Why don't Americans save?

Hey Sandy,

I'll tell you my story, your complainning about working, dude from 19 to about 26, I am 2 years older than you, I saved up the equivalent of $150,000 working dead end jobs, living at home, working 2-3 jobs.

Dude, whats $25,000 thats nothing, if you want to get ahead, educate yourself in anything, start a business, work an extra job. You dont' get anything for nothing. Stop complaining and make it happen.

 

Because.. saving is boring and spending is fun. Americans like to have fun. Cultures that actively promote self denial and/or delayed gratification tend to have people that are savers, e.g. India and China.

 

Nice fictional scenario, I don't think that ever happened, ever.

 

Well Congratulations! Mr Herman Cain, you are no doubt in the top 1% of people under 30.

I never complained about working. I'm sure most people who know me would classify me as a workaholic. If I could go to work on Thanksgiving, I probably would have.

You're right $25,000 is nothing. I have started businesses, invested, etc since I was 17. All of it failed. No problem. I'll start again. But even the dead end jobs are not paying much anymore. Even living at home and watching every dollar you spend, it's much harder now than it was 10 years ago. You need to have the ability to at least save a little in order to invest/start a business. The people under 35 are mostly screwed.

Actually, the past two years a lot has changed. I got a great job two years ago and have started making some good money. I bought a small townhouse this summer (saved about $20k over the past year). I think that there are only 2 other people under 30 that I know that own a house (own a mortgage I mean). This only happened because the real estate market crashed to more reasonable levels.

But my points remain the same. Nothing I have done in the past 2 years is any different than the previous. I worked just as hard then. It was really just luck. The job I have now really needs no more skills than my previous ones, just experience helps a little. I see so many other people under 30 that are barely getting by whereas I am OK now. I have not done anything more special than they, I am just a little more fortunate at this point in my life. I guess I'll try to make the most of it while I can.