Market Monday: Millennials Hitting Six Figures

Who: Damn Millennials

What: 1 in 6 millennials now have $100,000 socked away.

When: January 2018

Why: Millennials are making sacrifices to get ahead.

My Thoughts

Must stand up for my generation here! Our generation gets a bad reputation. One of my goals with this site was to help combat this.

It is great to see millennials working hard to set themselves up with money. The article from USA Today highlights that the millennial generation is doing better than most think.

1 in 6 having 100,000 in savings is fantastic. Another eye-opening stat was that 47% have 15,000 saved. This shows me that half of a generation is capable of saving.

My hope is that those who are focused stay focused and we can help change the rough retirement readiness statistics in this country.

Other than retirement having financial footing will allow this new generation to take risks and hopefully accomplish more in their careers. I am a big fan of using finances to better life along the way.

Big shout out to those millennials who are working hard on their finances. If you are a millennial that is not in the 47% with 15,000 saved don’t get discourage! Set a plan on how you will build wealth and get to work.

It is important to stay motivated and to set your goals high!

What Are Your Thoughts?
  1. Of the millennials you know are they focused on investing and earning?
  2. Do you think this is a good sign for future generations?
  3. Can the millennial generation use this momentum to keep it up?

Spread The Wealth!

20 Comments on “Market Monday: Millennials Hitting Six Figures”

  1. DM, A higher savings rate from the Millennial generation is a good thing for the economy and our society as a whole, in my opinion. More financially responsible people is good thing. Maybe this generation will turn our government debt around in the future. I scanned the article and wasn’t sure if it was referring to savings or net worth. You know what I mean. It’s great to have $15,000 saved, but if one has $25,000 in student loans and credit card debt it is still a challenging situation. Don’t get me wrong, I’m not being critical of Millennial progress, just trying to understand it. Tom

    1. Good point Tom. I have read quite a bit about how millennials are hesitant to invest.

      Many do just save cash in a savings account. I will try to find something that breaks down preferences for where this generations money is headed.

  2. Many of my younger cousins are millennials. They work hard, play hard and invest hard. They have their own little investment club, and a couple of them recently bought an apartment to turn into a rental property.

  3. As a millennial I’m pleased with these stats! Though I find the generation of millennials to be quite heterogeneous. There’s a big difference between the older millennials (moi) and the younger. The older have existed through the financial crisis of 2008 whereas some millennials were still teenagers in 2008.

    1. This is a very good point. There is a wide range of millennials. I was only 18 in 2008!

      Great time to travel the world while everyone was in chaos.

  4. Great to see those stats about millennials! I wish I knew more of them…

    Too bad I haven’t met many who fall under that category. All my co workers, cousins, and friends are against saving and investing. Here are all the types I know and hang out with:

    1) spend all of their money today and say that they will start saving in their late 30s or 40s (they say there is so much time to catch up)
    2) spend all of their money and say that life is too short… they don’t want to think about it (the ones in cc debt)
    3) extremely frugal and save all their money in cash, but don’t invest in anything
    4) completely out of this reality and say they will become rich from some “get rich quick” scheme without putting in any effort to anything

    Does this sound familiar to you? 😐

    1. You know I did all those things, except 3… never saved. But then I started reading books about investing in the market. I read a lot of bad books but it peaked my interest on how I could have my money make me more money. Then I became obsessed with this idea and found good books and learned smart investing etc.

      My friends were just like me but now that I have become obsessed with this concept of becoming FI as soon as possible. That’s all I talk about with them. I talk about the most recent book I read and how it has helped me. Because I have talked about it so much and all my successes it has peaked their interest. They now ask me what books they should read, what finance blogs have helped me, what brokers I use, what to invest in… how to get started.

      This didn’t happen over night though, it took about 3 years of me obsessing about finances to my friends to finally get it in their head. But they are slowly changing their views about how they should handle their money. Which is awesome.

      -FSD

      1. I feel you here. Most people look at you like you are from another planet haha.

        I just stay in my lane and do my own thing. Has helped me to realize everyone is on their own path. No need to control others and no need for them to care about my plan.

        The same phenomenon of having questions pop up happens to me quite a bit though. Many don’t care until it starts to effect them. For a lot of younger millennials they are used to parental help. Once this slowly scales back they start to think okay how am I going to do this on my own.

        My hope is that those who are seeking help find it. I enjoy spreading it because I think it will feel amazing to have family and friends in a good spot financially down the road.

    2. That is why we all blog! Can stay motivated with others.

      These situations do sound familiar. I think it is important to remember that overall people choose to not be focused on this sort of thing.

      Just have to find like minded people to stay focused and motivated.

  5. Yeah! Let’s go us millennials! Feels pretty good to be part of the 1 of 6!… except… my net worth isn’t amazing. And it will only decrease over the next few years while in dental school, but I think it is worth it!

    It’s fun to see these stats. Might share them with some of my friends to encourage them to be part of the 1 of 6.

    -FSD

    1. Way to go!

      Dental school is pricey! Then most people end up buying out another practice right?

      You are a FSD so I am sure you will find the best way to optimize. It is a lucrative path once you get through the expenses.

      1. Yeah most people end up buying a practice or start up their own. Hopefully it will be lucrative! Their are a fair amount of dentists out there that don’t watch their numbers and a good amount that sadly claim bankruptcy. Simple because they don’t have a business mind or are financially illiterate.

        But I must agree with you, I don’t think I will have an issue 😉.

        – FSD

        1. That would be terrible to work so hard and then over extend and file bankruptcy later in life. You will for sure figure out a way to do very well!

  6. There is a lot of talk about the Millennial generation. I feel like we hit both ends of the spectrum. On one end, you have the more entitled who never needed to learn to do anything so don’t really strive to do more. Then the other half tends to be individuals like bloggers who learn from others mistakes and are taking charge proactively over their life. Technology has never been like this before so blogs are popping up daily with new knowledge and information we can have at our fingertips. Anyone can go on google and teach themselves a new skill if they wish. I would like to see more millennials take advantage of this. But glad at least 1 and 6 are being smart about it.

    1. There really is so much information out there. Hopefully everyone realizes they can use it to their advantage and not just for fun….although we can all do that too!

SPEAK UP!