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

[Browning Slayer]

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.
.

WRONG! A HUGE part of that is "Bad Parenting"! The majority of millenials have never worked a job until they got out of high school..

How many participation trophies did you earn growing up as a millenial?

 

[elfiii]

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%.

You're close. $3,000 paid in at the end of each compounding period for 43 years at 8% yields a future value of $988,749.

Of course we don't live in a static economic model. Hopefully over time a 22 year old gets pay increases that increase his earnings above $30K/year and that person is able to defer more of his earnings into a private retirement plan and he winds up with significantly more than $1 MM.

 

[alphachief]

My son is 27. He's got a Finance degree from Alabama and an MBA from UGA. He's married with two young children. He was a nursing home administrator at 24. He now has equity in a start-up software company that's used by nursing homes and it will likely be acquired in the next couple of years. He just signed a contract to purchase his first assisted living facility outside of Birmingham. He's in that category.

 

[Miguel Cervantes]

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.

.

Wages? You've bumped your head. I used to bail hay for $14 a day now they can start out folding cloths at Old Navy for $10 an hour.

You have no clue about the actual history of this country and it's economics. All you have is the revisionist picture painted in the books you've studied. I lived it and can tell you most of what you speculate about is grossly inaccurate.

The only accurate part of your statement IS tuition rates and those are primarily due to the over priced Socialist Professors that couldn't tie a knot if they had to work in a shoe store. Get rid of them and you might can bring tuition rates down a bit.

 

[REDMOND1858]

If we want any shot at retirement, we’ll have to be millionaires. At that point it won’t matter though. Uncle Sam will take it all and give it to the folks down the road who have never been out of pajamas so the chillens can eat.
What exactly is yalls definition of a millionaire though?

Net worth of $1,000,000
Retirement savings of a mil
Checking account balance?????

 

[REDMOND1858]

Wages? You've bumped your head. I used to bail hay for $14 a day now they can start out folding cloths at Old Navy for $10 an hour.

You have no clue about the actual history of this country and it's economics. All you have is the revisionist picture painted in the books you've studied. I lived it and can tell you most of what you speculate about is grossly inaccurate.

The only accurate part of your statement IS tuition rates and those are primarily due to the over priced Socialist Professors that couldn't tie a knot if they had to work in a shoe store. Get rid of them and you might can bring tuition rates down a bit.

When you were baling hay for 14 a day, that $6000 tractor you were driving now cost $50,000. The bale of hay you were selling for however much is now $60-$70
Was vehicle insurance even a requirement then?
Not to mention the price of a new truck.
How much was your cell phone bill?
Or first house?

Economics has changed. Just as everything else has

 

[Patriot44]

What Slayer said. I wont hire stereotypical millennial. They are unhirable, and pretty much suck at life and everythin else that they try.

I HATE the majority of them.

 

[transfixer]

Millennials shouldn't have any problem saving money, as stated before the majority of them still live off of their parents in some form or another, and if they would just quit buying coffee at Starbucks they would save a lot more ! lol

Oh,,, and craft beer ,,,

 

[PappyHoel]

Someone sold these young idiots the American Dream

I fell for it too so they shouldn’t feel bad. If they were smart they would be burning up the phones in Washington DC asking for a wall and a moratorium on all immigration.

They won’t make a dime if we keep importing excrement hole’ers

 

[bassboy1]

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.

That's baloney. There is a ridiculous amount work out there right now (and some pretty good pay as well). I'd say now is as good or better a time than any to be entering the workforce.

If you can't find it, it's not the fault of wages being low, instead it's a fault of your skills being low.

 

[REDMOND1858]

If you can find it, it's not the fault of wages being low, instead it's a fault of your skills being low.

10-20 years from now, skilled tradesmen will be able to name whatever price they want, maybe not that long.

 

[REDMOND1858]

if they would just quit buying coffee at Starbucks they would save a lot more ! lol

Oh,,, and craft beer ,,,

You’ve got a point. I work with people that spend every bit of a $20 bill a day between energy drinks, coffe things, and cokes. And then complain about being broke.

I’m a Maxwell House guy myself.

 

[PappyHoel]

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.

Bull

 

[deers2ward]

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.

Agreed, however...

you lose money
you lose a bet
you lose your keys

a belt is loose
surfers "hang loose"
a nut can come loose from a bolt
laws on firearms are not loose enough

 

[across the river]

You're close. $3,000 paid in at the end of each compounding period for 43 years at 8% yields a future value of $988,749.

Of course we don't live in a static economic model. Hopefully over time a 22 year old gets pay increases that increase his earnings above $30K/year and that person is able to defer more of his earnings into a private retirement plan and he winds up with significantly more than $1 MM.

If you assume he just has 10% of his check taken out of his paycheck every month ($250) for 43 years, compounding at .6666667% each month, he would actually end up with over a million. The market has also returned over 8% a year on average historically, but I was just using round numbers, a typically college graduation age, and a typical retirement age that no one could consider unreasonable to prove a point. As you note, you would actually expect him (or her) to wind up with well over a million. The point is, any young people (or parents for the matter) reading this need to understand that a) anyone has the potential to accumulate a great deal of wealth over time, and b) the earlier you start saving and investing the better due to compounding interest. Most people have a "put it off until later" mentality regarding saving and investing, but the longer you wait the harder it is.

 

[across the river]

Agreed, however...

you lose money
you lose a bet
you lose your keys

a belt is loose
surfers "hang loose"
a nut can come loose from a bolt
laws on firearms are not loose enough

Thank you grammar police. I wasn't writing a term paper, so I didn't proofread it. However, I do appreciate you doing it for me.

 

[PopPop]

There are lots of Lottery Jackpots to be won between now and then.

 

[Nicodemus]

All I ask is that the Good Lord send just a little bit more than I can spend.....

 

[rayjay]

With childhood obesity being so rampant nowadays what's the point of them saving money ? I can imagine huge numbers of them not making out of their 50s.

 

[swamp hunter]

Amen...
I in my earier years lived on Yachts ,and drove Big Money cars , Bar Tended Party's and lived real well off OPM's..That's Other Peoples Money.
I'm best in the woods at my Camp.
2 K a month and I'm living high as I want to live at my Camp.