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re: Millennial and Gen Z Wealth Is Growing Much Faster Than Older Generations
Posted on 2/12/24 at 8:53 am to NC_Tigah
Posted on 2/12/24 at 8:53 am to NC_Tigah
quote:
“Faster wealth growth among younger adults,” the researcher wrote, “has led to a limited narrowing of age-based wealth disparities over the past four years.”
Stupid study. Your wealth is SUPPOSED to be higher in your later years. That's when your skills (and salary) are the highest and your consumption is the lowest. Once kids move out, 50-65 are your years to really stack cash for retirement.
2
Posted on 2/12/24 at 9:06 am to ronricks
quote:
oomers are going to transfer 30 to 40 Trillion in wealth to their Gen X and Millennial offspring in the next 10 to 20 year
That’s a real thing.
Posted on 2/12/24 at 9:28 am to SlowFlowPro
quote:
Millennials and Gen Z are the poorest of the "young earner age" cohorts in some time.
Wealth is the cumulative effect of good decisions just as poverty is for bad decisions.
Posted on 2/12/24 at 9:31 am to NC_Tigah
Living at home rent free has benefits.
Posted on 2/12/24 at 10:28 am to Tantal
Wage compression is a serious issue for lots of places. We just got the results from a consulting group for government employees in a county in Florida. They’re almost compensating new employees better than the bosses they work under.
Posted on 2/12/24 at 11:03 am to Houag80
quote:
Inheritance
Get out of here old man. I wasn’t given a thing and I make more money than my parents ever did.
Posted on 2/12/24 at 11:17 am to Ace Midnight
quote:
Wealth is the cumulative effect of good decisions just as poverty is for bad decisions.
All within the primary variable of opportunity.
Making the same EV+ decision-making in times of differing opportunity will lead to vastly different results on the whole.
Due to a host of factors, Millennials and Gen Z do not have the same opportunities on average to create wealth. Presuming optimal decision-making, individual cases may find themselves on the right side of variance, but on the whole, this optimal decision-making will produce less wealth than a Gen X or Boomer of similar levels of decision-making, due to decreased opportunities.
Posted on 2/12/24 at 11:25 am to SlowFlowPro
quote:
Due to a host of factors, Millennials and Gen Z do not have the same opportunities on average to create wealth.
How do you figure that?
Posted on 2/12/24 at 11:37 am to NC_Tigah
quote:
How do you figure that?
It's all over TikTok, bro. For example, they no longer give away houses like they did when Boomers were young.
Posted on 2/12/24 at 11:44 am to NC_Tigah
Maybe it's because the younger generations are at the wealth accumulation stage of their lives while the older generations are at the wealth depletion stage of their lives.
Posted on 2/12/24 at 11:48 am to NC_Tigah
quote:
How do you figure that?
2009 Financial Crisis + Covid were a very strong B2B crises that gutted economic/financial opportunities. Boomers and Gen X haven't really had to deal with one of these sorts of events, let alone two.
Living and education costs for the ability to earn high salaries, due to changes in society and our economy, have curbed the net earning potential. You had a lot more opportunity (and cheaper opportunity/alternative routes) in the Boomer/Gen X generations.
There is a ton of scholarly output on this.
Posted on 2/12/24 at 11:50 am to Houag80
Indeed. We are just beginning the greatest wealth Xfer in the history of mankind (to a generation that can't wait to give it to the government/"oppressed"
Posted on 2/12/24 at 11:53 am to TCO
quote:
I wasn’t given a thing and I make more money than my parents ever did.
It's not what you make it's what you save. It's a story as old as time. I know high earners who are basically living paycheck to paycheck because they have huge home loans, car loans, boat loans, swimming pool, etc.
What someone 'earns' is irrelevant its what they save that matters.
Posted on 2/12/24 at 11:54 am to NC_Tigah
A lot of them bought housing they can't afford. Property (even when you can't afford it and are still paying on it) shows on the positive side. I expect another housing slide soon.
Posted on 2/12/24 at 11:59 am to NC_Tigah
Bitcoin is at $50K today.
Posted on 2/12/24 at 12:01 pm to SlowFlowPro
quote:Haven't they though?
2009 Financial Crisis + Covid were a very strong B2B crises that gutted economic/financial opportunities. Boomers and Gen X haven't really had to deal with one of these sorts of events, let alone two.
Here is how that those crises impacted in inflation adjusted terms:
I'll overlay these in a minute.
Posted on 2/12/24 at 12:04 pm to NC_Tigah
quote:
Haven't they though?
The last recession like 2009 was the Great Depression, which pre-dates Boomers' lives by like 15 years, and their economic lives by 30+.
Like I said, there is a TON of academic work in this specific area.
Posted on 2/12/24 at 12:08 pm to NC_Tigah
Hmmm, I recently heard a presentation that Millennial and Gen Z are having a much harder time buying a first home than their elders did at the same age.
Posted on 2/12/24 at 12:08 pm to NC_Tigah
Bad link.
Posted on 2/12/24 at 12:10 pm to NC_Tigah
You mean one generation is retiring while the other is in their prime?
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