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As a millennial who's been saving about 80% of my take home income, I mostly believe the money problems our generation complains about (regardless of economic b

As a millennial who's been saving about 80% of my take home income, I mostly believe the money problems our generation complains about (regardless of economic background, debt, etc.) is more linked to spending habits and a perception of what an "ideal" or "reasonable" lifestyle is. For instance, I have a few friends who work at JPL outside of LA. They all make $110-120k TC and have ridiculous benefits (5% contrib to 401k even if you put nothing in and if you do contribute a 7% match) with 25 days vacation etc. They still complain that they "can't afford to buy a house" when they've put off saving after paying $20k for a "modest" wedding and spend $1600 on take out each month because they're "too busy". I live within my means and still have a social life, but I'm still called cheap or questioned about "not really living" when I explain why I'm investing or saving money and not taking international vacations every 6mo.

danielecook 7y ago
It’s not representative. Most millenials are sub 60k and have loads of debt. You have a very skewed view. Most people can’t save 80% of their income because their housing costs are at least 30%z
- algaeontoast 7y ago
  I also know millennials who live in NYC, have $180k+ student loan debt and continue to live as if they're making $100k a year (which doesn't go far in NYC) although they're un-employed or just doing sporadic temp work. Also - you don't have any insight into my TC... In your opinion - what constitutes "common place" both in terms of "expected lifestyle" and $$ situation (debts, money in the bank, etc)?
imtringued 7y ago
What you're talking about is simply impossible unless you're already rich enough in the first place or are living with your parents for free. Even if I assume that I own my apartment, only pay for maintenance/heating/food, I don't own a car and I basically never leave the house and do nothing that costs money (e.g. only contribute to open source) I don't think I can go below 600€ per month of expenses. 5x is 3000€ per month add taxes on top and we are talking about a 65k€ per year job. Sure as a software developer it shouldn't be too difficult to reach this amount. But in reality frugal/poor people get by on 1000€ per month and therefore the amount of money they'd have to earn annually to save 80% of their take home is closer to 110k€ at which point money struggles might as well not exist unless you're living in really expensive parts of the country.

danielecook 7y ago

It’s not representative. Most millenials are sub 60k and have loads of debt. You have a very skewed view. Most people can’t save 80% of their income because their housing costs are at least 30%z

algaeontoast 7y ago
I also know millennials who live in NYC, have $180k+ student loan debt and continue to live as if they're making $100k a year (which doesn't go far in NYC) although they're un-employed or just doing sporadic temp work. Also - you don't have any insight into my TC... In your opinion - what constitutes "common place" both in terms of "expected lifestyle" and $$ situation (debts, money in the bank, etc)?

imtringued 7y ago

What you're talking about is simply impossible unless you're already rich enough in the first place or are living with your parents for free. Even if I assume that I own my apartment, only pay for maintenance/heating/food, I don't own a car and I basically never leave the house and do nothing that costs money (e.g. only contribute to open source) I don't think I can go below 600€ per month of expenses. 5x is 3000€ per month add taxes on top and we are talking about a 65k€ per year job. Sure as a software developer it shouldn't be too difficult to reach this amount. But in reality frugal/poor people get by on 1000€ per month and therefore the amount of money they'd have to earn annually to save 80% of their take home is closer to 110k€ at which point money struggles might as well not exist unless you're living in really expensive parts of the country.