While the average millennial has less wealth at the age of 35 than previous generations, the top 10% of millennials have 20% more wealth than the top baby boomers at the same age.
The authors say the top 10% of millennials have benefited from greater rewards for skilled jobs . As they put it, The returns to high-status work trajectories have increased, while the returns to low-status trajectories have stagnated or declined.
The millennials who went to college, found graduate level jobs, and started families relatively late, ended up with higher levels of wealth than Baby Boomers with similar life trajectories , according to the report.
even singles, making over $500,000/year. Working in technology (Google alone pays that much to new grads)
PITTSBURGH (KDKA) - Millennials could become the richest generation ever by the year 2044.
That's according to The Wealth Report by global property consultant Knight Frank.
The research says that generation is expected to inherit roughly $90 trillion worth of assets over the next 20 years. There is an obvious catch: these millennials have to come from families with healthy financial portfolios.
What about the other 90%?they're broke as shit
Come on now. New grads aren't making 500k in any field short of medical doctors, post-residency.Millennials are in their 30s now.
Millennials are in their 30s now.
Theyre not new grads
While the average millennial has less wealth at the age of 35 than previous generations, the top 10% of millennials have 20% more wealth than the top baby boomers at the same age .
The authors say the top 10% of millennials have benefited from greater rewards for skilled jobs. As they put it, The returns to high-status work trajectories have increased, while the returns to low-status trajectories have stagnated or declined.
The millennials who went to college, found graduate level jobs, and started families relatively late, ended up with higher levels of wealth than Baby Boomers with similar life trajectories, according to the report.
The bigger takeaway in this is that a lot of that wealth the top millennials have, was probably not earned by them, it's inherited - or their parents position and influence allowed them to get ahead where others weren't so lucky.
Your average millennial is almost certainly NOT "way ahead" of where their parents were at the same age, if they're doing better AT ALL.
top 10%this is a pretty important detail you're just glossing over here
https://gamefaqs.gamespot.com/a/forum/0/06f5a7bd.jpg
Lost Generation a bunch of slackers.Didn't even start working until their goddamn sixties.
I do think that the wealth Millennials are expected to inherit over the next couple decades will cause a greater political shift in the generation than anything else. Nothing turns a person into a steadfast Republican vote quite as fast as safeguarding unearned money.
Millennials are also on track to inherit more money than any generation that has ever existed.
Edit:
https://www.cbsnews.com/amp/pittsburgh/news/new-data-millennials-richest-generation-by-2044/
I do think that the wealth Millennials are expected to inherit over the next couple decades will cause a greater political shift in the generation than anything else. Nothing turns a person into a steadfast Republican vote quite as fast as safeguarding unearned money.Nope. There is 0 sign that Millenials are moving to the right.
I know, but I'm specifically responding to the claim that Google is paying 500k to "new grads." That's not a common starting salary anywhere, even San Francisco tech.Theyre not being handed out like candy, but they exist. For example, award winners from math & computing olympiads. If Google didnt hire them at that price, hedge funds will.
TC: "the people spending Daddy's money have more money than EVER!"The excerpt I quoted directly contradicts that.
https://gamefaqs.gamespot.com/a/forum/0/06f5a7bd.jpg*adjusted by household
Im not surprised. Im a millennial and most of my peers are millennials. None of us are living a Spartan lifestyle. Thats why Im so surprised when people agitate that their parents and/or grandparents generation had it so much better and easier. I know my parents had it a hell of a lot harder than me and my grandparents had it even harder than that by all reports.
We should definitely strive to keep improving quality of life across the board but Im not convinced things arent better than ever for most people in first world countries right now.
The bigger takeaway in this is that a lot of that wealth the top millennials have, was probably not earned by them, it's inherited - or their parents position and influence allowed them to get ahead where others weren't so lucky.
Your average millennial is almost certainly NOT "way ahead" of where their parents were at the same age, if they're doing better AT ALL.
*adjusted by householdYou mean that other generations had kids, so their income per household would just be smaller?
Also, you'd have to trust their inflation numbers which -- considering they think cumulative inflation since 2020 is only like 20% -- I'm not sure you can trust them.
2003 account logic/topic. Never fails.
Im not surprised. Im a millennial and most of my peers are millennials. None of us are living a Spartan lifestyle. Thats why Im so surprised when people agitate that their parents and/or grandparents generation had it so much better and easier. I know my parents had it a hell of a lot harder than me and my grandparents had it even harder than that by all reports.
We should definitely strive to keep improving quality of life across the board but Im not convinced things arent better than ever for most people in first world countries right now.
We only live as well as we do because we don't have kids. Every millennial I know that has kids is miserable and broke.
Do you own a house?
Millennials are in their 30s now.Still have Millenials in their 20s.
Theyre not new grads
You mean that other generations had kids, so their income per household would just be smaller?Well it depends on what they mean by "adjusted by household". There are a couple of things I can think of, but neither are a good thing for the younger generations.
@bigblu89
Still have Millennials in their 20s.
Barely.Whether they're graduates or not isn't really what I was addressing. Just saying the youngest millennials are still in their late 20s.
Millennials are 1981 1996, so the youngest are 7-8 years removed from graduating college, unless they went for their Masters.
Whether they're graduates or not isn't really what I was addressing. Just saying the youngest millennials are still in their late 20s.
I know, but my original comment was about how Millennials are "new graduates".I was pointing out that many millennials are still in their 20s, which is an age that some still graduate college. So ya, there are "new graduate" millennials out there.
You decided to argue semantics that didn't really have anything to do with the point of my comment, which was that Millennials are pretty far removed from being "new graduates".