--- title: How Much Should Millennials Be Saving? | TIME description: Christine Romans of CNN, author of "Smart Is the New Rich," has the answer. canonical: https://time.com/video/cgXfxYdm/ og:title: How Much Should Millennials Be Saving? og:description: Christine Romans of CNN, author of "Smart Is the New Rich," has the answer. og:url: https://time.com/video/cgXfxYdm/ og:image: https://cdn.jwplayer.com/v2/media/cgXfxYdm/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: How Much Should Millennials Be Saving? twitter:description: Christine Romans of CNN, author of "Smart Is the New Rich," has the answer. twitter:image: https://cdn.jwplayer.com/v2/media/cgXfxYdm/poster.jpg?width=720 --- # How Much Should Millennials Be Saving? > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: How Much Should Millennials Be Saving? [Watch (HLS stream): How Much Should Millennials Be Saving?](https://cdn.jwplayer.com/manifests/cgXfxYdm.m3u8) (0:57)  _Published 2015-08-05. Christine Romans of CNN, author of "Smart Is the New Rich," has the answer._ --- Jul 27, 2023 6:38 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [A Better Way for Millennials to Save](/video/kN7Ol3fx/) ### A Better Way for Millennials to Save [Best Financial Advice: CNN's Christine Romans](/video/o6Lfo5yo/) ### Best Financial Advice: CNN's Christine Romans [Millennial Money Myths: Saving](/video/BU0wOBwc/) ### Millennial Money Myths: Saving --- ## Transcript Everyone should be saving 15 %, when we go back and profile people who have really done well, and are millennial millionaires, millennial two millionaires who've got a million dollars in their 401k, it's people who saved 14 % from the minute they got their first job. So Millennials need to be saving more than their saving right now but they need to be investing it too. They can't just be saving it under the mattress, they've got to be investing is so I think the goal for every millennial should be to pay off student loan debt as quickly as possible and then be saving 15 percent. Live on 85 cents of every dollar. And your putting money away, three to six months living expenses. That is your savings. After that, it all goes into investments. It should be in a 401K, in a taxable account, as much as you can possibly put away. Really successful investors, who move up to the upper middle class and actually build wealth. 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