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Find out why younger generations are struggling to build wealth compared to their parents. Plus, uncover the daily habit that could set you on the path to unstoppable success!
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00:00Younger generations today have about 86% less buying power than baby boomers did in their 20s,
00:06all thanks to skyrocketing prices on houses, cars, and education.
00:12Millennials and Gen Z get a lot of flack for supposedly blowing their cash on things like
00:18avocado toast. But is that really the issue, or are they just dealing with a much tougher economy?
00:24See for yourself. Back in 2022, when the average millennial hit 33, the typical U.S. home cost
00:32$433,000, while the average household income was only $70,000. At that income, it would take 6.1
00:42years of total earnings to buy a house outright, which sounds not very realistic. It's worse in
00:48the UK, where housing costs have been over nine times the average income for the past decade.
00:54Baby boomers, born between 1946 and 1964, lived in a time when life was much more affordable.
01:02In 1988, when the average boomer turned 33, the median home price was $110,000, while the median
01:11income was $27,000. That's a home-to-income ratio of 4 years, far more manageable. Some boomers could
01:19even pay off their homes in just a year or two. So, why is this happening? Unsurprisingly, while inflation
01:27has steadily increased, home prices have grown even faster. For example, a $100,000 home in 1990 would cost
01:37$377,000 today, far outpacing the cost of other goods and services. Plus, in the 1970s and 1980s,
01:47the U.S. population was smaller, and there was less demand for housing. Boomers married earlier,
01:53combining incomes to buy homes. At the same time, many millennials and Gen Zers stay single longer
02:00and live with their parents to save money. College tuition has more than doubled since
02:06the 1990s, and student loan debt has reached a mind-boggling $1.7 trillion. The average loan
02:14balance at graduation has tripled to $30,000. No wonder young people have to postpone some serious
02:21life decisions, like buying a home or starting a family. And even with more people getting college
02:27degrees, wages haven't kept up with the rising cost of living. Starting salaries for graduates
02:33often hover around $50,000 to $60,000. That's barely enough to cover student loans, rent, and other
02:41expenses. That's not all. Car payments have hit record highs. The average payment is $716 per month,
02:50and loan terms stretch up to 69 months. High interest rates make things even worse,
02:56leaving many young people drowning in auto loan and credit card debt.
03:02A lot of people judge how well they're doing in life by looking at their parents.
03:07If your parents had a solid financial situation, chances are, you might too. And for a long time,
03:14the goal for most families was simple. Do better than the generation before. But that's getting
03:19harder and harder. Back in the 1940s, about 90% of people ended up making more money than their
03:27parents. Fast forward to those born in 1980, and that number has dropped to just 50%. In other words,
03:35half of people today aren't out earning their parents. And that's a big shift from previous
03:41generations. So it's not surprising that many people don't feel like they're financially ahead.
03:46A CNBC survey found that only 36.5% of adults say they're doing better than their parents.
03:54An even larger chunk, 42.8%, say they're worse off. The remaining 20.7% feel like they're in about
04:04the
04:04same spot. And here's the kicker. Those in their prime working years, aged 35 to 65, are feeling the
04:11pinched the most. This middle group is really struggling compared to their parents at the same
04:17age. They're dealing with skyrocketing home prices, student loan debt, and higher costs of living,
04:23all while wages haven't kept up. I can give you a few more examples. Between 2005 and 2014,
04:3297% of households in Italy witnessed their income stagnate or decline. And if we take into consideration
04:39taxes and benefits, this number jumps up to 100%, meaning every household was affected.
04:47The United States also struggled during this time, with over 80% of households experiencing
04:52no real income growth. Luckily, thanks to tax cuts and other benefits, most families still saw their
05:00disposable income, the money they actually had to spend, increase. And still, in some ways,
05:06younger generations are actually doing better than their parents. For example, each generation goes
05:13to college at a higher rate than the previous one. Gen X had more college grads than baby boomers,
05:19and millennials are the most educated generation yet. Nearly 40% have at least a bachelor's degree,
05:25compared to just 25% of boomers. More education usually means higher earnings,
05:32which might explain why millennials, on average, had more wealth at ages 33 to 34 than Gen X and boomers
05:40did at the same age. There's also a higher quality of life. Even though things are more expensive today,
05:48they're also better in many ways. Take cars, for example. The cheapest car today is way safer,
05:56more reliable, and packed with better features than the cheapest car 20 years ago.
06:01Technology, healthcare, and everyday conveniences have improved drastically too, making life easier in
06:07many ways. Younger generations have more freedom and legal protection than their parents did.
