Tropez Posted May 30, 2023 Posted May 30, 2023 Baby Boomers control the majority of the wealth, and they are getting of age when they are dying. Leaving their wealth to their children. Millennials are mostly the children of boomers and are expected to inherit vast wealth. More so than Gen X and Gen Z. While millennials have remained liberal with age, with the increase in wealth over time. There’s a chance they’ll become more conservative. Quote An intergenerational transfer of wealth is in motion in America — and it will dwarf any of the past. Of the 73 million baby boomers, the youngest are turning 60. The oldest boomers are nearing 80. Born in midcentury as U.S. birthrates surged in tandem with an enormous leap in prosperity after the Depression and World War II, boomers are now beginning to die in larger numbers, along with Americans over 80. Most will leave behind thousands of dollars, a home or not much at all. Others are leaving their heirs hundreds of thousands, or millions, or billions of dollars in various assets. In 1989, total family wealth in the United States was about $38 trillion, adjusted for inflation. By 2022, that wealth had more than tripled, reaching $140 trillion. Of the $84 trillion projected to be passed down from older Americans to millennial and Gen X heirs through 2045, $16 trillion will be transferred within the next decade. A key reason there are such large soon-to-be-inherited sums is the uneven way boomers superbly benefited from price growth in the financial and housing markets. The average price of a U.S. house has risen about 500 percent since 1983, when most baby boomers were in their 20s and 30s, prime years for household formation. As U.S. corporations have grown into global behemoths, those deeply invested in the stock market have found even bigger returns: The stock market, as measured by the benchmark S&P 500 index, is up by more than 2,800 percent since the beginning of 1983, around the time index funds took off as a mainstream investment for corporate employees and many other middle-class professionals. (Those figures do not include dividends and are not adjusted for inflation, which they have far outstripped; consumer prices have risen about 200 percent over those 40 years.) The boomers who benefited most from decades of price growth in real estate and financial assets were, in general, already rich, white or both — attributable, in part, to years of housing discrimination and a lack of access to financial tools and advice for people of color. https://www.nytimes.com/2023/05/14/business/economy/wealth-generations.html?smid=nytcore-ios-share&referringSource=articleShare We will see the largest transfer of wealth in history. And also one of the great acts of inequality as white millennials will greatly gain more than any other group.
LikeATattoo Posted May 30, 2023 Posted May 30, 2023 (edited) Nope. Today’s world is not allowing any younger generation to become the new Boomers even if they want to lol. Edited May 30, 2023 by LikeATattoo
loveisdead9582 Posted May 30, 2023 Posted May 30, 2023 Half of us will have worked ourselves to death at that point. 1 1
shinyshimmery Posted May 30, 2023 Posted May 30, 2023 I'm the son of immigrant parents so my folks don't have a lot of generational wealth, but they are well off. I don't really care about inheritance, plus making my own money feels really good. 1
imabadkid Posted May 30, 2023 Posted May 30, 2023 (edited) the Washington Post or New York Times had a piece a while back saying millennials are wealthier than the data suggests and that as baby boomers get older the wealth transfer from them to millennials will be the biggest wealth transfer in our history. The problem is the level of inequality but there are definitely wealthy millennials out there… they just likely have wealthy parents tho. not me missing the bottom of your post lol! The political piece idk… I don’t see millennials going ultra conservative esp after what we went through during the Trump years but idk millennials are still relatively young so we’ll see Edited May 30, 2023 by imabadkid
Bethenny Frankel Posted May 30, 2023 Posted May 30, 2023 Millennials are getting more liberal as they get older, not more conservative.
cockatoo Posted May 30, 2023 Posted May 30, 2023 It's kinda wild when I think that my parents own a whole house but I won't see that wealth til they die Pretty horrible situation tbh. 1
Happylittlepunk Posted May 30, 2023 Posted May 30, 2023 Like any generation the top 20% will live off better than everyone else. the new generations like millennials and gen-z are more liberal compared to older generations. Millennials like others have already posted are in fact becoming more liberal or staying liberal despite the age. I truly believe once boomers due off there is going to be a massive progressive wave in the US. It might not be perfect but US is going to have a major political change in the next 20-30 years.
Devin Posted May 30, 2023 Posted May 30, 2023 We finna be some old tatted up seniors working til we 80 due to inflation and insurance cuts.
