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A study from the Federal Reserve found that Millennials own less than 5% of ALL US Wealth…DESPITE making up THE LARGEST Portion of the work force.
CNBC says that, because many millennials entered the workforce during the Great Recession, they started out with lower salaries than they would have made otherwise, and that’s a big reason for this pay drop.
And as it turns out, those early years of developing a career are instrumentally important for building up your income…it was found that, during the first 10 years of work, people experience 70% of their overall wage growth – and entering the workforce a time of recession, led to an average of a 9% loss of income right off the bat.
https://www.nber.org/digest/nov06/w12159.html
It’s also no surprise more people are entering the workforce – that means employers can be pickier about who they hire, and pay LESS because there are MORE people wanting the same job. This competition means employers don’t NEED to increase salaries, because they have no problem filling those positions with people willing to work.
And even though there CAN be benefits of getting a college degree…and it CAN be a pre-requisite for securing a job…it’s certainly becoming a lot more common, and therefore, less impactful towards getting a boost in salary. Studies have shown that the value of a college degree really seemed to have peaked in the late 1990’s…and since then, it’s been a slow decline given the skyrocketing cost of education.
Also, during a recession, employers are often quick to cut and decrease salaries…but during the GOOD TIMES, they’re much SLOWER to raise them back up. And again – the data backs this up, showing that we’re just NOW getting back to the point we were at…10 years ago.
https://fred.stlouisfed.org/graph/fredgraph.png?width=880&height=440&id=MEHOINUSA672N
That means that, today…we have to be more careful than ever to seriously evaluate the benefits of college, and whether or not it’s worth it for the career you want. Most likely, less expensive options, trade schools, or community college would be a better fit instead of pouring money into a 4-year private education…but as it stands right now, more money spent on schooling, combined with lower wages…equals less money can be put towards building wealth.
It’s also INCREDIBLY important to realize that, at the end of the day – all the income in the world won’t help if you don’t consistently SAVE AND INVEST, so that way, you can participate in the markets going up in value over time. As it is now, income and wealth seems to be self fulfilling…the people who make more money, invest more…and because they invest more…they make more money.
Likewise, the opposite happens when you don’t have money…you don’t make as much, you don’t invest, and because you don’t invest…you don’t make as much. It’s so important to break that cycle and start investing AS SOON AS POSSIBLE…even if it means cutting back on extravagances, switching jobs, working a side hustle, or doing ANYTHING YOU CAN just to get in the game…it’s so important just to start, and stay as consistent as you can.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
black or blue Sky-dweller?
Baby boombers like Mitch MCconell and Schumer and Pelosi are like Saturn eating their kids!
The reason whe dont own more than 5% paper assets is that we own 95% of all the pokemon cards investments
deserve or earn….big difference. Good luck with interest rates.
You should use SEO for your videos you could be getting even more views plus the content is always good
“Normal income resumed after 10 years” lmao… Hey we know you inherited a failed economy and are living hand to mouth due to poor opportunities and a failing economy… but dont worry! Just throw away your 20’s and forget all the formative events and progress you are supposed to be making during that time, and you’ll get to start from scratch in your early 30’s as if those WERE you 20’s! See?! No big deal!
I would like to take this opportunity to point out that for most of human history, humans DIED by 30.
last I checked Tiktok was making millienials and Zoomers money.
Have people forgot that the Federal reserve just printed out $900000000000 of ones and zeros? Do you think the USD would be worth anything with that much inflation?
This is all good and all but can you talk about the geopolitical economic problems this country has and why the working class are doing so bad and how capitalism has essentially not only ruined this country but the world
Interesting article. But, I have a problem with the posting of charts where their source is neither posted nor even cited. I’d also suggest slowing down. You sound like I accidentally hit the ‘Play at 1.5X speed’ button.
i learned from you more than any one here in my country. thanks man
Gen X here, we are the forgotten gen, we just chilling here while Millenials and boomers fight it out. LOL
When it come to inheritance Millennials will not get anything paid off. Everything will be heavily taxed.
Jeremy Carter I’ll share a secret only the rich & immigrants in development countries know about and do. 1. Understand Your dollar is worth more in other countries & it’s easier to buy property, start a business, get a gun and get laid. Also interests are way better, your degree will be recognized for many jobs and police service will treat you better. 2. Just get yourself a second citizenship. 3. Work your ass off for five years and head out to a Spanish speaking country. 4. Live free 😜
Own less than 5% of wealth but over 50% of credit card debit accrued for Instagram holidays and designer label posts 🤷🏻♂️
Let alone the pension and health crisis that’ll be upon us in 20 to 30 years time
I am 20 and own my own house.
