The Average Net Worth Of Millennials Has Been Revealed, And It's Depressing
Are you a millennial? Are you ready to feel incredibly sorry for yourself?
Whenever millennials and money are mentioned in the same sentence, it's typically never good news. Let's face it, most millennials are overbearingly saddled with debt that takes years to pay off.
Not to mention, the cost of living (and breathing) continues to sky rocket on a daily basis.
It seems that most millennials who finally make it to their dream colleges only graduate to scramble as they frantically search for the job they need to help start paying off those student loans.
The city you live in, the job you land, the amount of debt you owe -- all of these things make an impact on your financial makeup as a human being, er, millennial. So, what does the average net worth of a millennial look like these days?
According to Time, a recent study conducted by The College Investor reveals the shocking average net worth of millennials. Here's a hint: It's not pretty. The study states millennials who wish to be worth more than the average Joe should aim to secure at least $10,400 to their name.
Last time I checked, $10,000 won't last you a month in New York City if you actually have a life.
The study reveals,
When it comes to money, millennials do have some of the highest student loan debt rates of any generation in history. The average millennial has $30,000 in student loans.
The formulas used to calculate the average net worth of millennials included the average salary, debt and savings rates most millennials have in common.
For example, if the average Class of 2016 college student is saddled with at least $37,170 in debt, most of their $51,000 annual salary will likely disappear sooner than they think, making living conditions even scarier.
The study also states the average net worth of millennials ages 35 to 18 is $20,000 and -$8,800 respectively.
So, there you have it, folks, most people are broke. If you even want to be considered financially stable, aim to rack up anything over $10,400 and consider your net worth "above average."
Learn more about The College Investor's study on the average net worth of millennials here.