Published: 2023-06-02
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Millennials aged 35 and under have an average net worth of $76,300, while those aged 35-44 have an average net worth exceeding $436,000.
"Millennials ages 35 and under have a lower average net worth of seventy six thousand three hundred dollars it's the older Millennials that are attributing to that higher average because those aged 35 to 44 have an average net worth of over 436 thousand dollars"
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The average student loan debt for Millennials aged 35 to 49 is $43,400.
"when they increase the age range from 35 to 49 the average went up to forty three thousand four hundred dollars"
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Over 50% of Millennials are homeowners.
"more than half of Millennials today are now homeowners"
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Approximately 80% of millionaires did not receive inheritances, and 8 out of 10 millionaires come from middle-class or lower-income backgrounds.
"almost 80 percent of millionaires didn't receive anything from their parents and it was found that only 3 percent of people actually inherited an amount of one or more million dollars in fact eight out of 10 millionaires come from a middle-class family or even lower than middle class"
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One-third of millionaires have never earned over $100,000 annually in their careers.
"a third of millionaires never even made more than a hundred thousand dollars a year in any given year throughout their entire careers"
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Consistent long-term investing is credited by three-quarters of millionaires as a key factor in their success.
"three out of four millionaires said that consistently investing over a long period of time is what contributed to their overall success"
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Average millionaires spend $412 monthly on groceries, while the average American family spends $647.
"the average millionaire will spend 412 dollars a month on groceries versus the average American family which will spend 647 dollars a month"
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Average millionaires spend $267 monthly on restaurants, which drops to $222 with coupons, compared to the average American family's $280.
"the average American family for example spends 280 dollars a month on restaurants while the average millionaire spends 267 dollars and With Coupons the average goes down to 222 dollars a month"
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To get online discounts (excluding Amazon), create an account, add items to your cart, and wait for a follow-up email which typically offers a discount after a few days or weeks.
"make an account with that online store make sure you get your discount for doing that because a lot of them will offer something but even if they don't all you have to do is put the thing you want inside your shopping cart and for most online stores that will trigger a sale sequence meaning if you don't check out for a couple days they'll send you an email reminder after a week they'll send out another reminder now this might take two weeks maybe a month maybe two months but most online stores will have some sort of a sales sequence that at some point will trigger an email offering you a discount"
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92% of student loans have interest rates between 5% and 7.5%.
"92 percent of student loan have an interest rate ranging anywhere between five to seven and a half percent"
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The average age of a millionaire is 57.
"most millionaires are 57 years old on average"
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Many wealthy individuals, such as athletes and actors, go broke because they fail to develop the habit of not overspending their money.
"when you look at people that have made their money really fast like famous athletes or actors a lot of them ended up going broke be because the majority of them never built the habits of not spending their money"
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