Posted on 05/31/2019 1:59:23 PM PDT by Responsibility2nd
FULL TITLE:American millennials have an average net worth of $8,000 — and it's part of a bigger financial problem the generation is facing
They have an average net worth of less than $8,000, reported Abha Bhattarai for The Washington Post, citing a new Deloitte study. According to the study, the net worth of Americans ages 18 to 35 has decreased by 34% since 1996, making them "dramatically financially worse off" than older generations, Business Insider's Kate Taylor reported.
These findings underscore previous research indicating that millennials are financially behind.
(Excerpt) Read more at businessinsider.com ...
Excellent point. The influx of cheap labor via nonenforcement of immigration laws and massive abuse of the H1b program has also undercut American workers' wages.
"...$8000 net worth..."
Lessons learned from the book, “The Millionaire next door” and from Dave Ramsey
Live like no one else today, live like no one else later.
They’ll be primed for socialism.
Millennial here, your 3rd Point really hits the mark. Myself and many others wanted to earn a better life, get a better job, Etc. But because of Obama policies that made it much harder, It’s not impossible for the country to recover financially to where it should have been and was stuck working low-wage and she’s a whole jobs for several years longer than they should have been is next to impossible to catch up to a level where is their parents would have been at that point in their life. The smart ones consideration and didn’t waste money and probably budgeted, the other ones are the ones who are really in trouble.
They are primed for socialism.
Work with them, they are ready to cash it in.
I'm a Gen Xer myself. I do projects for banks. You wouldn't believe the number of H1b Indians I see doing standard white collar jobs in the banks. They themselves have told me the banks don't have to pay them as much as they would an American. I'm not just talking about IT jobs either. Accounting, Risk Management, Finance, Audit, etc etc. They're all over the place. Those jobs should be filled with late 20-30 something Americans. But because the banks can abuse the system to bring over cheap labor from India, younger Americans are denied those jobs. So the ones who would have taken those jobs instead work for smaller firms and the ones who would have worked for smaller firms end up being Baristas at Starbucks and the like.
That is not only terrible for them, its terrible for America. Without being able to get a foot onto the corporate ladder, where does anybody think the senior managers and directors are going to come from 15-20 years from now? It won't be them. Maybe they'll finally be able to get the jobs they should have gotten in their mid to late 20s by then. How the Democrats and Leftists have been able to convince millenials open borders are good for them I will never understand. Open borders and corporations (and the crooked politicians in their pockets) flooding the country with cheap foreign labor is a disaster for millenials.
Yes,God *did* give me two very good,very decent parents!
That is some average but I have 4 millennial grandchildren and they’ve barely started their adult lives so it really doesn’t give a good snapshot.
So they can lure them to socialism with promises of student loan forgiveness and free medical care and free stuff.
Yes...we live that way also...not interested in Rolexes or Mercedes...what a waste
Their careers were defined by the housing bubble and the Obama economy while inheriting as birthright the world’s largest debt load, and half of them don’t have a dad to give them guidance. What was the expected result? Prosperity?
The big thing here is that my generation thinks that they can run up loans, spend all that they earn, and that someone else will have to bail them out of their mess.
“And every one of them has an iphone with an unlimited data plan, a netflix account, eat out all the time and wouldn’t know a savings account if it bit them in the butt.”
Not all of us.
I’m a stay-at-home mom of eight, I sell eggs and quilts, and out of my egg & quilt money I buy things for the kids and over ten years I’ve still managed to put $66,000 of my own money in a 457 plan and literally today my savings at a bank just topped $10,000 for the first time.
It doesn’t sound like much but it’s important to me because it’s money I earned and did not squander on foolishness like buying the latest phone every year or so.
I suspect Occasional Cortex and Grey Beaver are going to offer it free.
And some day someone will come to put them in bondage for the rest of their days... Nothing is free, and that includes freedom...
That is actually very impressive. You would have made a great managing director I bet. You have skills!
Yep, I’m about the same. I never pay full price for clothing and only look at clearance racks.
I love living below my means so when we really want something, we can.
A year ago, I decided I was finally ready for a good pocket knife and dropped $150 on it.
Living below my means allows that.
We’ve pretty much passed that on. None of our kids are in debt, except a bit to us.
One paid off all of his college loans in just a few days over one year. Now he’s saving for a car.
Just thought of another one about my kids. None of them has a newer phone. They all buy one or two models old used phones and sometimes pass down their existing ones if they still work.
Starbucks and new Iphones cost money, so does eating out everyday dontchknow...
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