Still think TITNC3: Return of the Iceberg was peak

I'm going down with the ship... damn the torpedoes, full speed ahead!

 

ahahahah. Everything is falling apart at once!

 

I came out of school at 24 and was able to self support and save 30-40% of my gross per year, which was about 15-20k per year, and this was in 2009. That was with 50k in student loan debt riding along and without roommates.

I continued to live like a broke college student for several years, because I was good at it.

To answer your question: plenty of them. Choose your career discerningly.

Neither your nor my anecdotal experience is representative of the world writ large. The point was to illustrate that even relatively modest saving at a *consistent* level can yield over a million by traditional retirement age.

 

I did more than that at 22 with no rich parents, just an in demand college degree. Desk job, reasonable hours, great pay. And that was not that long ago either.

 

Preach

 

I mean good for you, but doesn't mean his example ain't a bit out there these days

 

Things are on a scale. Even if you can only save and invest 2400 a year, thats much much better than nothing.

The point is a secure retirement is absolutely attainable for most people if they have the right habits.

 

Good work today everyone

 

https://www.nirsonline.org/2020/01/...ely-on-social-security-for-retirement-income/
A new report also finds that a large portion (40 percent) of older Americans rely only on Social Security income in retirement.

Ok, ok. 40% isn't "most", so I won't split hairs on semantics. But...


https://thecollegeinvestor.com/14611/average-net-worth-millennials/
To keep is easy, the average millennial net worth is $18,000

Maybe it's me, but if you're between the age of 24 and 40 and your average net worth is less than $20k, you ain't saving, and you ain't buying houses

And just from a macro level, not everybody can achieve success or our society falls apart. All your retail and service workers can't suddenly boost themselves into $100k a year jobs in LCOL areas. I think things are a lot worse out there than people who have "bootstrapped" themselves are willing to admit, or they just plain don't care.

 

I shorted it all

 

Yes, this works as long as the majority don’t strive for too much. But you and me, we will be alright

 

I’m doing that stupid thing where I keep my cash on the sidelines and miss the dip. But I haven’t missed it yet. So Woohoo

 

What year did you graduate college?

I was gearing up to go to law school, and as it turns out there was a glut of new lawyers in 2009/10....because everybody who just finished undergrad who had half a brain stayed in school rather than try to fight it out in the workplace. But lawyer is a good career isn't it? One of those ones like Doctor or Engineer that guarantees money, right? Nope. Dudes were coming out of T2 schools (again, remember, not every student can go to Harvard law) making $30k a year. I bailed on that nonsense and went into sales, but that's a story for a different day.

So, "choose your career discerningly" is vastly reflective on the current economic situation. "Learn to code" is the mantra for today's students. But we can't have a whole world full of coders either, cause that'll start driving the wages down.

And god forbid anybody wants to do something fulfilling with their life and help mankind. None of those careers pay shit even though many of them require master's or PHDs. Hell, my Aunt is a tenured language professor at a prestigious state University and she didn't start making 6 figures until she was in her 50s.

 

Every one of my friends in my age group that owns a house, myself included, had help from our parents. What if you're born to a family who doesn't have those resources? If your dad was a line cook and your mom changed hotel sheets, It's unlikely that they're going to be able to provide you a chunk of change to get into a home.

My dad made me pay back the portion he gave me, the hardass.

 

You spoiled brats

 

Let's use individual. And mind you, this is RENO, not San Fran, Seattle, or L.A.




https://mynews4.com/news/local/reno-amongst-highest-rent-increases-in-the-us


So lets round up to an individual making $40k a year. We'll lop off 20% for taxes, so homeboy is bringing in $2,600/mo



Does that seem sustainable to you given the housing and rent prices? Our individual can pay his monthly rent on a 2br with enough leftover to fill up the tank once or twice to keep going to his shitty job. Food and climate control optional.

 

Move to the Midwest. That’s where people are that gave up on their dreams. And rent is still cheap.

 

See, I could do that, and I could walk right into any forklift dealership and take a 100% commission job and keep making basically what I make now. But I have damn near 15 years of real world experience.

What the hell is a kid who just graduated college with a business, engineering, or law degree going to do out there in BFE? Sure the rent is cheap, but there's a reason for that.

 

Could work at dunkin for 17.50 an hour and easily afford a nice 1 bedroom and squirrel away money. Unless they think life and job should be fulfilling or something silly like that

 

I think you just solved it. These whiny bitch kids need to move to Enid, OK and work at Dunkin's for $17 an hour and be happy someone gave them a job. Also wtf, since when does Dunkin's pay $17 an hour lol. I could cover my mortgage on that. I might need a career change myself.