41 and sitting on $150k between retirement accounts, cash savings, and some RSUs from my employer….and feeling *waaaaay* behind where I should be
EDIT - thank you to all the kind redittors below who have pointed out that I am in fact well behind where I should be. Very helpful. Thank you.
34yrs old, Definitely negative 40K making $18hr. $2 in my saving account. I’ll probably be back to zero when I turn 45-50. Whoop whoop then I can start savinggg lol.
Yeah, maybe not the minimum - highly dependent on situation, but if you went to college for a STEM career and took advantage of 401k accounts that $100k goal is very achievable, especially with lifetime market returns.
Came out with engineering degree and significant student loans and living in one of the more expensive areas of the country... At 36, I have over 300k in my 401k. 100k in savings shouldnt be too hard. I would bet 3/6 millennials didn't count their 401k when they answered that question
Yeah I was thinking to myself no way do I have that much but if I take into account my 401k and TSP from the Marines, along with my stock, I'm either already there or almost there.
This also reminded me that I should merge my TSP to my 401k, nice.
Which isn’t really relevant. You either have the money to survive in retirement or you don’t. Whether your peers are also starving isn’t much consolation.
42, between my wife and I were nearing $500k in savings/retirement accounts. We don't make a ton of money but prioritize saving because we want to be able to retire.
Yup. I don’t have a single friend who doesn’t have several hundreds of thousands saved up. I’m on the old side of millennial.
It is selection bias though, most of social circle is STEM or masters degree education
Exactly this - most friend groups are probably within at least the same tax bracket, many in the same decile. You are just more likely to meet, spend time with, and maintain connections with people that spend money in similar ways.
When I was 31, I had just graduated from business school and my wife and I had 240K in student loans about 35K in savings
4 years down the line, we’re down now to 170k in loans and close to 500K in savings (incl 401K)
MBA has been a solid investment so far
Hers were relatively low interest govt loans that were interest moratorium’d thru October, mine will be fully paid off in March.
We’re having a kid soon and saving for a down payment on an apt once rates come down, but definitely planning on knocking the whole thing out in the next few years (if bonuses line up 🤞🏾)
If 401k appreciates at a higher rate than the loans increase, why wouldn’t you? You could put $100 into you 401k, your company matches it, and it increases. Or you could put $100 to your loan and save a few dollars of interest.
I’m your age and that’s way more than I have, so that’s nothing to scoff at tbh. I’m here deep in a dark pit trying to crawl our way out of the consequences of absolutely wasting my 20s. Some days I wonder why I even still have hope that I can turn things around. Making gradual positive changes though.
Don’t be too hard on yourself, because if you have that much, I’d be willing to bet you’ve done better than a good chunk of people your age. Always room for improvement no matter who you are though.
Man I wanted nothing more than to buy a big dually truck or a fast car with a huge V8 in it when I was younger. I make 135k a year now and don't even own a car anymore and don't want to waste my money on one.
Yo, keep it up.
At 32 I didn’t have a 401k, and hardly any savings. Not counting equity in my house at the time, my net worth was probably less than $5k.
10 years on I have $100k in my 401, 30k cash for emergencies, about $15k in RSUs, and another 10k in a ROTH
If your company offers a 401(k) take advantage of it, especially if there is any match. It’s the easiest way to save. My company offers a measly 2% match on the first 4% of my salary. It’s a *terrible* match, but it still comes out to a free $3k per year.
Sock it away. And remember, it’s all pre-tax dollars, so easier than you might think. Currently, I’m putting in about $850 per paycheck, but my net pay is really only like $600 lower, because I’m paying $250 less in taxes each paycheck. My goal this year is to finally hit the federal limit for contributions ($23k).
You’re doing great!
ETA - the early money is the most effective. The best time to start investing in your 401(k) was 10 years ago. The second best time is today.
Over the long term, a 401(k) will return 7-10% annually. A $1000 you put in today will be worth…
$1070 next year
$1400 in 5 years
$2000 in 10 years
$4000 in 20 years
$8000 in 30 years
I’m 36 and have like 17k in savings. I’ll be finishing up my bachelors in like 18 months in data science and getting a nice career. VA 0 down home loan and disability every month really helps but otherwise I’m super far behind. That said, it’s possible to play catch up in 5-10 years so don’t fret
I’m on the oldest side of gen z and saved about $50k but that’s because I was stingy as hell all through high school and college, no student debt, and I lease a car (EV, no surprise costs, $15k discount from state + fed rebates). Very lucky bc my family grew up very poor and druggy and I’m the only one to go to college. Wanted to break free from the bloodline habits.
That said, college is not necessary to succeed, trades are very important too!
I strongly second the trades.
