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☆ Meet the millennials who suddenly doubled their wealth in the last 4 years after an adulthood plagued by bad economic luck
▼ + stars: | 2024-05-11 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +11 min

"So looking at even a $150,000 price tag for a house, you're just like, when is that ever going to happen?" In the fourth quarter of 2019, millennials held $3.5 trillion in real estate wealth; as of the fourth quarter of 2023, that's more than doubled. Average millennial wealth doubled between 2019 and 2023, according to an analysis from the Center for American Progress. For example, Gen Xers' real wealth grew by only 4% in the four years following 2007's Great Recession. Baby boomers' real wealth grew by 46% in the four years after the 1990 recession.

Persons: —, James Barnes, Barnes, you'd, millennials, Khary, Gen Xers, boomers, Joe Biden, Biden, didn't, Amanda, Rob Gruijters, They're, there's, Caitlin de Oliveira, she's Organizations: Service, Navy, BI, Center for American Progress, University of Cambridge, Research Locations: Lawrenceville , Georgia, Atlanta, Alabama, —, Texas

☆ Millennial wealth is booming. It turns out avocado toast didn't tank them after all.
▼ + stars: | 2024-04-24 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

That rate of rapid wealth growth has never happened before in the data series' history, per the analysis, and it comes after wealth growth remained relatively stagnant for young Americans pre-pandemic. This data, as the authors of the CAP analysis note, suggests that wealth gains weren't just reserved for the top-earning millennials since both median and average wealth grew. "This suggests that the strong wealth growth for younger Americans is broad-based and not the result of strong growth of a handful of wealthy younger households," the authors write. As that report notes, financial assets were a major component of younger Americans' wealth growing. "We need to keep this robust labor market going and Congress needs to set its sights on younger Americans' greatest affordability challenge: housing," Duke said.

Persons: —, Gen X, Brendan Duke, Christian Weller, X, millennials, Duke, BI's Noah Sheidlower Organizations: Service, Center for American Progress, Federal, Business, Boomers, Federal Reserve's Survey, Consumer Finances, millennials, Liberty Street, Federal Reserve Bank of New Locations: millennials, Federal Reserve Bank of New York

☆ What broke the American Dream for Millennials
▼ + stars: | 2024-01-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +11 min

For their nine-month-old son, Miles, Rachael and Garrett agree: They’re not going to push him to pursue the same path. “This is the American Dream,” Rachael says. The nest egg mythA common refrain Millennials heard from their Boomer parents is that buying is always better than renting. Luke Sharrett/Bloomberg/Getty ImagesCentral to the pitch of the American Dream is a house. “I don’t think anyone could have foreseen house prices going up 20% or 30% in a three-year period,” Garrett says.

Persons: Pennsylvania CNN — Rachael Gambino, Garrett Mazzeo, —, Miles, Rachael, Garrett, They’re, ’ ”, ” Rachael, Kristen Gambino, Rachael Gambino, Deborah Brunswick, John General, America it’s, Brendan Duke, Baby, Millennials, gumming, Obama, ”, Louis, Boomer, Luke Sharrett, they’d, ” Garrett, they’re, homeownership, We’re, “ we’re, That’s, Duke, ” Duke, “, Camerota, Matthew Friedman Organizations: Pennsylvania CNN, “, CNN, Center for American Progress, of Education, America, Federal Reserve Bank of St, Bloomberg, Getty, Federal Reserve Bank of Philadelphia, Workers, Center, American Progress ’ Locations: Lansdale, Pennsylvania, America, United States, Attom, financials

☆ Fiscal excess, the power of Main Street, and US 'debasement': Here are the themes BofA says will dominate markets for the rest of this decade
▼ + stars: | 2023-10-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Central banks around the world are raising interest rates up from 5,000-year lows, and that's ushering in the end of abnormally high returns for stocks and bonds. In the prior decade, deflation assets like bonds and tech gained about 10%, while inflation assets such as cash, commodities, and value gained 6%. Central bank policyThe backdrop to all this has been the actions taken by global central banks, led by the US Federal Reserve. But as with other dominant themes of the 2010s, the monetary excess of central bankers is set to be replaced. The combination of central banks' monetary excess and governments' fiscal excess of the last three years has pushed nominal US GDP 40% higher since its pandemic low in the fourth quarter of 2020.

