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> MORE THAN half of American millennials, the generation of people born between 1981 and 1996, believe that they will one day be millionaires; one in five think
by moosey 7y ago
> MORE THAN half of American millennials, the generation of people born between 1981 and 1996, believe that they will one day be millionaires; one in five think they will get there by the age of 40.
I'm 40, I have a good job, and I will one day be a millionaire.
I will never be rich, or the possibility is so impossibly low as to be laughable.
Both of these statements are true, and that is one of the fallacies that the paper is making. It is very likely that a huge number of millenials will be millionaires, given that our current economy is capable of running as-is for another 40-50 years, simply due to pressures from inflation.
I don't think that our economy will run as-is for the next 40-50 years, of course. We will do something about Climate Change, or it will do something about us.
- DeonPenny 7y agoDefinition of rich change base on relations. Growing up I thought 70k was rich. Like beyond so. I would question if they think they would be relatively rich.
- antisthenes 7y agoDepending on the years you grew up in, 70k was rich. Inflation and skyrocketing cost of housing and health care made sure that 70k isn't rich anymore, especially if that's a household income for a family.
- astrodust 7y agoThe sad truth here is that "millionaire" doesn't mean a damned thing these days. In many cities a crappy crack den looking house in a terrible neighborhood costs more than a million dollars.
- ivalm 7y agoNot really. Even in bay area there are plenty of places that are better than crack dens for 1mil. But yes, a few places in the world are very expensive.
- astrodust 7y agoBy a very broad definition of "bay" and "area", as in completely excluding the valley.
- ivalm 7y agoMedian home price in Daly city is $936k https://www.zillow.com/daly-city-ca/home-values/ https://www.zillow.com/daly-city-ca/home-values/ Median home price in San Jose is $1054k https://www.zillow.com/san-jose-ca/home-values/ https://www.zillow.com/san-jose-ca/home-values/ Median home price in San Bruno is $1089k https://www.zillow.com/san-bruno-ca/home-values/ https://www.zillow.com/san-bruno-ca/home-values/ Yes, Menlo Park/Palo Alto/Mountain View are expensive but they don't fully define Bay Area. The cities I showed and more are definitely within Bay Area. And their median house is not a "crack shack."
- astrodust 7y agoWhat I mean by "crack shack" is unremarkable home or one in a severe state of disrepair, where the land itself is worth a million dollars. Those aren't too hard to find when the median home is a million dollars.
- IshKebab 7y agoI'm guessing you are a programmer of some sort though, and therefore easily in the top 10% of incomes, so I don't think you can conclude that "it is very likely that a huge number of millenials will be millionaires" from your experience. (Assuming "huge" number means more than 1/5th, and we are talking 2019 dollars)