Half of millennials expect to become millionaires
Despite heavy student loan debt and sometimes crushing mortgage payments, 53% of millennials surveyed recently by TD Ameritrade say they will join the two-comma club sometime in their lifetime.
At least one publication, Moneyish.com, takes a dim view of that bright outlook:
This economic optimism is surprising, considering nearly one in five (17%) of these young adults haven’t even achieved financial independence from their parents yet, according to the survey. And the zealous planning to attain seven figures by age 30 seems like a stretch since the same findings show that millennials don’t even plan to start saving for retirement until age 36; more than a decade, typically, after getting their first job.
Back at the survey itself, a strategist at TD Ameritrade takes a crack at accounting for millennial optimism:
“Millennials are graduating at record rates, and it’s great to see that like most previous generations of college students, young people are optimistic about the future. On average, survey respondents expect to land a job in their chosen field and be completely financially independent by age 25,” notes JJ Kinahan, chief strategist for TD Ameritrade. “This is a financially optimistic group that’s feeling positive about the economy, the job market and their own plans. However, they will need to develop saving and investing habits that will help them reach some pretty big goals.”
Whatever the individual outcome, people who have been on the road to financial well-being stress that the most effective path to financial security almost always begins with a personal or family budget. For more on making a budget and keeping to it, see our round-up of budgeting tools and tips.
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