Author Topic: If You Have Savings In Your 20s, You’re Doing Something Wrong  (Read 25710 times)

gillstone

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JLee

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #1 on: September 17, 2015, 04:24:11 PM »
LOL. Wow....

Roboturner

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #2 on: September 17, 2015, 04:25:54 PM »
Such valid points, it's gonna be a bummer treating myself to 50+ years of FIRE, I wont have anyone to hangout with as everyone else will be working, WHAT AM I DOING?!

MgoSam

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #3 on: September 17, 2015, 04:26:30 PM »
The comments in the article did a good job of calling the article bullshit.

Frugal D

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #4 on: September 17, 2015, 04:35:28 PM »
How horrifying. I'm 29 and I am apparently doing it completely wrong. LOL.

ysette9

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #5 on: September 17, 2015, 04:43:14 PM »
The comments section is actually is actually giving me a warm fuzzy that there may be some collective intelligence out there on the internets.

MrMoneyMaxwell

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #6 on: September 17, 2015, 04:51:52 PM »
"When you're saving for yourself, you're refusing to bet on yourself."

This is the dumbest sentence I have ever read in my entire life. Isn't the point of saving money the very epitome of betting on yourself? Why is working 40+ years the norm, when a majority of people are technically able to just save hard (and still have great younger lives) and then stop working?

I just don't get it.

FIreDrill

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #7 on: September 17, 2015, 05:03:23 PM »
Well shit... I'm 25 with 150k+ saved up... I'm screwed....

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celticmyst08

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #8 on: September 17, 2015, 05:21:50 PM »
Apparently "doing it wrong" feels great, then! And I certainly don't envy all my peers who are "doing it right."

MoonShadow

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #9 on: September 17, 2015, 05:31:30 PM »
Well shit... I'm 25 with 150k+ saved up... I'm screwed....

OMG!  I so wish I was you right now.

Left

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #10 on: September 17, 2015, 05:36:51 PM »
you know.... i'll just tell them to have at it, they dont want their money so i can bank it as corporate profit

sad part is they will try to ask for their student debt to be forgiven because they forgot to pay on it

why cant we have debtors prison? i know i said this in other thread, but i want to lock them up for spending money they dont have if they have loans to pay back first, after that, have at it

jeromedawg

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #11 on: September 17, 2015, 06:05:35 PM »
LOL... Just saw this and was gonna post but ya beat me to it.

My fave:
"We’re taking our time growing up, refusing to be shackled by mortgages and diapers. We’re not trying to live with safety nets; we’re trying to live on the edge."

#nosafetynets #freetheshackles #taketimegrowingup #enjoylife#liveinthenow #futurewhatfuture #icantgetajob #crap #shouldveneverlistenedtomyownadvice #brokewillworkforfood

jeromedawg

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #12 on: September 17, 2015, 06:10:08 PM »
More gold of the gold:

"When you live your life around your retirement fund, you may as well retire now. You can’t make a mark on the world if you’re too cheap to live in it.

Refusing to give yourself the luxury of enjoying your money negates the whole point of making it."


Just... flabbergasted... wow, where to even start.

I lost count of how many times stupid kicked me in the face as I was reading the article.

The Guru

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #13 on: September 17, 2015, 06:23:41 PM »

Lauren Martin   

Editor•    
 

Lauren Martin is a Senior Lifestyle Writer at Elite Daily. After graduating from PSU, she moved to NYC to write fart jokes at Smosh Magazine. Making her way to ED, she now writes riveting commentary on nude pics, condoms and first dates.
 




She should have stuck to fart jokes.






Left

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #14 on: September 17, 2015, 06:27:12 PM »
it isnt just that author... i read some more articles there, and many of them seem to be disgruntled never want to grow up millennials....

chinese has a better term for millennials, the strawberry generation... more fitting to me. i also like the term peter pan generation, they act "lost" and spend their 20-30s finding themselves to realize they are old and have nothing to show for it

johnny847

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #15 on: September 17, 2015, 06:27:30 PM »
Well shit, I better blow through $87.5k soon then. And not save a penny for the next 6 years.

The Guru

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #16 on: September 17, 2015, 06:46:38 PM »
Well shit... I'm 25 with 150k+ saved up... I'm screwed....

Well, you're young. Start spending! Buy an SUV! Save yourself!!!

TheGrimSqueaker

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #17 on: September 17, 2015, 07:23:04 PM »

Lauren Martin   

Editor•    
 

Lauren Martin is a Senior Lifestyle Writer at Elite Daily. After graduating from PSU, she moved to NYC to write fart jokes at Smosh Magazine. Making her way to ED, she now writes riveting commentary on nude pics, condoms and first dates.
 


She should have stuck to fart jokes.

