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> If you look back at boomers and genx, they had 4 and 2 times as much wealth as millennials do when they were the same age. Any links to show this? It feels
by jjav 5y ago
> If you look back at boomers and genx, they had 4 and 2 times as much wealth as millennials do when they were the same age.
Any links to show this?
It feels like now is the golden age to enter employment, at least in technical fields. Starting salaries and total comp are through the roof, so anyone having graduated recently can jump start their earnings in their 20s at a very high level.
Adjusted for inflation, I've hired new graduates at salaries 3x what my starting salary was (again, adjusted for inflation). Back a few decades ago tech was just another professional job, salaries were ok but nothing like the incredible numbers of today.
- HWR_14 5y agoYou're confusing income and wealth. And also the people earning the most money in a generation with the average. https://www.cnbc.com/amp/2020/10/09/millennials-own-less-than-5percent-of-all-us-wealth.html https://www.cnbc.com/amp/2020/10/09/millennials-own-less-tha...
- jjav 5y ago> You're confusing income and wealth. No, no confusion. You need income to start building wealth (unless you just inherit it). More specifically, you need enough income over and above the necessities of life, so you can start saving and investing all the extra, in order to build wealth. Time is your friend in investing, so the earlier you can get started the more wealth will grow. If one can start with an extremely high salary out of school in your early 20s, that gives the opportunity to save a lot and invest it early in life, apply some F.I.R.E. and suddenly the idea of being able to retire before 40 is realistic.