Millennials Are Now Poorer Than Their Parents and Its Boomers Faults

Net worth has consistently fallen generation by generation, and who’s to blame – the millennials? No, the Boomers, of course.

It’s become something of a running meme to blame everything on Boomers, but the data supports that their kids are set to have it substantially worse financially than they did.

• Gen X families between the ages of 25 and 36 had a median net worth of $32,000.
• Millennial families in this same age range have a median net worth of $23,000.

So, what went wrong here?

It’s Debt, Specifically Student Debt.

Boomers, on the other hand, could go to college for free or very cheaply because their parents paid for it or they could work through it. In the 1970s, you could work through school with a part-time job. The cost of living has increased, but wages have not kept up.

“Gen X and Millennial families are faced with the growing challenge of balancing debt and expenses while also needing to save for retirement,” said employment researcher Craig Copeland in an interview with Forbes. “These generations may need to take significant actions, including working longer, saving more, and paying down debt, just to gain parity with previous generations.”

It’s also no secret that Baby Boomers grew up just outside the largest period of American prosperity since WWI. The postwar period between 1946 and 1964 is often referred to as the Golden Age of Capitalism. It was when America’s economy was booming, rock and roll was king, and the middle class was expanding.

And yet, despite all of that, Boomers still feel like they have something to complain about. It’s kind of impressive, honestly.

Boomers Will Allow Us The Greatest Wealth Transfer in Human History

When Boomers pass away, all of their money, assets, and property will be transferred in the greatest wealth transfer in history. It’s estimated that over $30 trillion will be transferred from Boomers to Gen Xers and Millennials in the next 30 years.

It sounds like Christmas time in the summer, which is full of rainbows and kittens. But it’s not.

Wealth transfers are not point-A to point-B deals. The devil is in the details. When it comes to this wealth transfer, the majority of it will involve handing down small businesses, family heirlooms, and personal property.

The problem with transferring over a business is that the children often don’t want it, don’t know how to run it, or can’t afford to keep it. Small businesses are also notoriously difficult to sell.

The big unlock will be Bitcoin.

The data is clear—crypto is pulling in the next generation, powered by tech-savvy minds ready to break from traditional investments. Younger investors are opening the door for Bitcoin to play a pivotal role in the massive wealth transfer as money flows from aging hands to those more at ease with digital currency.

While Boomers hold off from investing in Bitcoin, as they pass on a lot, of their wealth, they will use it for BTC. Morbid? Yes. Bullish? Also, yes.

Hard Times Create Strong Men…

Hey! What about women? Just replace it with Homo Sapiens or Xe, Xers. The point is Boomers enjoyed the good times built off the backs of their fathers and grandfathers. They did not have to go through the Great Depression or WWII (albeit they did have Vietnam). They came up during a time when America was the world’s leading superpower, and they were also the most educated generation up to that point.

Now, it’s time for Millennials, Gen Z, and Alpha to deal with the hard times and pay for their mistakes (e.g., burdening kids with college debt, kids addicted to opioids, political chaos, and cultural apathy).

It’s modern natural selection in many ways.

Within four years, the first boomers will hit 80, so for the next 18 years, we’re about to see a radical shift. The party is over, the lights are on, and we can see the mess they made. It’s time to clean up and move forward.

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