Why are millennials incapable of saving money?

why are millennials incapable of saving money?

>charity is almost as much as your food payments
wew lad

>Giving $18K to a school you're no longer attending every year.
Kek, my tuition is 7k a year.

63 dollars a day on food?
How big are these people?

No one can save money on a capitalist system.
This rigged system is designed to force you into spending all your income, you cant save for shit.

>still feel average
>living in a million dollar home
Maybe if they didn't intentionally waste all their money, the might have money

Devry University does not count for education

Protip: It's not the "system." It's you.

>2 cars 1 a luxury vehicle
>3 vacations a year
>1.5 million mortgage
>charity
>student loans
nice

They're too busy paying off their student loans.

>all that money on charity
I understand caring for animals, but a thousand per year should be more than enough contribution.

I want to see a nigger's salary, too. Does anyone have that article saying African Americans are only valued at 8 dollars?

Only take 1 vacation per year, cut out charity.

Boom, $2,500 freed money per month. How is that hard? That's $30k extra per year.

so this is what demoralization feels like, fucking kikes.

what should they save money for?

Retarded budget. 12,000 on child sports. Saged

Remember, if you make over $389k, this puts you in the top 1%, these are the people that Bernie wants to take wealth from.


>How to make $500,000 a year and still feel average

- 1.5 million dollar house
- $2000 a month on food
- THREE vacations a year
- $3 million dollar term life insurance
- BMW 5 series

I'd say that's a little above average. But, I don't want to take these people's wealth and redistribute it.

Also, OP, these are not millenials making this much, not a chance. These are Gen Xers or late boomers

This shit triggered me so much when I first saw it. Like, I get it, if you're lower class or lower middle class it can be hard to save. Furthermore, even when you do save a lot of that can just be an emergency fund that inevitably gets eaten into significantly every time some relatively minor thing happens, like your car has a problem, or your kid felt so sick one night you took them to the emergency room out of worry, or whatever.

But are these people bitching that they live in a 1.5 million dollar house, their kids take lessons in sports, piano, violin and private tutoring, they get three vacations a year, they're putting away 36k in retirement a year, they give 18k to charity and they still have 7k to spare after everything?

This is the perfect example of being house poor.

Of their $278K left over after 401k contributions and their income taxes...they spend close to 90k annually on their home...which may or may not include their utilities, unless that is part of the home maintenance...which is still too high with their student loan debt.

These dummies went Plastic Fantastic, and got too much home with their all their other overhead.

Dumb.

Their student loans are like 10% of their net salary. They spend $2000 a month on food in their 1.5 million dollar house.

I have 0 pity for people like this having to pay back student loans, at least they have good jobs, good for them. But if these fucking people are marching in the streets suggesting their loans should be paid off for them, get fucked.

>tfw dad makes 60k in one of the cheapest states of the union but has to beg me to pay for his property taxes two years in a row because he wastes all of his money on stupid shit

I don't even have a car

The ship is sinking, there's only a limited amount of time America will be first world may as well spend all you can when you're young before the ship sinks and it becomes a communist hellhole.

And holy fuck, what is the 10k for either? Emergencies? That is the shit people spend their savings on. It's already accounted for in their budget, they have wiggle room to cover whatever hits them, and they still have 7k in cash at the end of the year to just stuff in whatever, investments? A savings account?

God damn these yuppie shits. Why even give your budget over to an article talking about how hard it is to save when you're so obviously doing amazingly? Is the suggestion that we all need to be millionaires so we can put 200k in our retirements annually?

>2 cars
>3 vacations a year
>12000 dollars for fucking sports
>18000 on charity to "feed the children"
FEED YOUR OWN CHILDREN YOU FUCK

Vacations and retirement: $54k a year. Poor fucks, don't know how they get by.

You misread that. They are paying 32k in student loans. They willingl donate 18k to their alumni school. These people are idiots

>charity at all

Degrees are there to check boxes. Lol at you thinking a college degree is anything more.

It's not just millennials. We haven't had a generation of savers since the so-called greatest generation. The Great Depression taught them when they were young that shit could go sideways fast.

