Millennials Age 40 With No Home, More Debt Run Out of Time to Build Wealth - Millennials Are Running Out of Time to Build Wealth The oldest members of the generation turn 40 this year. They’re only 80% as wealthy as their parents were at this age.

Graduated in 2008 with great grades and good internships, spent 3 months homeless then worked retail 3 years. Went to law school, took out 6 figure debt. Very difficult to find a job-- when no one has disposable income they do their best to not have to pay for plumbers, electricians, lawyers-- whole industries are impacted. Plus lots of other millenials had the same idea, and went to law school in order to get a chance at a high paying job. So in my area, there's a couple big firms paying upwards of 100k a year but most attorneys with under 20 years of experience can expect to make 40-60k a year. If you're going to sell your soul defending insurance companies you can expect a flat salary of 50k with unpaid overtime. Got my dream job working for the state, and ended up with a paycheck in that lower range. Average home price is 250k around here-- not exactly a cheap area, but not pricey.

I'm married to a man who makes slightly less than me and I'm enjoying the absolute luxury of owning a home with a yard, having a dog, going to the doctor when I'm sick, buying fresh fruit and veggies every week, and sometimes buying clothes new instead of from Goodwill. I feel very lucky to be able to afford those things because many of my friends can't. But I'm almost 40, and somehow I'm still trying to figure out how I'm going to afford having a kid. It bothers my husband even more-- he went into the same field as his father, and he feels like a failure because he can't afford the things his dad could at the same age.

/r/Futurology Thread Parent Link - bloomberg.com