Looking at the distribution of wealth around the world by age, it is undoubtedly the largest generation of wealth in the history of the post-war baby boomers (born between 1945 and 1965). According to this logic, the millennials born between 1980 and 2000 should inherit the huge legacy of their fathers and become rich. But the economist’s predictions are cruel—99% of the wealth will be concentrated on 1%.
According to the BBC’s special report, Will Millennials become the richest generation? According to the article, the normality of young people born 80 years later fell into the financial crisis. The cost of obtaining higher education has increased. After graduation, the student loans have not yet been paid, but they have to face the rise in global living expenses. Low wages.
● Money in the pocket of the older generation
The people born between 1945 and 1965, the fathers of retirement (or near retirement), are the richest generation in history. This phenomenon will last until around 2030, that is, when the father’s character is buried in the earth. But the legacy that this generation can leave, but unexpectedly can not remedy the economic difficulties of their children.
I can’t wait for my father’s legacy, because Dad has finished his own legacy after he retires. This is the horrible situation after the 2008 financial crisis. After the retirement of the baby boomers, the expenses are getting bigger and bigger, and occasionally they have to subsidize their children. By the time they die, there is no way for the remaining inheritance to pay for the children’s first payment.
Lowell R. Ricketts, principal analyst at the Federal Reserve Bank of St. Louis, said that only a few baby boomers have a “significant legacy” to pass on to the next generation. He said, “The baby boomer generation may spend real estate and property after retirement.” So where did the wealth go?
Very simple, go to the pockets of other people’s fathers.
● 99% of wealth is concentrated on 1%
The legacy of the fathers is concentrated on one of the most profitable fathers. Waiting for this father to inherit the inheritance to his son, the number must be scary.
Moritz Schularick, a professor of economics at the University of Bonn in Germany, put forward this prediction. He said that the phenomenon of the baby boom generation continuing the inheritance only applies to those who have too much wealth and can never spend it. The world’s top 1% has 99%. The situation of wealth will occur in about 2050, when millennials begin to retire.
●You don’t need a jet machine
Are there any good suggestions for young people born after 1980?
First of all, you are poor, and most of them are not your fault.
Then learn your mom and dad and find a way to work for the rich. Money is a comparative result. Even if you only get the fractions of the rich people’s fingers, as long as they have more money than other “average people”, you should feel that life is very good.
In fact, you don’t need to have so many substances. For example, you really don’t need to envy others to show off his jets on the IG. If you want, rent one, and take a picture on the machine.