Well, erectile dysfunction (ED) can be profitable I suppose, if one's in the business of treating it.

wordnerd

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #18 on: September 17, 2015, 07:40:38 PM »
I've never seen anything decent on Elite Daily, but this is by far the worst. Maybe it makes the author more satisfied with her salary there?

Obviously, I'm setting my sights very low by having a well-paying and interesting job, friends, international travel, fun outings, hobbies, a house, a husband, and a baby on the way in my 20s. Why am I not paying for cabs and bottle service?! I'm wasting my youth!

Left

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #19 on: September 17, 2015, 08:01:23 PM »
Quote
aybe it makes the author more satisfied with her salary there?
from the way the articles are written there, I didn't think they got a salary... nothing worth paying for is on there :S

HappierAtHome

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #20 on: September 17, 2015, 08:38:27 PM »
SHIT I've been wasting my life! Now that I've read this article I know what I need to do: liquidate everything and spend the shit out of my nest egg. Awesome!

See you guys in the comments section of an article about early retirement when I'm 60 and broke. I'll be the one telling you it's the government's fault I can't afford to retire. Don't you know that the cost of living is too damn high to make retirement contributions?!

LeRainDrop

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #21 on: September 17, 2015, 09:11:00 PM »
Help!!!  What am I supposed to do in my 30s???

HappierAtHome

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #22 on: September 17, 2015, 09:25:55 PM »
Help!!!  What am I supposed to do in my 30s???

SPEND IT ALL NOW before it's too late and you're addicted to - oh the horror - the ability to think long-term instead of just chasing the next shiny toy.

bagap

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #23 on: September 17, 2015, 10:02:40 PM »

Lauren Martin   

Editor•    
 

Lauren Martin is a Senior Lifestyle Writer at Elite Daily. After graduating from PSU, she moved to NYC to write fart jokes at Smosh Magazine. Making her way to ED, she now writes riveting commentary on nude pics, condoms and first dates.
 




She should have stuck to fart jokes.

This woman is an insult to fart joke writers everywhere...

and seems to me that SHE set her sights too high, thinking she could write actual articles.  She should have been saving for herself instead of betting on herself :D

SEdude

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #24 on: September 17, 2015, 10:38:07 PM »
"When you live your life around your retirement fund, you may as well retire now."

Well.. I guess that settles it then. I'll just retire now :D

gillstone

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #25 on: September 17, 2015, 11:12:38 PM »
LOL... Just saw this and was gonna post but ya beat me to it.

My fave:
"We’re taking our time growing up, refusing to be shackled by mortgages and diapers. We’re not trying to live with safety nets; we’re trying to live on the edge."

#nosafetynets #freetheshackles #taketimegrowingup #enjoylife#liveinthenow #futurewhatfuture #icantgetajob #crap #shouldveneverlistenedtomyownadvice #brokewillworkforfood

Thank you for that

flamingo25

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #26 on: September 17, 2015, 11:25:16 PM »
I'm 29. I have a husband, a house, an unborn child and nearly 400k in net worth. Well crap.

(Not saying everyone needs to get married and have kids but this article is the worst).

FIreDrill

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #27 on: September 17, 2015, 11:35:03 PM »


Well shit... I'm 25 with 150k+ saved up... I'm screwed....

Well, you're young. Start spending! Buy an SUV! Save yourself!!!

That's it.  The Tesla is ordered!


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libertarian4321

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #28 on: September 18, 2015, 12:24:39 AM »
Well, we can always hope she won't breed.

But we know she will, the dumb ones always do.

And we'll all end up paying for her kids and funding her lifestyle.

abbot31

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #29 on: September 18, 2015, 01:10:10 AM »
Wow. Nice video. I like it

patrickza

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #30 on: September 18, 2015, 01:48:40 AM »
The comments there do give me some hope though...

kaposzta

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #31 on: September 18, 2015, 04:50:13 AM »
Wow. Just wow. And for some reason I can't see any comments, so there's nothing that could balance this article.
Is there any chance it's a joke?

Tjat

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #32 on: September 18, 2015, 06:45:03 AM »
Surely this article is a parody.

Now in my 30's, I'm sure glad I saved and have a beautiful home and family rather than riding in taxis to and from nightclubs for a decade


TravelJunkyQC

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #33 on: September 18, 2015, 06:53:26 AM »
It's times like these I wish I had some whiskey to put in my coffee... the facepunch hurts this early in the morning.


Making Cookies

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #35 on: September 18, 2015, 07:23:21 AM »

My fave:
"We’re taking our time growing up, refusing to be shackled by mortgages and diapers. We’re not trying to live with safety nets; we’re trying to live on the edge."


That EDGE is what motivated me to get an education and a job and start saving money in the first place. I was (am) too scared to slip over that edge. I got a couple good long looks at what is over that edge and I didn't want to be one of those people. (broke and no future due to some unforeseen circumstance like a recession) ;)
« Last Edit: September 18, 2015, 07:32:39 AM by Joe Average »

Avidconsumer

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #36 on: September 18, 2015, 08:01:04 AM »
Well, we can always hope she won't breed.

