No one said they didn’t go through some shit, but what did a house cost back then? How many incomes were needed to raise a family?
Maybe before the reverse mortgage was invented…
I was actually wondering if these wealth graphs subtract out debt/liabilities. If so wonder what the millennials would look like with no student loans
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This says 15 million Millennials have student loan debt, averaging $33K per borrower. So with 72 million Millennials, that’s under $7,000 per Millennial.
The percentages will shift because dead people can’t hold wealth, but they’re going to incinerate a ton of it on their way out the door - unless Aquaman wants to buy a bunch of houses.
(Also on the normal stuff that’s gotten worse on their watch like nursing homes, being scammed, etc.)
The reality here is that most of the wealth that gets passed down will be concentrated. My parents’ net worth is probably around $150K, they’re retired and 74 and 75. My guess is the money lasts about 10 years. Actuarial tables say 10-12 years, but that’s before adjusting for current health, race, etc. My father’s life expectancy on one calculator showed 15-20 years.
I hope they live as long as possible, but the overwhelming likelihood is that if they do, I’ll probably have to give them $15-20K a year the last 5-10 years to keep them from subsisting on dog food, or set them up with an in-law suite - assuming I ever own a home.
A lot of middle class Millennials will be in the same boat.
My wife is a supervisor at a memory care facility. They charge patients 6k a month for the basics… and absolutely everything else is extra.
Middle class boomers are going to leave their kids an absolute pittance.
at least michael imperioli’s character didn’t try to pretend he was a regular joe on White Lotus
Oh, look, another big industrial accident. Maybe if we cut some more regulations, we’ll get better at avoiding these!
LOL our family of 4 spent a week in Italy at objectively luxurious hotels for like $10k total, that guy is either a complete fucking moron or staying at the literal most expensive possible places.
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likely humblebragging and is a broke degen without a family
How out of touch do you have to be to think that there are no hotels for less than a grand a day?
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Yeah or just exaggerating
when dropping $85k on a family vacation, do you think he’s checking out orbitz himself, or is he going through a travel agent like a proper boomer? i would think at least $20-35k of his budget is going to middlemen
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Good eye. He’s definitely paying the middle men.
Yeah I was thinking the same thing when he said something like, “You just can’t stay in Rome for less than $1,000 a night.”
He’s probably spending $36K to fly business class and like $15-20K in travel agent upcharges.
Flying business class is just so unnecessary on an 8hr flight anyway if you are flying a decent airline. The upcharge from economy, or economy plus, to business is enormous and there is such little value added. But no way a rich boomer would be caught dead in the cheap seats.
As a sort of tall person (6’0 flat) I think the plus seats are basically always worth it… but business class / first class is kinda stupid. I don’t care how nice the seat is it’s a seat for a few hours for thousands and thousands of dollars. I can justify spending more money to not be forced to bend my knees at an unnatural angle that causes discomfort for sometimes a couple of days after the fact… but the ability to lay back and take a nap is not worth a few grand for a guy who can’t nap at home.
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This is where playing the points game really pays off. You can get lie flat seats for so cheap if you’re moderately flexible on dates.
Harvard endowment is over 53 billion dollars. Such a dumb thing to spend money on.