Did Baby Boomers Screw Over an Entire Generation?
Young Generations Are Now Poorer Than Their Parents
I spoke to a Boomer recently.
It was my Aunt Gladys, and she was telling me about her recent purchase of a new BMW.
When she spoke about my generation and Millennials, she said instead of getting a job and building ourselves up, we go to college and complain. Does she have a point? Is it our fault that Gen Xers and Millennials, statistically speaking, have it worse than Baby Boomers did at the same age – in terms of finances, home ownership, and overall life satisfaction?
No, it’s not our fault.
Boomers pretty much ruined this economy and are trying to shift the blame on us. It works because some self-hating Millennials don't know the actual data.
Here's what you should know.
Boomers Had It Much Easier For This Reason
Net worth has consistently fallen generation by generation.
Gen X families between the ages of 25 and 36 had a median net worth of $32,000.
Millennial families in this same age range have a median net worth of $23,000.
So, what went wrong here?
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