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Millennials believe they’ll be millionaires when they’re 45. Here’s why that’s not dumb.

In my last post, I discuss how Americans, as a whole, are not fiscally responsible. Despite many other stupidities of my generation, I don’t entirely find this one to be farfetched at first glance. In this post I want to dive into this quote:

 A recent survey done by YCharts found that nearly two-thirds of millennials aged 22 to 37 believed that they would have seven-figure wealth by the age of 45 or sooner. While seemingly outlandish, this study presented a more optimistic view of the generation’s finances than one might expect. Though with similar spending habits as Gen Xers, it’s overoptimistic to think this generation doesn’t overspend.

Lets further unpack the findings of this study:

Only 25 percent of the millennials surveyed had savings and investment account balances totaling more than $100,000, while another 37 percent had balances between $25,000 and $100,000.

As a group, millennials are largely satisfied going it alone when it comes to financial planning and investing. According to the survey, 53 percent of millennials manage their own investments and intend to keep it that way. Only 11 percent of the respondents had account directed by a traditional advisor, while 41 percent were using a self-directed brokerage account and another 31 percent were engaged with roboadvisors or investing apps.

Only 30 percent of millennials who don’t use an advisor believe they are likely to use one in the future.

Many respondents were uncertain about whether they were saving and investing appropriately for their goals. Nearly one-third of the survey participants, 31 percent, were either somewhat or very nervous about their savings and investments.

On the bright side, YCharts found strong levels of saving among its participants – 44 percent of the respondents were saving at least 15 percent of their income, and 53 percent were saving at least 12 percent.

Considering inflation, this is a more achievable goal than in generations past. However, excellent financial management and strategy can make this far more realistic than you realize. After the initial article I wrote was published, PragerU dropped a video titled “What It Takes to Become a Millionaire”. Convenient. It was almost as if God wanted me to reconcile myself with what Chris Hogan had to say.


Average people can become millionaires. I count myself among millennials who believe they will become millionaires by 45, not only because I have sound financial discipline, but because I am pursuing entrepreneurship, where I believe God wants me to succeed.

Raymond Fava is the Founder of Startup Christ and the founder of EcoEats, Inc. EcoEats crafts exotic jerkies using unique flavors. To see their selection, click here.


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