But we know she will, the dumb ones always do.

And we'll all end up paying for her kids and funding her lifestyle.

Haha. Aint this the truth.

I like the idea of networking to increase salary. Obviously hasn't worked out for her so far.

Marus

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #37 on: September 18, 2015, 08:31:23 AM »
I actually agree with her that investing in amazing experiences is more fulfilling than just focusing on saving.  Unfortunately, her "amazing experiences" seem to revolve around going shopping, eating expensive food and getting drunk (oops, I meant "networking").  What a boring life.

LeRainDrop

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #38 on: September 18, 2015, 08:33:38 AM »
Nice response to the article:

http://gawker.com/a-young-person-wrote-a-dumbass-article-with-bad-money-a-1731471536?utm_source=recirculation&utm_medium=recirculation&utm_campaign=thursdayPM

Hahaha!  Love it!  OP, you should totally post this retort to your friend's facebook comment!

ETA:  Oops, it wasn't this thread's OP, but cai in the "Overheard on Facebook" thread who wrote:

Friend just posted this article on Facebook with the caption, "I'm doing it right!" http://elitedaily.com/life/savings-20s-something-wrong/1214445/

I kept waiting for the punchline, but it never came.
« Last Edit: September 18, 2015, 08:37:36 AM by LeRainDrop »

FatCat

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #39 on: September 18, 2015, 08:59:10 AM »
"$200 a month isn’t going to make the dent that a $60,000 pay raise will after spending all those nights out networking."


There is a big assumption here. A lot of people go into debt in college because they believe fully that they'll get a high paying job once they graduate so their debt is irrelevant.

runningthroughFIRE

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #40 on: September 18, 2015, 09:07:07 AM »
Nice response to the article:

http://gawker.com/a-young-person-wrote-a-dumbass-article-with-bad-money-a-1731471536?utm_source=recirculation&utm_medium=recirculation&utm_campaign=thursdayPM

Funny article, but it's also a good reminder of why reading the comments on online articles is a bad idea.  There's so much whining.

slugline

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #41 on: September 18, 2015, 09:10:39 AM »
Wow. Just wow. And for some reason I can't see any comments, so there's nothing that could balance this article.
Is there any chance it's a joke?

It's very possible that the whole thing isn't actually her personal belief but something written purely for the purpose of clickbait trolling.

FrugalWad

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #42 on: September 18, 2015, 10:45:05 AM »
It's very possible that the whole thing isn't actually her personal belief but something written purely for the purpose of clickbait trolling.

Must be the whole site then, because all the articles are just as vapid.

jeromedawg

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #43 on: September 18, 2015, 11:39:53 AM »

My fave:
"We’re taking our time growing up, refusing to be shackled by mortgages and diapers. We’re not trying to live with safety nets; we’re trying to live on the edge."


That EDGE is what motivated me to get an education and a job and start saving money in the first place. I was (am) too scared to slip over that edge. I got a couple good long looks at what is over that edge and I didn't want to be one of those people. (broke and no future due to some unforeseen circumstance like a recession) ;)

#recessionisoverrated #liveontheedge #youmightdietomorrow

jeromedawg

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #44 on: September 18, 2015, 11:40:35 AM »
Wow. Just wow. And for some reason I can't see any comments, so there's nothing that could balance this article.
Is there any chance it's a joke?

It's very possible that the whole thing isn't actually her personal belief but something written purely for the purpose of clickbait trolling.

True, maybe they got us... if she's that good, she should be writing for the Onion :P

FatCat

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #45 on: September 18, 2015, 12:01:33 PM »
Wow. Just wow. And for some reason I can't see any comments, so there's nothing that could balance this article.
Is there any chance it's a joke?

It's very possible that the whole thing isn't actually her personal belief but something written purely for the purpose of clickbait trolling.

It's sometimes hard to tell the difference in a parody and someone's real beliefs if the parody is good enough. I'm sure she knew the topic was one that would get a lot of clicks, so it's click bait either way. Whether or not these are her real opinions is harder to tell.

It's also probable that in her current financial situation her advice makes sense. Maybe she makes so much money and is going to end up earning so much more money in the future that it's irrelevant how she deals with her finances as long as she doesn't take on a big debt. She's not saying it's fine to go into debt, just don't bother saving because you're going to make much more later. If you have low income now, but you know for sure that next year you'll get a $60k raise, then it would make sense to not bother saving now and just save some once you get the raise. The problem is you don't know these future earnings are coming for sure. There is a huge optimistic assumption about the future. If she ends up making lots of money later in life, then she'll look back and this and think she this was great advice because she didn't burden her younger, poorer self with worrying about saving money. However for most people it's not going to work out this way. It's really bad advice to give to the general population.

