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How to make it, spend it, and invest it

25 Jul 2019

Mastering Money 7/25/19

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Post by MoneyRadio Staff

American millennials are approaching middle age in worse financial shape than every living generation ahead of them, lagging behind baby boomers and Generation X despite a decade of economic growth and falling unemployment. New data show that millennials may never catch up with the generations of Americans that preceded them. The Fed analyzed income, debt, asset, and consumption data and found that millennial households had an average NET WORTH nearly 40% less than Gen X households had in 2001, and about 20% less than baby boomer households had in 1989. At the same ages, Gen X men working full time earned 18% more than their millennial counterparts do now, and BABY BOOMER men earned 27% more when adjusting for inflation, age, and other variables. What does this mean to you as a retired investor? Stocks may not keep their values due to weakening demand and the Social Security system may deplete faster than we thought. Today, we’ll review the Wall Street Journal report on this alarming trend, and what you need to do now to avoid a coming crisis. Don’t miss today’s show…MASTERING MONEY is on the air!