Millennials own just 3% of all Household Wealth!!!

[GregBowman]

12 minutes ago, sta100 said:

A lifetimes work of what?

 

 

Does it matter ? is a poet more valuable to society than a nurse, teacher or the IT service desk analyst ?

If you have been on the planet longer the odds are you will accumulated more of the token used to live.

[sta100]

1 minute ago, GregBowman said:

Does it matter ? is a poet more valuable to society than a nurse, teacher or the IT service desk analyst ?

If you have been on the planet longer the odds are you will accumulated more of the token used to live.

It matters in the context in which the post was made

You don't need to do a lifetimes work to become wealthy, not even close

[GregBowman]

2 minutes ago, sta100 said:

London was throwing money at grads and housing was cheap. Many gen x parents bought up student properties for their kids to live in. There was still a stigma around house prices crashing. Most of the people that I know from that era were earning 100k+ by late 20s.

Many but a minority and even less in the boomer parent generation - sounds like you ran with an affluent crowd

The difference is I  guess we (boomers) had our kids earlier so we entered our fifties with them already self sufficient be interesting how it works out for gen x 

[markyh]

9 minutes ago, GregBowman said:

But yours is in a Bitcoin citadel so its worth more right ?

They have not started building them yet silly, i expect construction to start around 2026,  BTC over $1m.  buy 2029 as a holder of several BTC will be one of the most wealthy people on the planet. 

[GregBowman]

1 minute ago, sta100 said:

It matters in the context in which the post was made

You don't need to do a lifetimes work to become wealthy, not even close

Fair point but work is more than accumulating wealth its a framework and can be enjoyable.

The means and the vision, coaching or upbringing  not to have work a lifetime are an accident of birth in most cases.

 

[GregBowman]

Just now, markyh said:

They have not started building them yet silly, i expect construction to start around 2026,  BTC over $1m.  buy 2029 as a holder of several BTC will be one of the most wealthy people on the planet. 

Only joshing fellow service man

[sta100]

Just now, GregBowman said:

Fair point but work is more than accumulating wealth its a framework and can be enjoyable.

The means and the vision, coaching or upbringing  not to have work a lifetime are an accident of birth in most cases.

 

I get what you're saying but that contract has been broken. You can do a lifetime of work now and get nowhere. Or, you can borrow money, buy houses, do nothing useful and become wealthy.

And yes it does matter, a nurse is more valuable than a banker and there is no mechanism for the nurse to prosper.

[dugsbody]

10 minutes ago, GregBowman said:

If you have been on the planet longer the odds are you will accumulated more of the token used to live.

The problem is that it is getting harder for the newer generations to accumulate those tokens and comparing tokens at each step along the age path, the younger generations now have fewer than the pervious generation did, at the same milestone.

That's the whole point. 

[GregBowman]

10 minutes ago, sta100 said:

I get what you're saying but that contract has been broken. You can do a lifetime of work now and get nowhere. Or, you can borrow money, buy houses, do nothing useful and become wealthy.

And yes it does matter, a nurse is more valuable than a banker and there is no mechanism for the nurse to prosper.

I totally agree with you imho it is not good for society long term 

[Sprite]

13 minutes ago, sta100 said:

I get what you're saying but that contract has been broken. You can do a lifetime of work now and get nowhere. Or, you can borrow money, buy houses, do nothing useful and become wealthy.

And yes it does matter, a nurse is more valuable than a banker and there is no mechanism for the nurse to prosper.

+1

Your parents socioeconomic status is more of an influence on your own life than anything else right now. 

The old mantra of 'working hard' and getting ahead in life is not very applicable right now. Previous generations had it much easier than millennials. 

[Staffsknot]

I think where the conflict of generations is not just as dugsbody rightly points out, the lack of tokens at comparable life points, but active decisions to ensure more of the over 65s retain their 'life tokens' even at the expense of the younger gen.

The militancy around any pension reform / health & social care funding for instance. Retirement age can jump for the currently working who are trying to get a house, but don't ask a boomer to downsize to contribute that is taboo.

The phrase I've paid in all my life is often trotted out when there is no fund. It is purely whatever receipts come in from the working gen at the time, so consequently the retired gen load more funding req on the working gen. Same as a lot of the Gov spending puts constraints on services for the gen after this.

This is why a lot of younger people than me feel what's the point as they pretty much globally feel like they are being rinsed

Edited April 27, 2021 by Staffsknot

[winkie]

All now is about is who you know that can help you, push you up......friends in high places close to the money....read all about it.