Kitsunegari

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jeromedawg

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #47 on: September 18, 2015, 12:53:51 PM »
Wow. Just wow. And for some reason I can't see any comments, so there's nothing that could balance this article.
Is there any chance it's a joke?

It's very possible that the whole thing isn't actually her personal belief but something written purely for the purpose of clickbait trolling.

It's sometimes hard to tell the difference in a parody and someone's real beliefs if the parody is good enough. I'm sure she knew the topic was one that would get a lot of clicks, so it's click bait either way. Whether or not these are her real opinions is harder to tell.

It's also probable that in her current financial situation her advice makes sense. Maybe she makes so much money and is going to end up earning so much more money in the future that it's irrelevant how she deals with her finances as long as she doesn't take on a big debt. She's not saying it's fine to go into debt, just don't bother saving because you're going to make much more later. If you have low income now, but you know for sure that next year you'll get a $60k raise, then it would make sense to not bother saving now and just save some once you get the raise. The problem is you don't know these future earnings are coming for sure. There is a huge optimistic assumption about the future. If she ends up making lots of money later in life, then she'll look back and this and think she this was great advice because she didn't burden her younger, poorer self with worrying about saving money. However for most people it's not going to work out this way. It's really bad advice to give to the general population.

Great assessment. Just because you're making tons of money now doesn't mean that will hold true in the future, and yet people live according to what they *think* or *feel* their income matches, unsurprisingly... this is how my in-laws are (well, were; they've gotten 'better' since we've been hounding them with reality in the past several years). They've owned a restaurant for several decades and it was really great years ago (before my wife was born). Not long after she was born, things started going downhill though. But throughout it all, they upheld this mentality that they should spend spend spend and enjoy life. That's what making money is for right? They're in their 70s now and are still laboring because of this mentality... they've thrown away so much money and racked up debt on cars, random credit card purchases they don't pay off in full, and of course mortgage payments for a home they took a loan out on in 2004, when they totally couldn't afford it. While this kind of spending mentality might have been OK and 'sustainable' when they were bringing home the bank and life was good, they are still living in some sort of fantasy world where they can continue living this way even when things aren't great and they're incurring more and more debt... I just don't get it. That said, it seems this mentality is much more pervasive with younger generations but I'd very much argue that there are some in the older generations that want to live in denial.
« Last Edit: September 18, 2015, 01:13:50 PM by jplee3 »

FLA

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #48 on: September 18, 2015, 01:41:59 PM »

My fave:
"We’re taking our time growing up, refusing to be shackled by mortgages and diapers. We’re not trying to live with safety nets; we’re trying to live on the edge."

#nosafetynets #freetheshackles #taketimegrowingup #enjoylife#liveinthenow #futurewhatfuture #icantgetajob #crap #shouldveneverlistenedtomyownadvice #brokewillworkforfood

the hashtags, OMG, I am cracking up!

the name of the site, Elite, already tells you you're dealing with assholes so narcissistic that that seemed like a great name. 

it's my savings from 22 on that will keep me afloat since I became disabled. My life plan was investing, retiring at 62, then was told I could safely do so at 55, that was all unbelievably great because I was just a single mom nurse, not making big bucks.  The work advisor and one from Vanguard both came to the same conclusion, retire at 55, my retired life was going to give me a payout more than what I was making. What, how did that happen? And all it was was diligently funding my 403B and Roth.  Then illness struck. I want to try to live on SSDI if/when I get it. But according to the same advisors I can take out so much a month from now til I die and not touch the principle.  I have to call them again and get the math because I called in a complete panic when I found out working til 55 would not happen.  I had kind of heard of FIRE and this site when they said retire at 55. But it sounded way too good to be true to actually happen so I didn't really plan on it and how do you touch retirement money at 55 without serious penalties? In a way I retired at 45, it was forced and not my choice and I hate it and I'm petrified about money.  But IRL it may turn out ok. And that's only because I started saving like crazy at 22. 

So those 20 yr olds are Elite only in their lifestyle choice. They are not Elite amongst the Intelligentsia, or they would know to factor in if you wait to save until your 40s, you will be completely F'd should you fall seriously ill at 45. Never mind their 401k failures, the decades they left an employer match on the table.  They better bank on good health and their high income careers to last a good long time.  I want to smack them on the head in a motherly way (well, maybe slightly harder than motherly) and point out their idiocy but I suspect these are children who came from privilege and really do not need to worry about any of real life. 

MgoSam

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Re: If You Have Savings In Your 20s, You’re Doing Something Wrong
« Reply #49 on: September 18, 2015, 01:46:42 PM »
I half wanted to post, "I'm in my 20s and I know for sure that my 40 year old self will thank me....as my 40 year old self will have long since retired due to choices I made in my 20s to save and invest my earnings."