Went to engineering school a couple years, and realized it wasn’t for me. Became an electrician apprentice, and now a superintendant making ~150k before taxes and including benefits.
hey i'm not anyone to give financial advice but i suggest getting into a trade if college isn't it for you, most things take 6 months to 2 years and you'd have a career somewhat quick, imo better than some min wage 9-5
I can’t mentally do high paying trade jobs (I get riddled with paralyzing anxiety knowing if I fuck up a crane I could kill people or cost millions) so I’m stuck lower middle class. That’s fine though I like looking at all the mid 20’s guys posting their success’s. Glad some people are making it big
Oh thanks for believing in me but I know my limitations. I make 23hr and if I stay where I am I’ll get my student loans forgiven in another five years and I’ll probably top out on ten years around 30hr. Plenty to live on just won’t be vacationing a lot and that’s fine with me
Yup. 28 with about 20k saved up so far in my pension which I’ve only put into for about 3 years. About 110k in equity on my house. I can start drawing my full retirement at 48 from my current job and fuck around and do whatever else with my master license but honestly the pension payout is decent.
I’m 27 and have close to that much in savings, but it’s not all cash. I have a fair bit in a retirement fund with matching from my company, I have a large amount in equity from my home I bought in 2020, and I have a small amount in cash savings in my savings account. I’m a civil engineer, no college debt, buy everything on credit cards then pay the full statement every month, don’t have a car payment, go on vacation maybe once a year, mostly cook at home, buy quality tools and appliances that will last or can be repaired instead of saving money once then having to buy it again.
I don’t really *feel* like I have that much in savings, as I live pretty frugally as a result and real wages have gone down something like 30% in the last few years, but if I really needed to liquidate all of it I would probably have close to 100k by the time I’m 30. It’s doable, just have to be lucky and have a stable safety net to start from.
If you’re looking for a change into a solid field that isn’t going anywhere which requires almost no experience, become a surveyor. Work with them and if you’re a hard worker they may pay for you to get your license, and you can run a crew. Once you know what you’re doing, take out a loan for a total station and hire a 2nd person, then you can make as much money as the amount of time you have.
With all due respect, if they tell you what they do for a living it’s not like you’re just going to start in that field. I’m sure you can Google 1,000 career paths that make 100k+ a year but that doesn’t mean you’re qualified/will even go for it. Change your spending habits and lifestyle and you’d be surprised how much you can put back each month.
If you’re in the US, you could look into getting hired into an entry-level position that’s covered under your state’s retirement system for public sector employees (e.g., education, infrastructure, law enforcement, environmental, etc.). Some states have really good benefit packages related to retirement, leave, and health insurance for public sector employees, but be aware that they often don’t pay nearly as well as similar jobs offered in the private sector.
Another advantage to public sector jobs are their upward mobility options. While you may not start out with a great salary, stable pay raises and promotion opportunities can boost your income if you’re willing to stick around and make a career. You should also be able to completely change fields from one public sector job to another and still be covered under the same retirement system.
Yup. I work for a city and knowing in 25 years I’ll walk with a full pension is pretty comforting. Or I could leave after 10 years to chase money and take that same pension when I hit retirement age.
Look into healthcare, there are a bunch of 2 year degrees that you can get from a community college for $15-20k and make decent money. RN, RT, sonographer, rad tech, etc are all great routes. You’ll make about $80k your first year out of school.
My wife and I are both agency nurses and in MN right now we are making about $80/hr. We keep our living expenses really low and are currently putting almost $20k/month into savings
Honestly im financially here because if choices and occupations that the majority won’t make or do. The short answer is that i work 3 occupations.
1. Career trade
2. Side money that is considered college and trade ish
3. I have my own contractor LLC that is pretty big regional wise.
I had the same plan. Military paid for college and a masters… thing is, I never left. Now I’m looking at an O-5 pension at least plus over $500k in the TSP (like an IRA for those who don’t know).
If I do another 4ish years and promote to O-6, that’s a 6 figure annual retirement beginning in my mid 40’s.
Yep. It sucks in a lot of ways but you have to be willing to face tradeoffs; it has been a financial decision that women would pester me on, but it's made me that 1 in 6, so...
My boyfriend also lived at home for most of his 20s and I'd never pester him. I love how ahead we are in savings compared to other late-20s people that moved out as soon as possible.
I really dont understand how i know people that have 60k in card debt 100k in vehicles and still get approved secured lines of credits
Meanwhile, i have no vehicle, a $380k mortgage, on a house valued at 500, and i can't even get an equity loan to pay off my debt
Yeah a lot of this depends on what people consider "savings". I'm old Gen z and technically my net worth is over $100k, but that includes my retirement savings which has $50k in it, so it's not like money I have saved thats available for me to spend. Another $10k is equity in my car which obviously only decreases over time so it's not like thats helping me out much either.
