More than half of Millennials expect to be millionaires someday

Millennials expect to make it big some day, with more than half reporting that they believe they will eventually become millionaires, according to a new study.

Despite having crushing student loans (20 percent never expect to pay them off), credit card and other debt, people born between 1982 and 2000 share a confidence when it comes to their financial outlook.

‘Young people are optimistic about the future,’ said JJ Kinahan, chief strategist for TD Ameritrade, in a statement on the company’s new report. ‘On average, survey respondents expect to land a job in their chosen field and be completely financially independent by age 25.’

Kylie Jenner can frequently be found posting pictures of her opulent lifestyle on Instagram

More than half of Millennials believe they will be millionaires eventually. Kylie Jenner, 20, is among the Millennial success stories, with a net worth of about $50 million, according to Time Money. She can frequently be found posting pictures of her opulent lifestyle on Instagram. The 20-year-old is worth $50 million, largely due to her make-up line, Kylie Cosmetics

That’s despite the fact that 17 percent still can’t say they’re financially independent from their parents; most report getting cut off once they’ve moved out of the house.

Perhaps the optimism is due to Millennials graduating in record rates – with the overall college completion rates rising nearly 4 percent in 2017, according to a report by the National Student Clearinghouse Research Center. 

‘This is a financially optimistic group that’s feeling positive about the economy, the job market and their own plans,’ Kinahan said.

Among the super successful millennials are Kylie Jenner, who despite being 20, has accumulated a fortune worth $50 million, primarily through creation of her own make-up line, Kylie Cosmetics. 

The tech world is home to many young millionaires and billionaires, including Mark Zuckerberg, 34, whose Facebook success has yielded him a net worth of $72.2 billion. Meanwhile, Snapchat co-founder Evan Spiegel has made $2.9 billion through the venture.

But those stories may be the exception, not the rule. This latest study comes less than three weeks after another report revealed that the Millennial generation may never recover from the impact of the 2008 recession.

That report, by the Federal Reserve Bank of St. Louis, found the net worth of an average family headed by someone born in the 1980s fell 34 percent below expectations in 2016, the most recent year for which data is available.

Unlike all other generational groups, the typical 1980s family actually fell further behind from 2010-2016, when people born in other decades were starting to rebound from the financial crisis.

The gloomy report pegged the financial setback on high rates of debt, often due to student loans and credit cards.

Mark Zuckerberg, founder and CEO of Facebook arrives in Paris for a meeting with French President Emmanuel Macron for a tech summit in May 2018. Zuckerberg, 34, is worth more than $72 billion, according to Time Money

Mark Zuckerberg, founder and CEO of Facebook arrives in Paris for a meeting with French President Emmanuel Macron for a tech summit in May 2018. Zuckerberg, 34, is worth more than $72 billion, according to Time Money

Despite anticipating financial success in the face of lackluster economic outcomes, Millennials have different ideas about what kind of lifestyle that wealth will afford them. Nearly a quarter (24 percent) said they don’t expect to own a home.

They’re planning to build different family lives too: One in four said they don’t expect to get married and 30 percent said they aren’t planning on having children.

Some Millennials may need a reality check when it comes to retirement. On average, they expect to retire at age 56, despite saying they don’t expect to start saving for retirement until age 36.

Still, a full 28 percent said they don’t ever plan to retire.

‘One of the greatest investments young people can make in themselves is to start putting money away in their 20s,’ Kinahan said. 

‘Ideally, it would be wise to start right after college, and while some millennials certainly do that, we realize that’s not always possible,’ he continued. ‘Understanding all of the available alternatives, like employer-sponsored retirement accounts or brokerage accounts, can be a step in a right direction.’

Model Miranda Kerr, 35, and her husband, 28-year-old Evan Spiegel attend a gala in Culver City, California in November 2016. The Millennial couple has made it big: Kerr is worth $45 million while Spiegel, co-founder of Snapchat, is worth $2.9 billion

Model Miranda Kerr, 35, and her husband, 28-year-old Evan Spiegel attend a gala in Culver City, California in November 2016. The Millennial couple has made it big: Kerr is worth $45 million while Spiegel, co-founder of Snapchat, is worth $2.9 billion

The good news was that 70 percent of Millennials described themselves as ‘savers’ this year compared to 62 percent in 2016. 

But that doesn’t always equal retirement savings – 43 percent said they were saving for a vacation, while 39 percent said savings were going into an emergency fund and 25 percent have started saving for their children’s education.

As they try to earn their way toward millionaire status, Millennials may want to take into consideration where they live and how much they can earn in each state.

Massachusetts is the best place for Millennials to make money while still affording the local cost of living, according to a new report by Time Money that evaluated median household earnings and cost of living for people between the ages of 25 to 44.

With an adjusted median income of $86,571, Massachusetts was ranked first in the nation for Millennials who want to make money without spending it all on rent, bills and other life expenses. That was followed by Minnesota ($77,090) and North Dakota ($76,836).

Mississippi, with an adjusted median income of $53,269, was the worst state to live for Millennials looking for earning power that beats cost of living. That was followed by Florida ($54,889) and Louisiana ($56,377).



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