Elite Daily: "If you have savings in your 20s, you're doing something wrong"

[Darryl Musashi]

I realize this is just dumb click bait, but it made me laugh. Thought everyone else here might get a kick out of it too: http://elitedaily.com/life/savings-20s-something-wrong/1214445/

[norabird]

Aw, I sort of sympathize with this, even if it is crazy. Now, your 30s...

[RangerOne]

   Age old logic that some derp snorting coke in a club uses to tell you why its okay to live paycheck to paycheck on a 6 figure salary...

  There is a breaking point where having a budget even as a single young person is a huge boost, much like taking care to exercise and eat better.

[sfsellin]

LOLOLOL I know so many people who think this way here in San Francisco.

[WGH]

Holy mother of God that was the worst advice article I have ever read.

"Don’t waste your youth worrying about expenses when you should be worrying about experiences."

"When you’re too worried about your bank statement, you’re not making your own"

GAH! Just pandering to the consumeristic hole of buying crap = happiness without any consideration that it is possible to enjoy life without hittin da club and drinking a weeks pay away.

Thankfully the comments are full of people just bashing this idiot.

[FrugalWad]

This must be written for everyone who keeps posting those faux-inspirational tags on social media. #YOLO #Liveinthepresent #Thefuturetakescareofitself #livelaughlove #makememoriesnotmoney #teehee

[ctd]

I'd say this article was terrible, but honestly, I could only read the first couple of paragraphs.

[Proud Foot]

That was probably one of the worst articles I have ever written.  I agree with the sentiment of using your 20s while you do not have responsibilities, such as kids or a mortgage, to make memories and enjoy experiences, but you are able to have those without spending all your money.  She mentions $200 a month, well at 7% over a 30 year career that turns to $244,000.  A big difference than the $60,000 raise she mentions. And $200 is a small enough amount that you should still have plenty left over.

[Gone Fishing]

"When you live your life around your retirement fund, you may as well retire now."

Good advice, I think I will take it! (after bonuses are paid)

"When you’re 40, you’re not going to look back on your 20s and be grateful for the few thousand you saved."

I thank my 20 year old self every day!

Although, had I only known that spending all my money on a old jeep-like vehicle I would have 3 hot chicks riding with me, things might have been different!

The author's resume:

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.

I think the whole thing is a spoof...

[fattest_foot]

This is actually just an example of modern articles. Write something incredibly ridiculous for the click bait, and watch the ad revenue roll in as people become outraged.

[MM_MG]

Brought to you by VISA. 

Edit:  quick look at her other articles and they have hardly any comments.  Mission accomplished I'd say.

[Lis]

As a twenty something who saves a lot, that article made me very, very sad. Slate wrote a response article about how ridiculous it is. http://www.slate.com/blogs/moneybox/2015/09/17/saving_in_your_20s_elite_daily_s_lauren_martin_is_so_so_wrong_about_personal.html

[sunday]

How awful. I'm glad I read the "Save early in your working years to maximize your retirement" article in my 20's instead.

[Guses]

That was probably one of the worst articles I have ever written.  I agree with the sentiment of using your 20s while you do not have responsibilities, such as kids or a mortgage, to make memories and enjoy experiences, but you are able to have those without spending all your money.  She mentions $200 a month, well at 7% over a 30 year career that turns to $244,000.  A big difference than the $60,000 raise she mentions. And $200 is a small enough amount that you should still have plenty left over.

The cat is out of the bag now Proud Foot!!!!!

[MrsPete]

I've probably heard worse advice, but none comes to mind at the moment. 

[Proud Foot]

That was probably one of the worst articles I have ever written.  I agree with the sentiment of using your 20s while you do not have responsibilities, such as kids or a mortgage, to make memories and enjoy experiences, but you are able to have those without spending all your money.  She mentions $200 a month, well at 7% over a 30 year career that turns to $244,000.  A big difference than the $60,000 raise she mentions. And $200 is a small enough amount that you should still have plenty left over.

The cat is out of the bag now Proud Foot!!!!!

Haha oops!! Major brain fart there.  Meant to say ever read.  I usually proof my posts before actually post them.  Oh well. Might help if I was not posting while at work...