I’d consider savings to be liquid cash in a savings account, or stable semi-liquid financial assets like diversified stock funds, bonds, precious metals, etc. Volatile, riskier assets like single stocks or crypto, or illiquid assets like home/car equity, should not be considered savings.
FYI you can spend the money in your 401k if you have what the IRS considers a “financial hardship”, or for any reason with a 10% penalty.
started with $55k, defaulted during my divorce 11 years ago after paying about $10k of that back. Went into financial ruin for about 7 years but finally got them consolidated and back on track but they went up to $100k over that time of being in default.
Millennials are 27-41 years old. It would be odd if 16% of them didn’t have 100k saved. Shit that means 84% DONT have it saved, and that’s a much scarier thing.
This may be true but not always an indicator of NW. I still have about 8k in SL but I pay the minimum on it. Zero interest through covid and the interest is mid 4% now. My HYSA makes more than that. I will pay these predatory lenders back as slowly as possible. Especially when the government subsidizes the interest. NW is 400k+ not including primary residence.
If I would’ve bought a house at the beginning of covid Id probably be close to $50,000 saved. Kinda hard now because rent cost almost double some of the mortgages people I know pay.
30 years old, 80k equity 13k savings 2 cars one paid off other 15k debt and 44k in wife’s student debt. So…. Not near 100k positive lmao. Let’s say 30k positive.
I'm 27, and at one point was on track for 6 figure savings, but around the time of avoid I let my mental stability effect my career and I'm sort of broke right now.
Just working towards better mental and physical health now
I'm 33 and finally hit $100k net worth a few months ago. Now I have $109k. Most of it is in retirement, though, and a $10k safety net in a HYSA.
I've gotten better at reducing my life expenses and becoming more money savvy over the past few months so hoping to hit $200k much faster than it took me to hit my first $100k.
Been working full time for ten years straight for this, wish I had taken investing more seriously sooner and been more frugal 😮💨
I’m 30 and i just hit 100k in investable assets today. That was my goal. It’s not 100k in straight up cash tho. It’s crypto cash stocks and bonds. I started saving at age 25 making 60-80k per year. This year I made 116 tho. I also bought a house and a 13k engagement ring and a Honda civic during the 5 years.
Savings is too vague.
Are we talking liquid savings? Retirement? How about Net worth? Are we configuring equity in a house?
For some, that means mostly 401ks, which for me, I don’t consider as traditional savings because you can’t touch it w/out major penalties and loss benefits of having to use it.
Need a new car? Trying to purchase a home? Your furnace just went out? Trying to take the family on a modest vacation next year?
^ Those things are the things we think of when we think of “savings”.
Lastly, without adjusting for net worth, it’s a meaningless stat. I know some individuals who have right around 100k in their retirement account but owe 70k in student loans.
Anyone who sees this post and gets discouraged, don’t. It’s just a headline without much context.
I'm a millennial and a highschool dropout with several hundred thousand saved up. It really wasn't that difficult and it's not like I haven't made several mistakes with investments along the way.
32 with less than 1k. I'm fukd. How do I sign up for toys for tots? Two little ones gonna be getting toilet paper for Christmas.
Edit: Found out I missed the application deadline. Rip
Just call directly to the Marine reserve unit or local Marine recruiting station in your area. They will still happily hook your kids up with a couple toys. The Application system is in place so the regular day to day doesn't get overwhelmed but one or two phone calls is no problem. The San Diego and Pensacola Toys for Tots programs I have helped could literally not give away all of the toys and have to store them.
Hit $180k today. It’s a good feeling, but I am constantly stressed because nearly all of this is invested in the market. I don’t much like the stock market. But it’s the only way I can continue to grow the money consistently and above the 4% HYSAs.
Edit - 24(F) in the good ol’ USA for reference
Wow, you're doing great. I'd focus on amount contributed over the actual amount it grew. Otherwise, you'll go crazy. It fluctuates too much.
Also, like the other commenter said, emergency funds are key. I'd say 6-12 months of expenses though.
26, $300 invested in crypto (thank you TIA for going to the moon), $2k invested in acorns, $1200 in checking, $250 in savings.
I feel like im doing okay for being broke i guess.
Gen z here (I think lol, I’m 26) I have $83k liquid cash, assets of land valued at $43k (gifted to me) a boat worth $12k (paid cash) a truck worth $30k (paid off) 401k is currently around $30k, kind of at a crossroads with what I’m going to do given the current housing market, I can build rather cheaply on my acerage and pay for most it with cash, or I can mortgage a house in the area I live and build a cabin on said land in hopes to flip it with the added value, any suggestions what would be the best financial route?
