More Than Half of Millenials Expect to Be Millionaires

Other discussions not related to the Permanent Portfolio

Moderator: Global Moderator

User avatar
Maddy
Executive Member
Executive Member
Posts: 689
Joined: Sun Jun 21, 2015 8:43 am

More Than Half of Millenials Expect to Be Millionaires

Post by Maddy » Tue Jun 12, 2018 12:57 pm

Millennials expect to make it big some day, with more than half reporting that they believe they will eventually become millionaires, according to a new study.

Despite having crushing student loans (20 percent never expect to pay them off), credit card and other debt, people born between 1982 and 2000 share a confidence when it comes to their financial outlook.

'Young people are optimistic about the future,' said JJ Kinahan, chief strategist for TD Ameritrade, in a statement on the company's new report. 'On average, survey respondents expect to land a job in their chosen field and be completely financially independent by age 25.'
* * *
That's despite the fact that 17 percent still can't say they're financially independent from their parents; most report getting cut off once they've moved out of the house.
* * *
Some Millennials may need a reality check when it comes to retirement. On average, they expect to retire at age 56, despite saying they don't expect to start saving for retirement until age 36.
http://www.dailymail.co.uk/news/article ... study.html

Unbelievable.
Dieter
Executive Member
Executive Member
Posts: 230
Joined: Sat Sep 01, 2012 10:51 am

Re: More Than Half of Millenials Expect to Be Millionaires

Post by Dieter » Tue Jun 12, 2018 1:03 pm

Inflation..
PP67
Executive Member
Executive Member
Posts: 172
Joined: Tue Dec 27, 2011 8:19 am

Re: More Than Half of Millenials Expect to Be Millionaires

Post by PP67 » Tue Jun 12, 2018 1:13 pm

...a dream is a wish your heart makes...

Actually, since 30% don't plan on having kids and by the time they are 58 their Boomer parents will have died leaving them their house and a sizable inheritance, being worth a million 20 years from now is pretty feasible.
User avatar
pugchief
Executive Member
Executive Member
Posts: 2322
Joined: Tue Jun 26, 2012 2:41 pm
Location: suburbs of Chicago, IL

Re: More Than Half of Millenials Expect to Be Millionaires

Post by pugchief » Tue Jun 12, 2018 1:36 pm

Before I even clicked on the thread, my reaction to the title was hahahahaha. But then I thought about inflation and inheritance and, yep, Dieter and PP67 beat me to it.

What I wonder is if most Millenials can overcome their mindset as they mature, or are they just doomed? I see no indication of change so far.
Dieter
Executive Member
Executive Member
Posts: 230
Joined: Sat Sep 01, 2012 10:51 am

Re: More Than Half of Millenials Expect to Be Millionaires

Post by Dieter » Tue Jun 12, 2018 2:47 pm

pugchief wrote:
Tue Jun 12, 2018 1:36 pm
Before I even clicked on the thread, my reaction to the title was hahahahaha. But then I thought about inflation and inheritance and, yep, Dieter and PP67 beat me to it.

What I wonder is if most Millenials can overcome their mindset as they mature, or are they just doomed? I see no indication of change so far.
That is a whole other thread if Melenials are more or less entitled than other generations.....

I ain't one, but a case can be made that Boomers are the entitled ones.

I'm stuck in the middle :)
User avatar
Desert
Executive Member
Executive Member
Posts: 3569
Joined: Sat Jun 26, 2010 2:39 pm

Re: More Than Half of Millenials Expect to Be Millionaires

Post by Desert » Tue Jun 12, 2018 3:07 pm

Every generation thinks the younger generation is doomed. And they're usually wrong. Except for the boomers' parents. :)
User avatar
Maddy
Executive Member
Executive Member
Posts: 689
Joined: Sun Jun 21, 2015 8:43 am

Re: More Than Half of Millenials Expect to Be Millionaires

Post by Maddy » Tue Jun 12, 2018 3:17 pm

Judging from the findings of this study, these kids will not want the responsibility of taking care of their aging parents, which means that their inheritance is likely to be spent down on in-home assistance and/or long-term care.
PP67
Executive Member
Executive Member
Posts: 172
Joined: Tue Dec 27, 2011 8:19 am

Re: More Than Half of Millenials Expect to Be Millionaires

Post by PP67 » Tue Jun 12, 2018 5:29 pm

I thought that elderberry wine the kids have been bringing over was a bit off... :)
hardlawjockey
Full Member
Full Member
Posts: 52
Joined: Sat Apr 28, 2018 3:30 pm

Re: More Than Half of Millenials Expect to Be Millionaires

Post by hardlawjockey » Wed Jun 13, 2018 9:57 am

Don't see anything wrong with having such expectations when you're young. Reality will settle in soon enough and I'm sure a lot of them will make it.
User avatar
Tyler
Executive Member
Executive Member
Posts: 1638
Joined: Sat Nov 12, 2011 3:23 pm
Contact:

Re: More Than Half of Millenials Expect to Be Millionaires

Post by Tyler » Wed Jun 13, 2018 10:52 am

Since the median net worth of retirement-age households is only about $200k or so, I'm also not buying the inheritance assumption. And I get the inflation argument, but I seriously doubt most Millennials even understand it much less have accounted for it.

I'd chalk it up to a mix of youthful optimism, financial illiteracy, entitlement, and an expectation of instant gratification. It reminds me of young people I've worked with who assumed they should receive a "senior" title or manager position right out of school.

BTW, the part that makes me feel the most old is the throwaway comment that most Millennials expect to be financially independent from their parents by 25. My 18-year-old self who clamored for my own independence at the first possible chance would find that shockingly old. I think there really has been a cultural change on that front, but maybe it's just me.
PortfolioCharts.com : a picture is worth a thousand calculations
Dieter
Executive Member
Executive Member
Posts: 230
Joined: Sat Sep 01, 2012 10:51 am

Re: More Than Half of Millenials Expect to Be Millionaires

Post by Dieter » Wed Jun 13, 2018 11:02 am

Tyler wrote:
Wed Jun 13, 2018 10:52 am
<Snip>

BTW, the part that makes me feel the most old is the throwaway comment that most Millennials expect to be financially independent from their parents by 25. My 18-year-old self who clamored for my own independence at the first possible chance would find that shockingly old. I think there really has been a cultural change on that front, but maybe it's just me.
Yeah, seeing that with my post millenials. Although a little later than 18 for me -- aimed for close to post college (4year degree). And hit the target.
User avatar
pugchief
Executive Member
Executive Member
Posts: 2322
Joined: Tue Jun 26, 2012 2:41 pm
Location: suburbs of Chicago, IL

Re: More Than Half of Millenials Expect to Be Millionaires

Post by pugchief » Wed Jun 13, 2018 11:12 am

It never even occurred to me that moving back in with my parents after graduating college was an option. They didn't really want me there, and I had even less desire to stay.

Divorced and dating in the last 10 years, it was shocking how many divorced women still had adult children living at home. I had to start screening out for that, as I found it to be an impediment. When you eliminate prospectives without college degrees and without kids living at home, the field gets very narrow.
Post Reply