Being a Millennial I don’t deserve anything apparently everyone who thinks they have intellect says it’s millennials fault they are poor because *reasons*.
It’s the contempt of the rich for not being able to squeeze more money out of -suckers- the poor.
Ye Gods that was full of cheesy commercials. Yecchh.
Wow! Message this spiritualist on Instagram @ ifa_babalekan he really helped me develop FINANCIALLY, EMOTIONALLY and spiritually, am now a boss and employer of many…recommending him to you all…♥️💯
You’ve never spoken to any, they are the most narcissistic, entitled I’ve ever seen. 😒
It’s not because of the great recession. That certainly didn’t help, but it’s mostly just an excuse. That same chart shows that Gen X was just about as screwed at the same age. Basically, the Boomers benefitted from a lot of opportunity (higher wages, cheap education, government investment in society) when they were young, but instead of paying it forward by investing in future generations, they closed every door behind them. This is simply the result of things like…
– “de-regulation” (aka: let corporations screw over citizens).
– tax breaks for “job creators” (aka: rich people and corporations)
– “anti-socialism” (aka: defunding any program/policy that doesn’t benefit rich people and corporations).
– Treating everything like it’s a business (aka: turning healthcare, education, and the military into for profit industries).
Basically, our society has been unbalanced by a generation that has been brainwashed by things like Reaganomics, capitalist propaganda (they grew up during the “Red Scare”), etc. and they have been voting for 40 years now to turn America into a corporatist oligarchy.
okay seriously half of this video is advertisement cancer.
Makes sense that degrees raises the price of school. If 40 of Millennials are going to school well of course the price is going up. Greed greed greed 👎
No guys youre not screwed. Just go to school to be an engineer not an artist.
Instant gratification is a huge issue, don’t finance anything other than an investment.
A lot of people were lied to about the value of any degree. If it doesn’t give you marketable skills don’t be surprised when you can’t get a high paying job with it.
When there is a large influx of workers into a market, wages will stay the same if not go down, the competition is on the wrong side of the equation. Maybe support policies that prioritize you over importing more workers.
I feel stuck in my career and my bachelors and military experience doesn’t seem to help me in my job hunt. I’m thinking I should ditch the corporate world and develop my soap making skills into a home craft business.
🙁
10 years ago most millennials were laughing at people like graham (not going to college)
Today, they’re watching Graham explain why their life sucks
Some of this is complete bs. Mils work ethic in my industry is total and complete garbage, and we pay $28 to start. Put down your phone, drop the ps4 and start actually caring about what you do. It got to a point where we would only hire 45 and over now. Shame really.
While the rest of the developed world from Europe to Asia is is making sure people can go to college without debt we have to deal with a large swath of idiot voters here in the U.S. that question “wHy ShOuLd i HaVe tO PaY fOR yOuR eDuCAtIoN!?”
People who vote CONservative dont factor in how much they are putting our own countries citizens behind the rest of the world.
They honestly cant imagine how burying our future workforce under mountains of debt in order to learn the skills they need to build this country up might hold us back in comparison to other countries that actually make it easy for their people to learn those skills!
How many millions and millions of engineering jobs do we have to lose to Europe and Asia before the absolute morons on this country recognize “Hey, maybe we shouldnt bury our friends and neighbors under mountains of debt for absolutley no reason!!!!”
If the Republicon party is most responsible for why we bury people in debt to go to college then nobody who supports them can look me in the eye and say they care about people who actually go to college.
“Study from the Federal Reserve..”
I stopped listening here.
Buy Bitcoin. It’s the only advantage we have on old people.
Ima job hopper
… boomer got more money than greater generation… maybe because 60,000,000-118,357,000 died in world war 2 but now it’s only because of cheating on us
They signed up for master’s degrees in gender studies and wonder why they can’t find a job lol
Millenials are screwed because 95% of millenials make poor financial decisions.
We all know it, but we just ignore it, and choose to blame other factors.
