How Does YOUR Net Worth Compare With The AVERAGE MILLENNIAL? | Summary and Q&A

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July 24, 2019
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Minority Mindset
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How Does YOUR Net Worth Compare With The AVERAGE MILLENNIAL?

TL;DR

Millennials have a significantly lower average net worth compared to previous generations, but there are strategies they can implement to improve their financial situation.

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Questions & Answers

Q: Why does the average net worth of millennials, despite having higher education levels, fall behind previous generations?

The average net worth of millennials is lower due to factors such as the increasing cost of education, stagnant wage growth, and the financial burden of maintaining a "fake rich" lifestyle.

Q: How can millennials improve their financial situation?

Millennials can improve their financial situation by starting to live below their means, creating a financial system where a percentage of their income is saved and invested, and exploring new opportunities like entrepreneurship or side hustles.

Q: Is it advisable to start a business or side hustle while working a full-time job?

Yes, it is recommended to start a business or side hustle while working a full-time job to minimize risks. Once the business or side hustle generates enough income, millennials can make the transition to self-employment.

Q: How can millennials learn about financial management and investment?

Millennials can dedicate an hour each day to learning and self-improvement. They can explore online courses, read books on finance and entrepreneurship, and seek advice from experts in the field.

Summary & Key Takeaways

  • Deloitte's study shows that the average net worth of millennials is less than $8,000, even though a majority have obtained a bachelor's degree or higher, while baby boomers had a higher average net worth in the 1990s with a lower percentage of bachelor's degree holders.

  • Millennials face financial challenges due to the high cost of education, stagnant wage growth, and lack of financial education.

  • Living below one's means, creating a financial system, and exploring new opportunities like entrepreneurship can help millennials improve their financial situation.

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