...

no jobs and stagnate wages

I was taught to save but face it, we live on a sinking ship. I want to live the last of free and capitalist America before it's destroyed.

ogro sized

If they invest that $7,000 left over at the end of the year into anything giving them even just a 4% return, in 30 years they end up with $392,000

Couple that with the fact they'll have their 1.5m mortgage paid off by that time, means they can sell the house (probably for a fuck ton more than they bought it for since it's in California I'm guessing), etc etc and they can retire with a cool 2 million dollars. (In 30 years)

What i find the most irritating thing here is the 3 vacations a year.
Is this a thing in the USA? Do you go away for your holidays 3 times a year?
No wonder that millennials can't save for shit if thats where their money goes

>9500 for clothes
You can spend 1/10th that for four people at fucking Macy's and 1/30th that at Walmart and get "clothes"
>23,000 for food
They could get that down to 12,000 while still shopping at whole foods and wasting money on name brands by just cutting date nights back to one a month

I could pick apart the rest of this, but those were the two big pieces that stood out. They could live basically the same quality lifestyle and save like an extra 50k a year if they were retards.
>New York City-based
Oh no, they're retarded.

But why should you considering that America is going to crash and burn? Why not make the most of your youth before you crash and burn in old age? It's called enjoying the last of the ship before it sinks.

they donating to their alma mater while paying off their student debt.

Yes, we vacation to European countries and then come home and tell everyone how (((great))) it is over there and how terrible we have it in America because socialism good, multiculturalism good, etc.

Also we visit avocado toast factories.

Here we go.
>Childcare $42,000

Why would a man pay for two wives?

I’m barely making $60k with low expenses and seriously considered buying a new car before I snapped out of and realized how stupid it would be.

Ended up buying an old miata for $3500 and it’s been awesome

>3 Vacations costing 6 grand each
>Meme ass 50k cars
>Childcare 42k
>1.5m home
>9.5k on clothes
>(((Charity)))
>Paying a grand a month for Child lessons
These are the people who want to be in charge of our wealth.

>Three vacations

That's fucking absurd. My dad was making 100k at the height of his career and we had one vacation, maybe two (which was just us going to visit him in Arizona while he covered spring training). And the vacation was almost always driving to the beach and staying a week. That wouldn't be 8k let alone 18k.

>BMW 5 series
If that's new it's 52k.

Of fucking course they are NYC yuppies. It's amazing how these ultra rich never seem to understand LIVE WITHIN YOUR MEANS.

Also 9,500 a year for four people with clothing? That most definitely involves fancy ass threads and shoes for the woman. Assuming you have the necessary clothing to begin with you can easily go a year without buying any clothing if you're an adult. Of course for a woman she will buy plenty of gucci chanel garbage.

That's a lot more than 'above average', they are fucking rich as hell loaded upper class. And I don't think they need to be punished for it, but sympathize? Fuck them.

>student loans
>charities
>three vacations a year
>40% tax rate

my tax rate is 20% and i feel theyre jewing me too much already

Taking three vacations a year isn't that outrageous if you're middle class, but it depends on what you consider a vacation. Leaving the kids with the grandparents and going out for a weekend with the wife is a "vacation" and it doesn't cost 6000$, it costs like 300$. These people are taking week long trips to Disney World tier vacations three times, which is excessive.

If you're making $500k a year in your 30's and aren't retired by, AT LEAST, your mid-40's, you're monumentally fucking up.

>charity
>children lessons
>3 vacations a year
>childcare
WOW
How about you skip those and you'll have over 100k every year?

>childcare
get the grandparents involved

>child lessons
Have them play a sport with the rest of the kids, have them practice an instrument on their own (one that they actually want to learn)
>charity
fuck charity
>3 FUCKING vacations a year
Go to the fucking beach and not expensive cruises or Hawaii 3 times a fucking year

>we want to save money
CUT BACK

I make around 20k a year after taxes. I wish I made close to what they made.

banks are scam in itself
>oy vey goyim, give us your money, we will use it to trade stuff and earn more money
>what happens when we lose it? it is lost lol

>get the grandparents involved
These people have kids at 35-40 and then then their kids have kids at 35-40. You don't really want a 75-80 year old watching a child. All it takes is one slip or one "oh I just dozed off."

i pay $400+ a month for student loans and that is why i can't save shit

>complain about having no money

>give 20k to charity

LMAO

I know, it's $800 a month on clothes! I bought some extra socks, a jacket and some fucking gym shorts in probably all of 2017. "No fancy threads". How many clothes are these people buying? I can understand that women like to buy new clothes, and there are men who like having new shit, but that is a luxury. They're writing it off like it's a necessity "no fancy shit". There are minimalist millionaires that buy a small closet of clothes they just wash every week, $800 a month on clothes is not some kind of necessary expense.

God fuck this triggered me so hard. I'd feel so fucking rich at that salary and these people apparently feel like they're pinching pennies while spending on luxuries.

>went to school
>doesnt make enough money to pay that shit off

what the fuck did you study? i paid my 24k loan off in 1 year

That is an opulent lifestyle. They can't save because their perpetual excess never compels them to.

