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Millennials Will Become Richest Generation In American History

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posted on Nov, 17 2019 @ 12:47 AM
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I recently heard that millennials would inherit the largest wealth transfer ever in American history. So I've had some time to do a check and found this Forbes article which helps explain it.


Editor's Pick|85,742 views|Oct 26, 2019, 09:00am
Jack Kelly, Senior Contributor

Millennials Will Become Richest Generation In American History As Baby Boomers Transfer Over Their Wealth

A study shows that Millennials will hold five times as much wealth as they have today and the group is anticipated to inherit over $68 trillion from their Baby Boomer parents by the year 2030. This will represent one of the greatest wealth transfers in the modern times.

Post-Boomer generations have had to wrestle with issues not encountered by their parents and grandparents. Burdensome college debt that serves as a financial anchor, costly real estate, the high cost of insurance and the challenge of procuring well-paying jobs have all been anathema to Millennials. These and other issues have made their lives more difficult than their parents' generation. Their fortunes will soon dramatically change for the better. They stand the chance to become one of the richest groups ever.

There are approximately 618,000 Millennial millionaires, according to WealthEngine data, as part of a study compiled by real estate firm Coldwell Banker. Millennial millionaires make up approximately 2% of the total U.S. millionaire population. The majority of Millennial millionaires have a net worth that ranges from $1 million to $2.49 million and fall between the ages of 34 and 37. Due to inheritances, trusts and estate planning, there will be a steady flow of Millennials getting very rich soon. Since the Millennial generation is smaller than the Boomers they're inheriting from, the wealth handed down will be highly concentrated. Ironically, this could contribute to increasing wealth inequality.

The Baby Boomer parents possess a massive amount of wealth. Many of them were beneficiaries of a great economy, which offered plenty of safe and well-paying jobs. Baby Boomers also benefited from a meteoric rise in the stock market and substantial gains in real estate. The values of their homes have risen exponentially over the years.

"The difference between the millionaires of the early 1980s and the ones being created today is that many of them stand to inherit even more wealth from their Baby Boomer parents, who are considered the wealthiest generation in history," the Coldwell Banker report concluded.

www.forbes.com... ealth/#6e64a77e6c4b


This issue caught my attention because I have been hearing so much lately about income AND wealth inequality. More so recently than decades before. I find it a bit ironic that so many millennials, as well as other generations, are crying about financial inequality yet many of them will be even wealthier than their parents and won't have had to work as hard for it. Good for them I suppose.

But can you imagine them trying to explain to THEIR children how sorry they are that they're wealthy but hey, they inherited it. Maybe they'll donate (after their inheritance taxes are paid of course) 80% back into their communities or organizations, reaching out to those who are less fortunate financially so they won't have to apologize for their new financial status in life. Or, maybe they'll change their tune and decide socialism isn't for them after all and they'd like to keep more of their money in their own pocket to spend how they choose.

It will be interesting to see how this plays out.

edit on 17-11-2019 by StoutBroux because: (no reason given)




posted on Nov, 17 2019 @ 01:35 AM
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a reply to: StoutBroux

Yup, they will get all the wealth their parents had, from decades long of hard work, investment and of course inflation will help too.

In the end though, they will buy 10k dollar iPhone 20s, transfer it into bitcoins to pay ethots with and probably give it away to the first physical person they come into contact with after being locked away alone in a basement for 10 years. Damn they are dumb....not all mind you....just 99.9 percent.



posted on Nov, 17 2019 @ 02:02 AM
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a reply to: StoutBroux

I seriously doubt that. Because they'll get a lot older than any other generation before they'll spend more on medical bills. And they'll have to hire caretakers and possibly will still have to move into retirement homes because the millenials surely won't change the diapers of their 90+ parents.
And especially in a free market it's kind of business as usual to strip the elderly of their last cent.


a reply to: MisterSpock

How does inflation help? That means your money loses value over time...

edit on 17-11-2019 by Peeple because: add



posted on Nov, 17 2019 @ 02:14 AM
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originally posted by: Peeple

I seriously doubt that. Because they'll get a lot older than any other generation before they'll spend more on medical bills. And they'll have to hire caretakers and possibly will still have to move into retirement homes because the millenials surely won't change the diapers of their 90+ parents.
And especially in a free market it's kind of business as usual to strip the elderly of their last cent.


