To be considered wealthy in America means having a large number of assets – home, car, and money in the bank.
We’re told is that all you have to do to obtain wealth is to work hard and you’ll reap the benefits – but we know that this is not the case. Numerous obstacles come into play that prevent us from acquiring savings and it is not about being lazy or having a terrible work ethic.
In order to establish a career, usually one must obtain a college degree. In 2016, all 17 state colleges in Connecticut saw tuition increases of 5 percent. With college tuitions increasing yearly, and average incomes remaining the same, more people can’t afford an education. Moreover, undergraduate degrees do not hold the same weight as they once did, which means you must attend graduate school in order to one day climb the corporate ladder.
Let’s say you’ve successfully obtained your Bachelor’s degree and your Masters. It is unlikely you did so without accruing suffocating amounts of debt. These debts subtract from your assets, thus minimizing your wealth. See how that works?
Today, most millennials aren’t interested in purchasing a home, nor do they think of it as a possibility. According to Pew Research Center , 32 percent of millennials are living with their parents. This is a 12 percent increase since 1960, when 62 percent of people ages 18-34 were living alone, cohabitating, or had some other living arrangement outside of living with their parents.
CNBC reporter Uptin Saiidi indicates that millennials are much more interested in experiences, rather than acquiring wealth, which I’d say is true. With social media platforms playing a major role, the desire to show people an exciting life is important.
So with no home, piles of debt, and a desire to live in the moment, does wealth even matter to a millennial?
By Kayra Clouden