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Started By
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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 OysterPoBoy
Keep reading the same post. 
Posted on 10/12/21 at 9:27 am to OysterPoBoy
Latte and oat milk ain't cheap.
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 9:33 am to Saskwatch
quote:
These arseholes really fricked it all up
When they voted for LBJ.
Posted on 10/12/21 at 9:34 am to TDsngumbo
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.
Posted on 10/12/21 at 9:34 am to ThanosIsADemocrat
Nobody voted for LBJ. He took over after killing Kennedy.
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 9:37 am to wutangfinancial
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!
Posted on 10/12/21 at 9:37 am to kywildcatfanone
Can we get a study on the average balance sheet and P&L of a millenial? That would certainly be interesting.
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.
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