The oldest millennials are approaching a new money milestone: their high-earning years.
After two recessions and a world-changing pandemic, the arrival of the high-earning years for millennials born in the 1980s are around the corner. Yet data suggest this phase of lifeand other financial obligations already pressing on their budgets, some millennials entering their high-earning years have delayed homeownership and family formation, said Lowell R. Ricketts, a data scientist for the Institute for Economic Equity at the Federal Reserve Bank of St. Louis.
“In perspective, you can kind of understand how the millennial generation is a microcosm of the K-shaped recovery that we’re seeing and also just the divergence in wealth overall,” Mr. Ricketts said. “I think you have to factor in the labor market changes over time as well, but there’s a kind of more of a sense of insecurity, even though you might be now earning a high salary or wage, that might not be guaranteed tomorrow.
Workers hit their peak median weekly earnings between the ages of 35 and 54, according to the Bureau of Labor Statistics. After that period, individual earnings typically decrease or plateau, but workers experience the greatest gain in earnings when they jump from the 25-to-34 to the 35-to-44 age bracket.
Source: Loan Digest (loandigest.net)
Ya
USA is not on level of Roman empire maybe just technical advanced very no in other sectors
🤣🤣🤡
the same is true about the generation that preceded them; nothing new here.
Almost every issue that lefties have was created by unintended consequences of leftie policies.
...as intended.
Student loan interest is delaying some of these (homeownership, having children) for years if not indefinitely
The ones that haven't got into crypto
Seems most never learned how to budget, save or invest. Bizarre given that all the advice you need is a single Google search away.
thanks
There is something abjectly condescending about the tag ‘millennial’. Just absolutely abhor this term. Stop using it already.
control spending
They are awful spenders and don't understand how to grow money.
Sucks to be them
And the readers of WSJ like it that way. GREED has destroyed this country.
Disagree. We're well prepared as we knew we wouldn't have social security to rely on.
Just have a look at this, end of the story 😅
True, after years of struggling and irregular income I’m finally reaching consistent higher earnings at 38. And still cant get approved for a mortgage loan matching the median home value for where I live. I prob make 5x what my parents did when they purchase their 1st home.
Yes it's true.. no security...
Gotta be on some shady shit to make a real buck if you started from nothing
IMPORTANT The truth. what will happen next months?
many millennials are working as baristas and Uber drivers. there is no future and no Hope.
Wait, what are you saying?
That’s cuz y’all be jacking the price of everything to Jupiter.
Such BS, what about all the money they will be inheriting from their baby boomer grand parents?
This article is only talking about elites
Funny how the boomers had it way better economicaly at this point and yet their greed still rages on and they still hoard the jobs, the Money, the real estate. And then tell us to do more while making less -- way less. It's just not a reasonable system at all anymore.
FourthTurning
Maybe have fewer children, or even none? They are expensive and bad for the environment. You are more than your reproductive organs.
Inflation is out of control. Serfdom for most until at least 10M. But even at 10M you can't buy stuff you need to use that to prevent serfdom. Around 25-50M you can start buying real estate finally
“Daycare is like a mortgage payment,” My nursery fee, for full time care, is nearly DOUBLE my mortgage. It's not like!
These articles and comments are laughable. Plenty of opportunity in the US. Turns out, life is extremely competitive and you need to study relevant fields where you can earn good income and live below your means to save/invest. Shocking development!
I call daycare my Porsche money - sooner have the kids but sheesh it's expensive!!
Thanks to your government printing monopoly money the money you make now is garbage to buy real assets
Other generations worked harder.
after the 2008 financial crisis, it sort of feels like capitalism has become a shell game. I'm sure it was before that, but that made it a bit more obvious.
It’s really not that much higher when everything else costs so much more to buy.
Daycare was more than my mortgage.
if capitalism wants me dead so bad I wish it would just hurry up
High income ➡️high taxes ➡️ inflation ➡️ Big sending ➡️ probably lost money in the stock market)) ➡️ = small savings
The biggest problem I see is that the millennials all want what there parents have after working and saving for years. Several vacations a year,the newest biggest cars that they can finance for 7 years,latest tech gadgets and huge first homes.
Our high earning years sure look like our grandparents just out of highschool years. Weird, it's like someone sabotaged the economy before we got here.
Said no millennial.
Well that’s what happens when you want to “not do the traditional work” learn a trade, make an Instagram living, grow up part of the trophy generation, and constantly burn people for what you think is a better opportunity. And finally think you know it all. General statement.
No one forced people to take out massive loans. Stay in state. Start at community college.
Daycare is literally same as my rent. Can’t even buy a house because the housing market is so screwed up. 😩😭
BULLSHIT! IM 54 MY GENERATION GRADUATED AND MADE WHAT OUR DADS DID 30 YEARS EARLIER MILLENNIALS ARE NOT THE 1ST GENERATION TO SEE THIS!
Housing and child care have runaway from wage growth over the last 40 years. Boomers who had it so much easier still can’t afford to retire. It should help you understand how screwed we are.
The oligarchs are hoarding all the money. Everyone born after 1977 is screwed because of their incurable greed and selfishness. There, I fixed your headline for you.
If you can’t afford to have kids, DONT!
This happened to Gen X too. Daycare was a mortgage.
That's because day care cost are as high as a mortgage payment. There's no way I would have kids today!
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