More than half of Millennials expect to be millionaires someday. By Valerie Bauman.
Despite having crushing student loans (20 percent never expect to pay them off), credit card and other debt, people born between 1982 and 2000 share a confidence when it comes to their financial outlook.
‘Young people are optimistic about the future,’ said JJ Kinahan, chief strategist for TD Ameritrade, in a statement on the company’s new report. ‘On average, survey respondents expect to land a job in their chosen field and be completely financially independent by age 25.’ …
They’re planning to build different family lives too: One in four said they don’t expect to get married and 30 percent said they aren’t planning on having children. …
On average, they expect to retire at age 56, despite saying they don’t expect to start saving for retirement until age 36.
And they’re correct, they will be millionaires. The world’s economies are stagnating as they choke on record levels of debt, incurred during the money-manufacturing binge since 1982. The asset-owning class gets ever wealthier at the expense of everyone else. The least painful solution is a large inflation, engineered by the central banks. The next recession will probably kick it off, because central banks cannot lower interest rates further and will need to do more printing instead.
For most people to be millionaires at today’s values is like nearly everyone being above average — it’s just not possible. If everyone was a millionaire, who would do the actual work, especially the less pleasant jobs?