Would be interesting to see you talking about other fields, and things you find interesting and relevant to you. For example, you could talk about floating islands, and how it relates to the real estate business, and what the effects could be if cities started growing on top of water, too. Anchors and tethers could be used for keeping it flexible and almost-immobile, and we could even have fully-nomad cities, which follow sea currents or air currents to move. Not only that, but they could generate energy while both mobile and stationary and use that to move while mobile. For example, we could have a city which moves from Boston to New York to Miami to New Orleans and back. Same thing about San Francisco, Los Angeles and San Diego.
And all that could even be done without using an ounce of bought fuel, or by turning excess electricity into liquid reserves by turning water into hydrogen+oxygen which to be turned back into water to recover that power when needed. Not only that, but the oxygen can be be used to grow speciality products, like “cricket steak” (steak obtained by cutting an adult-cat-sized cricket into portions), since insects can grow a lot larger in a high-oxygen environment.
And, if you’re interested, I have a lot more ideas of strange things you might be interested into talking about. But youtube is kind of spam-y with comment replies, so I would prefer using a different platform (like Twitter or Discord), if we were to talk about those things. (Slim chance you’d be intrested, but it’s worth a try.) I have the same username on Twitter, btw.
Im 33 yrs old and I’ll be moving back in with my mom to save money.
Totally feel college is mostly a scam. I work in a professional mid-level career and half of my co-workers did not go to college, and even if they did they aren’t in a career they studied for!
Now with the pandemic, the economy sucks and life it’s even harder for millennials to build wealth. My sister just graduated college with a degree in Cybersecurity and was working at a job in her field. The company went bankrupt. Now they laid off all their employees and she was still an intern so she got no help from the company. To think that you can be in such a good place in your life and it be snatched away from you for things you can’t control, it’s crazy and disheartening.
Today you can enslave people under 18 with student loans and let them pay for the rest of their life.
And if the older folks die, money doesn’t flow down. It is bond to companies, stocks and realestae.
It realy is a monarchy with an artificial king that never dies, can’t be beaten and knows no border.
But 5% now is at least on par with 20% back in the baby boomer day
We are in trouble because the housing market is going so high that us millenials can barely afford to live on our own. Am I the only one? May I add I live in Idaho which used to be 400 to 600 dollars for rent now that people come in making costs up the Idaho’s minimum wage is barely enough for millennials to afford to save and also pay rent. People from richer areas are offering more money to the sellers and since they do that they expect higher rent from your millennials in that state making 7. 25 per hour paying 1000+ for rent per month
Millennials are choosing programs that won’t lead to successful careers that generate wealth…what’s that, there is always a need for a Communications degree! and yes, they are lazy and entitled.
Yes but…boomers starting their careers in the 70s to early 80s had cheap education, but runaway inflation and a horrible job market. The economy sucked, wages were low, and not keeping up with inflation. Every generation has headwinds to deal with.
What is said here hurts me too much emotionally. And yes, he is correct.
More proof that government schools do nothing to increase intelligence or wisdom. They are a poor ROI and you have to be a moron to stay in them for any amount of time longer than what is required
Thank you Jesus for your blessings I see those who do serve you prosper
Take a shot every time he says “algorithm”
“Job hoppers are more loyal?“ That sounds like people that are more likely to be alcoholics do not cause most of the alcohol related accidents!
Dear boomers, please put us in your will. Thanks.
Covid certainly didn’t help the situation.
34 yr old millennial here graduating college in 2008 at the start of the Great Recession. If I could do it over again: don’t waste your time in majors like philosophy, womens studies. Get a technical degree like nursing in college, invest aggressively in stocks from the start, so you have steady capital to do what you really want to do in the arts or whatever.
Well, Millenials are not exactly known for their deferral of gratification…🙄 might have something to do with it.
Inflation. You keep voting for people who want to increase government spending and no one wants to pay for it so they do the easy thing, they borrow and print money, which is taxing children and the unborn who will have to pay for it by accepting less money/value in the future for their labor. That is what is happening to you right now because of what the precious generations did. Most of this is just the market responding to this.
What about the outrageous rent costs? Why doesn’t that factor into this equation?
I wish the young people well cause they really need it. Stop wasting your time on spending your hard earned pennies trying to look cool. Work hard at your current level or you will never rise to a higher level. Things do get better over time. Yes I know the situation sucks, but it sucked for older people too even though the statistics don’t emphasize that. It just sucks even more nowadays.
