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5 Obstacles Preventing Millennials From Being Millionaires

Millennials may come to be remembered as an “unfortunate generation” because they face conditions that will limit their prospects for wealth

This generation will have more problems than its predecessors to achieve the dream of almost every human being, accumulate wealth

Here are five obstacles that affect the perspective of the members of the Millennial generation.

1.Like Generation X,

They have faced a strong period of crisis; Global financial crisis: Many of the Millennials faced a serious crisis of global magnitude in their first years of adulthood or university students.

In this sense they do not differ much from Generation X, which preceded him and that has practically lived his whole life in crisis.

However, this factor is crucial for Millennials because it is a generation that seeks to change lifestyle, faces new paradigms and other aspirations, all of which are fostered in their first years of adolescence and adulthood with a relatively stable economy.

The loss of capital derived from the great crisis that began in previous moved the Millennial scenario.

  1. Post-crisis unemployment:

Although some economies did not suffer so much, the reality is that the Millennial generation has also faced the “monster” of unemployment; Even in the United States where the chimera of full employment is raised, there were difficult years. In addition, Millennials do not like to “take root” in companies.

  1. Inequality in income:

Millennial workers face problems of income inequality. Today they can earn well and tomorrow very badly, today they are employed in projects that guarantee a more or less stable income for a time, but they abandon it when they get tired.

Professional competence makes salaries very volatile, depending on the industry or sector that demands work force.

In sum, unequal and volatile incomes are not the weapon for the Millennials to stabilize in their economy and plan the “jump” to the category of millionaires.

  1. Increase in housing prices and mortgage conditions:

Millennials want to live well, in cosmopolitan places, that are fashionable and even sustainable, no matter how much it costs them.

The increase in housing prices is a natural consequence. “Inflation” in homes erodes much of the income of this Millennial generation.

5 Student indebtedness:

The Millennial generation also likes to go to good schools, and not only study some degree, This generation is interested in having at least a master’s degree or a doctorate, something that is not in any way reprehensible.

 

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