I want to travel to Europe but someone told me you must have 10000 euros. I don't really have that much money available. I wish to visit many places in Europe by the next year, but there is no possible way that I could come up with that much money. Is this going to be a real issue?
There is no requirement to have €10,000 when you are in Europe. It sounds like someone is confusing two things:
The requirement to have enough money to support yourself for the duration of your trip. This amount varies according to the duration of your trip, and according to the kinds of things you plan to do.
The requirement to report cash if you are importing or exporting an amount whose value is greater than €10,000.
The first requirement is not universally enforced, but a well prepared traveler should be ready to handle the question. It is not necessary to have cash; a credit card will normally suffice, possibly along with evidence to show your bank balance.
The second requirement in fact implies that it's better to have less cash than €10,000 worth, since that will save you from paperwork and possible questioning about the provenance of the cash.
When you apply for a Schengen visa, the officials will try to admit genuine tourist or business travellers and refuse entry to illegal immigrants. They want to know if you intend to leave again after your visit, or if you intend to overstay and work without paying taxes. They can't know that for sure, so they are looking at the premise of your visit and your conditons.
The visit will probably cost more than a thousand Euros. Is it reasonable that somebody in your circumstances would spend that much money on a vacation? An illegal immigrant might sell everything he owns to afford the trip, and even borrow money. A tourist who expects to go home again doesn't usually do that.
The best case for visa applicants is a steady job with enough income to save a couple hundred Euro each month and a bank account with a few thousand Euro. If you don't have that, you have to explain how you want to pay for your trip. Simply having money in the account isn't enough, and it might even be a very bad sign if there is no explanation where the money came from (that's called funds parking).
And it is entirely normal for young people to take vacations even if they could not afford them on their own. Then it becomes a question of who really pays, and if it is reasonable for them to pay. If the money comes from your parents, do they have a steady job and enough money in their account so that it looks normal if they give the money to you as a gift? Same for other relatives. All this needs to be explained and documented.
Yes, it is okay to have less than €10,000 when visiting Europe, to a point.
In the Schengen Area, you must have an a means of substinence - however the amounts vary between countries, lengths of stay and age. A full list can be found here.
However, there is also a maximum amount you can bring into the EU undeclared, which is €10,000. Any more than that and you will have to declare it and have a valid reason why you are bringing such a large amount. You can find more information here.
Please note that not all EU countries are part of the Schengen Zone, and not all Schengen Zone countries are part of the EU. These countries will also have their own separate rules.
Short answer: I don't think it is true.
Reason: When I arrived in Amsterdam in October 2014, no one asked me how much money I had. (It was about a hundred euro.) Spain, May 2015 and April 2016, no one asked. Wales, June 2015, they asked if I were capable of supporting myself but didn't ask what I had. Iceland, July 2015, no one asked. İstanbul, October 2014, no questions asked. I am citizen of USA through no fault of my own.
When I get low, I draw a little from an ATM, never more than €250 and usually much less. I have never in my life had five thousand US dollars at one time in banks.
You don't need any cash for a vacation, I went to EU 4 times this year and only once did I have any Euros on me when I entered. You might be confusing the requirement to prove that you have enough to support yourself for one year if you are moving to the EU on a work or study visa. For example, when applying for a study permit in Canada you need to show proof that you have at least $10,000 to survive while living there for a year.