TikTok creator Freddie Smith tracks wealth in the U.S. and uses statistics to illustrate why it’s so difficult for Millennials to save and get ahead.
He also helps younger people understand the housing market and gives them real advice for buying their first home: not that tired nonsense about giving up Starbucks.
One of his most eye-popping videos illustrates just how much money boomers have:
@fmsmith319Boomers vs Millennials♬ original sound – Freddie Smith
That’s right: boomers are sitting on 53% of the country’s wealth, despite only making up 21% of the population. That means the average boomer is a millionaire!
Millennials, on the other hand, would only have $97,000 each. It’s easy to assume that’s because they’re still kids, but they’re definitely not—the oldest Millennials are 43 years old.
That means Millennials can’t even make the down payment on the average home. So what’s the solution?
One option is to move abroad. Especially if you can work remotely, you can move your family to a country with housing prices that match your budget. Popular choices include Mexico, Portugal, and Spain. That doesn’t mean you should displace local folks and live like kings, but it does mean you might be able to finally have the American dream—just not in America.
If that upsets your boomer parents, let them know you’ll move home… whenever they’re ready to share the wealth.