I just got a new job that will allow me to go back to school and will compensate me. So I’m thinking of getting certifications with technical software or something in computers.
You won’t have anything on tell your 40.
There is also an issue of saving in America. This is for all wealth brackets and Americans on average only save 4-8% of their salary/wages each year. (7.9% on average in 2019)
I’m Gen Z and I’m chilling
“Fine another job” yeah, where? Our generation would be fucking lucky enough to find that first “Stable” job to begin with.
Avoid student loans at all cost!
I’m 14 and I’ve been doing landscaping and other side jobs for my neighbors and I was just wondering what would be a more stable job for someone my age
A 4-year college degree can still be done right and affordable. Another danger of degree inflation however is that students can be pressured to get a masters or a Ph.D. This could add to your debt, but usually if your smart enough to get into graduate school you can be supported by some assistantship or fellowship, especially in STEM fields. However if you get a crappy research advisor and/or project, then expect to be there for awhile unless your just that amazing. Now you’re loosing years in the workforce, even if your goal is to be a professor. Fellowships are need based now, so if you get a side job that will affect your FASFA and will reduce the amount of the fellowship.
So, if you’re going to do a masters or Ph.D. make sure you have a clear purpose and plan. Don’t let them talk you into doing extra publications and measurements because it will help with a job. That’s BS. Also, if an experiment/project has had several students change to a different project, then that is a VERY bad sign.
As a Millennial who has looked into changing careers, it is tough. The only job experience I have is in one industry, and if I were to start a new job in a different industry (if I would even be considered over another more qualified candidate) I would need to start at the bottom making less money at first because I do not have any experience in that field. I guess it wouldn’t matter if I had savings to rely on…
this is why Americans elected trump…my life has never been more better than now…wages are increasing…will see how Biden does
yeah biden pushed for higher wage and stimulus the GOP didn’t want it lmaoo
Americans should just come to Europe to get their degrees. Cheaper, high standards and takes 3 years instead of 4. Also in the UK masters programs take a year to complete
Winging and complaining gets you no where. Go get that bread, and hopefully student loan debt gets forgiven
i never hit the like button on videos. not because i dont like them, i just dont think about it. keep reminding us! i literally need a reminder in order to remember. thank you and you’re welcome!
Switch every 2-3 years you say? *laughs in European* If you have had 3-4 jobs in the past 5 years, some companies won’t hire you here as it shows that you will just leave for something better soon enough, so why bother? Which means you might have a hard time even finding a job if you start switching them to get something better
Graham complaining how millennials are screwed. When the things that screwed Millennials massively benefited him.
My late husband and I worked hard to earn our net worth. I was just thinking the other day about what friends of ours are going to do in the future. But then I remembered that most of them will get a healthy inheritance (I won’t. But I’ve earned enough not to need it). So, I guess one day Millenials will own some of the wealth Boomers currently have… not the best plan A lol.
You’re supposed to read MorningBrew while drinking your morning brew, not before. You fail, Graham.
Tis why cryptocurrency is our last hope to build wealth of our own…everything else has been swallowed up by the wealthy
The old point annually paste because target phenomenologically bury with a mean blowgun. roomy, amusing raven
This guy’s greed is out of control. Ad after ad, and in between – lengthy sponsor narrative with a just a touch of semi-useful recycled content, and oh yeah – don’t forget to smash the like button. Such disrespect of viewers and their time.
The value of education is inflating. Yet, all these crybabies want college to be free for everyone, which would further inflate the value of college education, making their current situation even worse.
Man your video sucks, all you’ve been doing is campainging your sponsors..no useful advice as expected. You are just regurgitating facts that have been around for a decade now.
Million user subscription channels are overrated
yes buddy thats how learning works. THis is like saying school is sucks because all the facts already have been around and already exist.
Easy answer. Bad choices. If you make bad choices in life, you get bad results!
low paid jobs, cost of living increases, inflation, bad healthcare affordability, outrageous spending, but sure its cause of us right? WRONG.. got your batch of dumb karens blaming starbucks and lesbian dance study and liberal arts like the popular conservative tagline as the culprit.. right those are why US healthcare sucks, education is expensive, cost of living is high, debt is up, savings are down, and why the US economy has to prop everything up with all the outrageous inflation…sure…w/e you say boomers
“Job markets reward talent” (which is understandable), but does not reward loyalty!” Why the heck? A loyal worker is like a family!
