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

[Ubermensch]

http://elitedaily.com/life/savings-20s-something-wrong/1214445/

What do you guys think?

The author is getting beat up pretty bad around the web (tons of rebuttals, Time, Reddit, etc.) and I understand her point to prioritize experiences. But no saving? Very Sidewalkish however what's interesting is the Slowlaner response.

Slowlaners who've pinned their financial future to Wall Street are going bonkers over this advice.

She's right.

How much did you save in your twenties, MJ?

Did you save, or did you pour it back into your hustle?

Pouring it back into yourself, no matter what anyone else says = victory.

Win.

 

[Imgal]

I'm with @AgainstAllOdds I think this is basically linkbait. Having spoken to someone who used to work for one of the tabloids in the UK, their model for their website is to throw up articles fast when something is a trending issue / provocative. Accuracy comes very low down the list, it's purely about getting eyeballs on the pages so they increase their advertising prices. It works very well for them... and the degree to which accuracy isn't an issue is that you're not only often see misspelt and misquoted early articles, but by the afternoon it's angle has magically flipped to the complete opposite of what it was before.

I had some really good savings in my 20s. I was damn proud of them... in fact I was proud of everything. i was absolutely amazing at everything. Nothing could go wrong.... and then i chucked a load of my savings into something I did next to no research on.. and there it was. All gone. I still to this day think the pain of it was much more attached to my ego not being dented, but pretty much totalled than the empty bank balance. It also made me aware that as much of what I'd achieved was through luck as there really was no proper game plan to pick myself off and dust myself off to get it back again. It's an education that has made me into an entrepreneur who now knows what they're talking about, and not verbally throwing up what the gurus said (yes that used to be me) and I think the making of me. Would I recommend anyone else do it though? No. If it happens learn from it, but don't go out and do it intentionally.

 

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[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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[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.

 

[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.

 

[merc]

This is an interesting topic. I don't think there's anything inherently wrong with saving in your 20's as long as you're not being ridiculous about it (ie. doing things like "no more buying coffee or meals during work because they add up and if you save $3 a day that's $21 a week or $84/mo or $1008 per year savings!" That's not saving.. that's being miserable.

My general rule for saving is easy. I pay myself first every month ($400). That's the money I can do whatever the hell I want with but I cannot go over. The rest goes to my bills and savings. That way, I am saving a decent amount per month without being a miserable penny pincher. Almost all of the time I don't even spend that much unless I want to travel, in which case I take out some extra that I already saved.

I feel like the author has a typical side walk mindset. Life shouldn't be black and white like that, you can still have fun while being smart about it.

 

[TTG SS]

I think it is incredibly irresponsible to blow all of your money in your twenties. This is exactly how most of my friends/ peers are.

I managed to save 50% of my slow lane income last year(not that it's a lot of money) but probably 5x as much as anyone else my age saved.

I don't live like a miser. I have a new sports car, a nice jet ski, and can do whatever I want within relative reason. The toy is paid for in cash, and I have a very small car payment.

I also have a nice savings account which is allowing me pursue businesses without worrying about making a mistake and not being able to eat. In other words it gives me some options. Options many of my peers do not have.

 

[MTF]

You have excess cash?
A) Reinvest it in your business if it is growing and shows promise. Don't throw good money at bad businesses.

How about having a lot of excess cash and a business that doesn't require more money to grow (and obviously no debt)? Start another business? Keep saving? Invest in something else?

To what point does it make sense to save cash (as in, earn 1-2% or so in interest, so basically just keep up with inflation) vs invest it in something with a better ROI?

 

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[RBefort]

LOLOLOLOL. Says 20s are the time to gamble on yourself to get that 60k payraise, but doesn't fit the rest of her points. She doesn't save because she treats herself to clothes, clubs, going out to eat, etc. If she said I'm not saving because I'm throwing money to entrep ventures, then it would make more sense. While my girlfriend says the same things, "can't just sit in the house, can't just NOT hang out with your friends and be social, blah blah" she doesn't understand that I don't want to possibly be old and be working Pizza Hut. Sure, I'm all for entertainment and relaxation, but having no savings just because you like to not grow up? C'mon. If she made the point that saving isn't everything, that's fine...but not saving just to blow it is absurd.

 

[Rethagos]

Well,
We should definetely listen to somebody who wrote fart jokes to Smosh Magazine, and now writes "riveting commentary on nude pics, condoms and first dates." I mean, she's got experience in life, right?

 

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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.

 

[Dark Water]

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.

 

[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?

 

[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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