Yahoo Finance on Millennials savings

Discussion in 'Finance, Investments, and Careers' started by Russ Smith, May 22, 2017.

  1. Russ Smith

    Russ Smith The Original Whizzinator Contributor

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    It's a video and I don't think I can actually link it because it's on the front page of Yahoo Finance and those things change.

    They have a video that says Millennials save about 20% of each paycheck which is significantly higher than baby boomers and Gen X who save only 14%. but they don't save for retirement, they save for "personal fulfillment".

    the odd part is nowhere in it did I see them point out that the reason they are ABLE to save 20% of their paychecks is that so many of them still live at home and don't have a big rent or mortgage payment like people in the past did. I'm not criticizing it but part of the save for personal fulfillment mindset includes not moving out, or moving back in to save money for things they want to do.
     
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  2. Folster

    Folster The system doesn't work.

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    These sweeping generational statements are bogus. Most millennials are people born in the early 1980s to mid 1990s. I was born in 1982 and am turning 35 next month and am considered a millennial.

    Aside for a couple months after I got out of the Marines, I haven't lived at home since I was 18. More than 20% of my paycheck goes to retirement and I have a mortgage.
     
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  3. BigRedRage

    BigRedRage badass Contributor

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    35 this year, two houses, wife, 3 kids, 10% to 401k. Anything beyond living expenses and fun is saved toward more real estate.

    When I learned that I'm considered a millennial I was surprised.

    I also don't think "most millennial living with parents" is accurate.

    At the same time, in many lands families stick together to save money and build wealth. They build their houses next to each other and stick with each other for life. I think it's cool even though I don't practice it

    Sent from my Nexus 6P using Tapatalk
     
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  4. Russ Smith

    Russ Smith The Original Whizzinator Contributor

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    of course it's a generalization but it's statistically a fact that millennials as a % live at home longer, or come back home more, than prior generations. And again, that's not a criticism it's a crazy world now, very expensive. Millennials tend to also be higher educated but that comes at a cost, school loans etc so many simply stay home longer to offset that.

    The article's not there now but it had all the information there it just didn't make the obvious statement. It said millennials spend less on rent, buy houses at a lower rate etc, but didn't make the obvious final comment that it's in part because a higher % of them are still living at home. One of my co workers is a classic millennial but she doesn't live at home, she lives with 5 roommates in a rented house. She says all my friends complain about that stereotype but so many of them live at home(she's 26) that it's funny when they do it.

    My younger brother will be 34 in November and is still at home because it's just so expensive in Silicon Valley and because it allows him to pursue the things he wants to do with less financial issues.

    My comment on the article wasn't that millennials are bad, they're not, it was that they were making this bold statement about how good millennials are at saving, and missing a big reason how. I'm actually a big fan of that because anything that allows people to save more money when they're young is good, both for them, and for the US as a whole. My generation is going to cause a lot of issues for the US economy as we approach retirement(I'll be 52 in November) because so many of us have NOT saved enough. It's going to IMO be a very interesting situation where in 15 years many people in my group who have millennials living at home now, will be moving in with their millennial son or daughter because they can't afford retirement.
     
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  5. Russ Smith

    Russ Smith The Original Whizzinator Contributor

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    Yeah the last paragraph is 100% true. There's TONS of benefit to people staying home longer and building savings, it's actually really good for society as a whole.

    Just to be clear I didn't say most millennials, that's not true, just at a higher % than prior generations did and again it's a function of what the prior generations did. It's too expensive now and that's not the fault of millennials it's the fault of people who came before them.
     
  6. BigRedRage

    BigRedRage badass Contributor

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    And then we can complain about the pre millennials leaching off of us :)
     
  7. BigRedRage

    BigRedRage badass Contributor

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    I don't take offense, just commenting. I like being the outlier. I am there for the generation, for my education, for a lot of things. Makes me feel more accomplished.

    I'll venture to guess that the blind trust of "shove everyone into a major university regardless of cost and debt" is a big fault for the current situation.
     
