Redditors think 65k is a lot of money

Depending on his age, it statistically could be a lot of money relative to his peers. A 20 year old having $65K is in the 80th percentile, but a 60 year old having $65K is in the 20th percentile.

Having a family who is bad with finances negatively effects you so much in this world

I guess its the polar opposite of having a family that is really good with finances and how it positively effects you

Plus with how the monetary system works, it all compounds, if your parents and good at finances, by the time you're an adult, you're literally a life-time ahead of your peers whose parents are bad at their finances

It's why people are inspired by people who come from nothing and make it, because you have to do something extraordinary to elevate your financial situation from very little

Good for that OP but one thing I hate about reddit is how every post is like someones diary entry.

It's contextual. 65k is a ton of money saved for a student in their late teens or early 20s, and is a respectable amount for some early career who only just started life in the professional world.

However, if you were 30 and that's all you had saved I would wonder where things went wrong. Maybe you had a gambling addiction that you're only just recovering from, or you worked a string of shitty low paying jobs up until recently, I dunno.

No, for Americans you are way off mate

4cels think 65 is a lot of money

These graphics use terrible methodology and end up giving a super inaccurate picture of peoples' savings. If a survey only looks at what is in someone's primary savings account then they're going to miss what people have in their mortgage offset which is a more tax effective and higher return savings vehicle anyway.

Secondly, if someone has multiple savings accounts and the balances are taken as an average, it's invalidated. I have two savings accounts myself, with two different banks:

one with $105k AUD because I topped out the balance for which bonus interest is eligible for

another with $15k AUD at present because I can get additional bonus interest

I have $120k AUD total in savings but any retard marketing research firm that gets access to obfuscated details is going to incorrectly come to the conclusion that the average is 60k given those figures.

Your image is from 2019 so there has been a significant amount of inflation since then, but MOST people I know have substantially more saved than I do, and I live in Aus where people are generally less wealthy than Americans. This whole idea that le median person only has 5k or less saved is hysterical media baiting for clicks, and people patting themselves on the back for having a balance above the reported median are huffing copium, bigly.

and for the dummies who don't know what "median" means, it means that 50% of people have LESS than that number.

Or alternatively, you are a wealthy urbanite surrounded by people in a similar high economic status clouding your view of what is a high or low amount of money. Every engineer, lawyer and other high income person i know (90th percentile of income) think they are poor for some reason.

Every engineer, lawyer and other high income person i know (90th percentile of income) think they are poor for some reason.

I can't buy what I want without regard for my finances

I'm poor

I'm a blue collar worker that just started a job as an apprentice electrician and I live in a middle income part of Sydney. I can guarantee you I'm not this mythical "wealthy urbanite" you think I am. Most of the people I associate with on a day to day basis are also blue collar and work similar jobs.

I don't really know many actual professionals at all which would skew my perspective because they're de facto guaranteed to be earning and saving even more than my current lot of colleagues.

According to Klaus Schwab I’m doing good compared to my peers. Late 20s and didn’t take savings seriously until 2 years ago. I have another 21k in a brokerage and 6k in CDs at my bank.
Most Americans are fucking retarded with money and finance all their toys with credit cards.

hell, Lets take your country Australia as an example, 1 in 4 Australians don't even have a job. Its pretty much the same in the states. Which means that if you have a job that pays better than mcdonalds, that puts you a head of the MAJORITY of people.

this isn't the 80s anymore. Bluecollar jobs pay well. Online it says electricians making around 90k aus a year....

The reason i am arguing all this is to give people a better picture of what is actually a decent amount of money so they don't get discouraged. If you have 60k in savings/investment, you are incredibly well! Anyone who says otherwise is full of shit

I am the %50. My bank account has less then 1 grand. And debts higher then investments.

1 in 4 Australians don't even have a job.

Because they're:
a) retired,
b) landlords living off rental income and thus not considered "employed" in the traditional sense,
c) are teenagers or university students supported financially by parents.
Yes there is probably an extreme minority of people who can not secure halfway decent employment.

this isn't the 80s anymore. Bluecollar jobs pay well. Online it says electricians making around 90k aus a year....

FWIW 90k AUD is not considered a great deal of income here and is below the average (which I think is about 104k now and almost certainly higher in the cities). White collar workers are earning even more. If you didn't have 100k AUD or 65k USD saved by the age of 30, it's like... christ, where did it go wrong for you?

Understandable if you piled into stocks, crypto, or recently used everything to buy a house though.

but a 60 year old having $65K is in the 20th percentile.

Absolutely 100% delusional kys retard

If you didn't have 100k AUD or 65k USD saved by the age of 30, it's like... christ, where did it go wrong for you?

You'd be surprised how many people with good high pay positions spend most of what they earn on entertainment, traveling, designer goods, food etc. Most of my peers certainly do. It's not really a bad thing it's just a mindset thing

Yes, so not save!
Just buy (((investments)))

I mean saving without a goal is kinda pointless anon

typical brownoid family. seems pretty common for a family of brown niggers and halfniggers to drag you down financially into their buckets of brown crabs. I know cause I fuck third world sluts

You're coping. People generally don't have piles of cash in a bank account. Gen X and boomers will pay off a mortgage, with extra payments whenever possible. They will have investments. If they have a surplus of savings they will be more inclined to travel more and spend more on luxuries. Then there's women, who cannot stop spending as much money as they earn. Even very high earning women often fall into financial trouble the moment they lose their job.

You have this idea that everyone has the same mindset as the people who post here, bragging about their gains, which is ludicrous. Most people spend what they earn, and smarter successful (especially older) people invest into assets. The segment of people who just sit in cash is miniscule.

I have around £50k in bank savings (I'm 40, my mortgage is paid off) and that's more than any of my friends in any career strata apart from one guy who is a self-made multi-millionaire.

It really depends how long "a few years" is. It's far better than average for someone in their 20s.

At OP's OP's age it's a lot of money

nothing crazy, but

Why is op such a cum guzzling disingenuous retard nigger? That’s the real question.

Why would you not invest your savings? Do you hate money? And I'm not talking about your emergency fund btw

People generally don't have piles of cash in a bank account.

Sure, I concur with that. I purposely left out other invested assets from the discussion altogether as I would generally agree that most people don't keep the majority of their net worth in the bank.

If we're bringing a whole of net worth picture into view here I would be concerned if someone managed to get to 30 with a total net worth of less than 300k USD. Prudence would suggest that even at that sort of net worth, savings of 60k in the bank would be about right for most peoples' risk tolerance (20% of net worth?).

It's clearly a humble brag you autist retards. He wouldn't have mentioned the amount at all if he weren't proud of it on some level. The post didn't need a dollar amount at all to convey what he was talking about, unless it was all just a vessel for him to drop his account balance.

for too

You're coping.

You mean to say “you’re incorrect”. Fuck I hate internet meme words.

redditors think 65k is a lot of money

65K is a year's safety-net savings even in an expensive part of the U.S. Two years in a dirt-cheap part.

savings of 60k in the bank would be about right for most peoples' risk tolerance (20% of net worth?).

I think that's not optimal. Why does someone need $60k in the bank earning piss poor interest with $300k in assets? Put that in an index fund instead. There's no emergency that's going to require the money tomorrow, and if the markets crash 50% or something who cares? Keeping shit in savings vs a basic index fund is normie tier poorfag shit.

Were you literate you'd see the redditor is a college graduate who has been working in the tech sector "for the last few years".

Being 27 and having saved $65k is absolute normie tier levels of barely having your shit together. It's better than loads of other degenerate swamp creatures but also completely and totally normal for someone who graduated college and got a decent job