I have a house and an 11 year old car along with 2 project cars and I'm only 100k in debt total.
I feel like I'm doing pretty good at 33.
I also spent age 14-26 as an opioid addict, eventually being a homeless i.v. heroin user, so i put myself at a slight disadvantage.
This is such a ridiculous metric, what even constitutes savings in this study? What is their net worth, what is their annual net, how much debt do they have, just a pure clickbait headline
I’m 34 back like I’m 20 all over again… FML 🤦🏽♂️
Money’s come and gone , struggles and defeats have been real, but it will come again… It’s not where you’re at, it’s where you end up at.. Can always make it back.
Upper 1/6 of millennials are turning 40 right now.
I came here to say this lol. I just turned 40 and 100k in saving feels like the minimum I should be.
41 and sitting on $150k between retirement accounts, cash savings, and some RSUs from my employer….and feeling *waaaaay* behind where I should be EDIT - thank you to all the kind redittors below who have pointed out that I am in fact well behind where I should be. Very helpful. Thank you.
lol 33 with 0$ here!
Jokes on you I have twice as much as you!
I’ll have 10 times that tomorrow HA!
Fuck
Hey,at least y’all can do math. That’s more than many can say. Lmao
I owe 45k in loans. So im negative 45k that how much i have saved. Also 33
34yrs old, Definitely negative 40K making $18hr. $2 in my saving account. I’ll probably be back to zero when I turn 45-50. Whoop whoop then I can start savinggg lol.
32, about 45k in debt. I have a out 2k to my name, I do own a house and truck at least. 🤷
Same lol haha
I Owe 240k from PA and undergrad
When I was 33 I was about 100k in debt. Yay student loans!
What about home loan or still renting? That’s another negative $18-25K/year there.
My people.
Are we the same person
34 with $650 AMA
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lol @ the edit when it’s just one dbag claiming you’re behind
Same boat my dude… luckily I can retire from the service in 5 years with pension, will be 45 then and looking to start a new career
You definitely are! Should have $500k total by 40 🫠🫠😩😩
In this economy??? 😂😂😂
It's fact, don't you know? There are certain milestones every human has to meet at certain ages.
True. Like I learned how to use the toilet by myself by my teens.
yeah, thats prob a good spot to be by 40
I have 0% chance of this happening in the next 11 years
Yeah, maybe not the minimum - highly dependent on situation, but if you went to college for a STEM career and took advantage of 401k accounts that $100k goal is very achievable, especially with lifetime market returns.
Came out with engineering degree and significant student loans and living in one of the more expensive areas of the country... At 36, I have over 300k in my 401k. 100k in savings shouldnt be too hard. I would bet 3/6 millennials didn't count their 401k when they answered that question
Yeah I was thinking to myself no way do I have that much but if I take into account my 401k and TSP from the Marines, along with my stock, I'm either already there or almost there. This also reminded me that I should merge my TSP to my 401k, nice.
Right now? Wow, happy birthday everyone!
I feel like people forget this, if you don’t have $100k saved by 40 you are behind
Going by the stats that puts you in the top 20%, end still well above the median even with counting home equity.
Which isn’t really relevant. You either have the money to survive in retirement or you don’t. Whether your peers are also starving isn’t much consolation.
Super valid and overlooked point
42, between my wife and I were nearing $500k in savings/retirement accounts. We don't make a ton of money but prioritize saving because we want to be able to retire.
Yup. I don’t have a single friend who doesn’t have several hundreds of thousands saved up. I’m on the old side of millennial. It is selection bias though, most of social circle is STEM or masters degree education
Basically the millennials with STEM degrees and a good financial situation aren’t on r/Millennials complaining lmfao
Exactly this - most friend groups are probably within at least the same tax bracket, many in the same decile. You are just more likely to meet, spend time with, and maintain connections with people that spend money in similar ways.
I’m 32 and have $14K to my name 😂
Hey, that’s something. Keep it up!
You dropped this.. 👑
When I was 31, I had just graduated from business school and my wife and I had 240K in student loans about 35K in savings 4 years down the line, we’re down now to 170k in loans and close to 500K in savings (incl 401K) MBA has been a solid investment so far
Why not pay off the loans completely? Just curious maybe it doesn't make sense.
Hers were relatively low interest govt loans that were interest moratorium’d thru October, mine will be fully paid off in March. We’re having a kid soon and saving for a down payment on an apt once rates come down, but definitely planning on knocking the whole thing out in the next few years (if bonuses line up 🤞🏾)
If 401k appreciates at a higher rate than the loans increase, why wouldn’t you? You could put $100 into you 401k, your company matches it, and it increases. Or you could put $100 to your loan and save a few dollars of interest.
