- cross-posted to:
- politics@lemmy.world
- cross-posted to:
- politics@lemmy.world
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People will claim millennials will inherit the wealth of the boomers as their children. But most won’t. It will be spent on cruises, gambling, healthcare, assisted living, nursing homes, and so on.
I expect to inherit nothing.
I mean, I’d rather have my parents around in my life and my children’s, than have their money.
Sure. I’m just responding to an often reported “fact” that no one should worry that millennials have no wealth, because they will inherit their parents’ wealth. A few will sure (particularly the already wealthy), but many will inherit little to nothing. Wealth concentration will just get worse.
Yeah my mum will need to sell up to live on through retirement and my dad has a much younger wife that is not blood related to me so I’ll never see anything there.
I managed to work my way to home ownership but it’s still a struggle.
Or eternal life and they will hoard even more like the evil fucks they are.
I already know I’m getting nothing.
n=1
I’ve given up on the dream of owning a house. I’ve given up on the idea of being able to afford kids. I’ve given up on believing I can retire. I’m fighting like hell to win a union, because it’s my only hope left.
It’s the first real answer you have been given to the problem. Unite and fight
Is this like, normalized here? I’m 35, and like 90% of my friends from college (Detroit) own a home now, and most have started families.
Super diverse backgrounds too, this isn’t a High end college for the priveleged or anything.
Every thread on here and reddit makes it seem like every millennial is broke as fuck, and there was nothing any of you could have done about it.
Am I and practically everyone I know with an education outliers?
I live in New Jersey and all the friends I have that own a home either got financial help from there parents or moved all the way out to West Bumblefuck in order to buy a home.
The Midwest is an affordable place to live (I live and own a home here). But I can understand people born and raised in more expensive parts of the country not wanting (or not being able) to uproot their lives and move here.
I feel this too. I could only guess at the cause. Maybe it’s just the demographics of social media swinging younger, or those struggling simply being more vocal online. Both? Neither?
I’m an older millennial, but do own a home and have kids. I have friends and acquaintances, - some who didn’t go to college - that also own homes and have kids. Sure, the houses might be modest (and include PMI payments for some), and nobody’s taking lavish vacations every year, but it’s certainly not as bleak as my social feeds always make it out to be.
I’m in Ohio and it’s more mixed here. Live in the boonies and you probably own a house. Live in Columbus and you probably don’t.
1% of the United States owns 40% of the economy. 10% owns 70% of the economy. 25% of families have less than $10,000 in wealth.
Millennials weren’t the first to get screwed, but they were screwed from birth.
Can confirm im 30 and own practically nothing
Please change your link to a more credible source. Currently it violates rule 2. Might I suggest: https://www.newsweek.com/millennials-control-just-42-percent-us-wealth-4-times-poorer-baby-boomers-were-age-34-1537638 or https://www.cnbc.com/2020/10/09/millennials-own-less-than-5percent-of-all-us-wealth.html
Copy pasted from another discussion on the same subject:
Good news, that’s the real trickle down economics, inheritances!
But on a more serious note, it’s not that good a comparison, what we need to check is what % of the wealth the previous generations controlled at this point in their history (when the generation was in its mid twenties to early forties) because they too were the biggest workforce without owning most of the wealth, that’s just how things go, you accumulate wealth over time, they have decades ahead of us. They surely owned more than we do now, but it’s certainly not as big a difference.
In the end what I’m seeing is just another piece to divide those at the bottom so they don’t pay attention to the people that truly own a disproportionate amount, like Zuckerberg that owns 2% of the millennial’s wealth. This guy is 0.000000003% of US’s population and owns close to 0.1% of its population’s wealth.
You shouldn’t be down-voted. You’re not contradicting the argument that there’s serious income inequality and that there’s a general component. You’re just adding nuance.
I wasn’t in the other discussion, kind of weird that I am here, but whatever 🤷 maybe we’ve got a billionaire with us in the room 🤔
Edit: Downvoted again, maybe it’s just someone following me 😂
I’ve seen this discussion in 2 places and have seen no one ask the important question: how does this compare to other generations at the same age for them? The article kind of alludes to them lagging there too, but then just does the 2020 breakdown.
Anyone know the answer or where I can find it?
Wow, millennials need to pull themselves by the bootstraps even more! Come on guys, you can do it!
I saw this number posted before and someone figured out that Zuckerberg is part of the Millenial group. With him removed, the percentage was closer to 2%.
That was a bad interpretation, Zuckerberg isn’t a trillionaire. He owns 2% of his generation’s wealth, so 2% of 4.6% or a bit under 0.1% of the whole population’s wealth (which is still totally ridiculous).
98% of 4.6% is 4.5% .
deleted by creator
A generation will have their most wealth right before retirement. The further away one is from starting retirement, the less wealth one will have on average. That is to say, the generation currently retiring is expected to have the most wealth and the youngest generation is expected to have the least wealth.
