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 $8,000, reported Abha Bhattarai for The Washington Post, citing a new Deloitte study. According to the study, the net worth of Americans ages 18 to 35 has decreased by 34% since 1996, making them "dramatically financially worse off" than older generations, Business Insider's Kate Taylor reported.
These findings underscore previous research indicating that millennials are financially behind.
(Excerpt) Read more at businessinsider.com ...
Average means half have higher net worth and half have lower. Although the millennial definition goes to 35, I see it as more of 20 somethings. I would think this net worth figure would be brought down by every one of them whose has recently purchased a home. At the beginning of home ownership it is generally a liability with its value in being your place of residence.
And 10$ avocado toast.
Because they know nothing but ME! ME! ME! and NOW! NOW! NOW!
Barry told them they didn’t have to pay the loans back.
I was even poorer at that age. But got better.
One thing going against a lot of them is that, unlike my wife and I, they didn’t have parents who grew up in the Great Depression.
I will give it to the older Mexicans here in CA, some of those old peasants know how to make a peso scream. I had a coworker whose mother made refritos for him almost every day. And from scratch tortillas and tamales. But those refritos were the equal of the finest two-star cuisine, incredible; I’m a pretty good cook and it took me years to get close to reverse engineering them. And nothing could be cheaper -or easier to store- beans, spices and lard. Probably 50 cents of materials and we were moving furniture, he needed to put those calories down. A few times I bought him a fast food lunch in exchange for his mom’s cooking. Damn, that’s 1500 calories just thinking about it.
It’s probably factoring in a good number of billionaires and a bunch of people living with their parents.
Kudos to you ma’am.
Someone once asked the father of Wilbur and Orville Wright (who got wealthy, but not filthy rich) how much money was enough.
He said, “Enough that you’re not a burden to anyone else.”
Amen to that. I work in the ER of a local hospital here in NJ. I’ve never seen so many young, attractive nurses and nurses aides with tattoos. Honest to God they all have more tattoos than a ‘’Hell’s Angels’’ biker.
Congratulations! I have 2 successful millennial children as well. One is a pastor with a wife and child who just bought his own home. My daughter just graduated from medical school so it will be a while until she is financially above water but I have no doubt she will get there.
That’s an awesome parody of the out-of-touch hypocritical Baby Boomer - great job!
A fool and his money are soon parted and there are plenty of millennial fools out there.
JoMa
Now describe your own generation.
Quick system check for the amount of glass in that house you cast stones from.
Did your generation mass industrialize abortion, yes or no.
Their Baby Boomer parents and "Greatest Generation" grandparents shipped every manufacturing job to China, imported armies of slave-wage foreigners to work the blue collar jobs that remained, oversaw the cost of a college education skyrocket to that of a starter home, and mandated that every job that paid over $10/hour require a degree.
Little wonder socialism looks attractive to Millennials.
There are plenty of blue collar jobs. Right now. Look around. And I work with some millennials that have outstanding, well-paying white collar jobs with benefits and I am always stunned to learn they have zero interest (a fairly significant percentage of them) in participating in the company’s generous 401k program. Instead they are focused on “experiences” even if it means racking up big credit card debt.
That’s pretty standard from what I’ve observed, but I will say I’ve seen a few who are responsible, practical, and impressive people.
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