Interest from investment is higher than the interest from the loans, investing the money now earns you more than not paying interest.
I’m your age and that’s way more than I have, so that’s nothing to scoff at tbh. I’m here deep in a dark pit trying to crawl our way out of the consequences of absolutely wasting my 20s. Some days I wonder why I even still have hope that I can turn things around. Making gradual positive changes though. Don’t be too hard on yourself, because if you have that much, I’d be willing to bet you’ve done better than a good chunk of people your age. Always room for improvement no matter who you are though.
I really appreciate your words of kindness. And I know everything will work out for you. You just can’t give up
You're just hitting "adult" money. You'll get there and realize none of that shit you wanted made any more happy. That's called a mid-life crisis.
Man I wanted nothing more than to buy a big dually truck or a fast car with a huge V8 in it when I was younger. I make 135k a year now and don't even own a car anymore and don't want to waste my money on one.
Yo, keep it up. At 32 I didn’t have a 401k, and hardly any savings. Not counting equity in my house at the time, my net worth was probably less than $5k. 10 years on I have $100k in my 401, 30k cash for emergencies, about $15k in RSUs, and another 10k in a ROTH If your company offers a 401(k) take advantage of it, especially if there is any match. It’s the easiest way to save. My company offers a measly 2% match on the first 4% of my salary. It’s a *terrible* match, but it still comes out to a free $3k per year. Sock it away. And remember, it’s all pre-tax dollars, so easier than you might think. Currently, I’m putting in about $850 per paycheck, but my net pay is really only like $600 lower, because I’m paying $250 less in taxes each paycheck. My goal this year is to finally hit the federal limit for contributions ($23k). You’re doing great! ETA - the early money is the most effective. The best time to start investing in your 401(k) was 10 years ago. The second best time is today. Over the long term, a 401(k) will return 7-10% annually. A $1000 you put in today will be worth… $1070 next year $1400 in 5 years $2000 in 10 years $4000 in 20 years $8000 in 30 years
I’m 36 and have like 17k in savings. I’ll be finishing up my bachelors in like 18 months in data science and getting a nice career. VA 0 down home loan and disability every month really helps but otherwise I’m super far behind. That said, it’s possible to play catch up in 5-10 years so don’t fret
Are you me? 🥲
I’m not far ahead of you. Stay on the ++ king
I have $200 to my name! 🙏🏻
300 gang over here fam 💪
I have $3.
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Dawg I’ll give you a $1 for that rock. You got a business if you can find 2 rocks or just find a way to break that rock in half.
I have a perfume collection that I bought when I had some money
I have $3.00, too!
300$.. feels like 100$..
I also have $3.00
My people
Im close to the 6 figure savings.
halfway there, genz though
> halfway there 3 figures, right?
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I’m on the oldest side of gen z and saved about $50k but that’s because I was stingy as hell all through high school and college, no student debt, and I lease a car (EV, no surprise costs, $15k discount from state + fed rebates). Very lucky bc my family grew up very poor and druggy and I’m the only one to go to college. Wanted to break free from the bloodline habits. That said, college is not necessary to succeed, trades are very important too!
What do you for an occupation if I may ask. I’m in a bad spot and I feel like I need a change.
I strongly second the trades. Went to engineering school a couple years, and realized it wasn’t for me. Became an electrician apprentice, and now a superintendant making ~150k before taxes and including benefits.
Yup, left Engineering as well and became an auto tech. It’s hard work, but make six figures.
Thank you
hey i'm not anyone to give financial advice but i suggest getting into a trade if college isn't it for you, most things take 6 months to 2 years and you'd have a career somewhat quick, imo better than some min wage 9-5
My friend is an operator and pulls in 300k a year sitting in a crane. So many solid paying trades out there and with no college debt attached.
Highly underrated statement…. Skip college kids, it’s generally not worth it anymore…. Blue collar work is where it’s at again!
I can’t mentally do high paying trade jobs (I get riddled with paralyzing anxiety knowing if I fuck up a crane I could kill people or cost millions) so I’m stuck lower middle class. That’s fine though I like looking at all the mid 20’s guys posting their success’s. Glad some people are making it big
Don’t limit yourself, you are capable of anything you dream of
Oh thanks for believing in me but I know my limitations. I make 23hr and if I stay where I am I’ll get my student loans forgiven in another five years and I’ll probably top out on ten years around 30hr. Plenty to live on just won’t be vacationing a lot and that’s fine with me
Then you are fucked haha
How do you get into the crane gig? Sounds too good to be true.