[Sebastian]

Holy cow that was awful! I was legit mad I had just wasted my time reading that until.... I read the comments. Fucking hilarious! Nice find :)

[crazy30]

i think the person who wrote this was myself when I was in my 20s (and how i deeply regret all those stupid thoughts!).

[mozar]

I think it says more about how hard the economy is. What I hear is the author is saying why bother, might as well give up on saving money. But also it is ridiculous that the author thinks she can get a 60k raise over night.
It's actually a pretty good website though. I agree with a lot of their dating advice.

[Rosy]

It is practically criminal to disseminate such garbage. I wonder if she was high while writing it up or wrote it for the joy of click bait.
Loved the comments.

[Moostache]

It is absolutely irresponsible.  I agree that people should experience new things in their 20s but to suggest that they should experience ALL things and damn the price tag?

I know it seems different at 20 but in reality 20 is not that far away from 50 and this article is great guidance on how to wake up at 50 and realize that your financial future is bleak.  I guess it's good they wasted all that money and opportunity when they were young :)

It is practically criminal to disseminate such garbage. I wonder if she was high while writing it up or wrote it for the joy of click bait.
Loved the comments.

[WildJager]

I think it says more about how hard the economy is. What I hear is the author is saying why bother, might as well give up on saving money. But also it is ridiculous that the author thinks she can get a 60k raise over night.
It's actually a pretty good website though. I agree with a lot of their dating advice.

The economy we (first world) have today allows for all the fresh food we could need, transportation, shelter, toys, and vacation time (!) for the average person.  Our problem is not an economical issue, it's that we don't appreciate how ridiculously easy we have it compared to humans of the past.

[calimom]

She's hilarious.  Is there a GoFundMe account so we can all contribute to her irresponsibility?  Surely most of us want to toss a few bucks to her appletinis, destination  weddings, poor fashion choices and Uber rides?  Oh, the humanity.

[Tigerpine]

I think it says more about how hard the economy is. What I hear is the author is saying why bother, might as well give up on saving money. But also it is ridiculous that the author thinks she can get a 60k raise over night.
It's actually a pretty good website though. I agree with a lot of their dating advice.

The economy we (first world) have today allows for all the fresh food we could need, transportation, shelter, toys, and vacation time (!) for the average person.  Our problem is not an economical issue, it's that we don't appreciate how ridiculously easy we have it compared to humans of the past.

Have you ever heard the expression, "familiarity breeds contempt"?  I think a similar concept applies here.  As you say, people don't appreciate how relatively great we have it because they don't know anything else.  I suggest that people who do follow the article's advice blow some of their money traveling to poor countries and stay away from the nice hotels that cater to the rich and foreign.  Take the local public transportation.  Not to save money, but to open their eyes to the rest of humanity.  Then thy might appreciate how good they have it and hopefully take steps to not piss away their good fortune.

[simmias]

I have conflicted feelings toward this article.  Of course it's horribly written, and it's coming from someone who's speaking from a position of authority despite having no money and no experience.  The fact that it's been shared so much and went viral furthers my concern for this upcoming generation.

But I have to say I agree with the sentiment.  My 20s were filled with wanderlust, roaming from city to city and having the kinds of experiences and relationships that you can't get with a stable job that's filling the coffers.  I absolutely regret none of it.  I'm completely happy with my FIRE plan and goals, and I wouldn't trade those experiences for any amount of money.

I will say, though, if I had never woken up one day in my late 20s and decided that it was time to start preparing for the future, I'd be in real trouble today.

[Jupiter]

If you're saving $200 a month in your 20's then your doing something wrong... This guy knows nothing about investing and comments about looking back at the "few thousand" (I'd assume he means 5 - 10K) you saved in your 20's regretting it for the experiences that money could have brought you. He also mentions you should take risks in your life and how silly it is to sit there watching that small amount of money producing interest in the bank rather than spending it. Put the money in investments, not the bank! And he claims to be a risk taker...