06:14It wasn't that long ago that people faced fewer rights when it came to salary, housing, and getting
06:19loans. Unfortunately, wage gaps and financial barriers still exist. But certain laws have made it easier
06:27for younger generations to build wealth and access opportunities that their parents and grandparents
06:33struggled to get. Interestingly, parents are still pretty hopeful about their kids' financial future.
06:40Yep, even with all the financial struggles people are dealing with today. Let's see.
06:46About 42% of adults think the next generation will have a stronger financial future,
06:52though that drops a little to 40% for people aged 35 to 64, according to a CNBC survey.
07:00Parents, though, are even more optimistic. 59% say their kids will be better off,
07:06while only 1 in 5 think they'll have it worse. So maybe inheritance is the key. After all,
07:13plenty of parents are planning to leave their kids a financial boost. Over 75% say they're leaving
07:19money in their will. But no, when it comes to what really helps kids succeed financially,
07:24inheritance isn't the top priority. Here's what parents think actually makes the biggest difference.
07:3143% say getting a stable job is the most important thing. 20% think it's a fully paid education.
07:39And only 15% say inheritance matters most. In other words, while a little financial help never hurts,
07:46most parents believe that a good job and solid education will do more for their kids' futures
07:52than just handing them a check. Now, let's get back to those seemingly countless financial
07:58challenges younger generations face. There are actually some steps you can take to improve your
08:04situation. First of all, try to spend your money in a smart way by keeping rent or mortgage payments
08:10under 30% of your gross income. The same rule applies to car payments. Keep them under 10%.
08:17Start investing early and open a savings account. Even $250 a month invested for 40 years
08:24might grow to nearly $1 million thanks to compound interest. Next, switching jobs can lead to salary
08:32bumps of 10% to 30%, and it's a great way to boost your income over time.
08:36Do your best to pay off high-interest loans first, like credit cards or auto loans. This frees up
08:43money to save or invest. And still, the generational debate is far from resolved. Who had it harder?
08:51Older generations often criticize younger ones, saying they don't work as hard and are too
08:56distracted by social media. But as we see, the data paints a different picture. Millennials and Gen Z
09:03are not lazy. They're simply trying to navigate a world that's financially stacked against them.
09:09And while it's true that society has made progress in many ways, the economic challenges younger
09:15generations have to face are unprecedented. So what do you think? Are Millennials and Gen Z
09:21truly in a tougher spot than baby boomers? Or is it all because we spend too much time on our
09:27phones?
09:28The universe is always listening to you, and it's ready to provide you with your harsh desires.
09:35Do you want success? Then you'll get it. Now let's try these affirmations and see how your life will
09:42change. If you concentrate and visualize everything you say, it'll work even better. You can either
09:49repeat the affirmations out loud or to yourself. Now follow my voice, and I will guide you to success.
09:57Imagine you're walking on an empty road. It's dark. There is no one else and nothing around you.
10:04There was something you were looking for, but can't remember. You feel lonely, lost, and tired.
10:11Ah, finally! You see bright lights in the distance. There must be someone who can help you there.
10:18You follow the road and arrive at a town. A neon sign says,
10:23Welcome to the town of success. We have been waiting for you. You are intrigued.
10:30The only place that is open is a movie theater. You walk in. There is no one but a young
10:36ticket salesman
10:37with big, bright, shining eyes standing at the booth. He comes running to you and shakes your hand excitedly.
10:45Hello! You're right on time. Thank you for accepting our invitation.
10:50You can't make any sense of it, but you feel your heart racing with excitement.
10:55He hands you a ticket and says,
10:57We are screening a special movie tonight, and it is going to be the movie of your life.
11:03I arranged the best seats for you. Enjoy!
11:06You enter the room. It's empty and spooky, but you feel pleasant thrills anyway.
11:13You find your seat. It's the middle seat of the middle row.
11:17The lights immediately turn off, and the movie begins.
11:21The opening credits are rolling, and on the screen, it says that the movie is written and directed by you.
11:28Then, suddenly, you see yourself on the screen. So, it is also you who's acting in it.
11:36You see yourself working at your dream job, climbing the career ladder fast, earning a lot of money,
11:44and living in your dream house with all your loved ones.
11:47The movie ends. You'll love it. This could even be your favorite movie of all time.
11:53You want to achieve all that for real. After all, you have just watched yourself make it possible on the
12:01silver screen.
12:02The lights are turned on again, but you don't want to leave.