Trent W Posted May 30, 2023 Posted May 30, 2023 Hmmmm in terms of wealth maybe. I see myself growing a more financially being a young millennial In terms of social definitely no, I was a right wing edge lord as a teen, I was a troll in this forum. As I grew up my views became a lot more liberal and progressive compared to the past. So are people around my age, I’ve seen the same effects even with some members here too. 1
JayG Posted May 30, 2023 Posted May 30, 2023 5 hours ago, loveisdead9582 said: Half of us will have worked ourselves to death at that point. Which is why some of us are getting the **** out of the endless race... its leading nowhere
SinnerCity Posted May 30, 2023 Posted May 30, 2023 4 minutes ago, JayG said: Which is why some of us are getting the **** out of the endless race... its leading nowhere Exactly this!
JayG Posted May 30, 2023 Posted May 30, 2023 (edited) 2 minutes ago, SinnerCity said: Exactly this! But seriously, I'm better off freelancing and chasing my dreams = happiness, vitality, health (and MORE MONEY doing things I have talents and passions for). I don't care about what others think of me lmao, the people that do care are the ones that love me and want me to chase what I want out of life... you're better off hustling for what you really want than playing the game which leads to literally nowhere but a false sense of security a corporation provides, a corporation that doesnt give a **** about your health, wellbeing, happiness, family, friends or bank balance Edited May 30, 2023 by JayG 1 1
SinnerCity Posted May 30, 2023 Posted May 30, 2023 14 minutes ago, JayG said: But seriously, I'm better off freelancing and chasing my dreams = happiness, vitality, health (and MORE MONEY doing things I have talents and passions for). I don't care about what others think of me lmao, the people that do care are the ones that love me and want me to chase what I want out of life... you're better off hustling for what you really want than playing the game which leads to literally nowhere but a false sense of security a corporation provides, a corporation that doesnt give a **** about your health, wellbeing, happiness, family, friends or bank balance Yup, I’ve been freelancing for almost 8 years now and it’s been great. Doing consultancy has given me so much control of what I want to do and how I want to do it. The only disadvantage of course is the fact that some months are better than the others but oh well, it’s the trade off I guess. 1
JayG Posted May 30, 2023 Posted May 30, 2023 (edited) 32 minutes ago, SinnerCity said: Yup, I’ve been freelancing for almost 8 years now and it’s been great. Doing consultancy has given me so much control of what I want to do and how I want to do it. The only disadvantage of course is the fact that some months are better than the others but oh well, it’s the trade off I guess. Tea... tbh, I worked a normal job part time and then the rest of my time I freelanced and it worked perfectly for me... I regret not staying on some teams to be honest, and just living my life... but yeah. Its better to split the time between a job and then doing what you love and building on that... Part time in tech and then full time working on projects I love was the best of both worlds for me... COVID showed me I dont need TONS of money being single, at all, I just needed the same amount every month and the rest from freelance was gravy and gave me the freedom to do what I want/love as well... the illusion we need to work full time for a corporation is trash... almost every creative/artist works from gig to gig, album to album, project to project... so, its expected, and for someone single, you don't need to really be that worried if you're talented. I'd rather be a hustling creative/artist living a fulfilling life working with some of the best in the world than regretting wasting my time in a shitty office/corporate situation... I was 30000x more fulfiled and happy freelancing for Twenty One Pilots and other artists, it constantly keeps you inspired, happy and emotionally fulfilled too... you have to follow/chase the passion, its what will keep you going. Everyone is doing this outside of law, finance and medicine tbh. Songwriters, actors, singers, designers, make up arists, dancers, writers, producers, stylists, editors etc = we're all working per project/gig, even the 1% at the top of these fields. Your branding, your portfolio, your skillset is your currency. Its so interesting cause I was watching this interview Bonnie McKee did and its basically the same as freelancing but she was one of the biggest on the planet! You should watch it, super enlightening tbh. Edited May 30, 2023 by JayG 1
Pop Life Posted May 30, 2023 Posted May 30, 2023 (edited) This isn't an argument for or against, but as a millennial it's been wild watching some of my friends fall into the same sort of curmudgeonly boomer mentality we spent our entire youth pushing back against. I keep hearing them complain about "kids these days" and I'm like ***** we were those kids! What is wrong with you Edited May 31, 2023 by Pop Life
DamianSolo Posted May 31, 2023 Posted May 31, 2023 I'm a younger millennial with an inheritance and I'm incredibly liberal in my belief system. A "baby boomer" is something I'll never be. I support my peers and the younger generations.
Abel Minaj Posted May 31, 2023 Posted May 31, 2023 Considering the neverending bullshit millennials have had to deal with, we deserve it.
loveisdead9582 Posted May 31, 2023 Posted May 31, 2023 5 hours ago, JayG said: Which is why some of us are getting the **** out of the endless race... its leading nowhere Trust me. I’ve been looking for ways out. It’s far easier said than done
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