Comment by reactordev 2 days ago
If you are offered a 401k, you have the means to max it out. People who make less than $60k aren’t usually offered 401k’s.
I’m not telling you to forgo partying. I’m telling you to pay yourself first, before you do. Don’t max out a credit card for a trip. Don’t cover the table’s check when you only have $200. Be responsible, but still have fun.
> Given rent, saving for house downpayment, student loan payments, auto loan payments, and possible childcare/healthcare costs, I don’t think we live in the same reality (based on income statistics).
These things all come after savings, not before. If you can't afford them using post-saving money, then you need to get a better job, or a cheaper living conditions. Easier said than done, I totally agree, especially nowadays. But that's the mentality you need to really take saving seriously.
They don’t want to hear it. They don’t understand because they haven’t hit middle aged with nothing. Experience is one hell of a teacher and I hope these young professionals realize what’s at stake. There’s no hand outs.
I hope they realize that they are probably going to have to take their fair share with violence because right now that is probably the only thing the wealthy class will listen to
Rent comes after savings? Are you insane? And what if there are no better jobs that allow you to afford both rent and savings, as rent has increased for decades while wages have remained stagnant?
Why can't you just admit that millions of young people are being intentionally screwed out of what we consider to be a basic standard of living?
>If you are offered a 401k, you have the means to max it out.
Given rent, saving for house downpayment, student loan payments, auto loan payments, and possible childcare/healthcare costs, I don’t think we live in the same reality (based on income statistics). Perhaps you are only referring to doctors/software engineers/lawyers/IB/PE employees?
>I’m not telling you to forgo partying. I’m telling you to pay yourself first, before you do. Don’t max out a credit card for a trip. Don’t cover the table’s check when you only have $200. Be responsible, but still have fun.
This is very different than:
>Save, invest, max 401k, before you go off and party.