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Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Millennials: 1 in 6 now have $100,000 socked away
Posted by:
Millennials: 1 in 6 now have $10
()
Date: January 27, 2018 01:16AM
Millennials: 1 in 6 now have $100,000 socked away
https://www.cnbc.com/2018/01/23/millennials-1-in-6-now-have-100000-socked-away.html
Millennials are pushing back against the stereotype that their money management skills are lacking, as 16 percent now have savings of $100,000 or more, double the amount of young people who had socked away that much in 2015, according to a new Bank of America survey.
The perception that millennials — Americans between the ages of 23 and 37 — lack savvy when it comes to saving for retirement, budgeting and setting up and sticking to a financial plan is showing signs of being outdated, noted the survey, made available exclusively to USA TODAY.
Despite many of these young Americans coming of age a decade ago during the worst financial crisis since the Great Depression and despite being saddled with high student loan debt, millennials appear to be getting their financial lives in order and taking money matters more seriously.
More from USA Today:
A year into the Trump presidency 401(k) balances are looking good
Retirement crisis: 37% of Gen X say they won't be able to afford to retire
Dow jumps 323 points, closes above 26,000 for first time in its 121-year history
Sixteen percent say they have $100,000 or more in savings, up from 8 percent in 2015. And nearly half (47 percent) have $15,000 socked away, up from 33 percent in 2015.
"Despite stereotypes of millennials as being foolish with money and not long-term planners," they are actually behaving "quite responsibly" when it comes to money, says Andrew Plepler, global head of environmental, social and governance at Bank of America, summarizing the findings of the bank's 2018 Better Money Habits Millennial Report released Tuesday. "They deserve more credit. Millennials are actually doing better than you — and they — might think."
https://www.cnbc.com/2018/01/23/millennials-1-in-6-now-have-100000-socked-away.html
Millennials are pushing back against the stereotype that their money management skills are lacking, as 16 percent now have savings of $100,000 or more, double the amount of young people who had socked away that much in 2015, according to a new Bank of America survey.
The perception that millennials — Americans between the ages of 23 and 37 — lack savvy when it comes to saving for retirement, budgeting and setting up and sticking to a financial plan is showing signs of being outdated, noted the survey, made available exclusively to USA TODAY.
Despite many of these young Americans coming of age a decade ago during the worst financial crisis since the Great Depression and despite being saddled with high student loan debt, millennials appear to be getting their financial lives in order and taking money matters more seriously.
More from USA Today:
A year into the Trump presidency 401(k) balances are looking good
Retirement crisis: 37% of Gen X say they won't be able to afford to retire
Dow jumps 323 points, closes above 26,000 for first time in its 121-year history
Sixteen percent say they have $100,000 or more in savings, up from 8 percent in 2015. And nearly half (47 percent) have $15,000 socked away, up from 33 percent in 2015.
"Despite stereotypes of millennials as being foolish with money and not long-term planners," they are actually behaving "quite responsibly" when it comes to money, says Andrew Plepler, global head of environmental, social and governance at Bank of America, summarizing the findings of the bank's 2018 Better Money Habits Millennial Report released Tuesday. "They deserve more credit. Millennials are actually doing better than you — and they — might think."
Re: Millennials: 1 in 6 now have $100,000 socked away
Posted by:
A history lesson
()
Date: January 28, 2018 02:50AM
5 out of 6 millennials don't have $100k socked away
Re: Millennials: 1 in 6 now have $100,000 socked away
Posted by:
vh3mp
()
Date: January 28, 2018 03:17AM
dumb salesmen. geez.
Re: Millennials: 1 in 6 now have $100,000 socked away
Posted by:
Record skipped
()
Date: January 28, 2018 04:17AM
How many threads on this already? How many people believe this news story?
Re: Millennials: 1 in 6 now have $100,000 socked away
Posted by:
Backward hicks and hayseeds
()
Date: January 28, 2018 09:07AM
As Millennials as a group keep moving on up, our armies of downscale white trash will simply find someone else to hate on. They can't accept the fact that it is they themselves who are -- and richly deserve to be -- on the bottom rung of the socio-economic ladder. Bunch of no-account, misled losers.
Re: Millennials: 1 in 6 now have $100,000 socked away
Posted by:
Pentuple Dump Champion
()
Date: January 28, 2018 12:28PM
More "news" that fails miserably to tell the whole story.
So...what's the source of these funds? The vast majority of millenials with this much in cash savings received windfalls as a result of the death of a parent or grandparent. It was left to them.
So...what's the source of these funds? The vast majority of millenials with this much in cash savings received windfalls as a result of the death of a parent or grandparent. It was left to them.
Re: Millennials: 1 in 6 now have $100,000 socked away
Posted by:
xwm6j
()
Date: January 29, 2018 01:02PM
No one believes your sweeping generalization, OP
about 1/3 of millenials are un-touchables, gov workers; most of the remaining 2/3 are struggling with un-employment
Re: Millennials: 1 in 6 now have $100,000 socked away
Posted by:
proud mamabear
()
Date: January 29, 2018 01:23PM
Good for the millennials.
Re: Millennials: 1 in 6 now have $100,000 socked away
Posted by:
Gen.X.
()
Date: January 29, 2018 05:12PM
I give the Millenials a lot of respect. In another 15 years when the baby boomers really start falling off the face of the earth, the millenials are going to reap their reward with their tight-fisted patience.
When the baby boomers start dying, the bottom is going to start dropping our of several big ticket markets. First...residential real estate.
This concept of these homes all over American suburbs that were bought in the 60's and 70's for $20-$50K which have not been properly maintained nor improved upon and are currently listed between $350-$500K will cease to exist because there won't be a middle class in front of the millenials holding onto their cash who are willing to overpay for a worn out 50+ year home.
