Self-made millionaire: Millennials are falling behind boomers—here’s how they can catch up – WBNews

In 2017 millennials are making a full 20% less than their boomer parents were making at the same stage of life. Millennials have a median income around $40,000 a year. The college education that boomers pushed their children to get, thinking it would secure their wealth, isn’t enough. The wealth hasn’t materialized. Millennials are more educated than any other generation in history — and they have half the net worth their parents had. We aren’t living in mid-twentieth-century America anymore, no matter what Donald Trump promises to return us to. Nearly half of all millennials are living in their parents’ basements. Many others are rooming with two or three other millennials in a small apartment, trying to pay down their $40,000 student debt from their $40,000 salary. Here’s the truth of the matter: Anyone making $50,000 or less a year will suffer for the rest their life unless if they do something to change their situation. If you’re going to stay at $50,000 or less, you’re never going to be able to take a decent vacation. Before you go on vacation you’ll worry about money; while you’re on vacation you’ll worry about money, and when you get back you’ll worry about money. It’s not a real vacation when you’re so anxious about what you’re spending. A vacation is when you don’t worry about what you’re spending before you get there, not worried about what you spend when you get there, and definitely not worried about what you spent when you…more detail