A young writer recently wrote a web piece titled “If You Have Savings in Your 20’s, You’re Doing Something Wrong.” The article contained the following gems:
- People who are saving in their 20s are people who don’t set their sights high. They’ve already dropped out of the game and settled for the minor leagues.
- Your 20s are not the time to save; they’re the time to gamble. $200 a month isn’t going to make the dent that a $60,000 pay raise will after spending all those nights out networking.
- We don’t have kids. We’ll be renting for the foreseeable future, and we have no problem eating McDonald’s when we’re skint.
Several quick points:
2. I am not sure I know anyone who received a $60K annual raise but she seems to think they are plentiful.
3. The value of the monthly $200 expenditure she mocks is $1 million after 45 years.
4. If she continues to spend what she makes, she will rent forever, not just the foreseeable future.
5. The writer and the 2 million plus people who liked her article on Facebook are likely constituents of Bernie Sanders because they are counting on others to provide for their retirement.