If You Have Savings In Your 20′s, You’re Doing Something Wrong.

[Roland]

Don't save it, but use it to make money.

That's exactly what I think. Save some money while you work on your first ideas. As they will most likely fail, you won't loose too much money while you are learning the 101 of entrepreneurship, then invest in your project when it starts going well.
If your money is giving you more that 5% ROI then it is better invested in your business than in your bank account. Just keep a safety net if you can afford it or take a calculated risk at the beginning.

 

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[DeletedUser394]

You guys will like this video....

Lil Dicky‘s song “$ave Dat Money’ is all about, well, saving money! That’s why the rapper wanted to create “the most epic rap video ever without spending ANY money,” as he explains in the video. He went around asking owners of mansions, yachts and clubs if he could use their spaces for free to shoot the video and he really pulled it off!
- http://hollywoodlife.com/2015/09/18/lil-dicky-save-dat-money-music-video-watch/

I can't get this out of my head. So good. Shout out to Mrs. K!

 

[edward222]

About the author:
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.

Shes obviously not in the money field.

 

[Rawr]

I just don't understand this whole thing with "ENJOY YOUR 20'S!!! ITS YOUR BEST YEARS, NO AMOUNT OF MONEY WILL BRING BACK THE YOUTH OF YOUR 20'S, PARTY IT UP GO OUT MEET GIRLS DO STUFF, YOULL REGRET NOT DOING IT WHEN YOUR'RE OLDER!!!!!"

Everyone F*ckin tells me this, my coworkers, my mother, my friends, EVERYONE!!!

I just don't understand... is my body gonna go into chronic failure the moment i hit 30?

I'm making it a habit to work out and push my body almost daily for the rest of my life. I do my best to eat well. I'm working on my fastlane one baby step at a time...

If i don't earn financial freedom until im 30 or later then why the F*ck can't i live my 30's as my best years, and my 40's and my 50's etc etc etc... if i look great, feel great, and financially free then what broke snot nosed punks in their 20's are gonna tell me im too old to party or something...

If I followed these people's advice the only regret i'd have is following that advice... as im still paying off my car loans and mortgage at 40...

you don't get it BECAUSE you are young. As you get old things just change- your view on life, your levels of naiveté, your delusional self confidence, your energy levels, your tolerance for things. Enjoy your 20s because in your 30s you will want to do some things but no longer will want it bad enough/force yourself to/feel like you should. My advice is to become a bit of an outrageous a**hole in your 20s for some time so you can see how much fun you can have when you just don't care. As you get older you understand your place in life and you curb that outrageous behavior whether you like it or not.

 

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[Choate]

I generally agree with the article, although not the flavor in which it was written. Its not like we need to save for retirement, but its always nice to have anywhere from 2 months to a year of living expenses saved. There's a smart way to do things and a reckless way to do it. Given her attitude in the article she comes across as a somewhat reckless type. You can go out frequently, take vacations, spend money, etc - in a controlled fashion. Sure, you can let loose once in a while and eat a bigger bill, no big deal. I'm not advocating to amass a giant $401k from your just-above-minimum-wage job, but like others have said in this thread, cash is king. When you see an opportunity, you need cash. When you want to move, or get a new job, you need cash.

I can cook a steak dinner at home better than the $50 steak dinner I get out at a restaurant, for maybe 25% of the cost. Self-explanatory - but I lose out on making connections, reinforcing friendships, getting a new experience. But my steak would be much healthier than the restaurants'. There's a million ways to spin the coin based on what's important to you.

I think we shouldn't hold her bio against her, where she used to write fart jokes, etc. Its humor for her targeted audience, so I won't pass judgement on it.

If her overall thesis is "Don’t waste your youth worrying about expenses when you should be worrying about experiences." I agree. Just do it smartly.

 

[luniac]

you don't get it BECAUSE you are young. As you get old things just change- your view on life, your levels of naiveté, your delusional self confidence, your energy levels, your tolerance for things. Enjoy your 20s because in your 30s you will want to do some things but no longer will want it bad enough/force yourself to/feel like you should. My advice is to become a bit of an outrageous a**hole in your 20s for some time so you can see how much fun you can have when you just don't care. As you get older you understand your place in life and you curb that outrageous behavior whether you like it or not.

Dude i'm a realist, i "matured" fast because i had to chip in for rent and bills for several years now, and at one point was borderline homeless with my mother, brother and our blind old cat. The struggle is real bro. I got a salaried job now and have been "stable" for the last 2 years. However i have no illusions about the situation, I'm one firing away from being dead broke and in debt at all times, no naivete there. Sometimes thought i get too down and need another day for my weekend and i call out and i just dont care what happens...

