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:
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.
Jen is the co-founder of Expatsi, a company that helps Americans move abroad. She created the Expatsi Test, an assessment that recommends countries for aspiring emigrants based on lifestyle data. Jen has an MBA from Emory University with concentrations in marketing and innovation. She's written for BusinessWeek, Health, Cooking Light, and Southern Living. Prior to Expatsi, she created Freshfully and Bottle & Bone—two businesses in the local food space—and spoke at TEDx on being brave. She's moving to Mexico in 2024, along with her husband and co-founder Brett, pitbull mix Squiggy, and three rotten cats. How can she help you move abroad?