Next...60's and 70's American muscle cars. Oh sure, the factory original, unrestored, low mileage cars will still be bought and sold for millions. But, it's the 2nd and 3rd tier cars in this market whose value will plummet. These bullshit 1 of 50 optioned, fully restored gen1 Camaros selling at auction with Barret-Jackson last weekend for $750,000...uh no. Not any more. Millenials don't have an affinity for driving or old cars. The few that do will comprise a smaller market customer base so, car values will drop off a cliff.
When the baby boomers start dying, the bottom is going to start dropping our of several big ticket markets. First...residential real estate.
This concept of these homes all over American suburbs that were bought in the 60's and 70's for $20-$50K which have not been properly maintained nor improved upon and are currently listed between $350-$500K will cease to exist because there won't be a middle class in front of the millenials holding onto their cash who are willing to overpay for a worn out 50+ year home.
Next...60's and 70's American muscle cars. Oh sure, the factory original, unrestored, low mileage cars will still be bought and sold for millions. But, it's the 2nd and 3rd tier cars in this market whose value will plummet. These bullshit 1 of 50 optioned, fully restored gen1 Camaros selling at auction with Barret-Jackson last weekend for $750,000...uh no. Not any more. Millenials don't have an affinity for driving or old cars. The few that do will comprise a smaller market customer base so, car values will drop off a cliff.
Re: Millennials: 1 in 6 now have $100,000 socked away
Posted by:
grt
()
Date: January 30, 2018 01:29PM
If you are over 30 living in this area you are a complete loser if you dont have at least 100k saved up.
Re: Millennials: 1 in 6 now have $100,000 socked away
Posted by:
youngin
()
Date: January 30, 2018 03:27PM
Gen.X. Wrote:
-------------------------------------------------------
> I give the Millenials a lot of respect. In another
> 15 years when the baby boomers really start
> falling off the face of the earth, the millenials
> are going to reap their reward with their
> tight-fisted patience.
>
> When the baby boomers start dying, the bottom is
> going to start dropping our of several big ticket
> markets. First...residential real estate.
>
> This concept of these homes all over American
> suburbs that were bought in the 60's and 70's for
> $20-$50K which have not been properly maintained
> nor improved upon and are currently listed between
> $350-$500K will cease to exist because there won't
> be a middle class in front of the millenials
> holding onto their cash who are willing to overpay
> for a worn out 50+ year home.
>
> Next...60's and 70's American muscle cars. Oh
> sure, the factory original, unrestored, low
> mileage cars will still be bought and sold for
> millions. But, it's the 2nd and 3rd tier cars in
> this market whose value will plummet. These
> bullshit 1 of 50 optioned, fully restored gen1
> Camaros selling at auction with Barret-Jackson
> last weekend for $750,000...uh no. Not any more.
> Millenials don't have an affinity for driving or
> old cars. The few that do will comprise a smaller
> market customer base so, car values will drop off
> a cliff.
Don't forget to add fancy bling (gold chains and diamonds and all of that). The rappers growing old will have a hard time pawning (pun intended) this stuff off to someone to sell. At best, it will sell for what the metal is worth when they melt it. I know of one idiot who spent $10k on a chain, and now they went to sell it and only got MAYBE $1500 off the gold and tiny diamonds in it. Suckers!!!
Oh yes that and antiques- who cares about some dusty old furniture that was built in the 1800's and early 1900's? If it is not museum quality we young people would rather shop at ikea or something, not be stuck with these heavy ass wooden chests, armiores and rocking chairs the dumb boomers spent upwards of $2000 for one damn chest. We would rather build our own or buy new furniture from the amish at that point.
Don't let me get started on their stamp and coin collections!!!
Beanie babies LMAO.
And how about baseball cards?
-------------------------------------------------------
> I give the Millenials a lot of respect. In another
> 15 years when the baby boomers really start
> falling off the face of the earth, the millenials
> are going to reap their reward with their
> tight-fisted patience.
>
> When the baby boomers start dying, the bottom is
> going to start dropping our of several big ticket
> markets. First...residential real estate.
>
> This concept of these homes all over American
> suburbs that were bought in the 60's and 70's for
> $20-$50K which have not been properly maintained
> nor improved upon and are currently listed between
> $350-$500K will cease to exist because there won't
> be a middle class in front of the millenials
> holding onto their cash who are willing to overpay
> for a worn out 50+ year home.
>
> Next...60's and 70's American muscle cars. Oh
> sure, the factory original, unrestored, low
> mileage cars will still be bought and sold for
> millions. But, it's the 2nd and 3rd tier cars in
> this market whose value will plummet. These
> bullshit 1 of 50 optioned, fully restored gen1
> Camaros selling at auction with Barret-Jackson
> last weekend for $750,000...uh no. Not any more.
> Millenials don't have an affinity for driving or
> old cars. The few that do will comprise a smaller
> market customer base so, car values will drop off
> a cliff.
Don't forget to add fancy bling (gold chains and diamonds and all of that). The rappers growing old will have a hard time pawning (pun intended) this stuff off to someone to sell. At best, it will sell for what the metal is worth when they melt it. I know of one idiot who spent $10k on a chain, and now they went to sell it and only got MAYBE $1500 off the gold and tiny diamonds in it. Suckers!!!
Oh yes that and antiques- who cares about some dusty old furniture that was built in the 1800's and early 1900's? If it is not museum quality we young people would rather shop at ikea or something, not be stuck with these heavy ass wooden chests, armiores and rocking chairs the dumb boomers spent upwards of $2000 for one damn chest. We would rather build our own or buy new furniture from the amish at that point.
Don't let me get started on their stamp and coin collections!!!
Beanie babies LMAO.
And how about baseball cards?