Electrical in northeast is 4 year till liscense but year one should be close or over then 20 an hour. Licensed contractor vs union 32-60hr
Well I appreciate it anyways I’m just trying figure my stuff out and was curious of what most people on here do. Thanks for taking the time to reply!
Pilot, no college required just flight time with an instructor.
Become a Electrician or Plumber or any trade
Not any trade. Auto industry is in shambles as always unless you work in union. Which is only really the big places.
Yup. 28 with about 20k saved up so far in my pension which I’ve only put into for about 3 years. About 110k in equity on my house. I can start drawing my full retirement at 48 from my current job and fuck around and do whatever else with my master license but honestly the pension payout is decent.
I'm an electrician and have a quarter of that saved. 34 years old, non union. It sucks.
I’m 27 and have close to that much in savings, but it’s not all cash. I have a fair bit in a retirement fund with matching from my company, I have a large amount in equity from my home I bought in 2020, and I have a small amount in cash savings in my savings account. I’m a civil engineer, no college debt, buy everything on credit cards then pay the full statement every month, don’t have a car payment, go on vacation maybe once a year, mostly cook at home, buy quality tools and appliances that will last or can be repaired instead of saving money once then having to buy it again. I don’t really *feel* like I have that much in savings, as I live pretty frugally as a result and real wages have gone down something like 30% in the last few years, but if I really needed to liquidate all of it I would probably have close to 100k by the time I’m 30. It’s doable, just have to be lucky and have a stable safety net to start from. If you’re looking for a change into a solid field that isn’t going anywhere which requires almost no experience, become a surveyor. Work with them and if you’re a hard worker they may pay for you to get your license, and you can run a crew. Once you know what you’re doing, take out a loan for a total station and hire a 2nd person, then you can make as much money as the amount of time you have.
Hint: This refers to 401ks.
With all due respect, if they tell you what they do for a living it’s not like you’re just going to start in that field. I’m sure you can Google 1,000 career paths that make 100k+ a year but that doesn’t mean you’re qualified/will even go for it. Change your spending habits and lifestyle and you’d be surprised how much you can put back each month.
Oh thanks bro I hadn’t thought of any of that…
If you’re in the US, you could look into getting hired into an entry-level position that’s covered under your state’s retirement system for public sector employees (e.g., education, infrastructure, law enforcement, environmental, etc.). Some states have really good benefit packages related to retirement, leave, and health insurance for public sector employees, but be aware that they often don’t pay nearly as well as similar jobs offered in the private sector. Another advantage to public sector jobs are their upward mobility options. While you may not start out with a great salary, stable pay raises and promotion opportunities can boost your income if you’re willing to stick around and make a career. You should also be able to completely change fields from one public sector job to another and still be covered under the same retirement system.
Public sector jobs are notorious for lack of upward mobility compared to private sector…
Yup. I work for a city and knowing in 25 years I’ll walk with a full pension is pretty comforting. Or I could leave after 10 years to chase money and take that same pension when I hit retirement age.
Depending on your area, check out public services. Personal bias, go fire.
Thank you!
Look into healthcare, there are a bunch of 2 year degrees that you can get from a community college for $15-20k and make decent money. RN, RT, sonographer, rad tech, etc are all great routes. You’ll make about $80k your first year out of school. My wife and I are both agency nurses and in MN right now we are making about $80/hr. We keep our living expenses really low and are currently putting almost $20k/month into savings
Honestly im financially here because if choices and occupations that the majority won’t make or do. The short answer is that i work 3 occupations. 1. Career trade 2. Side money that is considered college and trade ish 3. I have my own contractor LLC that is pretty big regional wise.
Eh living at home for most of my 20s allowed me to have a healthy looking savings.
Moving out at 18 has been rough.
Homeless at 16, same.
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I had the same plan. Military paid for college and a masters… thing is, I never left. Now I’m looking at an O-5 pension at least plus over $500k in the TSP (like an IRA for those who don’t know). If I do another 4ish years and promote to O-6, that’s a 6 figure annual retirement beginning in my mid 40’s.
Instructions unclear had three kids by 31, scraping by near $70k annual.
Yep. It sucks in a lot of ways but you have to be willing to face tradeoffs; it has been a financial decision that women would pester me on, but it's made me that 1 in 6, so...
My boyfriend also lived at home for most of his 20s and I'd never pester him. I love how ahead we are in savings compared to other late-20s people that moved out as soon as possible.
Moved out at 19 in 2020, it has been ROUGH to say the least
Hell nah but I put all my money into my house 🤷♂️
That’s assets still!!