They could literally throw that money they couldn't find a way to spend into aggressive investment portfolios and likely retire multi-millionaires with very little impact on their luxury.

Fuck the bourgeoisie.

What is "childcare" when they are accounted for in food, clothes, etc?

>average millennial
>$500k combined gross pay of a married couple with children

You had one job and you blew it.

Also...
>donating $18k to your school
Those dickers got enough with your tuition retard

>make 31k/year after taxes
>living comfy and gathering investments and saving money

I never understood wasting money on unnecessary things. And I get a kick out of the fact that I got money if I need it.

masters degree at a good school, total bill was $66K, interest rate shot up to 9.8% out of nowhere and they tell me if i want to principal to go down, i have to pay $861/mo. Under the gov program "income based repayment plan
they basically lock you in at 10% and if you pay faithfully for 20 years the loan goes away (so they say). my bill is currently at $89K and i've been paying for like 7 years so far. federal loans, not private.

holy shit that interest
F for you my man
good luck with that shit.

mine were federal as well but it was like 3%? i dont remember desu

Why save when credit is the way of life and is accepted as to how things are?

I have money saved. I save a lot. But I am at the threshold where just like 5-8k more would let me live peacefully. Where I am at now it means giving up a lot of simple pleasures. I already live very cheaply.

trust me i regret grad school so much. i was young stupid had no clue they could charge 9.8% interest on education, or that you cant file bankruptcy on student loans. i just got fucked and didnt see it coming. feels fucked forever now

Its a tax write off shithead

Without all the fucking extra shit they could easly get into real estate

doesnt excuse all the other fucking waste

It's NY, and of course they don't want to degrade themselves by cooking their own food

They are 100% lying and the woman considers chanel to be 'not expensif'. And even date night doesn't have to be cut back, just go somewhere that doesn't cost an arm and a leg. They just want to go to the ritziest ass NYC restaurants and not go to a nice middle class steak/dining place like a plebean.

I've heard it noted the minimalist millionaires (the ones who keep their money) are the ones who dress largely the same as they did before becoming rich, maybe a little bit nicer or a nicer car but they don't become nouveau riche. This was the image in particular. Probably a half truth as plenty of wealthy people dress nice, but they also don't spurn that money away wastefully.

I'd feel fucking rich as fuck at 100k because I'd be living within my means.

I'd love to go on to get a masters but the debt is what is scaring me away from it. I already have undergraduate and now this certificate program (since it was basically a mini masters). I'd have been able to pay for it in full if my father's brother didn't steal my father's inheritance, which is nice. I'm also federal but I've been unnaturally lucky with them giving me deferment (no interest increase while I am jobless). Hence the cert program. Though that is also graduate level student loans, which they seem to be a bit more ruthless on than undergraduate.

Suffice to say I'll prioritize paying off this cert/graduate (about 16k) over my undergraduate. But I needed it, fucking nobody was hiring me with just undergrad.

Thank you though, that's scared me away from even considering graduate school until I've become a professional and have the money to not loan on it.

>boohoo! I only have 7k leftover after my three 6k vacations, my 20k to charity, my 1.5mil house, almost 1000 on clothes a month (which obviously can't be fancy clothes), and then insurance on everything I own!
If I had 7k after the year was out, I could afford to leave my shithole.

Also can anyone explain why childcare is an additional 42k after food, children's lessons, clothes, and miscellaneous?

Good for you, keep it up. One thing that helps me is that I don't have dreams of the idyllic house with the wife, 2 kids, 2 cars, a cat, a dog and a pony. I have access to the family cottage if I desire to get away from the city life.

To be fair the student loans aren't really that big a deal considering that she's making over 250k a year thanks to her education.

>$10k a year on clothes
>"no fancy threads yo!"

I wish I could kill them through the internet

my job will actually pay for my masters, i just have to work for them 3 years though im working there for life so its a win win all around, i just have to get off my ass and actually try to go back to school.
I fucking hate school

If I made 500k a year there is absolutely no way I would spend more than 50k a year on anything. Even housing.

Given the inflation on USD and its inevitable collapse once PRC gently asks Murcia to pay debts, it’s actually reasonable to spend money instead of saving it

>yes goy let us hold your money! We will keep it safe and it will even earn interest. You want security and interest right? Good goy.
As gen Y I do not carry a savings. I buy cryptocurrency.

Also just fucking lol at "3 vacations a year, feels average man, le sigh!"