Persons: —, BofA, It's Organizations: Bank of America, Service, European Union, St, Bank of America US, US Federal Reserve Locations: Ukraine, Central

☆ Millennials aren't as rich as they were a year ago. Here's why.
▼ + stars: | 2023-06-28 | by ( Jacob Zinkula | Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

The average millennial's net worth grew from $64,000 to $111,000 between the first quarter of 2020 and 2022. But just two years later, as of the first quarter of 2022, the average millennials' net worth surged to $111,000. As of the fourth quarter of last year — the most recent measure – millennials' average net worth had fallen to roughly $106,000. And what are the key factors that could impact millennials' wealth trajectory in the years to come? According to Ricketts, millennials' net worth has "plateaued" — rather than notably declined — over the past year.

Persons: —, Millennials, Matt Schulz, Schulz, Lowell Ricketts, Louis Fed, Ricketts, millennials, Gen Organizations: Service, Federal Reserve, St, Fed Locations: millennials

As excited as you may be to share the big news with everyone, it's the last thing you should do. "Once you're announced as the winner, the sharks will start circling," Kristen Euretig, a financial planner who founded Brooklyn Plans, previously told Insider. With only a few states allowing anonymity to lottery winners, it can be difficult to keep the news private. But you can do a few things to stay under the radar, like deleting your social media accounts, leaving town for a few days, and setting up an LLC or trust so people can't track you. You can also refrain from announcing the big win publicly on social media, in a TV appearance, or in person.

Nearly half of indebted graduates think their college degree didn't earn them a higher salary, according to a survey from Insider and Morning Consult. The average student-loan debt is nearly $30,000 per borrower in the graduating class of 2018. Of these respondents, 17% have undergrad student-loan debt and 7.5% have graduate student-loan debt. For those with undergrad student-loan debt, this might be influenced by how stressed they are about their debt. That's still more than what the average millennial earns — $35,455, just slightly more than the average student-loan debt.

The survey found that 49% of millennials have had to delay medical or dental care as a result of their finances. That hasn't kept up with climbing health care costs. National health care costs per person have increased by $9,000 since 1970, according to the SuperMoney report. Being able to afford healthcare is more important than ever for millennials who need to find help for their mental health. Rising healthcare costs could be at play here.

☆ Millennials might lag behind their parents when it comes to money, but there's something they do better: talk about it
▼ + stars: | 2019-10-31 | by ( Hillary Hoffower | Economics Correspondent | Millennial Wealth | ) www.businessinsider.com time to read: +4 min

Millennials are more open to talking about money than their parents, according to a new survey by Insider and Morning Consult for "The State of Our Money." More than 80% of married millennial and baby boomer respondents said they share financial info with their spouse, but the similarities stop there. Millennials are much more open about money than their parents are. Thirty percent of millennials share financial info with their friends, compared to just 9% of boomers; 25% of millennials share financial info with their siblings, but 12% of boomers do the same; and 12% of millennials talk to their colleagues about money, whereas only 2% of boomers do. Copeland aims to make students more comfortable and knowledgeable when talking about money and encourages them to talk to mentors and parents about it.

Forty-five percent of millennials think they earn less than their peers, according to a new survey by Insider and Morning Consult. Only 34% of millennials think they earn more, and 21% said they didn't know. The picture is brighter debt-wise — 48% percent of millennials think they have less debt than their peers, while 35% think they have more. Millennials think they have less debt than their peersHowever, millennials are slightly more positive about their debt situation in comparison to their friends — 48% think they have less debt than their peers, while 35% think they have more. But of those who do have a mortgage, half owe more than $100,000, while the other half owe less.

The survey asked all respondents how they think their finances compare to others their age — and 37% of millennials think they're doing worse than their peers. Of these respondents, 10% think they're much worse off, while 27% think they're somewhat worse off. More millennials are positive when it comes to the peer comparison — 46% think they're much better or somewhat better off than their peers (the remaining 17% said they didn't know). If millennials are overall thinking they're doing better than their peers, the situation on the ground may be better than we believe. But these results are on par with what overall respondents in the survey said — 38% think they're much or somewhat worse off than their peers, while 43% think they're somewhat or much better off.

Of those respondents, 28% said they've paid off debt with financial help from friends and family. They were more likely than other generations in general to say they've received help from family in paying off debt. As of 2019, student-loan debt is at an all-time high with a national total of $1.5 trillion. According to Student Loan Hero, the average student-loan debt per graduating student in 2018 who took out loans was a whopping $29,800. Paying off student-loan debt is the most significant life milestone millennials think they can achieve, according to a survey by personal finance company SoFi.

