The median net worth is still 3-5 times higher than Gen x and millennials.
This is meaningless. Read your Basic Economics.
My net worth is more than 10x what it was 10 years ago. Can you guess why? Yeah, it's because I'm older and have been working longer and am making more money because I have more experience. (Also, I don't waste it on stupid shit like lattes, DoorDash, credit card debt, or financing new cars)
Now apply to every age group in aggregate. Obviously older people would have greater accumulated aggregate wealth than younger people because they've had more time to accumulate it.
Everybody is getting screwed in slightly different ways.
If you apply it by age group in aggregate boomers are vastly wealthier than any other group in western history. Maybe you should learn basic economics, before boomers every other generation peaked in wealth during the age Gen X and older millennials are today then lost wealth because they retired. Modern asset “growth” is just fraud put in place by inflation.
It's not meaningless. It's not just that they have more NOW than younger generations. It's that they had more than the younger generations do when they were the same age.
My dad (not technically a boomer) bought a house after being in the workforce for less than 10yr for 25k while making $19 an hour with no degree or certifications. That's insane because most of us who have been in our careers with degrees aren't making 10x that but the average house price is 10x that. Even if you go for a cheap house, that's 100k. To keep the scale, you would have to be making $75 an hour.
My dad (not technically a boomer) bought a house after being in the workforce for less than 10yr for 25k while making $19 an hour with no degree or certifications
Even the wage listed sounds high compared to the modern day.
Boomers were wealthier by a significant margin at every milestone in their lives. Most boomers left high school and started a entry level job that made more money than what college educated gen z make now. If you are a boomer and broke now, it's entirely your fault for not saving and investing when the country was having exponential growth.
This is meaningless. Read your Basic Economics.
My net worth is more than 10x what it was 10 years ago. Can you guess why? Yeah, it's because I'm older and have been working longer and am making more money because I have more experience. (Also, I don't waste it on stupid shit like lattes, DoorDash, credit card debt, or financing new cars)
Now apply to every age group in aggregate. Obviously older people would have greater accumulated aggregate wealth than younger people because they've had more time to accumulate it.
Everybody is getting screwed in slightly different ways.
Oh shit, you're the meme lol
If you apply it by age group in aggregate boomers are vastly wealthier than any other group in western history. Maybe you should learn basic economics, before boomers every other generation peaked in wealth during the age Gen X and older millennials are today then lost wealth because they retired. Modern asset “growth” is just fraud put in place by inflation.
It's not meaningless. It's not just that they have more NOW than younger generations. It's that they had more than the younger generations do when they were the same age.
My dad (not technically a boomer) bought a house after being in the workforce for less than 10yr for 25k while making $19 an hour with no degree or certifications. That's insane because most of us who have been in our careers with degrees aren't making 10x that but the average house price is 10x that. Even if you go for a cheap house, that's 100k. To keep the scale, you would have to be making $75 an hour.
Even the wage listed sounds high compared to the modern day.
If minimum wage kept pace with real inflation since 1970, it would be over $155/hr right now.
Boomers were wealthier by a significant margin at every milestone in their lives. Most boomers left high school and started a entry level job that made more money than what college educated gen z make now. If you are a boomer and broke now, it's entirely your fault for not saving and investing when the country was having exponential growth.
It helps that the poor Boomers were drafted to go die in a Vietnamese jungle, raising the average wealth and lowering competition.
Go home, bot.