The concerning part is the last sentence in this quote: “Nearly 70% of young people ages 18 to 34 years old said they have saved less than $1,000 for a down payment, according to a survey by Apartment List, a rental listing company, expected to be released Friday. About 40% said they aren’t saving anything on a monthly basis.”
40% of people under 35 are not saving anything on a monthly basis. The article isn’t clear whether this is in general or specifically for their housing downpayment. If it’s the former, it’s highly concerning.
Money is a representation of resources, time, labor and skill. When you are over 60 years old, you will have to either
- produce resources, labor, and skill, and use time in doing so
- or take from someone else who is producing resources, labor, skill, and spending their time doing so. This includes money from the government, since they get it through taxing the resources, labor, skill and time of working people.
If you are in this boat, you need to start saving at least 10% of your income every month and “put it away”. I recommend investing in the stock market (for the long term). It is the best way to make money in the long run.
Most millennials have saved virtually nothing for a down payment on a home, according to a new study, suggesting many will face steep obstacles to homeownership in the years ahead.