A lot of generalizations and mixed ideas so I'll just speak about the article.  It says many expect to retire at 56 and think they'll be millionaires at some point...it also mentions (which was left out) that the increasing majority of them are saving for retirement.  Other studies say that millennials aren't having as many kids and/or are delaying when they have kids...which in itself could help the retirement and millionaire case, as I believe its estimated it takes around a quarter million to raise a kid to 18.

Not sure where ribbons and participation trophies come into place, but quite frankly I dont think either are that wild of an assumption, I mean my mom retired at 54 and dad at 59

It is funny to me that the idea of a million is some high point to strive for in retirement. A two comma 401k is not something that will last very long by the time i get to the age where i will retire. I understand the premise of the conversation here, but being someone who had do consider a lot of these things at a young age when i was making the decision to remain self employed rather than go for the job i interned for in college i had to take a few steps to plan these types of things. I have a indexed annuity, one IRA, and a 401k that a put a much higher % of my money into than most because i do not have luxury of working for someone who does 401k matching plans(self employed.). I also have 2 IUL life insurance policies that really can be consider savings plans if you consider the interest rates that i receive from them. These are all things that i learned about because my father was always self employed and while he did provide with the resources and people to talk to he is not the one building my retirement. IMO none of these things are difficult to learn about but none of them are taught to our youth while they are in school( at least not on the public level.).

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Becoming a millionaire isn't as hard as it sounds these days. A millionaire being, someone with a million dollars net worth (not a million dollar annual income.)

There a few rules that you must not break, but some refuse to follow anyway.

1. Save money. Have a budget that includes savings and stick to it.
2. Pay cash for everything besides a home loan. Never borrow money except for your home.
3. Don't buy a home unless you have 20% down.
4. Work both sides of the equation. Get another job if you need to raise your income.
5. Don't be stupid and ignore rules 1-4. People of all incomes have become millionaires following this plan. Close to 90% of today's millionaires did it themselves - they did NOT inherit it.

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Another reason for optimism with Millenials being in the million dollar club and retiring early... is the ease of making money online.

Pro gamers, youtubers, online sellers, etc... the internet has made kids millionaires overnight.

It's not a stretch to think that anyone could become the next thing.

I'm sure that's what folks like Hogg thought would happen. Why wouldn't he? It's a different world now and a lot of folks are getting famous, rich, or both extremely quickly.

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"You do your own thing in your own time. You should be proud."

As a millennial........what? Like who cares? When you were in your 20s did people talk about your generation as being good or bad? Nobody Talks about Gen X or Gen Y so why do people talk about millennials? Maybe its just the older generation likes to talk about pointless "ish" and watch fox news all day but do nothing to change the problems in the world?

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Becoming a millionaire isn't as hard as it sounds these days.  A millionaire being, someone with a million dollars net worth (not a million dollar annual income.)

There a few rules that you must not break, but some refuse to follow anyway.

1.  Save money.  Have a budget that includes savings and stick to it.
2.  Pay cash for everything besides a home loan.  Never borrow money except for your home.
3.  Don't buy a home unless you have 20% down.
4.  Work both sides of the equation.  Get another job if you need to raise your income.
5.  Don't be stupid and ignore rules 1-4.  People of all incomes have become millionaires following this plan.  Close to 90% of today's millionaires did it themselves - they did NOT inherit it.

I was reading a very interesting article the other day talking about how many of the younger generation millionaires no longer buy homes until well into their careers. Renting allows flexibility to move quickly to compensate your income or financial resources and doesn't come with the obligation to come out of pocket for essential maintenance(water heater, AC repair, Landscaping). It also allows the only complete form of protection against changing markets that can cost people tens of thousands. 

Another interesting but unrelated topic the article covered was the correlation between the income of the people to whom you surround yourself and you own income level. It was suggesting that if you analyze your 5 closest friends who see the most and there income levels and compare them to your own there at normally similar. It wasn't suggesting that if you surround yourself with millionaires you just become that. But more that if you surround yourself with successful people you are more inclined to pick up on habits that promote success.

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Think the main reason people are buying homes later is a mixture of insane house prices and student debt.

Indebting millenials is the real problem here and the boomers whinging on when pretty much everything has been easier for them (as adults) shows a lack of awareness of their good fortune.

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Think the main reason people are buying homes later is a mixture of insane house prices and student debt.

Indebting millenials is the real problem here and the boomers whinging on when pretty much everything has been easier for them (as adults) shows a lack of awareness of their good fortune.