Six people worked just as hard, have the same degree.....six different outcomes, even those that gamble or have other vices, and live the high life can win in wealth and power, probably already have the ego......but that doesn't mean they will always remain what they see as 'successful' they may never be as fully content as those with less.

[Roman Roady]

In 20 years, Gen Z will whinge that the Millennials had the big opportunities with Crypto.

Wash rinse repeat.

[Gribble]

Is this a joke ??

Millenials at best have only had the time to work and accumulate wealth for 3/4 years

 

[Staffsknot]

10 minutes ago, Gribble said:

Is this a joke ??

Millenials at best have only had the time to work and accumulate wealth for 3/4 years

 

Think mixing generations mate - millennials are 1980-96. Generation Friends is another term as teens when that series ran.

You are thinking Gen Z which is born '96 onwards.

Millennials can be turning 40.

[longgone]

missed being a millennial by 2 years 🤔 i can`t blame my situation on demographics 😬

[MonsieurCopperCrutch]

3 hours ago, Innkeeper said:

Well durrrr.  When gen x reach boomer age then they’ll own the majority.  Why the **** should you expect to be rich BEFORE having done a lifetimes work, paid a mortgage for 25 plus years and perhaps copped an inheritance?

i would hope to be well off at 65 and expect to be skint when I’m 25.  Not sure what the story is here....

 

 

 

 

Are you completely unable to read the posted graph?

[MonsieurCopperCrutch]

3 hours ago, dugsbody said:

If you read more carefully you can figure out what the story is.

If you can't then it is likely that you won't understand even if someone explains it more carefully.

I apologise in advance for being snarky but many of us on this forum are tired of vested interests purposely not understanding the problem that is very widely acknowledged.

He clearly cannot read and interpret graphs. 

[MonsieurCopperCrutch]

3 hours ago, crescent said:

breaking news - younger people have less money than those who are older.

I have more money in my 30's than I did when ~I was 6 or 15 or 21./

When I am 60 I will have more money than I do now as I have had another 30 odd years to accumulate.

I am sure that is the case with every person on this or any other site.  

 

 

Another person completely devoid of analysing graphs. Astounding. 

[MonsieurCopperCrutch]

2 hours ago, GregBowman said:

Does it matter ? is a poet more valuable to society than a nurse, teacher or the IT service desk analyst ?

If you have been on the planet longer the odds are you will accumulated more of the token used to live.

Read the graphic properly. Jesus wept. 

[MonsieurCopperCrutch]

1 hour ago, Gribble said:

Is this a joke ??

Millenials at best have only had the time to work and accumulate wealth for 3/4 years

 

Read and interpret the graphic.
 

It’s literally unbelievable how many posters on here lack any type of analytical skills. I’m actually flabbergasted. 

[Money Frugality]

5 hours ago, Mikhail Liebenstein said:

So GenX has not done that well in terms of mad gainz, which kind of tallies with my general experience of friends/colleagues.

This really is a systematic wealth transfer, lower interest rates make it worse in the long term, but high rates will have little impact on freeing up this stock.

What we really need is a disease that kills people over 60 and which doesn't harm the young so that they can carry on working.

Isn’t this just the truth right here.. 

[rantnrave]

Does prolonging education play into this? I know Boomers who left school at 15, went into a trade etc. By the time they hit 30, they had spent half their life working to acquire skills and capital - with no uni debt to pay off either.

[Money Frugality]

6 minutes ago, rantnrave said:

Does prolonging education play into this? I know Boomers who left school at 15, went into a trade etc. By the time they hit 30, they had spent half their life working to acquire skills and capital - with no uni debt to pay off either.

No; I know professionals in tech who don’t have a degree and worked in industry since 16.. Pays alright-ish, wealth; different story

 

Uni debt doesn’t in reality cause a massive difference long term for a normal person who doesn’t invest etc like the majority of boomers will have fallen into that category. Unless you’re trying to retire early or accumulate wealth then yeah, it makes a difference but only because of compounding.. The fact is, boomers had it easy, any one who thinks otherwise really is deluded. There is nothing to warrant such a big disparity especially when compared to gen x

Edited April 27, 2021 by Money Frugality

[winkie]

11 minutes ago, rantnrave said:

Does prolonging education play into this? I know Boomers who left school at 15, went into a trade etc. By the time they hit 30, they had spent half their life working to acquire skills and capital - with no uni debt to pay off either.

Yes it can do......leaving school at 16 without any debt also means earning and saving sooner including pension saving, learning and up-skilling whilst earning......yes it does mean can buy a home sooner and start a family sooner and retire earlier...... everything these days seems to have shifted forward 10 years, sometimes more, at the same time life expectancy is leveling or falling, at the same time mental health and anxiety rising.