According to a new Bank of America survey, 16 percent of millennials — which BoA defined as those between age 23 and 37 — now have $100,000 or more in savings.
That’s pretty good, considering that by age 30, you should aim to have the equivalent of your annual salary saved. The median earnings for Americans between 25 and 34 years old is $40,352, meaning the 16 percent with $100,000 in savings are well ahead of schedule.
How much should you have stashed away at other ages?
Let me first say that I was hesitant to write this blog in fear of coming off as a poor. No, I don’t have $100,000 in liquid savings. ROAST ME. I’m one of the 5 in 6 that don’t.
Look, I turn 31 in 5 days and as much as I hate the stereotypes millennials have, I fall right into the meaty part of the millennial bell curve. It’s a goddamn shame because I’m gritty, blue collar and love to get my hands dirty by pounding concrete and shit like that.
Just kidding, I hate lifting heavy stuff.
But if I found out that 1 in 6 of my friends had $100,000 in cold, hard cash chilling in their bank accounts all willy nilly I think I’d be forced to turn into a cold, hardened criminal and rob them blind. Figure out a way to siphon a few bucks at a time from their accounts into mine so they wouldn’t even notice, kinda like Office Space. None of them will ever find out. In fact it’ll be there repayment for me buying rounds of shots for $200 every other weekend at The Hangge Uppe.
Real talk though – this study/article has me kinda pissed off. It’s just another example of how the American Education system is totally fucked. “Go to school for 12 years, graduate HS, go to college, get a degree in something you probably won’t use, accrue a mountain of debt, pay it off over a handful of decades and work until you die”. That’s the American Education System’s motto. They won’t admit that, but it is.
Here is the article’s bench marks for how much you should have saved by each age:
By age 35: Have twice your annual salary saved.
By age 40: Have three times your annual salary saved.
By age 45: Have four times your annual salary saved.
By age 50: Have five times your annual salary saved.
By age 55: Have six times your annual salary saved.
By age 60: Have seven times your annual salary saved.
By age 65: Have eight times your annual salary saved.
Work for money! Don’t let money work for you! Save save and save some more! And before anyone calls me an asshole and says it’ll never change – I know. Fully aware of that. One can dream though.
But there’s not a normal HS in the country that teaches anyone how to earn passive income. I didn’t even know what that was until after college. “Readin’, writin’, ‘rithmetic!” amirite? Shit you never, ever use. All the AES does is teach us how to accrue debt and work work work for money. No normal HS has a class that teaches you how to invest your money so it could maybe, just maybe, turn into ya know… more money so you don’t have to work until you’re geriatric.
It’s so goddamn backwards to me and by the time I realized that it was too late. Already had a mountain of student debt. I wish I never stepped foot in a college classroom and now that the cat’s out of the bag that I coach and consult for HS baseball players, I tell every last one of them to take the JUCO route if their parents aren’t paying for their education, regardless of their grades. “Don’t fall victim to the American Education system’s trap” is the best coaching advice I can give.
I kinda went on a tangent there because yesterday I got that email from Navient “Your student loan as been processed”. It’s without question the worst day of my month, every month. FUCK the American Education system. It’s the reason I don’t, in fact, have $100,000+ saved up as a 30 year old.
Now if you’ll excuse me, I’m gonna go figure out which one of my 6 friends has $100,000 so I can rob him. Thx