I got nothing from my parents and my two kids will get a few million, sound legit to me... I'm not far from middle class BTW...




How does inflation help? That means your money loses value over time...


Doubles every 20 years blah blah blah... We get it...



posted on Nov, 17 2019 @ 02:18 AM
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a reply to: StoutBroux


I find it a bit ironic that so many millennials, as well as other generations, are crying about financial inequality yet many of them will be even wealthier than their parents and won't have had to work as hard for it. Good for them I suppose.


Is this not what every parent strives for within their own means?


Adults complain about how the next gen is lazy based off their work. But when questioned before they have children, their dreams are to provide for a future their kids don't have to suffer through...
edit on 11/17/2019 by EternalSolace because: (no reason given)



posted on Nov, 17 2019 @ 02:23 AM
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a reply to: Xtrozero

We will see about that when you die, won't we? You still got a pretty good chance that one of your organs will fail before that happens, you got a higher chance of getting some kind of cancer and neurological issue like dementia, Alzheimer, parkinson. That all costs a ton of money and you still might live to become a hundred years old.
With inflation and because I guess you would want to have it nice during that time let's see how much will actually be left when the day comes.



posted on Nov, 17 2019 @ 02:25 AM
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originally posted by: Xtrozero

originally posted by: Peeple

I seriously doubt that. Because they'll get a lot older than any other generation before they'll spend more on medical bills. And they'll have to hire caretakers and possibly will still have to move into retirement homes because the millenials surely won't change the diapers of their 90+ parents.
And especially in a free market it's kind of business as usual to strip the elderly of their last cent.


I got nothing from my parents and my two kids will get a few million, sound legit to me... I'm not far from middle class BTW...




How does inflation help? That means your money loses value over time...


Doubles every 20 years blah blah blah... We get it...


Sounds like your folks hate you....



posted on Nov, 17 2019 @ 02:30 AM
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originally posted by: Peeple
a reply to: Xtrozero

We will see about that when you die, won't we? You still got a pretty good chance that one of your organs will fail before that happens, you got a higher chance of getting some kind of cancer and neurological issue like dementia, Alzheimer, parkinson. That all costs a ton of money and you still might live to become a hundred years old.
With inflation and because I guess you would want to have it nice during that time let's see how much will actually be left when the day comes.




Exactly I can speak from experience in this scenario, my old man was uber wealthy, he had more than 10 mil in U.S dollars put aside which was used all of it to keep him in a home with machines to help him breath and swallow till he the ran out of money and the machines were switched off.



posted on Nov, 17 2019 @ 02:38 AM
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originally posted by: Peeple

We will see about that when you die, won't we? You still got a pretty good chance that one of your organs will fail before that happens, you got a higher chance of getting some kind of cancer and neurological issue like dementia, Alzheimer, parkinson. That all costs a ton of money and you still might live to become a hundred years old.
With inflation and because I guess you would want to have it nice during that time let's see how much will actually be left when the day comes.


Well 1 buck is more than 0...

I have great health insurance the rest of my life... BTW the way things look I'll live longer then those 30 years younger...People 1/2 my age can't pass a simple health check.

BTW getting old sucks I guess...



posted on Nov, 17 2019 @ 02:38 AM
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originally posted by: EternalSolace

Sounds like your folks hate you....


Nope they were great... I didn't even think about it...didn't care...


