More than half of Millennials expect to be millionaires someday, according to a new study

rayjay

Senior Member
Maybe they are talking about money devaluation. In other words, a million bucks gets them a new tattoo.
 

bassboy1

Senior Member
I've actually read quite a few stats that suggest that millennials are actually saving/investing more than the Gen X or Boomer generations.

https://www.forbes.com/sites/shanna...stors-than-boomers-and-gen-xers/#2d2ea9d05ec1

Couple that with some compounding interest, and more years left than any other generation, and it doesn't seem outrageous at all. Granted, money devaluation does help too, but I think the statement would still ring true if the 1 million was inflation adjusted.
 

Miguel Cervantes

GON Severe Weatherman
I've actually read quite a few stats that suggest that millennials are actually saving/investing more than the Gen X or Boomer generations.

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They have to be. Most of the millenials I know are still being supported in one manner or another by their boomer parents, freeing up their money to be saved or invested.
 

shdw633

Senior Member
Actually Millenials do a better job of saving money then most generations and with that in mind almost anyone will become a millionaire with enough time. The issue they are not realizing is that by the time they get to be a millionaire, that amount of money won't buy you squat. Back in the 70's I used to think that if I could just make $2000 a month I would have all the money I would ever need, now that amount is considered to be poverty. I can't imagine how much you will have to have saved 50 years from now in order to retire.

https://www.asppa.org/News/Article/ArticleID/9490
 

rayjay

Senior Member
Actually Millenials do a better job of saving money then most generations and with that in mind almost anyone will become a millionaire with enough time. The issue they are not realizing is that by the time they get to be a millionaire, that amount of money won't buy you squat. Back in the 70's I used to think that if I could just make $2000 a month I would have all the money I would ever need, now that amount is considered to be poverty. I can't imagine how much you will have to have saved 50 years from now in order to retire.

https://www.asppa.org/News/Article/ArticleID/9490
But with their voting habits there is no way it works out well for them. It will be their money given to those that won't work or if they do work they spend it all on bling.
 

Miguel Cervantes

GON Severe Weatherman
You're just annoyed because you never thought to do that.:bounce:
Thought to do what? My parents made me learn and earn, just like we did to mini-me. It will be sink or swim for him.

Reality is the concrete at the bottom of the cliff. Many millennials aren't going to like the sudden stop and bounce.
 
I've actually read quite a few stats that suggest that millennials are actually saving/investing more than the Gen X or Boomer generations.

https://www.forbes.com/sites/shanna...stors-than-boomers-and-gen-xers/#2d2ea9d05ec1

Couple that with some compounding interest, and more years left than any other generation, and it doesn't seem outrageous at all. Granted, money devaluation does help too, but I think the statement would still ring true if the 1 million was inflation adjusted.

Read this also. The idiots in Antifa and young dummies on the left dont represent all millenials.

My nephew is 21. He has perfect credit. Money in the bank. Pays off credit charges ahead of time. Saves his money. No steady GF. Doesnt blow money on impulse buys. Works hard everyday.
 
1 million millennials dollars is probably 4-5 million boomers dollars.
Other way around but yeah they will need a good amount of inflation to get there.
 
In reality, there is absolutely no reason any millinneal with a little self disciple should not eventually become a millionaire. Put away $3,000 (10% of $30,000) a year from 22 to 65 and average 8% a year and they will be a millionaire at 65%. It really isn't that diffifcullt for anyone to become millionaire, but most people choose to spend the majority of there money, including that 3 grand mentioned above, on cars, boats, four wheelers, and other stuff that either goes down in value or essentially looses it value entirely. They finance most of that stuff, so they end up paying interest to loose money instead of compounding interest themselves. You don't get rich spending money on stuff, and the individuals most people associate with being millionaires often aren't millionaires at all. There is a book called "The Millionaire Next Door" that is probably 20 years old now, but I would recommend any "millinneal" (or anyone else for that matter) read. The early in age you read it the better, though.
 
In reality, there is absolutely no reason any millinneal with a little self disciple should not eventually become a millionaire. Put away $3,000 (10% of $30,000) a year from 22 to 65 and average 8% a year and they will be a millionaire at 65%. It really isn't that diffifcullt for anyone to become millionaire, but most people choose to spend the majority of there money, including that 3 grand mentioned above, on cars, boats, four wheelers, and other stuff that either goes down in value or essentially looses it value entirely. They finance most of that stuff, so they end up paying interest to loose money instead of compounding interest themselves. You don't get rich spending money on stuff, and the individuals most people associate with being millionaires often aren't millionaires at all. There is a book called "The Millionaire Next Door" that is probably 20 years old now, but I would recommend any "millinneal" (or anyone else for that matter) read. The early in age you read it the better, though.
Had a HS econ teacher tell us all that senior year over 25 years ago..... then life happend.

Oh well, off to bed so I can work, so I can pay pay pay.
 
Thought to do what? My parents made me learn and earn, just like we did to mini-me. It will be sink or swim for him.

Reality is the concrete at the bottom of the cliff. Many millennials aren't going to like the sudden stop and bounce.
Exactly, but with their socialist views, inflation will soon make being a millionaire not much of a wealth measure.
 
They have to be. Most of the millenials I know are still being supported in one manner or another by their boomer parents, freeing up their money to be saved or invested.
Selection bias may be at play here. Do you have many millenial friends that you go to visit? If not you are only likely to run across those that still live with their parents.

Either way I'm pretty sure statistically more millenials still live at home. A huge part of that is due to inflation adjusted wages being much lower than they were when boomers or Gen X were coming up, and tuition rates have skyrocketed.

I don't have the numbers for this, but I have heard it used to be easily possible to pay for college by working summer jobs. Now for just about any college it costs MUCH more than you can make working even full time at entry level positions.

Not my situation personally, I got lucky with scholarships and choosing a relatively cost-efficient school and was able to pay what little debt I had by working full time, but many millenials were not so lucky.
 
Ramsey has good advice on saving and paying down debt if you are having cashflow problems, but I've heard his advice on investing leans toward actively managed investments with relatively high expense ratios.. I think boggleheads has the right of it on that front, index funds usually outperform actively managed, especially when you factor in the lost ROI from the extra fees.

On the topic of millionaires, most boomers I know that are getting ready to retire have 401k's valued at ~200-500k. Adjusted for inflation in 40 years if millenials have a similar retirement savings rate many should easily retire as 'millionaires'. Of course they won't be rich, just able to retire comfortably.
 
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