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Millennials make more money than any other gen. did at their age, but are way less wealthy
Posted on 10/12/21 at 9:24 am
Posted on 10/12/21 at 9:24 am
LINK
quote:
Economic blogger Kevin Drum recently highlighted inflation-adjusted median household income data from the US Census Bureau for millennials, Gen X, and boomers. It reveals that millennial households at age 40 — the oldest of the generation — are earning $85,000. That's more than Gen X earned at that age, $77,000, as well as boomers, who earned $70,000.
quote:
But despite their higher earnings, millennials still hold less wealth than previous generations did at their age. When boomers were roughly the same age as millennials are now, they owned about 21% of America's wealth, compared to millennials' 5% share today, according to recent Fed data.
quote:
The most recent Payscale Index found that wages have increased by 19% in the US since 2006. But when you factor in inflation, "real wages" have declined by 8.8%. That means workers have less purchasing power than they used to.
46
Posted on 10/12/21 at 9:25 am to GreatLakesTiger24
quote:
boomers, who earned $70,000.
These arseholes really fricked it all up
Posted on 10/12/21 at 9:26 am to GreatLakesTiger24
quote:
Millennials make more money than any other gen. did at their age
I’v been meme’d otherwise.
Posted on 10/12/21 at 9:27 am to GreatLakesTiger24
quote:
But despite their higher earnings, millennials still hold less wealth than previous generations did at their age
This doesn't mean what the author thinks it means. We have just experienced a 20 year, Federally protected bull market in domestic equities. If a millenial hasn't grown their wealth it's because they are choosing to YOLO at the club instead of saving. City living is absurdly expensive.
Posted on 10/12/21 at 9:28 am to GreatLakesTiger24
Also took on exponentially more education related debt to obtain that decline in real wages.
Posted on 10/12/21 at 9:28 am to GreatLakesTiger24
$5 lattes and $7 craft beers put a dent in the savings.
Posted on 10/12/21 at 9:29 am to GreatLakesTiger24
Buying stupid shite and wasting tuition on a soft major tends to do that.
Posted on 10/12/21 at 9:31 am to GreatLakesTiger24
Haha
“Real” income
CPI isn’t “real” but ok
“Real” income
CPI isn’t “real” but ok
Posted on 10/12/21 at 9:32 am to GreatLakesTiger24
quote:
millennial households at age 40 — the oldest of the generation — are earning $85,000.
I talk to 20-something year olds every single day who earn 100k a year but can’t afford a $60/month life insurance premium. Those same dumb fricks will have a gofundme account setup for them when they pass away because they were too worried about buying all their alcohol, going out every weekend, and other stupid shite instead.
Just my professional observation, go ahead and downvote away.
Posted on 10/12/21 at 9:35 am to GreatLakesTiger24
My experience with millennials in the workforce is that there are a lot of them that are Charmin soft.
Posted on 10/12/21 at 9:35 am to GreatLakesTiger24
Iphones are expensive
This post was edited on 10/12/21 at 9:36 am
Posted on 10/12/21 at 9:40 am to GreatLakesTiger24
The entire generation is enthralled by short term happiness and immediate satisfaction with very little appreciation for long term success, happiness, etc
Posted on 10/12/21 at 9:40 am to GreatLakesTiger24
In my experience, much higher housing costs, much higher childcare costs, healthcare, and student loan debt combined with a much lower marriage rate and lower real wages are the reasons why Millenials are less financially solvent. While spending more on luxury goods (craft beer, fancy coffee, dining out, high-end cell phones, etc) are a contributing factor, I don’t believe that it is as crippling as the inflation in housing, healthcare, and child care; the suppression of wage growth; the prevalence of children born of millenials out of wedlock; and the fact that they tend to start their careers saddled with crippling levels of debt.
Posted on 10/12/21 at 9:43 am to GreatLakesTiger24
quote:
Millennials make more money than any other gen. did at their age, but are way less wealthy
:surprised face:
I’m sure the dollar being worth about 7x more in 1980 has nothing to do with it. It’s gotta be all the avocado toast and craft beers. It also has nothing to do with people living longer and staying in the workforce longer depressing wages “$23,000 was more than enough for me when I was 25! And I raised three kids and owned a house! You must be terrible at money!” …straining pensions and retirements when they finally do leave the office at the age of 350
I’m sure it also also has nothing to do with someone’s bright idea to remove economic and civic education from school curriculum thereby exacerbating the problem by raising an entire generation of people with no idea how or why money works like it does.
If you wonder why people vote for what they do and how we get in these situations just look at the people in power, why they are continuously voted back in, and who votes for them.. and wonder no more.
Posted on 10/12/21 at 9:46 am to GreatLakesTiger24
Other generations didn’t have cell phones and 60 different streaming services, nor did they have to pay to play flag football, and travel baseball, and going to an LSU game didn’t cost $500 for a family of 4, and there weren’t 1000 restaurants to sway you away from cooking at home every day.
It was a different lifestyle, much simpler.
It was a different lifestyle, much simpler.
Posted on 10/12/21 at 9:48 am to GreatLakesTiger24
quote:
It reveals that millennial households at age 40 — the oldest of the generation — are earning $85,000
Not OT ballers
Posted on 10/12/21 at 9:48 am to GreatLakesTiger24
Avocado toast and doggie daycare runs me a pretty penny
Posted on 10/12/21 at 9:51 am to GreatLakesTiger24
That graph seems to indicate that median real wages went up from below $75k to $90k from 2015-2019. Pretty dramatic swing to be believable.
Or maybe trump was that good I don’t know.
Or maybe trump was that good I don’t know.
Posted on 10/12/21 at 10:02 am to GreatLakesTiger24
quote:
Millennials make more money than any other gen. did at their age, but are way less wealthy
Title is false:
quote:
millennial households at age 40 — the oldest of the generation — are earning $85,000. That's more than Gen X earned at that age, $77,000, as well as boomers, who earned $70,000.
quote:
wages have increased by 19% in the US since 2006. But when you factor in inflation, "real wages" have declined by 8.8%. That means workers have less purchasing power than they used to.
No words need to be said to explain the false title.
Additionally, this next statement just means that the rich are getting richer and the middle-class are falling further behind. It has nothing to do with the stigmatism of boomer vs millennials. That 5% today might be equivalent to the 21%, dollar for dollar. Percentages don't mean shite without the actual numbers.
quote:
When boomers were roughly the same age as millennials are now, they owned about 21% of America's wealth, compared to millennials' 5% share today, according to recent Fed data.
Posted on 10/12/21 at 10:02 am to GreatLakesTiger24
It’s that darn $6 coffee Dave Ramsey warned them about.
My brother bought a coffee back in 2014 and is still trying to recover.
My brother bought a coffee back in 2014 and is still trying to recover.
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