Agreed. But i always have trouble wrapping my head around the fact you do not own a house while your mortgage payment exists. The bank will take that home back in a second if you miss your payments so essentially you just let the bank buy the home and rent to own from them for the next 15 to 30 years. I have yet to find a place i want to live for then next 15 years so i will continue to move around and accept the idea that until i find that place i will paying rent for a while lol.

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Every generation is convinced that the generation after it is the end of the world.

You guys get a generation of politically-engaged adults that disagree with you. I get kids eating laundry detergent for fun. Can I have your generational angst, please?

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As a millennial........what? Like who cares? When you were in your 20s did people talk about your generation as being good or bad? Nobody Talks about Gen X or Gen Y so why do people talk about millennials? Maybe its just the older generation likes to talk about pointless "ish" and watch fox news all day but do nothing to change the problems in the world?

They talked about us the same way when we were your age. You aren't special.

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“An empty vessel makes the loudest sound, so they that have the least wit are the greatest babblers.”. - Plato

A lot of generalizations and mixed ideas so I'll just speak about the article.  It says many expect to retire at 56 and think they'll be millionaires at some point...it also mentions (which was left out) that the increasing majority of them are saving for retirement.  Other studies say that millennials aren't having as many kids and/or are delaying when they have kids...which in itself could help the retirement and millionaire case, as I believe its estimated it takes around a quarter million to raise a kid to 18.

Not sure where ribbons and participation trophies come into place, but quite frankly I dont think either are that wild of an assumption, I mean my mom retired at 54 and dad at 59

It is funny to me that the idea of a million is some high point to strive for in retirement. A two comma 401k is not something that will last very long by the time i get to the age where i will retire. I understand the premise of the conversation here, but being someone who had do consider a lot of these things at a young age when i was making the decision to remain self employed rather than go for the job i interned for in college i had to take a few steps to plan these types of things. I have a indexed annuity, one IRA, and a 401k that a put a much higher % of my money into than most because i do not have luxury of working for someone who does 401k matching plans(self employed.). I also have 2 IUL life insurance policies that really can be consider savings plans if you consider the interest rates that i receive from them. These are all things that i learned about because my father was always self employed and while he did provide with the resources and people to talk to he is not the one building my retirement. IMO none of these things are difficult to learn about but none of them are taught to our youth while they are in school( at least not on the public level.).

You can match your own 401(k) as a self employed individual, depending on your structure.

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You guys are making a big deal about nothing.

Survey ask do you think you'll be a millionaire, of course people said heck yeah.

Survey says when will you retire, no one in their 20s can imagine working 40 years from now uhhhh 55?

Damn people some ish just ain't worth getting bent on. I got 4 kids never made 6 figures probably won't ever make 6 figures and an average amount of debt. I still tell myself I'll retire at 55 so I don't drive the damn truck off the road every morning.

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As a millennial........what? Like who cares? When you were in your 20s did people talk about your generation as being good or bad? Nobody Talks about Gen X or Gen Y so why do people talk about millennials? Maybe its just the older generation likes to talk about pointless "ish" and watch fox news all day but do nothing to change the problems in the world?

They talked about us the same way when we were your age. You aren't special.

Never said I am.....just interesting how your generation didn't learn from your elders on how pointless this topic is,yet millenials "dont respect elders" .

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They talked about us the same way when we were your age. You aren't special.

Never said I am.....just interesting how your generation didn't learn from your elders on how pointless this topic is,yet millenials "dont respect elders" .

I'm a millennial. I see how weak our generation is compared to my fathers. It's obvious. If anything, this new generation that thinks drinking is uncool and is all about personal achievement, is going to be a great one. Not ours.

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Never said I am.....just interesting how your generation didn't learn from your elders on how pointless this topic is,yet millenials "dont respect elders" .

I'm a millennial. I see how weak our generation is compared to my fathers. It's obvious. If anything, this new generation that thinks drinking is uncool and is all about personal achievement, is going to be a great one. Not ours.

Not sure where you got that information from but that's absolutely not true lol

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They talked about us the same way when we were your age. You aren't special.

Never said I am.....just interesting how your generation didn't learn from your elders on how pointless this topic is,yet millenials "dont respect elders" .

It's odd rather than interesting, because the OP is a self-admitted Millennial. So maybe your beef isn't with us Gen Xers.

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“An empty vessel makes the loudest sound, so they that have the least wit are the greatest babblers.”. - Plato

I'm a millennial. I see how weak our generation is compared to my fathers. It's obvious. If anything, this new generation that thinks drinking is uncool and is all about personal achievement, is going to be a great one. Not ours.

Not sure where you got that information from but that's absolutely not true lol

Teenagers today are much different than they used to be. It's statistical fact that they are drinking a lot less than all generations before them.