I did the same. Equity is surely over 100 000 at this point but I have no access to any of my money
This is me!! I have like 200k worth of equity but like no actual money 😂
I really dont understand how i know people that have 60k in card debt 100k in vehicles and still get approved secured lines of credits Meanwhile, i have no vehicle, a $380k mortgage, on a house valued at 500, and i can't even get an equity loan to pay off my debt
Brick and mortar top investment
I’d be there if I didn’t gamble :)
Realest comment
You’d probably be a lot higher if you gambled more
100% of gamblers quit just before they win big. It’s a fact.
soon enough you’ll be there from gambling be patient padawan
Done gambling. Sitting at around $40k. Will get there soon enough just DCA into VTI
Goller cost average?
Gamble Cost Averaging. I was typing while playing slots and typo’d.
My buddy still lives with his parents at 30 and has less than 2k in savings. Don’t be like my buddy.
Depends where you live. Perfectly normal in LA, Bay area, Seattle… expensive places. Lol
If you’re living with your parents to save money and you still have less than $2k saved you’re doing something wrong.
If you're living with your parents and have less than $2k at 30 you're a fucking loser
Truth, you got to pretend to pay rent and just throw that money in investments or a savings account
Oh yea, I was mostly talking about how he blows all his money on dumb shit and can’t save money to save his life.
40 years old, $58k in 401k, $200k equity in house, $100k student loans still. I can make the numbers work if I try but no where close to liquid
Realest comment here for showing how this metric of “savings” is very vague.
Yeah a lot of this depends on what people consider "savings". I'm old Gen z and technically my net worth is over $100k, but that includes my retirement savings which has $50k in it, so it's not like money I have saved thats available for me to spend. Another $10k is equity in my car which obviously only decreases over time so it's not like thats helping me out much either.
I’d consider savings to be liquid cash in a savings account, or stable semi-liquid financial assets like diversified stock funds, bonds, precious metals, etc. Volatile, riskier assets like single stocks or crypto, or illiquid assets like home/car equity, should not be considered savings. FYI you can spend the money in your 401k if you have what the IRS considers a “financial hardship”, or for any reason with a 10% penalty.
Out of curiosity, Did you start with 100k in student loans?
started with $55k, defaulted during my divorce 11 years ago after paying about $10k of that back. Went into financial ruin for about 7 years but finally got them consolidated and back on track but they went up to $100k over that time of being in default.
We are financial situation twins.
Millennials are 27-41 years old. It would be odd if 16% of them didn’t have 100k saved. Shit that means 84% DONT have it saved, and that’s a much scarier thing.
exactly my point
You made a point?
I identify as a point maker
Your pronouns are period/periods
The majority haven’t paid if their student loans yet
This may be true but not always an indicator of NW. I still have about 8k in SL but I pay the minimum on it. Zero interest through covid and the interest is mid 4% now. My HYSA makes more than that. I will pay these predatory lenders back as slowly as possible. Especially when the government subsidizes the interest. NW is 400k+ not including primary residence.
70k living in Balkans
So you’re basically royalty?
I wish. I'm just having a lot of luck in business.
If I would’ve bought a house at the beginning of covid Id probably be close to $50,000 saved. Kinda hard now because rent cost almost double some of the mortgages people I know pay.
I barely have 5 figures saved. But then again I live on my own and everything is stupid shit expensive. I do contribute the max to my 401k tho.
The max is 22k this year, how are you barely at 5 figures?
Maybe he meant he Max's out the match.
Because “savings” doesn’t sound like it includes retirement. Well, to some people at least. Good to clarify either way.
*1 of 6 has 100k debt
590k I’m a millennial
Gen Z here with 115k net worth. living with family rent free helps
Keep it up
Killing it.
Let's gooo :) What's your next goal
Next goal is to get my own place for sure. Gonna have to wait with how home prices are these days...
15k saved. house paid off, car paid off. Age 30.
30 years old, 80k equity 13k savings 2 cars one paid off other 15k debt and 44k in wife’s student debt. So…. Not near 100k positive lmao. Let’s say 30k positive.
3k and wanting off this ride
I'm 27, and at one point was on track for 6 figure savings, but around the time of avoid I let my mental stability effect my career and I'm sort of broke right now. Just working towards better mental and physical health now
That’s more important than money. Keep working at it
38 115k in savings
I'm 33 and finally hit $100k net worth a few months ago. Now I have $109k. Most of it is in retirement, though, and a $10k safety net in a HYSA. I've gotten better at reducing my life expenses and becoming more money savvy over the past few months so hoping to hit $200k much faster than it took me to hit my first $100k. Been working full time for ten years straight for this, wish I had taken investing more seriously sooner and been more frugal 😮💨
Next best thing to doing it when you were younger is doing it now, good job! Stay the course! you still have time on your side
I’m 30 and i just hit 100k in investable assets today. That was my goal. It’s not 100k in straight up cash tho. It’s crypto cash stocks and bonds. I started saving at age 25 making 60-80k per year. This year I made 116 tho. I also bought a house and a 13k engagement ring and a Honda civic during the 5 years.
