Thread by @tonetalks

Like I have said life is now more about wealth transfers than labor. Making the cost of being #ados heavy beyond measure. “Gen Z and young millennials have found a new way to afford luxury handbags and watches—living with mom and dad, says Morgan Stanley”
finance.yahoo.com/news/gen-z-you…

As I wrote a decade ago. “The new era that has arrived brings us back to a time where what you will become is based not on how much Chase will loan you without collateral, but rather what your grandfather left for you years ago.“ Rise of Legacy 2013 huffpost.com/entry/the-era-…

I think many will miss what is being said because the title framed it incorrectly. Literally this title is saying that Gen Z & younger millennials are paying for the basic cost of life with parental transfers of wealth & using labor for consumption goods. That’s America in 2022.

“U.S. Census data shows that nearly half of all young adults from ages 18 to 29 still live at home, the highest level recorded since the end of the Great Depression in 1940. Morgan Stanley attributes this growth to the rising cost of rental prices,…”

“…those over age 35 stand at over $400,000. Members of Generation X have average net worths between $400,000 and $833,000, and older generations including baby boomers and the Silent Generation have average net worths of over $1 million.”
yahoo.com/finance/news/m…