Millennials Are WAY Richer Than You Think

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We’ve all heard the idea that millennials are by far the worst off generation we’ve seen. They have tons of student debt, loads of credit card debt, and can’t afford anything. And while this is somewhat accurate, it only tells half the story. Some millennials are indeed poorer than any generation before them but other millennials are actually wealthier than any generation before them. You see, what we’re actually seeing with the millennial generation is a wealth divide that’s larger than ever. The top 25% of millennials are doing better than ever while the bottom 25% are doing worse than ever. And as for the middle class, the middle class is rapidly being hollowed out as people either join the upper class or the lower class. There are a lot of explanations for this from high inflation and bad policies to capitalism and greed but one overarching factor that people never seem to mention is the presence and influence of tech. Millennials who are involved in tech are doing better than ever while millennials are aren’t involved in tech aren’t. This video explains the side of millennials that the mainstream media never talks about and shows how millennials are actually way richer than you might think.

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Timestamps:
0:00 - Millennial Wealth
3:10 - Imposter Syndrome
7:01 - Wealth Divide
11:25 - Tech Wealth

Resources:

Disclaimer:
This video is not a solicitation or personal financial advice. All investing involves risk. Please do your own research.

[justinfowler]

The boomer generation could raise a family with 1 income and a high school education. Today both parents must work and all entry jobs require a college degree and 20 years experience. I'm in my early 40s and while I've owned a house since I was 25 I've always felt like I've been treading water economically. Everytime I get a small wage increase my bag of chips goes up in price and substitutes a couple chips for air.

[Andre-xkei]

Millennials doing good are the ones who go for jobs in tech or tradicional regulated jobs like nursing, doctors or police. The remaining have job insecurity and I believe AI will replace far more jobs than you actually think.

[wucash]

TL;DR Millennial's are not poor because silicon valley is rich!

[Adripa]

Is inflation factored into the graph "comparing generational wealth in the US"? Otherwise, it makes little sense to claim that both groups have similar wealth, as millennials can afford much less of their wealth.

[TexRex]

This is so ridiculous. Of course a 30 something thinks he'll need 3 times what a 60 something thinks he'll need to retire. No matter how much money the millenial has now he has 30 years to go and inflation will eat up a lot of that money. He still has to buy a house. House prices can rise much faster than general inflation. Meanwhile a 60 year old knows he could easily be dead in 20 years. The millenial has 50+ to go. Younger people are also concerned healthcare and retirement benefits will dcrease or outright end. People 60+ know they're keeping their benefits. They can't say the same for their kids or grandkids.

[alexmipego]

That's fair but you seem to ignore the productivity factor. The education, and the technology have evolved since Boomers were 30. If today's people produce double… they should expect to retire with double as well…

[neezdutz]

Would like to point out a flaw with the video. Hari pulled the 600k number for what Boomers expected to be (on average) wealthy: is this annual salary or net worth? But Hari then misconstrues this number as what Boomers consider to be the number Boomers think they can RETIRE with. This is a serious misuse of data which makes the rest of the video null.

[funkeeee]

😂😂 which millennials? Must be from an alternate universe.

[raideveloper]

I agree and that is a good analysis but misses one crucial point since boomer's youth the most important goods and services skyrocketed in price education, healthcare and housing, and this provides a perception that ok I live way better than my parents in terms of small luxuries but we never feel financially safe, so it's not just comparison from social media

[luccanryanata]

1:54 When disproving the prevailing narrative, I feel its essential to take your audience step by step on how the inversion happens.

How many % did the boomers make up the population compared to the millenials at the same age?

Is this chart inflation adjusted?

How did that cover the 5x gap between 3.5% and 20%?

The source in pastebin didn't make this clear either, except of a "per capita basis" being cited.

[DethFadeProductions]

As a millenial raised by boomers, damn, I never realized that my thought process for finances was so close to the Boomer side of the equation.

The goal has always been to find that sweet spot between growing my future income and lowering my future expected cost of living so that the income will comfortably cover it in retirement, no questions.

[brunnokamei]

The only rich millenials I know are Zuck and his buddies from Silicon Valley.

[letsclimb]

I am a retired millenial. I am an outlier though. I feel lonely af. Most people slaving away because a 50 dollar increase in the electric bill while I contemplate purpose. Everyone works, im home all day. Its isolating.

[kushalraj]

I think while the divide within millennials are huge, 2 numbers to look at are median and average wealth. It’s those in the median and average that feel their income has not kept up with inflation for daily needs and rent while property prices are out of reach to outright own or to pay mortgages. For those closer to tech they earn multiple times the necessary, while for those who are not they don’t earn enough to be able to keep a roof over their head and have security. This eventually brings up a societal problem. If the jobs that pay well are tech adjacent and the only ones that are sustainable then whose going to do the “menial” jobs that keep society going? Eventually you’ll have teachers and sanitary workers being paid well enough because there is a need and no one who wants to be a security guard or store manager. Benefits provide security but don’t allow for upward mobility in the social ladder.

[hinkhall]

Love that you’re making appearances in your videos dude! Your videos are top notch!

As a millennial, I’m middle class, but I prefer to pass myself off as lower class simply because I refuse to flex on social media. Not because I need people to feel sorry for me.

While I do own a few really good suits and work at an office in a high rise, you would not know it if you just saw me in my modest condo. I wear old shirts, raggedy jogging pants and crocs at home. 😅

Internally, I do think more like a boomer. In terms of sustainability. Never comparing myself to others on social media.

[foodhoarder]

I appreciate the different approach to the issue. Made a great case for proximity to tech being the primary factor in accumulating young wealth.

I am unsure if the millenial perspective on wealth given is accurate, but I hope not. Cash position is one thing, but some of it sounded bonkers.

I also think dimishing American manufacturing over these decades went unmentioned. I believe this plays a pretty crucial role in the explaining the absence of wealth in the bottom 50%.

[haplon]

most wealth in america is held in the form of houses. and houses have never been less affordable. sure, some will inherit those houses...but the generational wealth that the boomer model relied on is increasingly being funneled to the balance sheets of banks in the form of rent extraction, not mortgages.

[PrezidentHughes]

But which generation told Millennials to go get those degrees? 🤔

Next he'll be saying that the housing market is more affordable than ever.

[IanHobday]

The rich are getting richer and the poor are getting poorer. Yes, that's the problem.

[ThatLostGamer]

I am 35 and I think I am going to die as a broke bum. :(