How Money Works The Great Wealth Transfer... Won't Change Anything (probably) | How Money Works
The Great Wealth Transfer... Won't Change Anything (probably)
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#wealth #finance #realestate
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In the coming decades, the wealthiest generation in history will… die.
It’s an unfortunate albeit inevitable fact of life… but baby boomers will eventually go extinct, and they will pass down over ninety TRILLION dollars [$90,000,000,000] to the next generation within America ALONE.
This much money COULD fix a lot of problems like student debt, unaffordable housing, inadequate retirement savings and record credit card debt.
BUT don’t get too excited just yet, because at best the great wealth transfer is a financial illusion, and it could actually just end up making things worse…
Baby boomers are the wealthiest generation in history.
In America they control half of the nation's wealth according to the 2024 wealth report prepared by the property management company Knight Frank.
Other sources estimate that baby boomers only hold a mere seventy-eight trillion dollars [$78,000,000,000] in assets
That difference of 12 trillion dollars is due to what you really define as wealth, and that slight difference in opinion is more than the collective wealth of half the planet.
Regardless of the exact methodology used to calculate generation wealth they all agree on one thing, baby boomers are the kings and everybody else has been left is holding onto what is left over.
That concentration of wealth has according to many come at the expense of younger generations who are now poorer than their parents were at the same age
So that means that when life finds a way and this wealth is passed down it should fix these generational issues right? Wrong…
So it’s time to learn How Money Works to find out why the great wealth transfer… probably won’t change anything
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