It’s because maybe just maybe the baby boomers are taking advantage of us, because aren’t they now the ones at the top of companies ? Idk idk a theory
*UNLIMITED LABOR ENTERING THE SOUTHERN BORDER REDUCES THE SALARY.*
Boomers screwed us and won’t even acknowledge that they did. I’m excited about mulching them and writing the history books about that dogshit generation.
Missed the collapsed RE market??? Last time that happened was 08. Should have again but thanks to Chinese corps it may never.
Stop selling to them and buy American when possible. If we all do our part it may just make a difference.
They are buying every fn piece of RE nationwide which jacks sales and rent prices out the roof.
City county state, gub, overseas contract, military….all very stable jobs that offer decent benefits. They pay for your education to move up to better jobs internally. If you have no education or do and cnat find a job take ANY job here…then move laterally. Once youre in the system youll never need a to look again. Unions are the best!
When by biz took a crap in 08 I couldnt find a job….in my 40s. GED no education job history…above choices saved my bacon .Forced into a medical reitrment due to health which sux…pays notihng but its a steady check Ill get for life. Not many opps like that now.
Retired at 53 its not so bad.
Honestly I’ve moved up from 15 to 20 an hour only by switching jobs
It’s almost like it doesn’t matter what the reason is that they’re not accruing wealth, it shows that they’re bunch of losers. You could look at a basketball team that came in first and one that came in last and look at the reasons why, it doesn’t change the fact that one team is much better than the other. Sadly, these are low quality people, which is the direct result of living in this pathetic WOKE culture.
I wonder if part of the reason is because millennials spend a lot of time coming up with reasons and explanations for why they’re broke. I’m sure lifestyle creep has nothing to do with it. I’m sure it has nothing do with some either go to college or don’t, then still have no drive to do anything with their lives. Then we try to disguise it as not wanting the hard life our parents had. Using all your PTO as soon as you get it and not wanting to get out of bed before 10AM has nothing to do with it either
Wish I could subscribe and hit the like button more than once.
Great info. Thanks, G.
Millennials are not “Financially Ruined” unless they and we all continue to accept the lie that we have a national debt which is to say that we do not actually have a national debt but rather we have a pretend national debt which means that the federal deficit is actually irrelevant which means that eventually, when we, as a nation chose to accept reality, we will eliminate all forms of federal taxation and we will then openly meet all federal expenditures with we the people’s electronically generated monies, not secretly in plain sight, which means that eventually there will be, and you might want to sit down for the ending – there will be no monies going into our United (Mafia, currently) States Treasury, only electronically generated monies going out.
Or a better idea would be stop making reasons as to why u cant make money get ur lazy ass up and go to work.. all the friends i have whom wich are not millenials thank god didnt go to college instead learned a trade and make really good money
How are job hoppers considered “more loyal”?
Also Boomers who have been making most of the political decisions, voted for and enacted policies that enriched their own generation while robbing future ones. I’m going to be paying off my parent’s social security and great benefits while never getting access to either.
Other answers: bragging in social media
Are you ready?
Ya’ you know this
You think you can tell us what to do?
You think you can tell us what to wear?
You think that you’re better?
Well you better get ready
And bow to the Masters
BREAK IT DOWN
Degenerate into something fool
We just got tired of doing what ya’ told us to do
That’s a brace, boy YEAH
That’s a brace, little man
BREAK IT DOWN
D-GENERATION X
D-GENERATION
You think you can tell me what to do?
Do you know who you’re talking to?
You better get used
To the way the ball bounces
I see what you got,
It measures in ounces
That’s a brace, boy, Yeah
That’s a brace, Little Man
C’mon
D-GENERATION X
D-GENERATION
You think you’re a big man?
I’ll treat you like a little man
(Ya’ you feel that)
Yo tell me what its like to be half a man
It must break your heart
To see what I am but
That’s a brace, boy
That’s a brace, little man
D-GENERATION X
D-GENERATION
C’mon, uh
D-GENERATION X
D-GENERATION
Do you hit me?
D-GENERATION X
D-GENERATION
-Rage Against The Machine
The system has shifted from labour rewarding into capital rewarding. The main expenses have increased considerably more than our paycheck. I mean I m gonna have to spend 50% of my income into my rent. The only way to become wealthy is throughout investments. Since I don’t own anything I d rather have the overall economy fail than to keep living as a slave of society and national debt!