you don't plan on being homeless.

Most banks I know wont let you get a mortgage if your unemployed. Personally I think its a better idea to save the down payment for a rainy day.

I wouldn't buy a house until we have another crash and people get desperate. Until then, im saving with the intention to invest.
---

booboy posted...

FLUFFYGERM posted...

booboy posted...

So, now I have a serious question. How do you get into any trade with any real expectation of employment, with no previous experience in given trade? Tech schools are well over $10k (I still have 15k left on my note from my previous tech school which means exactly fuck all).

I was under the impression that you can get paid to be an apprentice if you pass entrance exams and whatnot.

So...how does one get this ball rolling? All my previous googling has led me only to aforementioned tech schools.

To add to this, it looks like the steps are as follows:

1: Have a high school diploma (check)
2: Receive formal training in the field (check)
3: Apprenticeship (this is where things fall apart)
---

booboy posted...

booboy posted...

FLUFFYGERM posted...

booboy posted...

So, now I have a serious question. How do you get into any trade with any real expectation of employment, with no previous experience in given trade? Tech schools are well over $10k (I still have 15k left on my note from my previous tech school which means exactly fuck all).

I was under the impression that you can get paid to be an apprentice if you pass entrance exams and whatnot.

So...how does one get this ball rolling? All my previous googling has led me only to aforementioned tech schools.

To add to this, it looks like the steps are as follows:

1: Have a high school diploma (check)
2: Receive formal training in the field (check)
3: Apprenticeship (this is where things fall apart)

This is an Illinois source but it's based on a federal program so your state might do it too.

http://www.ides.illinois.gov/Pages/Apprenticeship.aspx
---

emblem boy posted...

Romulox28 posted...

the early retirement thing only really works if you dont plan to get married/have a family/buy property/etc

Kids make my dreams of early retirement very difficult. Getting married and having that dual income makes it easier though.

But ya, kids.

Need to become rich

Divorces are very expensive. Most likely will encounter one sooner or later cuz the wife be a crazy bitch.
---

So I just looked up apprenticeships within 50 mile radius of me. None for Mechanical Drafting exist at all, and two companies have programs that have wait queues measured in years for machinists.

Since I have zero skills outside that, my only option is to get buttfucked by tuition again, beg for as many of the developmentally disabled scholarships as I can get (realistically expecting zero), and hope I can do just enough calculus to make it past.
---

booboy posted...

So I just looked up apprenticeships within 50 mile radius of me. None for Mechanical Drafting exist at all, and two companies have programs that have wait queues measured in years for machinists.

Since I have zero skills outside that, my only option is to get buttfucked by tuition again, beg for as many of the developmentally disabled scholarships as I can get (realistically expecting zero), and hope I can do just enough calculus to make it past.

Learn a new skill. Apply for any apprenticeship for any trade that is close to you.
---

Romulox28 posted...

FLUFFYGERM posted...

With 1 income of 29k, you could live comfortably where I am. It would require delaying some nice things (can't finance a new car, can't have a flagship smartphone, etc) but you'd have plenty of food, a set of wheels, a nice place, etc.

kind of funny that you're touting how affordable it is to live in illinois when it has the most prohibitively expensive property tax in the entire country.

and when it comes to renting: monthly payments are the highest in 30 years, median rent has doubled in the last 20 years, etc (http://time.com/money/4830674/rent-afford-increase-prices/)

if i dont get to use personal experiences to get a point across then you shouldn't either lol

I live near Phoenix Arizona, aka California lite. High coat of loving here.
---

FLUFFYGERM posted...

https://www.usatoday.com/story/money/2018/01/23/millennials-1-6-now-have-100-000-socked-away/1053803001/

And the numbers have been increasing. What a fantastic time to be a young person. The economy is thriving, unemployment is at record lows, stock prices are at record highs, and the economy hasn't been this dynamic and strong in a long time.

Millennials are quickly poising themselves to become the generation of financial thriving and success. God bless America.

I have been called a Millennial. I'm 35. I qualify for both the 1 in 6 and the 1 in 3 and I actually haven't even completely checked all of my statements in 2017, so either trump doesn't get credit because I already qualified or some negative things have happened that dropped me out of the 1 in 6 and I don't even know it yet *shrugs*

I can see what you were going for though.
---

pres_madagascar posted...

