53% of Millennials believe they will one day be millionaires

I get scared that I’m going to be very cold one day because I haven’t made preparations.

Enough supplies for you and a few others ..
all you will need to do is drive a ways and you will always find decent friends, good conversation .. food and basic lodging .. I also have hundreds of Amish neighbors .. some of the nicest folk you’d ever meet!

if the swan hits the fan, economically .. socially, whatever .. there will be a place for you and close neighbors to weather the storm .. worry not, sleep well .. there are still people in this world who live quiet and simple lives .. such as the Amish, and I guess myself included .. and will never turn anyone away who really needs a good hot meal and a safe place to rest .. hve grt day. the upper midwest .. really decent folks living around me

53% is low balling it.

30-40 years from now when millennials are hitting retirement age the average price of a house, currently about 250k, will probably be close to a million. Any millennial who buys a house by their mid 30s and has it paid off by the time they retire is going to have a good chunk of a million dollar net worth off house value alone.

Same for wages, which in turn will impact 401k contributions. If recent trends of the past few decades continue average wages will double every 20-25 years going forward. If the average wage is 50-60k now that means most millennials will be making north of 100k 20 years from now…and quite a few will be making north of 200k. Saving even 5% a year into a 401k with a company match with incomes like that will make toppling a million not all that difficult. Even if you only save for your last 20 working years…10k per year for 20 years with an average gain of 7% leaves you with half a million. Anyone who starts saving earlier or saves more will be dwarfing that number.

Home owner + modest 401k savings = million+ no problem.

The only thing is though a million dollars 30-40 years from now isn’t going to buy you nearly what it would today…just like you’d be considerably richer 30-40 years ago with a million dollars than you would be right now in terms of actual buying power.

They will be millionaires. A loaf of bread will cost $10,000.00 a piece if we have to pay for their every thing as they expect. (the space is intentional)

hmskl’d wrote:

I get scared that I’m going to be very cold one day because I haven’t made preparations.

Enough supplies for you and a few others ..
all you will need to do is drive a ways and you will always find decent friends, good conversation .. food and basic lodging .. I also have hundreds of Amish neighbors .. some of the nicest folk you’d ever meet!

if the swan hits the fan, economically .. socially, whatever .. there will be a place for you and close neighbors to weather the storm .. worry not, sleep well .. there are still people in this world who live quiet and simple lives .. such as the Amish, and I guess myself included .. and will never turn anyone away who really needs a good hot meal and a safe place to rest .. hve grt day. the upper midwest .. really decent folks living around me

That sounds great and I appreciate the offer of a helping hand, but it’s not going to help me out when I have no idea who you are and where to find you. I’m a dead motherf~~~er. LOL

I’m really not that concerned. Like I said, what’s to live for if it’s the end of the world. When I was younger, survival after a societal collapse would’ve almost been fun. I’m too old now.

Hermit wrote:

I’m too old now.

Not to worry .. I keep in occasional radio contact with two friends who are sailing around world in 43 foot Beneteau. I’ve posted about this sailing group a couple of times before. They are currently docked near Cannes; it’s too costly to dock in Cannes.

He is creeping close to 70 years old, plus or minus a couple of years .. the skipper. Age is nothing but a number, ink on paper .. dripping wax candles on a cake. It means nothing, I say nothing! .. as long as you can get out of bed each morning .. enjoy a morning coffee and get on with whatever your itinerary might hold.

That daily plan might be to go to hardware store and buy one gallon of paint to touch up a shelf, a door threshold or even just to paint over some putty’d nail holes. Your daily itinerary might be to go grocery shopping and try a new pizza you’ve never had. It might be to trim one hedge … or simply to blow the leaves off the driveway using your new Ryobi wind machine.

What I’m getting at in a very round about and verbose way .. is that no matter what one’s age might be .. seventy, eighty .. ninety .. life is for the living and just because you are typing in this forum means that you still have lots to live for

.. so if we do experience a societal collapse .. I’ll hope you guys at least pay us a visit here in the upper reaches of the lower forty eight .. have a cold one, visit awhile and maybe even stay and run the generator .. make sure it stays fueled. You might also be interested in visiting my Amish neighbor, Ben .. he’s a Bishop in the Amish Church. His vocation is farming, dairy and he also has a fairly large logging business .. including a sawmill operation filling several buildings. His wife runs an Amish Bakery and makes some of the best walnut fudge on the planet. I believe it gets it’s great flavor from being made on a wood fired stove. They have no electricity, make all their own clothes .. get to town and back in horse drawn buggies .. and run their entire farming and logging operation using horses and stationary gas/diesel engines. Talk about ..”off the grid”.

As far as my addy .. I’ll save that for the time when things actually happen, but certainly will let anyone know in plenty of time .. inflation hits 50% per month; the beginning if hyper inflation .. or, gold is seen to fly past $5000.00+plus per ounce as it ‘begins’ it’s rocket trip to the stratosphere.. and ‘bank runs’ become the norm with the only safe haven left being precious metals. Precious metals have been a storehouse of wealth for thousands of years .. and might just end up as the haven of last resort .. once again. Thanks.

Jan Sobieski wrote:

You are all wrong. They will be millionaires. However the price of bread will be 6 million per loaf, just like Venezuela and the Wiemar Republic.

Inflation boys, Inflation.

you are partially correct, the money printers knock off zeros after the hyperinflation takes place. Example, 1,000 Bill becomes a ten dollar bill.

There is no lawful money of account!

There is only legal tender.

My time of life is my only natural currency.

The most precious thing my creator gave me.

I spend it daily to be compensated with legally
counterfeited debt notes that the government
steals back by force.

My real time of life is worth more than fake money!

I am a wealthy man for knowing what true value is.

My Bible says you must work to eat.

The easiest work is to steal.

join the public who steal off the private and you can eat
very well for minimal exertion.

Insist on private rights and the public will attack you in force. They will turn into a mob of unruly rulers.

Sovereign citizens are people who believe the law does not apply to them. The Public authorities have become that very definition. They ignore the need for your consent by using
presumption.

private People have very good reasons for not trusting
the public authorities.

In this day and age of technology we have no reasonable expectation of a private life so almost everyone joins the criminal gang of public thieves.

Your State issued identity documents identify you as a
public person (thief).

The government makes it no secret they are broke.
If you work for that broke government you receive
your income from money taken from your neighbors.

This is why I waive all public assistance, privileges,
and benefits. I do not wish to encourage the gang of government criminals to take money from my neighbors
for my benefits.

Love and respect to all.

The buying power of a million is nothing compared to what it was 20 years ago, let alone 20-30 years in the future when the millennials expect to retire at 56.

I’m a very early millennial. I’m established in my profession and make well over 100k per year. I have no debt and a paid off home. I live modestly and maximize retirement savings and have a private pension. I don’t have kids. My net worth is about 1 million in my late 30s. But, what my parents achieved on 25k, single income in the early 1970s is about equal to what I have now. This is the erosive power of inflation at work. Coupled with a dollar that is fiat and when I reach early retirement age in +\- 15-20 years the buying power of what I can save/invest will be minimal. It’s going to be hard for me to truly retire at 55-60 if things continue financially as they currently are; even with frugal living.

Mine, is one of the better case senarios; as it were. I’m employed in the STEM field.

Most millennials, including a disproportionate amount of females, have useless degrees and tons of student debt. The interest payments alone are crippling. Another reason to never cohabite, marry or procreate. These women and for pump and dump only. Western society is in free fall, and we can thank feminism for a lot of it.