https://finance.yahoo.com/news/gen-z-is-doing-extraordinarily-well-saving-for-retirement-study-finds-131437228.html
Baby boomers had $162,000 in retirement savings, the survey found, while Gen X had $87,000 and millennials had $50,000.
"And as we look across generations and as a researcher, it's so exciting for me to see that younger generations, millennials and Gen Z, are starting at a much earlier age than their older counterparts," she added. "That is something they are doing absolutely right."
I have $0 in any kind of savings. Who are these people with $50,000 in a bank account somewhere?
I'd like to meet my millennial peers who're millionaires they often write about.
They spent their entire life savings for a down payment and are living paycheck to paycheck to afford their mortgage
The house is worth over a million dollars
Boom, millionaire
Ehh, if they still owe a lot on their mortgage then that would bring their net worth below $1mil
I know a guy who might be close. His dad has a company that makes a ton of money and he keeps buying buildings for his kids who are also on the company payroll and own a percentage of the business.
I spend almost no money on entertainment etc and have a job that pays around $50k with good health insurance (I have some medication I'm on long-term that costs me like $40/mo but otherwise I basically pay nothing). I lived with my parents for the first 10 years of that job, and saved up around $150k.
Since moving out that number has become completely stagnant. Of course, the kicker is that I still can't afford to buy housing of any kind within a 1hr drive from my work, and it's not even close to enough for retirement.
I have a few friends that make 6 figures and between them and their spouse clear probably 250k a year that likely have significant savings, everyone else is broke.