Quote:
Originally Posted by lewdog
I think my generation, millenniums, tend to over-estimate how good our financial situation happens to be. Most look at income brought home and solely that compared to others or their parents. However, this generation has very few homeowners compared to our parents at this age, has higher living expenses (by choice at times) and has virtually no savings for retirement or even a clue on how to prepare for the future. I know plenty of people who are offered 401k's at work and either have no clue what they are investing in them or some of them decide not to even have one. So while many feel good about things, their grasp on a full financial picture is very poorly defined.
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Very good take on the state of wealth. I talk with a lot of younger people who don't comprehend Wealth. I see and hear it all the time families making a 6 figure income and live paycheck to paycheck and not doing anything to enhance their Net Worth.
I admit when I was in my early 20's I spent everything I made. I read 2 books that changed my Paradigm about money. (The Richest Man in Babylon and The Millionaire Next Door) I have spent the past couple of decades applying those principles. I have accumulated considerably more Wealth than a lot of my peers. I do not have a college degree I have worked hard and worked at living within my means.