25 years old and deep in debt

[Barrister]

Well, does that actually change the math?

If there 300 million and six people in the U.S., and six Waltons own half the wealth, does it matter whether the other half is owned by 300 million equally or by 200 million in equal shares with the other 100 million owning nothing?  The Waltons still control half the wealth.

Your confusing median with mean.

"The Waltons have wealth equal to the bottom 40% of all Americans" does not mean "The Waltons control 40% of the wealth of America".

[Eddie Teach]

The Waltons don't own half the wealth. They own as much as half the people, but most of those people have nothing.

[The Brain]

STEM?

[Caliga]

The Waltons don't own half the wealth. They own as much as half the people, but most of those people have nothing.

Do you think they all still sleep in the same house and say "Good night, Johnboy"?

[Ideologue]

The Waltons don't own half the wealth. They own as much as half the people, but most of those people have nothing.

Oh.  Duh.  Sorry. 

[Admiral Yi]

I'm beginning to understand why ide  thinks a STEM degree is like  having a superpower. 

[Ideologue]

I misread it, I copped.  Get off my back.

[Admiral Yi]

 

[Valmy]

The Waltons don't own half the wealth. They own as much as half the people, but most of those people have nothing.

Still six people having more than 125 million people is pretty funny.  I mean each of those 125 million people could own 50 bucks total and each of those six people would still be a billionaire.  I mean there is nothing and there is 50 bucks.

[The Brain]

I misread it, I copped.  Get off my back.

Or you will attack? And we don't want that?

[Iormlund]

 

[grumbler]

At long last, this thread delivers!

[Eddie Teach]

I misread it, I copped.  Get off my back.

Or you will attack? And we don't want that?

I thought it was Valmy who had The Power. 

[crazy canuck]

Kids these days really do have it better than we did - at least Canadian ones.

Many millennials may not be living in their parents' basements after all.

A new report by BMO Economics suggests that young Canadians, specifically those between 25 to 34 years old, are richer than their parents were at that age.

Using Statistics Canada data, and other metrics, the study found that millennials today have more money than the generation preceding them at the same age.

Millennials had a median income of $34,700 in 2011, up from $33,900, when adjusted for inflation, among those in the same age bracket 30 years ago, says the report.

"This means millennials can buy about 2 per cent more goods and services than their parents could in the mid-1980s," writes BMO senior economist Sal Guatieri. "That doesn't sound like much, but the difference adds up over time."

The report suggests young families are also wealthier than their parents were. Net median incomes for the head of a household aged 25 to 34 years old was $52,0900 in 2012, nearly double the $28,752 income of their counterpart in 1984.

But although they may be richer, millennials also have more debt than their parents did when they were their age.

BMO says 84.4 per cent of households headed by young people owe some form of debt, compared with 82 per cent of the same households in 1984. The number of millennials who have a mortgage, at 85.6 per cent, is also higher than those in the same age group, at 79.2 per cent, in 1984.

"Though saddled with more debt and costlier homes, young people tend to be wealthier, have a little more spending power and enjoy better job opportunities than three decades ago," wrote Guatieri.

The report noted that one area that has worsened in the last 30 years has been the rising cost of housing, which has attributed to bigger mortgages and more debt.

"Although earning slightly more than their parents did in the 1980s, millennials need to pay more to get their foot in the housing door," he said, adding that the average house price in 2011 was ten times the median salary of a young family. In 1984, this ratio was only about five times more.

"While many baby boomers prospered financially in the past thirty years, one could say that their children are starting new careers and families on an equal, if not firmer, footing in most regions," concluded Guatieri.

A number of reports have suggested that the wealth of millennials have been negatively impacted by a variety of factors including higher rates of unemployment and higher tuition rates.

[HVC]

Could you afford a home in and around a major Canadian city on 34k back in the  80's? Because you sure as hell can't now.