PHOENIX – Millennials born between 1981 and 1996, over half of them think that they will be millionaires one day according to a new study from TD Ameritrade.
It’s not because mill is in both millionaires and millennials but because of a way of thinking. Millennials are better educated & able to work longer in life.
Coincidentally, millennials have higher levels of debt because more jobs require higher levels of education and for most of them, they went through a job recession at the starts of their careers that didn’t necessarily help.
There are a few other things that make the millionaire thing less likely according to TD Ameritrade’s study:
- Millennials aren’t saving as early for retirement as they should
- Saving for other things like vacations
- 50% have credit card debt
- Not making as much money as they should be when they take jobs
- Not investing their money
“Millennials are less wealthy than most previous generations were at the same age, the report finds, which doesn’t bode well for their chances of becoming millionaires, especially since many of them are also skittish about investing.“
If that’s the case, then why do they think they can still make it rich?
Millennials live in a world of social media and waiting for that one big chance – that one tiny solid idea that could launch a movement, a start-up or turn them into influencers rather than work to get there.