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OFF-TOPIC More than half of all millenials think they'll be millionaires

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Lol, I actually agree with them. If we assume they were born in 1981 and also assume 2.5% inflation/year then all they need to make is $183,486 in today's dollars to become a "millionaire". If the current trend continues then approx. 50% will actually retire as "millionaires".
 
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The Abundant Man

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Lol, I actually agree with them. If we assume they were born in 1981 and also assume 2.5% inflation/year then all they need to make is $183,486 in today's dollars to become a "millionaire". If the current trend continues then approx. 50% will actually retire as "millionaires".
Altogether millenials have $1 Trillion in debt due to student loans
 

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Altogether millenials have $1 Trillion in debt due to student loans
Ok add $35,000 plus interest and you get somewhere around $250k to become a "millionaire".
 

Zcott

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Every millennial who says they will be a millionaire is being sarcastic. 100%.
 

Siddhartha

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I like to joke about having a private jet with my smug face on the side of it to my friends; however one thing I've learned from the 2016 election, scott adams, Seligman, and Kahneman is that a bullshit amount of optimism is almost always an asset over a liability.

It would be incredibly nice to have millions at my command nonetheless.
 

Guest921Y

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Most of them probably don’t realize how much $1 million will (or rather) won’t last them now. This isn’t 1950!


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Most of them probably don’t realize how much $1 million will (or rather) won’t last them now. This isn’t 1950!
Ain't that the truth.

The problem with this "idea" is that I'm sure millenials are using this word "millionaire" to reflect a lavish, rich lifestyle. Unbeknownst to them, when they retire "millionaires" at 65, a simple medical procedure will cost $250,000, a Toyota Corolla $60,000, and a McDonalds Happy Meal $25.
 

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Zcott

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Eh. Of course we millennials know $1m today is not the same as it was worth even 10 or 20 years ago.
 

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Yet most look at you sideways when you suggest they learn sales and investing

Or gosh.. if you suggest going to trade school not college.
 

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Started skimming, but can't read this idiotic article:

"If you start investing $1,000 per month at age 25, for example, you’ll accumulate almost $2.3 million by age 67, assuming a 6% rate of return. If you wait until you’re 30, the total falls to $1.6 million."

According to a quick google search, the average HOUSEHOLD has $1,729 left over after expenses (The Average American Household's Discretionary Income, by Age and Pay: Where Do You Stand? -- The Motley Fool).

That's for a household of multiple earners. But for arguments sake, let's say that's what a 25 year old has left over.

So you're telling me that spending 58% of all my spendable cash now, so that I can retire in 40 years in the best use of my money? Get out of here.

I much rather blow a grand a month on nightlife in my 20's than saving up for when I'm 65.

What's better?

Going out with friends every single week, having a good time, meeting girls, and maybe finding one that you want to settle down with? Or staying home throughout your 20's, and then smiling at 65 years old like a moron because you have $2.3M instead of $1.6M?

Edit: I just realized the article says you're working until you're 67. Lol. Enjoy that extra $700k for 11 years until you're expected to die.
 
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Guest921Y

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Eh. Of course we millennials know $1m today is not the same as it was worth even 10 or 20 years ago.
Clearly you’re not part of the millennial group we’re talking about. You’re here! You get it!
 

Zcott

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Clearly you’re not part of the millennial group we’re talking about. You’re here! You get it!
Millennials get a lot of bad rep. A lot of it is misinformed and unfair. Yet at the same time I know plenty of millennials who do stupid things and they ruin it for the rest of us. Not fun being stuck in the middle of it lol.
 

Cvince

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Millennials get a lot of bad rep. A lot of it is misinformed and unfair. Yet at the same time I know plenty of millennials who do stupid things and they ruin it for the rest of us. Not fun being stuck in the middle of it lol.
"You can't judge an apple tree based on a few bad apples." - Cvince
 

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the "temporarily embarrassed millionaires" propaganda is put upon us from a young age to encourage consumerism and discourage things like support for unions or higher wages.

I feel like if you looked up the % for older generations it would actually be higher, millennials are much more cynical and hopeless than previous generations.

Someone who was 15 for 9/11 following the script, would have graduated with a bachelors degree during the great recession for instance.
 

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