It Started: The Greatest Wealth Transfer In History

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“The Greatest Wealth Transfer in History” has started. People in the US who are 70 years or older have saved 35 trillion dollars in assets. That is 27% or almost a third of the entire wealth of the US. That wealth is going to be transferred from baby boomers to millennials. Baby boomers were born between the years 1946 and 1964 – and the millennial generation which according to pew research was anyone born between 1981 to 1996. It is speculated that Millennials are set to become the wealthiest generation of all time.

HOW MUCH IS A TRILLION DOLLARS?
A billion is like having 1 million dollars – a thousand times over – but a trillion dollars – how much is that really? That’s a 1 with 12 zeroes after it – that’s like having 1 billion dollars – a thousand times over or having 1 million dollars – 1 million times over. If you went back in time 1 billion seconds, you’d time travel 31 years back to 1991. But go back 1 trillion seconds – and we’d be time traveling back to the year 29687 B.C. which is the Upper Paleolithic era or the last Stone Age. You’d be hanging out with the earliest humanoids in existence

WHO HAS ALL THE WEALTH?
Let’s compare millennials vs baby boomers.

REAL ESTATE:
When it comes to real estate, millennials own 12.5% of homes, meanwhile – the baby boomer generation owns 43.2%.

STOCKS:
The baby boomer generation owns 54.6% of stocks, while millennials own only 2.5%. That is one of the biggest disparities between the two generations

PENSION ENTITLEMENTS:
This is fancy speak for money that a company will promise to give you after you retire which is based on a percent of your yearly income – 401Ks are a part of this but they aren’t always the same – a pension can essentially guarantee that you’ll have some income in retirement where a 401k is dependent on how much money you decided to contribute inside that account while you were working.

Millennials own 8.8% and baby boomers own 49.6%.

PRIVATE BUSINESS:
8.3% are owned by millennials and 46.4% are owned by baby boomers.

OTHER ASSETS:
The last category is “other assets” which can include alternative investments (I don’t think crypto is included in this one) millennials own 8.8% – baby boomers own 50.3%.

HOW MUCH DEBT DOES EACH GENERATION HAVE?
We can’t talk about net worths without talking about liabilities and how much we owe. Here is a quick breakdown.

REAL ESTATE:
Both Millennials and Baby Boomers have 27.1% in outstanding real estate debt. Generation X that actually has the most amount of real estate debt at 41.5%.

CONSUMER DURABLE GOODS:
This is anything we use for more than a few years (cars, electronics, appliances, etc.) – even though the Fed counts this as an “asset” – I count this as a liability because cars and electronics are more often times liabilities than assets. Millennials own 18.6%, and baby boomers own 37.6%.

CONSUMER CREDIT:
Consumer credit takes into account things like car loans, student loans, and credit card debt. Millennials have 40.5% of the debt – while baby boomers have only 22.3%

WHAT DOES IT MEAN?
It means the baby boomers are much richer than millennials and that wealth is going to be transferred over the next few decades.

WHO ACTUALLY INHERITS ALL THIS?
Here is a breakdown of how much you can expect to possibly inherit depending on your family’s income. If a family is earning between $25k–$50k, the average inheritance was $14,800 – if they were making between $50k–$100k a year the average inheritance was $22,500, and if they’re making between $100k to $250k – the average inheritance was $51,400.

OK – WHO ACTUALLY INHERITS MOST OF THE MONEY THOUGH?
Watch the video to find out!

SOURCES USED:
https://bit.ly/3zIPtzR
https://bloom.bg/3tg1POM
https://bit.ly/3qcMhcw
https://bit.ly/3qbZxOp
https://bit.ly/3K0kB2w
https://cnb.cx/31IoA2f
https://bit.ly/3HTfkaY

*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

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