I bet about the same was true for about the last 100 years adjusted for inflation. Young people start out life broke and stay that way for about 25 years.
IndenturedServant
August 21, 2016 9:08 pm
I’ll bet that most have multi hundred dollar cell phone bills each month and eat phast phood seven times each week.
Between 18-24 I had little financial discipline but one bout with debt during those years turned it all around for me. By 25-34 I was building positive net worth.
bb
August 21, 2016 10:41 pm
Hey Theodore , your financial genius eclipses me so explain yourself.
Llpoh
August 21, 2016 10:50 pm
A recent Oz study showed young folks blow their money on travel, eating out, clothes, etc. They often go into heavy debt to travel.
Stupid is as stupid does.
the tumbleweed
August 21, 2016 11:16 pm
I know a millennial who works as a bartender 3 nights a week. She makes enough to pay rent, buy food, alcohol, and cigarettes. She called me because she was bored and was struggling to cope with all her free time. I said she should probably get another job. “Why?” was her response. “I already make enough to pay my bills.” (Barely, I might add.) I explained the concept of saving, and that she eventually would need money for unforeseen expenses, like medical bills, car repair, moving, etc. It was lost on her.
Saving is a foreign concept to most millennials. Many don’t make enough to even concern themselves with it. But even those I know with relatively lucrative but mundane jobs in the service sector make enough to save some. But they don’t. Cash comes in, and it goes out almost immediately. Alcohol and food are the biggest culprits, but also cigarettes, drugs, hair/beauty products, tattoos, video games, baseball tickets, and stuff like that. Also a lot of the bartenders and servers I know go to jail once or twice a year, usually for DUIs. That’s not cheap either.
Now approaching 30, the snowflakes mixing your drink and clearing your table at Red Robin are still under the illusion they’ll suddenly land a dream job and start saving then. They party like sixteen year olds and are as naive four year olds. I no longer believe they will grow up. They will trend further toward communism as their far fetched dreams become more and more unattainable.
I don’t know………..I tend to prefer having savings to pay for emergencies or other things I need rather than going into debt.
Leobeer
August 22, 2016 3:03 am
The more interesting number would be the percentage that has less than zero in savings. How many have 0 -1k in debt, 1 – 5 k, 5- 10k, more ???
KK
August 22, 2016 6:18 am
When the “bank bail-in” takes my savings, I will regret having deferred the pleasure of spending that cash. Just sayin…
JIMSKI
August 22, 2016 8:29 am
What a bunch of losers. Get a job. Get a better job. Get an education in a field that can pay you well. ( Hint it aint womens studies or art history )
My kid is23 years old. Works heavy construction and utilities. Went to a career center to get his training and a CDL A .
Has 10K in a 401K and drives a 2 year old Corvette.
He was over this weekend and said his employer still needs to fill 3 positions and one of his cow orkers will soon be let go due to no show no calls. This job pays very well. 34-40 Prevailing and $15 non pdub with about 60% of his pay prevailing. 55-65 hour a week.
He has a squak box installed. If he exceeds 80 mph 3 times or 100 once they renegotiate the price. So far so good but he also has a CDL A and a 4 point 100 mph ticket would mean no job no car.
Proper motivation!
we are looking at the 80-20%
maybe a bell-curve…thanks for the data
TPC
August 22, 2016 1:24 pm
I feel like I’m living in the story where a guy wishes to be the richest man on Earth and the genie takes everyone else’s wealth.
By Millennial standards, I’m a 0.1%er, and thats fucked up.
OH STORY TIME!
My brother-in-law believes he is a dyed-in-the-wool Commie. Like, straight up Marxist. He saw Bernie Sanders and thought, “not liberal enough for me,” and went and found something else.
Its nuts.
Anyway, said 21 year old was eating dinner with me and my wife and she made a joke about the proletariat.
He gave her a dirty look.
Apparently some facebook drama or some shit had happened, I don’t know, I actually have shit to get done these days so I don’t really notice. My beer brain picks up on this exchange, and I bust up laughing as only someone who is feeling his drinks can do.
“Shit son, you seriously think you are a member of the proletariat? You’ve never worked a day in your life! Your mother is a high-end nurse and your pops has so much electrician experience he’s basically an engineer. You are going to school on your parents dime and live rent free.
You are one bourgie (slang for bourgeois) mother fucker.”
My wife busted up laughing. He looked he was going to cry. I changed the topic to beer.
If the thought of trying to defend your stance almost makes you cry then you don’t actually believe in it.
I don’t know why I shared that story. There is no moral. I guess it just illustrates how insidious this commie bullshit is. Fucking Sanders is still funding his goddamned cultural revolution and it is up to people like you and I to make sure it never bears fruit.
jamesthewanderer
August 23, 2016 3:32 pm
After attaining power the first thing most Communist governments do is execute the opposition. Not that right wing takeovers are bloodless, but generally they are choosy about who they execute, and imprison first if they can.
The Bolsheviks executed Trotskyites, bourgeoisie, kulaks (peasants) and any intellectuals who failed to toe the party line.
The Maoists executed counter-revolutionaries (undefined), peasants and anyone who failed “re-education”.
The Pol Pot gang executed intellectuals (defined as anyone who wore glasses or had an education).
All together Communists have executed well over 93 million people (source: Stephane Courtois’ _Little Black Book of Communism_). This is an estimate, but a widely regarded one, since detailed records of exactly who got shot in the head and dumped in a ditch are hard to come by, but various accounts have been assembled.
Why anyone would want this in preference to the marginal chaos we have now escapes me. Especially since folks like your brother in law would probably be first up against the wall!
Tough to save if you’re not making ends meet.
