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What are your thoughts on the growing generational wealth gap among US households?

Tuesday, Apr 30

What are your thoughts on the growing generational wealth gap among US households?

"It is tough. My daughter is rapidly approaching 26. She has her dream job as an elementary school librarian. Living with her parents, she walks to work every day. She is unable to afford renting a place within a 30 mile radius of the school. She makes less than $40k per year and is unable to secure funding to buy her own starter home. She may have to look for employment elsewhere in order to live on her own."

  • "As a 35 year old homeowner who stays at home to homeschool from my perspective it comes from my generation (millennials) in ability to save and live within their means. Our peers when my husband and I were living on a tight budget were traveling and going to concerts. We have hit adulthood with social media where the Joneses are in our pockets and saving doesn’t get likes. We also were told to live and experience the world which leads to traveling and large, expensive weddings, none of those things lead to the wealth seen in these graphs. Earlier generations were better about saving and investing versus ours which spent and went into huge amounts of debt (college, car, credit cards) that hamper ours ability to put money towards a house or investing."

"It’s incredibly frustrating. It’s especially frustrating when you remember the promises our parents made about hard work paying off when it simply doesn’t anymore. You can work multiple jobs, and still not be able to get ahead on bills, invest, or even build savings. Let’s also not forget the lack of financial literacy among younger generations including my own. Our parents or even grandparents may be well off but that knowledge isn’t always passed down. Now there are so many of us playing catch up as we try to figure out how to climb out of the pits of our financial situations and invest in better lives for ourselves."

  • "It's all numbers fudging....b/c the younger generations today and for the past 20+ years are inheriting more wealth than any generations before them. People are living longer, accumulating more wealth, then passing that wealth down to the next generation. We should be more concerned with inheritance taxation and general taxation that allows the Govt to wipe all those funds away in simple, quick strokes. Also those under 40 are living with Mom/Dad longer too....can't just evaluate one wing of 50 wings and draw conclusions."

"As the baby-boomer bubble bursts (due to age-related deaths), their wealth will pass on to their children and grandchildren. This, I predict, will lead to headlines like: "biggest wealth transfer over the last decade". Like many previous generations, the children may only get their share due to inheritance."

  • "American kids are not taught in school anything at all about living in our society, paying bills, buying needs like food and housing, and balancing those things with saving for future needs when you are no longer working and enjoying (hopefully) retirement or instead doing something you love you don't consider work but others would. A non political fact base reality course on this subject would be a kick start on these necessary things to know rather than being thrown carelessly into the school of 'hard knocks'."
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