(post by spacemonk removed for a manners violation)

posted on Nov, 17 2019 @ 02:46 AM
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A millionaire is about average today. It's not that much money. It's almost laughable as being wealthy because a nursing home, where most of them will go, will cost that much in a few years of care and housing. Bottomline; there won't be some massive wealth transfer. People are living longer then they stick their loved ones in a nursing home if they become a problem. I have seen this happen many times is the past decade with family and friends. The article is stupid and leaves out what will be done with the money when they die in many cases. It's going to nursing homes and care givers.



posted on Nov, 17 2019 @ 02:46 AM
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originally posted by: hopenotfeariswhatweneed


Exactly I can speak from experience in this scenario, my old man was uber wealthy, he had more than 10 mil in U.S dollars put aside which was used all of it to keep him in a home with machines to help him breath and swallow till he the ran out of money and the machines were switched off.


There is this thing called quality of life right? Your old man spent 10 mil on assisted living... Where the F did he live?



posted on Nov, 17 2019 @ 02:49 AM
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originally posted by: spacemonk
You have a tiny brain. a reply to: MisterSpock






Incorrect, I thought the same thing until I understood how to decipher his posts, he's the ultimate in sarcasm posting, nothing he posts is literal, it all requireds a sarcasm meter to comprehend in the way it was meant .



posted on Nov, 17 2019 @ 02:51 AM
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originally posted by: Stupidsecrets
A millionaire is about average today. It's not that much money. It's almost laughable as being wealthy because a nursing home, where most of them will go, will cost that much in a few years of care and housing. Bottomline; there won't be some massive wealth transfer. People are living longer then they stick their loved ones in a nursing home if they become a problem. I have seen this happen many times is the past decade with family and friends. The article is stupid and leaves out what will be done with the money when they die in many cases. It's going to nursing homes and care givers.


Full good care is about 50k per year... 20 years = 1 million. That's a lot of years for someone in full care... just saying



posted on Nov, 17 2019 @ 02:54 AM
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originally posted by: Xtrozero

originally posted by: hopenotfeariswhatweneed


Exactly I can speak from experience in this scenario, my old man was uber wealthy, he had more than 10 mil in U.S dollars put aside which was used all of it to keep him in a home with machines to help him breath and swallow till he the ran out of money and the machines were switched off.


There is this thing called quality of life right? Your old man spent 10 mil on assisted living... Where the F did he live?




In a nursing home where he knew no-one, with machines to keep him alive.

My sister tried for years looking after him but there's always a point where enough is enough, and that was when he reverted back to a time where playing with poo was fun.

The system for profit will always find a way to take every cent that they can, your kids will likely find that out the hard way as our family did.
edit on 17-11-2019 by hopenotfeariswhatweneed because: (no reason given)



posted on Nov, 17 2019 @ 02:56 AM
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originally posted by: Xtrozero

originally posted by: Stupidsecrets
A millionaire is about average today. It's not that much money. It's almost laughable as being wealthy because a nursing home, where most of them will go, will cost that much in a few years of care and housing. Bottomline; there won't be some massive wealth transfer. People are living longer then they stick their loved ones in a nursing home if they become a problem. I have seen this happen many times is the past decade with family and friends. The article is stupid and leaves out what will be done with the money when they die in many cases. It's going to nursing homes and care givers.


Full good care is about 50k per year... 20 years = 1 million. That's a lot of years for someone in full care... just saying





Wrong, full assisted care delves into hundreds of thousands per year depending on quality of life.



posted on Nov, 17 2019 @ 03:00 AM
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originally posted by: hopenotfeariswhatweneed


Wrong, full assisted care delves into hundreds of thousands per year depending on quality of life.


At that level he lived too long...live might not be the best word.



posted on Nov, 17 2019 @ 03:02 AM
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originally posted by: hopenotfeariswhatweneed


The system for profit will always find a way to take every cent that they can, your kids will likely find that out the hard way as our family did.


I will not live long enough to worry about that... To me there is quality of life and on machines drooling is not it.



posted on Nov, 17 2019 @ 03:02 AM
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originally posted by: Xtrozero

originally posted by: hopenotfeariswhatweneed


Wrong, full assisted care delves into hundreds of thousands per year depending on quality of life.


At that level he lived too long...live might not be the best word.





That's right he didn't recognise his family, he was alive, assisted living with no comprehension of the world around him, he was was wealthy enough to maintain that lifestyle.




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