Also $100,000 in savings is a lot for working-class Americans, but if you are middle to upper middle class & have a 401(k), it's not that hard to have total savings in the low six figures by your early to mid 30s, especially with two incomes.
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Of course, there's a lot of variables that go into savings: marriage, kids, house, college debt, how young you started working, what part of the country you live in.
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For my part, no more than half of the money I've saved since I started working 23 years ago has gone into retirement or cash savings; the rest went into house down payment and - mostly - 529s for the kids.
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What's depressing - and a common experience that fuels a lot of the politics of people under 40 - is that I make multiples of what my dad made, I've saved hundreds of thousands of dollars in 529 accounts, yet my kids will still graduate with more college debt than I did.
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I'm surprised you didn't joke that "of course they have $100,000. It's easy to get there when you live with Mom and Dad"
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What I want to know is how my whole like I was considered Generation X and in the last two years I'm somehow now on the back of millennials?
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Hey Dan...quick thing ..Love/Hate Trump but at least he tweets under his own name..Mitt hides under ‘Pierre Delecto’...you should call him out in your column
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I think an important factor in framing out the financial decisions by millennial is they saw their parents go through bankruptcy, foreclosure, financial ruin like no other generation, ever. They are learning better than older generations.
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Overstated? 17% sounds very low when, as you noted, millennials can be as old as 40. Even if they used the median, that figure would be alarmingly low.
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I guess we’re on a different wavelength because I cannot imagine the true figure is anywhere close to as high as 17%. The oldest millennials are 38; by definition, almost 60% are 29 or younger. A fifth are currently in college.
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