I'm damn bitter about this paycheck to paycheck life... college was pretty pointless... i dont care what my fukin energy levels gonna be like in my 30's(or 40's), im gonna be rich or at least financially free, thatll give me all the energy i need(cocaine)


I actually see the opposite of your viewpoint, I'm really careful with my life now because i NEED to make it, to prove to myself i can do it. After i do it I won't care anymore, im gonna be reckless. I will be at peace with myself.

 

[Rawr]

"im gonna be reckless. I will be at peace with myself."

What?



May I suggest meditation?

 

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[luniac]

"im gonna be reckless. I will be at peace with myself."

What?



May I suggest meditation?

meditation don't pay the bills.

naw i do "meditate" when i sit on the subway on the way to work...

 

[theag]

I'm damn bitter

Dude, you have a "Stagnation Report" on your blog. What do you expect with that attitude?

 

[MJ DeMarco]

meditation don't pay the bills.

And recklessness creates more bills.

 

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[mayana]

And recklessness creates more bills.

I think some people might've skipped over the part of your book when you talked about that

 

[Kung Fu Steve]

It's sound advice -- unless you haven't been given the rest of the picture (which it sounds like she hasn't).

Two other statements that I took to heart early on:

@MJ DeMarco said "Don't skip the starbucks in the hopes you'll have a million dollars years from now."

@snowbank said "If your goal is to win the game, every penny after your living expenses should be used to try and win the game."

But to take these statements at face value (like this lady seems to have done) means you don't "get it" ... yes I'm not going to skip that second glass of wine to save $8 -- but at the same time I'm not blowing all of my money on hookers and blow, either.

Yes, I spend all the money I have... on investments, business ventures, marketing, etc -- for the purpose of making more money.

This girl has clearly taken these comments at face-value without truly understanding them and decided "oh well, YOLO!"

It's not the worst thing in the world to spend all the money you have... but when you start spending MORE than you have -- you're gonna have a bad tiiiiimmme.

 

[luniac]

And recklessness creates more bills.

im not reckless yet! i meant in the future.

ok "reckless" was bad word choice, sorry people. I'd never want to lose my money and go back to a day job, i swear.

Dude, you have a "Stagnation Report" on your blog. What do you expect with that attitude?

what do u mean, its just to keep me in check, im a lazy bastard and it was difficult for me to form the good habit of daily action. My blog journal really helped me with that.

 

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[AndrewNC]

I'm not blowing all of my money on hookers and blow

Glad you're not spending ALL of your money on that

but seriously though...

It's not the worst thing in the world to spend all the money you have...

Living life and filling it with experiences sure beats permanently pushing happiness out of the now and into the future.

 

[AntEmpire]

The slowlane responses to this article were as expected, but this one from Elite Daily's comments section really summed them up:

"If you were to invest the $200/month (that you claim is meaningless)--over the course of 45years (about the average time GenY has left to retire at 70), you would amass a wealth of over $1 million using the lifetime average of the S&P 500 (8% annually). This money could be used to retire, start a business you've always wanted, buy a vacation home...you name it. Overall, people who save for retirement can actually retire, and not be forced to work until they die. Pension plans and Social security are dying with our grandparents generation."

Sacrificing today with the hope of a better tomorrow....

 

[Freedom61]

The slowlane responses to this article were as expected, but this one from Elite Daily's comments section really summed them up:

"If you were to invest the $200/month (that you claim is meaningless)--over the course of 45years (about the average time GenY has left to retire at 70), you would amass a wealth of over $1 million using the lifetime average of the S&P 500 (8% annually). This money could be used to retire, start a business you've always wanted, buy a vacation home...you name it. Overall, people who save for retirement can actually retire, and not be forced to work until they die. Pension plans and Social security are dying with our grandparents generation."

Sacrificing today with the hope of a better tomorrow....

This thread popped up on the bottom of my page and I had to check it out.

I sure hope the guy that left that comment in Elite Daily's page from your post finds MJ's book. Who has the patience to wait 45 years to start the business they've "dreamed" about? Do they forget the fact they might not even live that long? I'm beyond thankful I found MJ's book among other entrepreneurial outlets (Secret Entourage, etc.), otherwise I'd be stuck in the slowlane with my former slowlane biz and/or working a slow lane job wishing for wealth.

 

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[MotiveInMotion]

Ah, I love Hopsin...

Actually I love the whole Funk Volume crew before they split, and Dizzy Wright is one of my favorite MCs hands down.

This is why I love underground hip-hop so much and keep that radio trash off my iPod. They spit whatever they want, real as can be, with no label support and build their buzz of the back of hustle, truth, and education of the masses.

I've learned a lot from these day's MCs like Dizzy and Hopsin, and have also picked up many things from the classics like Pac and KRS-One, etc.