Young man calls savings accounts 'dystopian,' questions why a 24-year-old with $5K wouldn't use that money to go to New York Fashion Week: 'It's more dystopian to not have savings.'

It's pretty common for 24-year-olds to have nothing in savings. In fact, most 24-year-olds have a negative net worth from student loans or credit card debt, so any 24-year-old who has a positive net worth is something to celebrate. There is definitely such a thing as "living in the moment" too much, and if you willingly spend every penny you have on fun things, you're not going to be in a good position when you need your money for necessities. 

There was a time in my life when I spent nearly every penny I made. I did always make sure to save a percentage of my income into my 401K, but that was easy! After all, it came directly out of my paycheck, and I didn't even have to think about it. But from ages 22 to 24, I basically spent all the money I made on whatever I wanted: Broadway tickets, basketball games, Citi Bike day passes, you name it! I just made sure I never let my bank account drop below a certain amount, so I wasn't spending more than I made, and that was good enough for me at the time!

As I've grown older, I've recognized the importance of saving more for my future. It's not enough to just save 10% of your check for retirement! You need an emergency fund of 3-6 months to cover unexpected expenses. You need to invest in the stock market so your money grows instead of sitting in a regular savings account forever. If you want to go on vacation, set up a "sinking fund" so you can save specifically for that, instead of draining your retirement account to go to a resort. 

While some people are serious about saving money in their 20s, many aren't, even into their 30s, 40s, and 50s. Some adults with great jobs and kids still don't have $5,000 to their name, even though they make double that every month. When people have a high income but no savings, it points to a pattern of being undisciplined. If you can't delay pleasure and you buy everything you see, it's not a good sign for your long-term financial health. 

It is pretty darn common for 24-year-olds to spend every dollar they have. The young man in this story is probably around that age, and he's learning that most people aren't as willing to spend their life savings as he is.