High coat of loving here.

damn bro that's a brutal double whammy of autocorrect right there >_< (I get that live -> love one so fucking often. It never learns -_-)
---

ImTheMacheteGuy posted...

pres_madagascar posted...

High coat of loving here.

damn bro that's a brutal double whammy of autocorrect right there >_< (I get that live -> love one so fucking often. It never learns -_-)

Lmao high cost of living.

High coat of loving sounds like a mage robe in an rpg.
---

I don't think people understand what 5 Years Experience Means. To have 5 years of experience for a job would mean that you have been in said field for 5 years. An entry level is just as it sounds an entrance into said field. Do you not see where the paradox exists?

I need experience to get the job, but need the job to get experience.
---

REMercsChamp posted...

FLUFFYGERM posted...

REMercsChamp posted...

I'm not sure I understand. If you can't afford to pay your monthly mortgage how do you magically have enough to pay rent? Maybe people are buying houses that are too expensive for them?

It's easier to couch surf if you are only renting. You don't get shafted by foreclosure / bankruptcy. And you can more easily work out a payment agreement with a landlord than with your bank. If I had to pick, I'd rather be unemployed while renting. Imagine being unemployed while owing hundreds of thousands of dollars on your house.

I don't think so dude. Many people won't rent to you if you're unemployed. It's not as easy as you're making it out to be. If you're unemployed you still owe "hundreds of thousands of dollars" in theoretical rent payments anyway assuming you don't plan on being homeless.

Well, naturally owning a house is more expensive. Electric is the only utility not covered in an apartment usually. So while the cost of rent is comparable to mortgage, where I live, I don't pay al the utilities. If something breaks down, it's usually a matter of maintenance fixing it as opposed to coming out of your own pocket.
---

Mitsukiba posted...

I don't think people understand what 5 Years Experience Means. To have 5 years of experience for a job would mean that you have been in said field for 5 years. An entry level is just as it sounds an entrance into said field. Do you not see where the paradox exists?

I need experience to get the job, but need the job to get experience.

Most of them don't call back to be honest.

I put my ego aside and took a job beneath me making 42K. Two job changes, and one raise later after four years I am now making 75K.

The job market is absolutely rigged and more difficult compared to 40 years ago but you can still succeed if you are smart enough.

clearaflagrantj posted...

Mitsukiba posted...

I don't think people understand what 5 Years Experience Means. To have 5 years of experience for a job would mean that you have been in said field for 5 years. An entry level is just as it sounds an entrance into said field. Do you not see where the paradox exists?

I need experience to get the job, but need the job to get experience.

Most of them don't call back to be honest.

I put my ego aside and took a job beneath me making 42K. Two job changes, and one raise later after four years I am now making 75K.

The job market is absolutely rigged and more difficult compared to 40 years ago but you can still succeed if you are smart enough.

I'll give you that. That's pretty good. I'm trying to figure out how at least make 30k a year. I'm only okay at computers, but it's what I'm best at.
---

Mitsukiba posted...

I'll give you that. That's pretty good. I'm trying to figure out how at least make 30k a year. I'm only okay at computers, but it's what I'm best at.

There is no shortage of job opportunities if you are willing to take on contract work with the possibility of a permanent position.

I've never taken one personally but I am blasted by tech recruiters about them.

clearaflagrantj posted...

Mitsukiba posted...

I'll give you that. That's pretty good. I'm trying to figure out how at least make 30k a year. I'm only okay at computers, but it's what I'm best at.

There is no shortage of job opportunities if you are willing to take on contract work with the possibility of a permanent position.

I've never taken one personally but I am blasted by tech recruiters about them.

I'll have to get certified first... But gotta start somewhere, right?
---

clearaflagrantj posted...

Mitsukiba posted...

I don't think people understand what 5 Years Experience Means. To have 5 years of experience for a job would mean that you have been in said field for 5 years. An entry level is just as it sounds an entrance into said field. Do you not see where the paradox exists?

I need experience to get the job, but need the job to get experience.

Most of them don't call back to be honest.

I put my ego aside and took a job beneath me making 42K. Two job changes, and one raise later after four years I am now making 75K.

The job market is absolutely rigged and more difficult compared to 40 years ago but you can still succeed if you are smart enough.

42k a year is about 2.5x my current pay rate, btw. I'm already about as low as I can go on the pay scale.

The highest pay I have ever received was $15.50/hour @ 36 hours/week.
---