I'm 21, have entirely through my own hands 152K "saved" (total networth) 62K in property equity and 90K in my forex account. By the time I'm 30 I should have 1 million and by 40... definitely more than 3 million. So that "few thousand" theory goes right out the window. I'd rather spend my 20's saving and my 30's and onwards retired with investment properties as opposed to having "experiences" in my 20's then spending the next 30 years working and catching up. I may not be happy with my life right now but I'm satisfied with my savings and I'd rather die satisfied than broke.

[The Guru]

At the very least, she ought to recognize the value of having an emergency fund in case of one losing a job. This should be of particular concern for those in certain professions; like, saaaay, shitty writers for online rags.

[simmias]

This guy knows nothing about investing and comments about looking back at the "few thousand" (I'd assume he means 5 - 10K) you saved in your 20's regretting it for the experiences that money could have brought you.

He also mentions you should take risks in your life and how silly it is to sit there watching that small amount of money producing interest in the bank rather than spending it.

And he claims to be a risk taker...

Ha, did you even read the article?  "He" is clearly a "she."

[Landlord2015]

If you're saving $200 a month in your 20's then your doing something wrong... This guy knows nothing about investing and comments about looking back at the "few thousand" (I'd assume he means 5 - 10K) you saved in your 20's regretting it for the experiences that money could have brought you. He also mentions you should take risks in your life and how silly it is to sit there watching that small amount of money producing interest in the bank rather than spending it. Put the money in investments, not the bank! And he claims to be a risk taker...

I'm 21, have entirely through my own hands 152K "saved" (total networth) 62K in property equity and 90K in my forex account. By the time I'm 30 I should have 1 million and by 40... definitely more than 3 million. So that "few thousand" theory goes right out the window. I'd rather spend my 20's saving and my 30's and onwards retired with investment properties as opposed to having "experiences" in my 20's then spending the next 30 years working and catching up. I may not be happy with my life right now but I'm satisfied with my savings and I'd rather die satisfied than broke.

Well either you are unusally successful or perhaps to optimistic, but at age 21 everything seems great and have opportunities... I mean yeah I think you have good chance to be wealthy, but it would be nice if they would do a documentary and see if you have reached 3 millions at age 40.

I have certainly more networth then you, but I am clearly older then you. I live in Europe, but I do know USA has low tax, but becoming multimillionaire is easier said then done though it can sure help to have high goals and even if we mustachian's do not perhaps become multimillionaires we can still become fairly wealthy.

As said the writer is female and while it is generalisation trend is still many females like to make decision with feelings and are less materialistic then men. I said many of course we have also female Dragons...

Anyway the article is from a woman who wants to enjoy life... I am male and I do spend money on enjoyment, but at the same time I also want to invest wisely and earn money. Point being for me the line is some spending and some investing, but not extreme frugal life and super investing or opposite lets spend all the money and not live paycheck to paycheck. Passive income is good to have.

[Abe]

I can't wait until losers like her are in their 40s and demanding the government "do something" about my "excess wealth" because they are working at a dead-end low-paying job due to lack of work ethic and long-term planning.

[Leisured]

I assume this article is a hoax, even though it is not April 1.

[somebody8198]

This enrages me so much. I saved more than 5 years of living expenses during my twenties and I did a lot of fun things that according to this article are IMPOSSIBLE unless you're sitting at home anxiously checking your grocery store receipts.

I spent two months traveling Europe on a shoestring budget when I was 23 (funded entirely by my savings at a part-time job), came back twice a few years later, visited lots of cities in the U.S., took writing classes, drank a lot of beer, etc. The things I didn't do were: take out an auto loan for a car I didn't need, buy high-end fashion products, move into a luxury apartment, live in an extremely high-CoL city like NYC (where I imagine the author must reside, based on their attitude).

[Moostache]

I can't wait until losers like her are in their 40s and demanding the government "do something" about my "excess wealth" because they are working at a dead-end low-paying job due to lack of work ethic and long-term planning.

This!  Oh so much this!  I have some friends who slowly, or not so slowly in this case, who became poor or even poverty stricken as my savings grew.  I can't even talk to them about money or money management because they rage on about the system and wealthy people needing to "Pay their fair share".

Uhmmmmm you pay nothing...  How is my paying more and supporting you fair for me?  There are days it makes me nauseous that otherwise reasonably intelligent people can be so blind.