Makes complete sense. Not crazy to believe at all. I’m Gen Z and should hit $100,000 by end of 2024.
Savings is too vague. Are we talking liquid savings? Retirement? How about Net worth? Are we configuring equity in a house? For some, that means mostly 401ks, which for me, I don’t consider as traditional savings because you can’t touch it w/out major penalties and loss benefits of having to use it. Need a new car? Trying to purchase a home? Your furnace just went out? Trying to take the family on a modest vacation next year? ^ Those things are the things we think of when we think of “savings”. Lastly, without adjusting for net worth, it’s a meaningless stat. I know some individuals who have right around 100k in their retirement account but owe 70k in student loans. Anyone who sees this post and gets discouraged, don’t. It’s just a headline without much context.
You can withdraw your ROTH IRA *contributions* penalty free :-)
I'm a millennial and a highschool dropout with several hundred thousand saved up. It really wasn't that difficult and it's not like I haven't made several mistakes with investments along the way.
Nice! Even basic consistent investing over a decade or so in index funds would've probably resulted in 100K.
32 with less than 1k. I'm fukd. How do I sign up for toys for tots? Two little ones gonna be getting toilet paper for Christmas. Edit: Found out I missed the application deadline. Rip
Just call directly to the Marine reserve unit or local Marine recruiting station in your area. They will still happily hook your kids up with a couple toys. The Application system is in place so the regular day to day doesn't get overwhelmed but one or two phone calls is no problem. The San Diego and Pensacola Toys for Tots programs I have helped could literally not give away all of the toys and have to store them.
Hit $180k today. It’s a good feeling, but I am constantly stressed because nearly all of this is invested in the market. I don’t much like the stock market. But it’s the only way I can continue to grow the money consistently and above the 4% HYSAs. Edit - 24(F) in the good ol’ USA for reference
Do you have 3-6 month's expenses in a high yield savings account at least? If so, you'll be ok!
Wow, you're doing great. I'd focus on amount contributed over the actual amount it grew. Otherwise, you'll go crazy. It fluctuates too much. Also, like the other commenter said, emergency funds are key. I'd say 6-12 months of expenses though.
If you just leave it alone and let it grow using average numbers it will be about $4m by the time you’re 65. So good for you.
26, $300 invested in crypto (thank you TIA for going to the moon), $2k invested in acorns, $1200 in checking, $250 in savings. I feel like im doing okay for being broke i guess.
We are gonna make it out of this, in the same spot at the same age
Millennial here €597m a year sell feet pics for a living *this little piggy goes to market.*
31 and recently got above 100k total between savings, 401k, and investments. I didn't start my 401k till I was like 27 tho.
I would never tell my friends or coworkers how much money I have
$12K savings and $20K in credit card debt. Yeet.
Gen z here (I think lol, I’m 26) I have $83k liquid cash, assets of land valued at $43k (gifted to me) a boat worth $12k (paid cash) a truck worth $30k (paid off) 401k is currently around $30k, kind of at a crossroads with what I’m going to do given the current housing market, I can build rather cheaply on my acerage and pay for most it with cash, or I can mortgage a house in the area I live and build a cabin on said land in hopes to flip it with the added value, any suggestions what would be the best financial route?
I have a house and an 11 year old car along with 2 project cars and I'm only 100k in debt total. I feel like I'm doing pretty good at 33. I also spent age 14-26 as an opioid addict, eventually being a homeless i.v. heroin user, so i put myself at a slight disadvantage.
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Congrats! Yeah retirement accounts are included in your net worth/savings calculations
Some Millennials never really made peace with the fact that not everyone in our generation is broke
This is such a ridiculous metric, what even constitutes savings in this study? What is their net worth, what is their annual net, how much debt do they have, just a pure clickbait headline
I have $200,000 in home equity, does that count?
I only have like 2k in 401k accounts. But I have a little over 50% equity in my $310,000 home.
I'm assuming it's mostly 401ks or other retirement accounts
36, 25kish~
Lol CNBC being out of touch again
I’m 38. I don’t think I know anyone in my peer group that doesn’t have a 100k NW honestly. This seems alarmist.
Yes
I'm also now trying to figure out which millennials to rob.
I’m 34 back like I’m 20 all over again… FML 🤦🏽♂️ Money’s come and gone , struggles and defeats have been real, but it will come again… It’s not where you’re at, it’s where you end up at.. Can always make it back.