Posted by According to the "2018 US Post-90s Financial Practice Report" released by Bank of America,将近16%的90后——或者更精确地指23岁到37岁的人——至少有了$100,000元的存款。
The post-90s generation in the United States who loves saving money most
The post-90s generation is often referred to as the Millennial generation (Millennial), the generation beyond 00, and the older generation of baby boomers who love to save money.
According to the Bank of America report,More than half of the young people born in the 90s in the United States (63%) are saving money.54% of young people’s spending is very planned, and 57% of post-90s young people have a clear goal to save money.
In this group, 59% of young people feel financially safer.
在2015年的银行报告中，有33%的90后存钱超过$15,000，只有仅仅8%的年轻人存款超过$10万。But by the end of 2018, 16% of post-90s young people had savings of more than $10, and the number had doubled.
This result completely subverted the widely circulated notion that "Americans don't save money."
How much should we save at different ages?
Saving money is the most solid foundation for financial security and freedom, so how much money should we save?Is it financially safe to save $30 before the age of 10?
Refer to the median income of Americans aged 25 to 34:$ 40,352,The 16% of the post-10s group with $90 in deposits far exceeded expectations.Considering that when we are 30 years old, it is reasonable that we should save as much money as our annual income.
How much should we save at different ages?
Although this answer varies from person to person, if we want to find a standard, the following formulas will help us calculate how much money we save is more reasonable.
At the age of 20: Save 25% of the income figure.This 25% also includes 401K, 403b, and the employer's Match part.
Experts pointed out that do not let lifestyle expenses account for more than 75% of total income.
By the age of 30: Save so much money that year’s income.For example, if you earn $30 a year at the age of 5, then at the age of 30, the goal should be a deposit of $5.
This $5 deposit is the sum of all retirement accounts, employer matches, cash deposits, or investments, stocks, company options, etc.
At the age of 35: A deposit of 2 times the annual income.
By the age of 40: 3Deposits that are twice the annual income.
By the age of 45: 4Deposits that are twice the annual income.
By the age of 50: 5Deposits that are twice the annual income.
By the age of 55: 6Deposits that are twice the annual income.
By the age of 60: 7Deposits that are twice the annual income.
By the age of 65: 8Deposits that are twice the annual income.
This deposit standard figure is also similar to Fidelity's investment promotion philosophy:At the age of 30, save as much money as your annual income, and at the age of 67 when you are about to retire, you save as much as 10 times your annual income (one year before your retirement).
These numbers sound a bit high, but if you start saving money from the age of 20 and accumulate it over time, and put it into different accounts according to your plan, after reaching different ages, we will find that depositing 10 is actually not as difficult as we imagined.
The sooner we start saving money—whether for retirement or to buy a house—the healthier our financial lives will be.At this point, the post-90s generation in the United States is already far ahead. Why don't we keep up and start saving money?
(InsurGuru©️Finance Management College x American Life Insurance Guide ）
