SPOILER: Article assumes that Boomers will die and leave their wealth to Millenials.
I literally spit my coffee when I saw that headline.
Had I been drinking mine at the time I would have as well. As is I scoffed hard enough to send me into a coughing fit.
I don’t get why we’re scoffing? Presumably many of the old leeches have millennial heirs who will turn around and continue leeching so the number will continue to go up. Unless, oh idk, the whole system were to suddenly explode for some reason
I’m scoffing because as a 35 year old millenial myself, it hardly feels like I’m the “richest generation” when I can’t afford to heat my home and have to wait for my parents to die and divide their estate amongst me and my siblings before I have a meaningful shot at economic security.
Edit: spelling.
Right but cumulatively it’s the same pot of money. I’m not arguing we’re not poor, just that this article is dumb.
Oh I agree the article is dumb. That’s why I’m scoffing at it.
What I’m saying is that my parents will probably be alive another 15 years. If I get that inheritance then I’ll be 50 or more. That’s 15 years from what’s generally considered retirement age (like I’ll get to retire), and 30 or less from my life expectancy. Even if I get be ‘rich’ for a few decades, I’ll still have spent the majority of my life poor.
In totality, I would not be considered a rich person, but a poor one who got some money in the end. That feels like an extremely important distinction to me.
This is of course all leaving out the inherent issues with generational wealth accumulation and the effects it has on economic disparity. As previously agreed, the article is dumb.
Any chance this wealth is a byproduct of inflation?
Both the value of the dollar, and its purchasing power are heavily eroded over time.
Someone making 10k a year is pretty wealthy when a home is $4,000 in the year 1900
Someone making 80K a year is relatively broke when a home costs 600K in the year 2024 (should cost 32k by comparison)
Let alone everything else that skyrockets in price as wages crawl
This just means the very few people who are filthy rich will be even filthier in the next generation.
This is not a statement about average wealth, it’s about the total punt of wealth held by millennials, and conveniently ignores that all of that wealth will be held by just a few individuals while the rest of generation languishes.
But halfwits will read this and think “See, everything is fine! We’re going to be rich!”
So something like “Richest individuals to be in the Millennial generation with current trends”
Which, if you think about it, makes sense. As billionaires/millionares age/die and pass down assets and wealth the trend will shift to the next generations, etc.
Ah that’s great, I only need rich parents and then wait until they die to start living 🥰 system works flawlessly guys; no issues here
In reality, their future financial firepower is likely to be a divisive lottery, predominantly determined by inheritance from previous generations, including property.
Aye, there’s the rub. I’d also like to see how disproportionate wealth is among different demographics. (Spoiler: it’s not going to be pretty.)
The Boomers in America will generally have their wealth eaten up by astounding healthcare costs before much or any of it gets handed down.
Not sure how anyone can really come to any broad conclusion other than that, excepting edge cases and the significantly wealthy.
The Boomers will just keep doing second or third or reverse mortgages or whatever until they finally downsize or move into old folks homes, sure maybe one of their kids gets the house, more likely they sell it to cover their debts, or if they do pass it on, at that point its basically financially wrecked.
Truly astounding that the real estate man being taken at face value isnt mentioning any of the financing of homes.
This is all about the significantly wealthy, everyone else is just a rounding error.
Lmao
Yes, Guardian, we know how monetary inflation works.
So why do I feel like the poorest?
In terms of what? Most college debt racked up? Most fees from blockbuster for not being kind and rewinding? Most bought Now That’s What I Call Music CDs!?