  8. Brian in Mesa

    Brian in Mesa BIM™ Contributor

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    When did Gen Y change to Millennials and why?

    Weird.

    Never connected the two in any way before reading this thread.
     
  9. Folster

    Folster The system doesn't work.

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  10. Russ Smith

    Russ Smith The Original Whizzinator Contributor

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    Exactly.
     
  11. Russ Smith

    Russ Smith The Original Whizzinator Contributor

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    That's interesting because lots of stuff in that Oregon trail generation fits me too even though I'm older than they are.

    It is funny though, the first iPod I ever got, I gave away to a millennial kid my ex girlfriends son. He didn't really know what it was, I told him you can play music on it and he said OK I want it then. I'd got it from a vendor at work. I actually used to work with the guy who invented the iPod(Tony Fadell) so I knew what it was but my understanding of digital music then is it was all stolen like the link mentions Napster. I hadn't yet grasped that a huge part of iPod was iTunes and the notion that people actually would pay for music if it was possible and it worked.
     
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  12. BigRedRage

    BigRedRage badass Contributor

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    I relate to every ounce of that article.

    Except for mentioning third eye blind.
     
  13. Southpaw

    Southpaw Provocateur aka Wallyburger Contributor

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    Woke up yesterday morning, early, to the sound of a U Haul truck pulling up to the house a few doors down. Millenial a -whole tossed out of Mom's house. hah. Terrorized the neighborhood with his Audi RS 6 that he could only afford because Mommy paid his rent. Betting he didn't save his 20 %. Drugs and fast cars sorta eat into that.

    Social engineering sux,
     
  14. Russ Smith

    Russ Smith The Original Whizzinator Contributor

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    to be fair there are aholes in every age group not just millennials.

    In the apartment complex I live in now, ridiculously expensive, we have 1 car garages and then extra spaces for your other car or guests. There are 3 regular size spaces and 4 compact spaces. We have been having "battles" for the 10 months I've lived her with management trying to get all the people who live here and drive compacts to stop insisting on parking their compacts in the full size spaces. Yes it's legal for them to do it but what ends up happening is then non compacts wind up parking in the compact spaces and it causes all sorts of problems. So management has politely asked people repeatedly to cooperate and the people with the small cars refuse to. But now we have a new problem.

    So last week I walked to work but had to walk home and get my car at one point. As I was approaching my car a guy who'd just moved in came flying around the corner nearly hit me going into his garage. Later that night I got home and discovered he'd put his SUV in the full size space but intentionally double parked so nobody could use the full size space next to him, and then put his motorcycle in the 2/3 left space with the cover on it! I was in the 3rd space so next to his bike.

    note he's lived here less than a week. I was loading stuff in my car(we're moving) and I guess he saw me. The next morning I had a note on my Tahoe telling me in no uncertain terms not to remove the cover from his motorcycle again(I didn't) and to stop reserving the full size space(again I often walk to work). He apparently has 2 SUV's and a motorcyle which he didn't disclose when he signed a lease, he's allowed to park it here but you have to disclose all your vehicles and license plates so if there's any issues, they know who owns the problem vehicle.

    i went straight to the management and it turned out I was the 5th person in 2 days to complain about the guy. They were in the process of trying to get him to come in and meet with them and they told me "he's either going to change his attitude or we'll revoke his lease and give him 30 days notice."

    And he's not a millennial he's in his late 40's. I gave them the note he'd left on my car and they kept it "in case we have to involve the authorities."

    I'm moving out in 2 weeks so he won't be my problem but there are people like that everywhere.
     
  15. Southpaw

    Southpaw Provocateur aka Wallyburger Contributor

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    Plenty of a wholes to go around. Self entitlement knows no age discrimination , but "social engineering" has seemed to empower the "millenials" generation moreso than any other group. My community is sprinkled with "me first and only" types who are a cross generational sampling. I pay $300 per month "maintenance " fees to maintain the community standards and infrastructure only to see those standards abused by certain residents. Just getting worse over the 15 years I have lived here. Sigh................
     
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