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Between 2001 and 2024, the cost of maintaining a basic standard of living rose 106% while wages stagnated, forcing millennials to reconsider traditional wealth-building rules that no longer align with economic realities.
Rather than aggressively paying down all debt, millennials should compare debt interest rates to expected investment returns (using 7% as the threshold), says Mrs. Dow Jones.
They can prioritize capturing employer 401(k) matches and investing through low-cost index funds when debt rates fall below expected market returns.
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If millennials follow the rulebook their parents used, they may be in trouble, says financial influencer Haley Sacks, known as Mrs. Dow Jones. She’s seeing younger generations struggle as wages don’t keep pace with inflation. College education and housing are no longer affordable.
“I’m in my DMs and people are complaining because since 2000, the cost of living has gone up 67%, but wages have gone up 7%,” Sacks said on a recent episode of the Bloomberg Talks podcast. “There need to be new rules that meet us where we are at now.”
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