Tbh, never thought I’d see the words ‘rich’ and ’20-somethings’ in the same sentence.
According to a recent study by Wealth & Affluent Monitor, 20-somethings make up 13 percent of the “wealth and affluent market,’ which means young people in their 20s have $100,000 in investible assets. The catch? This wealth has been acquired by putting off moving out of their parents’ homes and saving what they’d normally spend on rent each month.
Greg McBride, chief financial analyst at Bankrate, says, “Millennials have a greater inclination toward saving, for both emergencies and retirement, than we’ve seen from previous generations.”
So, if you’re going to live in mom’s basement, spend money sparingly and save most of it.
Source: NYPost; photo: Getty Images