How about 0 vacations in 10 years

but yea dude you really know the struggle

I loved school, but I do a liberal arts subject so it's not as exhaustive as you stemfags. What is your job? If I could be guaranteed a federal job I'd go back, since they have the Public Service Loan Forgiveness program and my career choice (national security/foreign affairs stuff) is kind of federal-oriented. But I can't guarantee I'll get a spot over Shaniqua and Christine (Christopher before snibbety snab o fug benis gone :DDD) so that's too much of a gamble.

I guess if I get my foot in the door with the gubment I'll think about returning to grad school. Course, the way they rely on contractors means fat chance.

They're probably paying for a nanny. Assuming they work in NYC this means a long commute to work so they're probably out of the house 11 hours a day.
11 hours a day x 5 days a week x 46 week a year (assuming 6 weeks oh vacations) = 2530 manhours
42000 / 2530 = ~16$ an hour, a reasonable rate for the NYC area

I have a federal job, thats why theyre paying for the masters. im a RN work for the VA best pay and benefits than anywhere else. at least where im at.
compared to what people complain we are trying to do a better job serving vets though theres a lot of fucking red tape. they need to get rid of those office job faggots and hire more nurses and doctors though.

Welcome to the lives of the coastal elite

millenials learned that the only trophies than can actually win are the easy ones, the ones that everyone who participated gets. so when they become adults, they spend their paychecks on the easy trophies; big tv's, expensive clothes, new soundsystem for the car they can barely make payments on, newest iphone. then, when all the millenials get together they sperg out over their gay little trophies.

Red tape is everywhere in the govt. I work for the state govt and it isn't any better

Who made up this stupid shit?
>$1,600,000 house, $600,000 down, finance $1,000,000
Perhaps they have no savings because they put too much down on a house they can't afford? Also 35 years old still paying student loan debt?

its fucking unbelievable man
>dying man
>cant give them meds because doc hasnt ordered them so i can get my ass fired for taking regulated shit

i fucking hate that shit

>40% tax
Yes, it's capitalism's fault.

i unfortunately have to work with several of these vapid millenial shit stains. they all spend large amounts of money on vacations; mexico, costa rica, some caribbean shithole. they are fueled by the selfie lifestyle. they don't even want to go on vacation to relax and enjoy it, they just want pics to post on social media. also, most millenials are fucking alcoholic, stoners who spend a large percentage of their paychecks on alcohol and weed.

right. 35 is Gen X.

Triggered when I saw how much they earn.

also
>3 black people work on my shift
>theyre the laziest motherfuckers around and expect everyone else to care for their patients but themselves
>one of them likes to take 1 hour breaks and several meal breaks when we only get 30 minute breaks in a day
>hardest working are the Philippinos and mexicans

losing the civil war was a mistake

I put 20% of my pay into savings and still feel like I blow a lot of money on stupid shit

Yeah. This is a retarded example

Generation X
Born: 1966-1976
Coming of Age: 1988-1994
Age in 2004: 28 to 38
Current Population: 41 million

A 35 year old is gen y scum

I'm not even convinced they have a 40% tax rate. It might be well above 30% with state income taxes and FICA, but 40% sounds high as fuck.

I'm taxed too much for little return I get. Must be the price of freedom. It's not like I make that much working at walmart anyways and only netting $19k.

>tfw community college in my area is $10k a year.

>9500 on clothes

Damn nigga, I had the same pair of jeans for like 5 years now. How many shirts do you need. Go to the local salvation army and you are set for a year with 100$.

You expect to look good when you're a HENRY.

For the triggering

Good stuff, you guys helping VA vets are good people. I'll prob try again for the alphabet soups but hearing how fucking crony the FBI was of late has me thinking if my lack of experience wasn't already handicapping me, the fact that it's a good ol boys and girls network is even more. Fucking liberals miss the forest for the trees and think it's a whypyppol good ol boys network when it's a nepotism network that sees ideology and friendship more than gender or race.

Not a public hospital here but I remember an RN telling my mom she couldn't give his dad (in hospice aka on death's door) more morphine because herp derp he might get addicted to opiates. That's what fucking excessive red-tape onerous regulation does. It turns people into fleshmachines who aren't given the autonomy to respond to reality.

Like guy said 35 is gen Y, at best part of that blurred X/Y boundary but still generally Y.

Its those shitty high end restaurants too. In montreal, that queen elizabeth hotel is like 60 for two people and the portions are shit.

>It's amazing how these ultra rich never seem to understand LIVE WITHIN YOUR MEANS.

They are living well within their means. They are spending all that fucking money, have all that shit, and they are still saving 7K a year. I literally have no idea what they are complaining about.

Early 30's here, combined 150K a year. When should I retire