Experts Say Millennials Will Be The Richest Generation In History
Experts believe that the millennial generation is literally taking over the world, and they also think that they will be the richest people to ever retire. Looks like they were right because a new study was published courtesy of NerdWallet, wherein in they stated that millennial parents or people at the age of 18-34 today will be the richest. This is all compared to the Generation X or people between the ages of 35-54, who are only putting about 8 percent of their income to their retirement money, compared to the Millennials who are putting 10 percent. One of the explanations is that Millennials earn less than their parents so they tend to save more than they spend.
A survey was even conducted to prove it wherein they asked 2,000 Millennials and it turns out of that 76 percent of them would make financial sacrifices to be able to achieve their savings goals, and these sacrifices are like buying expensive cars, houses, dining out, traveling and more. These are all considered to be life-changing adjustments that Millennials make and NerdWallet even refers to this as the millennial financial mentality which would make their generation the richest. Then again, despite all these, Millennials seem to have a bad reputation for not managing their money the right way because of overspending or lavish lifestyle because of FOMO or the Fear Of Missing Out, and of course their student debt, and not being able to find well-paying and long-term jobs.
Why millennials will be richer than any other generation
The millennial stereotype may not be so good but they have the best financial mentality compared to other generations. In a recent study, they are dubbed to be the “perfectionist” generation, and some of the reasons actually involve their money managing habits such as having the fear that they are not saving enough, not being able to have a decent job, all the debts they need to pay off, and more. These may seem like what a normal person would stress over but Millennials seem to stress out ten times more over it, which then leads to them putting more effort in making sure that they don’t struggle. Even business magnate Warren Buffet believes that Millennials will live a better financial life compared to their parents. This is all according to his newest essay on Time entitled “The Optimists” which was guest-edited by his good friend and Microsoft founder Bill Gates. Gates even mentioned that despite all the devastating catastrophes, terrorist attacks and the wars going on, the world is getting better.
Then again, not everyone is feeling that way. Which is why most Millennials are complaining about them having a hard time buying their own homes because of the rising property prices that led to a major debate regarding the inequality in economy between all the generations. According to the chief global economist of UBS Wealth Management, Paul Donovan, Millennials definitely don’t need to worry about this since they will be the richest generation yet.
In an interview with Business Insider, he pointed out that Millennials does not know about this fact which is why they tend to complain about the high prices in properties that they couldn’t really seem to afford. He explained how the said generations have the smallest cohort which then means that the wealth will be distributed to a smaller group of people compared to other generations. Fewer people will be able to share the national wealth so if you are a millennial, then there is definitely a brighter future ahead of you.
Today’s richest millennials
According to the latest report from UNHW Millennials: A Growing Generation of Wealth, Millennials only contribute about 3.2 percent on the global wealth, then again, despite being few, their generation is the most highly influential when it comes to business development. They have the most strategic minds that they could come up with certain strategies that would boost their businesses in just a blink of an eye, which is one of the reasons why experts considers the millennial generation to be the richest in history when the time comes. The wealthiest Millennials made their way into the top because of their strategic minds that led them to where they are today, and they are definitely taking over the world, even bumping fists to the world’s richest such as Jeff Bezos, Bill Gates, and Warren Buffet.
The most popular of them all is the founder of the social media platform known as Facebook, Mark Zuckerberg. People think that once you’re done with college then you’ll have the chance to be successful, it is a fact that having a college education is important, but this is not exactly the gateway to success. Zuckerberg proved it since he built Facebook while in Harvard and dropped out to continue this dream and he is considered to be the most successful man in his generation.
Nothing is definitely impossible as long as your eyes are fixed on your goal and you have the perseverance to do it as long as it takes. Just like Zuckerberg, Snapchat founder Evan Spiegel left Stanford to continue focusing on Snapchat, and now he is one of the richest Millennials, in fact he became the youngest billionaire in 2015. The other people on the Millennials rich list inherited their wealth like the heir of the biggest grocery store in the United States, Walmart.
Financial Habits Of Millennial Billionaires
People often wonder how the richest Millennials exactly live their lives as billionaires. Experts says that they simply do two major things that help their financial habits.
Being rich means having a lot of money more than what you need, but this doesn’t necessarily mean that you have to show off by owning islands, luxury cars and mansions. This is one thing that makes them different, Facebook founder Mark Zuckerberg are often seen in public wearing a worn out shirt and pants, which is not exactly what a billionaire is expected to wear. Experts says that just because you have billions of dollars in the bank does not mean that you have to splurge every single time on everything. They know exactly how to budget, they know their priorities and they know what their needs and wants are.
Set Financial Goals
One of the things that billionaires have in common is that they continue to have financial goals. There will always be new ideas to grow your money, there will always be new challenges and by being wise, you would use these challenges for your gain to achieve a particular financial goal. Once you have reached a financial goal, it is time to set another one, because this doesn’t just grow your money, it also gives you a chance to continue learning.
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