In “almost every way measurable,” millennials are getting too old to build wealth, according to a new Bloomberg report.
The oldest millennials – now around 40 – are financially worse off than previous generations and they’re only 80% as wealthy as their parents were at the same age.
This demographic has been hit by two major recessions during what are traditionally peak saving and investing years.
“They were 27-years-old when Lehman Bros. went bankrupt, and the Great Recession dug in when they should have been establishing themselves in the workforce,” writes Bloomberg’s Olivia Rockeman and Catarina Saraiva.
William Gale, a senior fellow in the Economic Studies Program at the Brookings Institution adds: “The Great Recession knocked everyone for a loop. It caused unemployment. It caused slow wage growth. It made it harder to accumulate wealth.”
Then, at a time when people typically move into higher-paying managerial roles, the nation’s economy was shutdown due to the “pandemic.”
“In 2020, the U.S. economy contracted 3.5%; When the oldest Baby Boomers turned 40 in 1986, the U.S. economy expanded at a 3.5% rate.”
Now, Americans are concerned about the diminishing value of the U.S. dollar more than ever before.
Economist Peter Schiff of SchiffGold.com writes:
According to Google Trends, searches for the word “inflation” hit the highest level since 2004 between May 9 and May 15. That’s as far back as the data goes. Google charts trends numerically and during that time period interest in “inflation” went all the way up to 100.
“If you look all the way from 2004 until the end of 2020, pretty much all the searches were pretty consistent at about 50. And now, in the beginning of 2021, is where we shot up from 50 all the way up to 100. So, something changed in 2021 that resulted in all these people all over the United States deciding independently that they were going to search inflation.”
Despite all this, one financial planner believes that millenialls can still “catch up.”
“Bottom line: Are millennials behind? Yes. Can you catch up? Yes,” says Juan G. HernandezAriano of WealthCreate, a financial advising firm in Texas. “How? First and foremost, defining your goals.”
“Once you define your goals: build a budget, improve that budget, diversity not only from an investment perspective but an income perspective.”
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