I bet about the same was true for about the last 100 years adjusted for inflation. Young people start out life broke and stay that way for about 25 years.
I’ll bet that most have multi hundred dollar cell phone bills each month and eat phast phood seven times each week.
Between 18-24 I had little financial discipline but one bout with debt during those years turned it all around for me. By 25-34 I was building positive net worth.
Hey Theodore , your financial genius eclipses me so explain yourself.
A recent Oz study showed young folks blow their money on travel, eating out, clothes, etc. They often go into heavy debt to travel.
Stupid is as stupid does.
I know a millennial who works as a bartender 3 nights a week. She makes enough to pay rent, buy food, alcohol, and cigarettes. She called me because she was bored and was struggling to cope with all her free time. I said she should probably get another job. “Why?” was her response. “I already make enough to pay my bills.” (Barely, I might add.) I explained the concept of saving, and that she eventually would need money for unforeseen expenses, like medical bills, car repair, moving, etc. It was lost on her.
Saving is a foreign concept to most millennials. Many don’t make enough to even concern themselves with it. But even those I know with relatively lucrative but mundane jobs in the service sector make enough to save some. But they don’t. Cash comes in, and it goes out almost immediately. Alcohol and food are the biggest culprits, but also cigarettes, drugs, hair/beauty products, tattoos, video games, baseball tickets, and stuff like that. Also a lot of the bartenders and servers I know go to jail once or twice a year, usually for DUIs. That’s not cheap either.
Now approaching 30, the snowflakes mixing your drink and clearing your table at Red Robin are still under the illusion they’ll suddenly land a dream job and start saving then. They party like sixteen year olds and are as naive four year olds. I no longer believe they will grow up. They will trend further toward communism as their far fetched dreams become more and more unattainable.
Saving is just not valued in our throw away/on demand society. We’ve had it too good for too long.
Maybe if we explained savings as a representation of their labor they might get it?
Although the ‘government’ makes it harder to save with all the taxes, and zero percent interest. Not much of an incentive.
I don’t know………..I tend to prefer having savings to pay for emergencies or other things I need rather than going into debt.
The more interesting number would be the percentage that has less than zero in savings. How many have 0 -1k in debt, 1 – 5 k, 5- 10k, more ???
When the “bank bail-in” takes my savings, I will regret having deferred the pleasure of spending that cash. Just sayin…
What a bunch of losers. Get a job. Get a better job. Get an education in a field that can pay you well. ( Hint it aint womens studies or art history )
My kid is23 years old. Works heavy construction and utilities. Went to a career center to get his training and a CDL A .
Has 10K in a 401K and drives a 2 year old Corvette.
He was over this weekend and said his employer still needs to fill 3 positions and one of his cow orkers will soon be let go due to no show no calls. This job pays very well. 34-40 Prevailing and $15 non pdub with about 60% of his pay prevailing. 55-65 hour a week.
How much is car insurance on that 2-year old Corvette for a 23-year old male driver?
600 every 3 months. BUT
He has a squak box installed. If he exceeds 80 mph 3 times or 100 once they renegotiate the price. So far so good but he also has a CDL A and a 4 point 100 mph ticket would mean no job no car.
Proper motivation!
Just think how many blow jobs he could buy with $2,400 a year!
That’s a damn good rate for that setup. He must have a stellar driving record!
They are just following the examples of their elders….they ar e not the only ones without any savings.
we are looking at the 80-20%
maybe a bell-curve…thanks for the data
I feel like I’m living in the story where a guy wishes to be the richest man on Earth and the genie takes everyone else’s wealth.
By Millennial standards, I’m a 0.1%er, and thats fucked up.
OH STORY TIME!
My brother-in-law believes he is a dyed-in-the-wool Commie. Like, straight up Marxist. He saw Bernie Sanders and thought, “not liberal enough for me,” and went and found something else.
Its nuts.
Anyway, said 21 year old was eating dinner with me and my wife and she made a joke about the proletariat.
He gave her a dirty look.
Apparently some facebook drama or some shit had happened, I don’t know, I actually have shit to get done these days so I don’t really notice. My beer brain picks up on this exchange, and I bust up laughing as only someone who is feeling his drinks can do.
“Shit son, you seriously think you are a member of the proletariat? You’ve never worked a day in your life! Your mother is a high-end nurse and your pops has so much electrician experience he’s basically an engineer. You are going to school on your parents dime and live rent free.
You are one bourgie (slang for bourgeois) mother fucker.”
My wife busted up laughing. He looked he was going to cry. I changed the topic to beer.
If the thought of trying to defend your stance almost makes you cry then you don’t actually believe in it.
I don’t know why I shared that story. There is no moral. I guess it just illustrates how insidious this commie bullshit is. Fucking Sanders is still funding his goddamned cultural revolution and it is up to people like you and I to make sure it never bears fruit.
After attaining power the first thing most Communist governments do is execute the opposition. Not that right wing takeovers are bloodless, but generally they are choosy about who they execute, and imprison first if they can.
The Bolsheviks executed Trotskyites, bourgeoisie, kulaks (peasants) and any intellectuals who failed to toe the party line.
The Maoists executed counter-revolutionaries (undefined), peasants and anyone who failed “re-education”.
The Pol Pot gang executed intellectuals (defined as anyone who wore glasses or had an education).
All together Communists have executed well over 93 million people (source: Stephane Courtois’ _Little Black Book of Communism_). This is an estimate, but a widely regarded one, since detailed records of exactly who got shot in the head and dumped in a ditch are hard to come by, but various accounts have been assembled.
Why anyone would want this in preference to the marginal chaos we have now escapes me. Especially since folks like your brother in law would probably be first up against the wall!