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GreatLakesTiger24
LSU Fan
Louisiana
Member since May 2012
45135 posts

Millennials make more money than any other gen. did at their age, but are way less wealthy
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.


Image: https://i.imgur.com/9MGQdrA.png width=500


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.


Saskwatch
Ole Miss Fan
Member since Feb 2016
11580 posts

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
quote:

boomers, who earned $70,000.


These arseholes really fricked it all up


OysterPoBoy
USA Fan
City of St. George
Member since Jul 2013
25970 posts

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
quote:

Millennials make more money than any other gen. did at their age


I’v been meme’d otherwise.



oauron
New Orleans Pelicans Fan
Birmingham, AL
Member since Sep 2011
14252 posts

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
Keep reading the same post.


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160
TDTOM
Member since Jan 2021
4426 posts
 Online 

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
Latte and oat milk ain't cheap.


wutangfinancial
LSU Fan
Treasure Valley
Member since Sep 2015
8022 posts

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
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.


The Third Leg
Iowa Fan
Idiot Out Wandering Around
Member since May 2014
8042 posts

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
Also took on exponentially more education related debt to obtain that decline in real wages.


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860
Pax Regis
LSU Fan
Alabama
Member since Sep 2007
10466 posts

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
$5 lattes and $7 craft beers put a dent in the savings.


Pechon
US Army Fan
#WBS 2021 #blessed
Member since Oct 2011
4287 posts

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
Buying stupid shite and wasting tuition on a soft major tends to do that.


ProbyOne
USA Fan
Louisiana
Member since Dec 2004
1810 posts

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
Haha

“Real” income

CPI isn’t “real” but ok


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200
TDsngumbo
USA Fan
Alpha Silverfox
Member since Oct 2011
32347 posts

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
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.


ThanosIsADemocrat
The Garden
Member since May 2018
5338 posts

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
quote:

These arseholes really fricked it all up


When they voted for LBJ.


RogerTheShrubber
LSU Fan
Juneau, AK
Member since Jan 2009
205861 posts

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
quote:

because they were too worried about buying all their alcohol, going out every weekend, and other stupid shite instead.


And think they have to live in trendy places which are expensive.

Meanwhile, smarter young people are buying homes in less expensive areas, have established themselves and will long pass the whiny, hipster portion of this generation.


kingbob
LSU Fan
Sorrento, LA
Member since Nov 2010
60749 posts

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
Nobody voted for LBJ. He took over after killing Kennedy.


El Segundo Guy
Missouri Fan
SE OK
Member since Aug 2014
4219 posts

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
My experience with millennials in the workforce is that there are a lot of them that are Charmin soft.


kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
90765 posts
 Online 

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
Iphones are expensive
This post was edited on 10/12 at 9:36 am


tigerinthebueche
LSU Fan
Erwinville, LA.
Member since Oct 2010
30268 posts
 Online 

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
quote:

City living is absurdly expensive.



But I want to live close to work and cool restaurants and hip breweries. Waaa! I don’t want a car. I want
To walk everywhere and be close. Waaa!


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1942
wutangfinancial
LSU Fan
Treasure Valley
Member since Sep 2015
8022 posts

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
Can we get a study on the average balance sheet and P&L of a millenial? That would certainly be interesting.


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111
LSUfan4444
LSU Fan
Mandeville
Member since Mar 2004
48419 posts

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
The entire generation is enthralled by short term happiness and immediate satisfaction with very little appreciation for long term success, happiness, etc


kingbob
LSU Fan
Sorrento, LA
Member since Nov 2010
60749 posts

re: Millennials make more money than any other gen. did at their age, but are way less wealthy
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.


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