Please excuse the terrible pun of this post's title, I have money on the brain.
Is it just me, or is it darned near impossible to save money in your twenties?! I mean, honestly, I don't know how people do it. Every single paycheck I get, I put a substantial amount of money away, but for some reason, my savings account never seems to grow far above a plateaued number. Maybe I'm just naive, but who knew that going to the dentist could cost hundreds of dollars, and why haven't we figured out a way to make gas cost less than an arm and a leg? Forget eating out or keeping up with the current fashion trends, sometimes I feel like I can't even afford to go the movies anymore (especially at $10+ a ticket).
I really should take a minute to slap myself on the wrist for complaining because things could be so much worse. I don't have any credit card debt, I'm not saddled with student loans and I'm not strapped with a car payment. But, even without all those bills piling up in my mailbox, I still feel like all I do is give my money away.
How are young people expected to thrive on below average entry level salaries?
Just the other day, a friend's dad commented on how much he thought young professionals in our industry should make. Shocked he was to find out that we both make ten to fifteen thousand less than he anticipated. Unfortunately, when the job market is so saturated with talent, employers can pay less and get more. Getting paid at all is better than nothing right...?
Another friend went on a job interview two weeks ago and was told the position paid $27,000...but she was expected to work 60+ hours a week. That means she would make under $10 an hour. Costco pays more than $10 and hour, and face it, who doesn't love Costco?
My parents would tell me to get with the Dave Ramsey plan and deliver pizzas if I want more disposable income, but an immature and entitled part of my brain says, "I graduated from college for goodness sake, I shouldn't have to hold a full time job AND a part time job!" Another slap, across the face this time, and I'm brought back to reality. No one is going to just give me more money...I will have to actually earn it or learn to spend and save smarter.
Don't get me wrong on all this, I definitely don't think I should be overcompensated for working a mere 40 hours a week. I certainly don't mind having to come in early, stay late or bring work home with me, but it would be nice to feel as if my expensive college degree will literally pay off eventually!
Sad news is, I won't magically have more money overnight. I guess the next step is to start pinching pennies while working on my patience. I've always been a bit of an instant gratification junkie.
For now, I'll be around still in my twenties, and still trying TO SAVE MORE MONEY.
Well, it doesn't get easier as you get older. I read recently that the average retirement savings for an American over the age of 55 is $220,000. That won't get most middle classers driving a leased BMW and a $3,000 mortgage payment on a 30 year loan very far. Most astute planners suggest you need $1-3 million in retirement to continue the middle class dream after retirement (unless, of course you plan to do double shifts and McDonalds.
ReplyDeletePainful as it may seem the Millenial's mantra should be save young, save often and save as much as you can.