12:06Thankfully, the same ticket salesman comes in running and says,
12:10No, stay. The best part is about to begin. You can't miss it.
12:15Then, suddenly, the you, who has written, directed, and acted in the movie, walks to the stage.
12:21You understand that it's the version of you that has accomplished all those things.
12:27The other you is so charming. The way they walk, the way they stand.
12:32They look so confident. You want to turn into that thriving version of yourself immediately.
12:38Hi, I was wondering when I would see you again, the other you says from the stage.
12:44This feels kind of strange, but comforting too.
12:48It is as if you're talking to a very old friend you love dearly.
12:52I have one question, you say.
12:55How did you become successful, and how can I turn my dreams into reality like you did?
13:01The other version of you smiles peacefully and says,
13:05I just believed in myself and reminded myself of what I'm capable of.
13:11You can do that too.
13:12But how, you ask.
13:14Just repeat what I'll say after me.
13:17You feel a bit skeptical and ask, is that it?
13:21The other version of you calmly replies,
13:24Trust me and trust the process.
13:27There is something so reassuring about the way they talk.
13:31So, you let all your doubts go.
13:33Do as your other version says, and repeat after them.
13:37I have a healthy body, a bright mind, and a gentle soul.
13:42I can do anything if I put my mind to it.
13:47Everything that happens and will happen is for my ultimate good.
13:52Everything is in perfect synchronicity, and I am part of this harmonious universe mechanism.
13:58I am a truly gifted person who can solve any problem.
14:04I have the power to take charge of my life.
14:08I can change my old habits and acquire better and more positive ones that will make me healthier and wealthier.
14:16Every day offers a new beginning, and I am ready to take action toward building a better life for myself.
14:24I am the architect of my life.
14:27I am the captain of my faith.
14:30I forgive myself for all the pressure I have put on myself.
14:35What I thought to be my past mistakes were life lessons.
14:40I am grateful for them as they made me stronger.
14:43If I fail, I will rise like a phoenix.
14:47I accept, love, and respect the person I am.
14:52I treat other people with kindness and am treated the same way.
14:58I attract people who can help me thrive and create the future I want for myself.
15:04I have the power to face difficulties.
15:07I am brave like a lion.
15:10I am talented and resilient.
15:13I can become the best in whatever I do.
15:16I have the courage to show my true self to people and let my light shine.
15:23I am lucky.
15:24The universe is helping me on my journey to success,
15:27and I can see the signs and take the chances it's giving me.
15:33My true potential is limitless.
15:36I know I can reach all my goals,
15:38and every day I make a significant step toward fulfilling them.
15:44I can easily and quickly learn any skill that will help me on my way to success.
15:50I am intelligent and full of brilliant new ideas that will help me have a flourishing career.
15:57I am worthy of all the fortunes life will offer me.
16:02I am willing and capable of doing bigger things that will change the world for the better.
16:08I have the courage and the confidence to get through everything.
16:13I am determined to do what it takes to build a better and brighter future for myself and my loved
16:19ones,
16:19and I am already taking the necessary steps.
16:24I am a winner and have the power to move toward the life I dream of.
16:28I know my journey is unique because I accept that everything happens in its own time.
16:35I know the path to success requires patience.
16:39I can stay calm in stressful situations.
16:43I work hard to gain success,
16:46but I also remember to take good care of my body and mind.
16:50I keep a work-life balance.
16:53I am ready to face the unknown future.
16:56I am excited to see all the amazing opportunities it holds for me.
17:02Every morning, I feel motivated and energetic to work toward my goals.
17:08I am proud of all the tasks I complete throughout the day,
17:12no matter how big or small.
17:15I am inspired to take meaningful actions every day.
17:19I am a magnificent power within me.
17:23I have everything I need to succeed in life and fulfill my desires.
17:29I've got what it takes to advance to the professionals league in my job.
17:34I am precious.
17:36I know my worth.
17:38I am open to receiving wealth.
17:41I will achieve greatness.
17:43I am already on my way there.
17:46I am grateful for everything I have.
17:50I always choose positivity, happiness, and love.
17:55That's where the affirmations end.
17:58I have completed my part.
17:59It's your turn now, the other you says.
18:03Indeed, you feel so confident, motivated, and powerful
18:07that you are ready to start the changes in your life.
18:10You feel your path to success has begun.
18:14While you're enjoying this feeling, the theater starts slowly fading away.
18:19The other you waves goodbye with a reassuring smile on their face.
18:24Thank you, you yell, feeling confident you'll meet one day again.
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