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(CNBC)   CNBC found a millennial living with his parents who doesn't spend every dime on pot and video games   (cnbc.com) divider line
    More: Unlikely  
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647 clicks; posted to Business » on 22 Oct 2020 at 2:50 PM (19 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



Voting Results (Smartest)
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2020-10-22 3:34:09 PM  
12 votes:
he's managed to put away $35,000 in a savings account

And yet he still has credit card debt?  Choosing to pay 20% is not smart financially.
 
2020-10-22 3:37:24 PM  
5 votes:
Outside the US and among immigrant families within the US, it's common for unmarried adults to still live with their parents. And we have no problem with our kids staying with us after they graduate. They're not going to freeload, but we're also considering total family expenses. Let them stay home until age 25, 28 or whatever, and their rent savings alone would be enough to make a nice down payment on a place. If the living arrangement works, what's the problem?

When it comes to housing and transportation, we have a lot of unused capacity in the US. Think about how many millions of bedrooms sit empty in suburbia, or how many millions of cars are sitting there unused 99% of the time. I'm fine with people coming up with creative ways to reduce that, and at the same time improve their personal financial or other situations.
 
2020-10-22 5:21:28 PM  
3 votes:

Arkanaut: I'm assuming this is the actual article that subby is referring to? https://www.cnbc.com/2020/10/22/ho​w-a-32-year-old-case-specialist-earnin​g-39k-a-year-spends-his-money.html


WHY ARE YOU PUTTING $35,000 IN A SAVINGS ACCOUNT? ALSO, WHY ARE YOU SAVING WHEN YOU STILL HAVE DEBT?
 
2020-10-22 7:09:47 PM  
2 votes:

nemisonic: nemisonic: 39 year old is still Oregon Trail ans Smashing Pumpkins it sounds more like they found the last Gen X that got screwed

Ah 32- I stand corrected


Even if it was 39, that's born in 81.  Which is somehow considered Millennial, though people who remember leaded gasoline, rotary phones, rabbit ears, and ashtrays at McDonalds don't seem like "Millennials" to me.
 
2020-10-22 5:39:36 PM  
2 votes:
Re: wHy arE You sAVIng WHen yOU still HAVe debt?

Because having a cash cushion is necessary for many reasons. Because it's good for your credit to pay off debt slowly and regularly. His debt is actually very manageable, and he plans to pay it all off this year, likely putting a hole in that savings in the process. But having a cash cushion built before you pay down debts is necessary so you don't end up incurring more debts.

If you run out of cash and end up making ends meet with a credit card because you tried to pay off your credit card debt, you've played yourself. An unexpected bill of any kind can derail you if you have no cash.
 
2020-10-22 4:21:17 PM  
2 votes:

BretMavrik: Outside the US and among immigrant families within the US, it's common for unmarried adults to still live with their parents. And we have no problem with our kids staying with us after they graduate. They're not going to freeload, but we're also considering total family expenses. Let them stay home until age 25, 28 or whatever, and their rent savings alone would be enough to make a nice down payment on a place. If the living arrangement works, what's the problem?

When it comes to housing and transportation, we have a lot of unused capacity in the US. Think about how many millions of bedrooms sit empty in suburbia, or how many millions of cars are sitting there unused 99% of the time. I'm fine with people coming up with creative ways to reduce that, and at the same time improve their personal financial or other situations.


It used to be extremely common in the USA as well. It wasnt until recently that people could afford their own houses right out of high school on a large scale.
 
2020-10-22 3:00:43 PM  
2 votes:
39 year old is still Oregon Trail ans Smashing Pumpkins it sounds more like they found the last Gen X that got screwed
 
2020-10-23 6:33:23 AM  
1 vote:

Izunbacol: nemisonic: nemisonic: 39 year old is still Oregon Trail ans Smashing Pumpkins it sounds more like they found the last Gen X that got screwed

Ah 32- I stand corrected

Even if it was 39, that's born in 81.  Which is somehow considered Millennial, though people who remember leaded gasoline, rotary phones, rabbit ears, and ashtrays at McDonalds don't seem like "Millennials" to me.


Ashtrays at McDonalds, I totally forgot that. Thanks for the memory! Born in 80.
 
2020-10-22 7:53:30 PM  
1 vote:

Izunbacol: invictus2: Izunbacol: nemisonic: nemisonic: 39 year old is still Oregon Trail ans Smashing Pumpkins it sounds more like they found the last Gen X that got screwed

Ah 32- I stand corrected

Even if it was 39, that's born in 81.  Which is somehow considered Millennial, though people who remember leaded gasoline, rotary phones, rabbit ears, and ashtrays at McDonalds don't seem like "Millennials" to me.

/82
that and antenna tv that was controlled by rotation via connection to a device on top of a t.v.
also had the three channels interrupt cartoons ( what are saturday morning cartoons?) for Pearl Harbor day .

We got Fox once it came online. But only at night, when the magnetosphere is higher.

I used to like the weird effects of storms, when you'd get very distant stations. I got a station from Mississippi once (in FL), from a bit over 200 miles away, crystal clear. It lasted for about 15 minutes, then faded out.


Should add - no outdoor antennas (after the hurricane took it down). Just rabbit ears with clip-on bowtie UHF loops.
 
2020-10-22 7:17:46 PM  
1 vote:

adamatari: Re: wHy arE You sAVIng WHen yOU still HAVe debt?

Because having a cash cushion is necessary for many reasons. Because it's good for your credit to pay off debt slowly and regularly. His debt is actually very manageable, and he plans to pay it all off this year, likely putting a hole in that savings in the process. But having a cash cushion built before you pay down debts is necessary so you don't end up incurring more debts.

If you run out of cash and end up making ends meet with a credit card because you tried to pay off your credit card debt, you've played yourself. An unexpected bill of any kind can derail you if you have no cash.


Having a cash-cushion is fine, but more than 6 months of expenses starts to border on excessive unless you are saving for something in particular.
 
2020-10-22 3:22:30 PM  
1 vote:
Good for him.  I wish him the best.
 
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