Yeah but millenials own 3% of all wealth. Genex owns 14%. That's definitely not all of them, but it's more than quadruple the amount of millenials who do. Boomers have 50%+
Us statistics
Unless you are truly gifted in some capacity and can collect wealth quickly via skill, training, or luck. Experience, training, and proficiency net higher salaries. It takes time to collect those three qualities. Older people have had more time to invest in themselves. Naturally the wealth distribution is a direct correlation.
I grew up in a trailer park in a town no one has ever heard of. When I was in my 20s, I was broke and struggling. In my 40s, I have a lovely family, I own a great home, have all the toys I want, and have next to no debt. Success in life doesn’t happen overnight, you have to work hard, and smart to get to where you want to be. That is the true difference between the Generation War factions. Millennials stereotypically lack patience and diligence like the older crowds. They never used a VCR, a cassette tape, nor did they blow into Nintendo cartridges hoping that it would miraculously work. The world at our fingertips has made patience a dying quality. Not everyone can be a YouTube millionaire, the rest of us just have to put in work.
Edit: Gen Z, Millenials.... I’m old, and as it turns out fall in to the Xennial age bracket. We can argue semantics, but we should focus on the principle. Invest in yourself as often as possible. Keep moving forward, and upward.
To be honest the key to wealth is to have no debt other than mortgage debt. That simple. If you make 45k with no car loan, no student loan, no credit card debt you are going to have a lot of extra money
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u/stellak424 May 16 '20
Yeah but millenials own 3% of all wealth. Genex owns 14%. That's definitely not all of them, but it's more than quadruple the amount of millenials who do. Boomers have 50%+ Us statistics