That might be because most millennials with credit-card debt don't owe a lot. About 70% of those who have little stress about their credit-card debt owe less than $5,000. But 20% owe $5,000 to $10,000, almost 5% owe between $10,000 and $20,000, and 3% owe $30,000 to $40,000. It's a somewhat similar picture for those who aren't stressed at all about their credit-card debt — 83% owe less than $5,000. Perhaps these unworried millennials are just confident they'll pay their debt off — 64% of millennials who have credit-card debt have paid it all off at one point or another before.

Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. If you don't follow through with a payment plan and aren't fortunate to receive a financial windfall, financial help, or have your loans forgiven, you may end up joining the 11% of respondents who declared bankruptcy. Chapter 7 bankruptcy — liquidation bankruptcy for people with limited incomes, that aims to discharge all debt — involves more risk, attorney William Waldner of Midtown Bankruptcy previously told Business Insider. So bankruptcy may not wipe out the debt the way you think it will.

Of those with credit card debt, more than half owe less than $5,000 and nearly a quarter owe $5,000 to $10,000. In fact, nearly as many millennials have a mortgage as ones that have undergrad student loan debt (28.4%). Slightly more than half owe between $5,000 and $30,000 on their undergrad student loans. That's not to mention postgrad student debt, which 11% of millennial respondents have. That more millennials have car loan debt could be because Gen X and baby boomers have paid off their car loans by now.

☆ More than half of millennials have credit-card debt, and it reflects a financial reality other generations didn't face
▼ + stars: | 2019-10-16 | by ( Hillary Hoffower | Economics Correspondent | Millennial Wealth | ) www.businessinsider.com time to read: +3 min

More than half (51.5%) of those in a new survey from Insider and Morning Consult said they had credit-card debt. The survey polled 2,096 Americans about their financial health, debt, and earnings for a new series, "The State of Our Money." Of those who were in credit-card debt, slightly more than half (54%) said they owed less than $5,000, and 24% said they owed $5,000 to $10,000. The remaining one-fourth said they owed significantly more — 9% owe $10,000 to $20,000, 4.5% owe $20,000 to $30,000, and 4.5% owe more than $30,000. About 67% of the millennial respondents with credit-card debt said they had a lot or some stress about it — even those with smaller sums of debt.

☆ There's a simple rule to determine whether investing while paying off student loan debt is a smart move, according to the experts
▼ + stars: | 2019-04-21 | by ( Hillary Hoffower | Economics Correspondent | Millennial Wealth | ) www.businessinsider.com time to read: +3 min

download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyStudent loan debt is at an all-time high — the national total student debt is over $1.5 trillion and the average student loan debt per graduating student in 2018 who took out loans is $29,800, according to Student Loan Hero. So should millennials still invest while they have student loan debt — or should they pay it off first? Based on that, any student loan debt with interest higher than 7% should be paid off first, she said. Consider the economic climate and company-match programsWhether you invest while paying off student loan debt also depends on the climate in which you're investing, according to Virta. A company match means your company will match whatever contribution you put towards your 401(k) up to a certain amount.

Twenty-eight percent of millennials think they're worse off financially than they thought they'd be a decade ago, according to an INSIDER and Morning Consult survey. Twenty-eight percent of millennials think they're worse off financially than they thought they'd be a decade ago, according to an INSIDER and Morning Consult survey. Of those who answered the question, more than half who think they're worse off financially consider themselves poor, while 34% of respondents consider themselves working class — only 14% of the people who answered think they're middle class. The burden of student-loan debt, which totaled nearly $1.5 trillion in 2018, according to Student Loan Hero, doesn't make saving any easier. Of the millennials who think they're worse off financially, 33% are still paying off student loans; 23% previously paid them off.

Persons: they'd, —, Read, Jason Dorsey, Millennials, Louis, Dorsey, doesn't, There's, hasn't Organizations: Service, Federal Reserve Bank of St, Loan, millennials, Student Loan

Bankrate.com recently released a report detailing the best places to save for a six-month emergency fund in 50 US metro areas. San Jose, California, was the hardest place to save money for emergencies, while Kansas City, Missouri, was the easiest. AdvertisementAdvertisementA new report by Bankrate.com outlines the best places to save money for a six-month emergency fund across 50 US metro areas. Even in the easiest metro area to save money — Kansas City, Missouri — the typical family can save as much as 63% of their emergency-fund goal in just one year. We narrowed down the list to the 25 best places in the US to live to save money, ranked from the hardest to easiest.

Persons: Bankrate.com, That's, deducting Organizations: Kansas Locations: San Jose , California, Kansas City , Missouri, Memphis , Tennessee

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