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The answer, it seems, is not so straightforward.
I love talking about millennials because I serve many of them in my business.
Plus, I am one myself!
Here are seven reasons no one can seem to agreeon whether millennials are rich or poor.
Your age can heavily impact your wealth, so it makes sense that millennials wealth varies.
Real Estate Timing
The timing of real estate purchases plays a big role in shaping millennial wealth.
Galici shared a personal example.
Many who purchased homes before recent market surges have seen significant appreciation in their property values.
This rapid appreciation creates a wealth divide even within the millennial generation.
Some were able to buy houses and watch them skyrocket in value, but many missed the boat.
Economic timing has played an important role in shaping the perspective on millennial finances too.
That stark difference means its harder for millennials to build wealth through real estate.
Millennials have more amenities than thebaby boomer generationsand the ones before it, Guberti explained.
Streaming services, the internet and online shopping are common perks that people didnt have in previous generations.
These are things that add up and make life more expensive for millennials than previous generations.
Diverse Career Paths
Millennials havemore varied careersthan any generation before them.
Theyve got corporate jobs, gig economy work and entrepreneurship jobs.
Changing Consumer Behaviors
Thespending habits of millennialsare changing in response to economic pressures.
And how different millennials choose to spend their money impacts their wealth.
Credit card debt hit an all-time high in the United States.
He added that inflation makes it easier for credit card debt to reach new high records.
The slow wage growth and high inflation make it harder for millennials to build wealth.
And because millennials are at various points in their careers, this can impact them and their wealth differently.
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