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Not sure where you got that information from but that's absolutely not true lol

Teenagers today are much different than they used to be. It's statistical fact that they are drinking a lot less than all generations before them

Teenagers are also doing less drugs.... so this is a bad thing?

I didn't really start drinking until I got to college but I never thought it was "uncool" in high school. I was just more focused on sports year round. Then college hit....

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It is funny to me that the idea of a million is some high point to strive for in retirement. A two comma 401k is not something that will last very long by the time i get to the age where i will retire. I understand the premise of the conversation here, but being someone who had do consider a lot of these things at a young age when i was making the decision to remain self employed rather than go for the job i interned for in college i had to take a few steps to plan these types of things. I have a indexed annuity, one IRA, and a 401k that a put a much higher % of my money into than most because i do not have luxury of working for someone who does 401k matching plans(self employed.). I also have 2 IUL life insurance policies that really can be consider savings plans if you consider the interest rates that i receive from them. These are all things that i learned about because my father was always self employed and while he did provide with the resources and people to talk to he is not the one building my retirement. IMO none of these things are difficult to learn about but none of them are taught to our youth while they are in school( at least not on the public level.).

You can match your own 401(k) as a self employed individual, depending on your structure.

The way my company is structured I am sole proprietorship. I pay bit more in taxes but can write off more. I essentially would just be matching money that I put in. I can already write off the amount so I would get a benefit. At least that is my understanding. Sole proprietorship vs s corporation

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Here's the thing... 
Once upon a time someone thought it was a good idea to tell your kid they could be whatever they wanted to be.
It was more important to focus on self-esteem and make sure everyone got a ribbon.

I remember it clearly because I was actually a child when it started. Technically speaking I am a millennial, though I don't ever relate, associate, or consider myself such.
A new study by TDAmeritrade (which... should have polled more than 1500 people, imo) states that millennials expect to retire by 56.
Currently the "government retirement" age is 62.5 (iirc)
lol

I don't remember the last time anyone could "retire" at 56.... Outside of going to work somewhere that has full on pensions and such.

Also, they think they'll all be millionaires at some point in life.

https://www.foxbusiness.com/features/mos...-at-age-56

Just wondering how they expect this to happen when they have mounting student debt, degrees that major in English Lit and Arts & Crafts, the age of collecting social security rises every year, the likelihood of becoming a millionaire is slim, and many of them are too busy whining, complaining, crying, and protesting instead of working hard, investing, and saving.


As always... I blame the parents really.
Somewhere in the 80's and 90's... Parents messed up big... 
And that idea/mind set they set us up with carried thru the 2000's...
And now... I fear it's too late to go back. Yet I still urge anyone who will listen... if you're a young adult... get your mind right. If you're a parent of a young child... teach them well.... be realistic.
They CAN'T be anything they want to be. But they CAN be whatever they work hard toward achieving that is within their intellectual and physical abilities.

And they should bank on not having Social Security to fall back on....
and they should really get used to the idea of working into their 60s

Same boat as you. I just turned 30 back in April. Everything I have in life I have learned from my parents. I've learned from their mistakes. And I've also taken to heart that if you want things in life you have to go out and get them. You have to roll up your sleeves and work. Belly aching gets you nothing. And sometimes you have to make your own luck or create something out of nothing. 

I think what has happened is the lack of discipline from the parents instilled onto their children. And the lack of communication being wilted down into next to nothing since most parents can now let the TV or YouTube or other social platforms become the parent or teacher while they just focus on themselves. 

When I have my own kid or kids I plan on being old school in a way. I am not afraid of putting my boot up someone's [BLEEP] if the situation calls for it and it's within reason. I am not going to just hand them a cellphone or a car. I want them to work for it. I want them to be socially responsible and financially responsible before Uncle Sam even recognizes when they're eighteen and they start taking taxes out. 

I was raised to be able to take care of myself early and often and to know right from wrong. My children will know and understand the same.

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"What do I know of cultured ways, the gilt, the craft and the lie? I, who was born in a naked land and bred in the open sky. The subtle tongue, the sophist guile, they fail when the broadswords sing; Rush in and die, dogs - I was a man before I was a king."

As someone who was born in the early 70's and raised in a two parent home by a stay-at-home mom who had a college degree and a stepfather who worked his butt off to provide....their lack of preparing me and my sister for the future (for religious reasons they now know were astoundingly misplaced) severely complicated our lives going into adulthood. We were not prepared at all. We were a somewhat isolated case but make no mistake, how you do or don't prepare your kids for a realistic future make a a HUGE impact on how successful they will be at just the basics of living life, not to mention all of it's curveballs.

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