Hey there, it’s Bruce Woodburn with CrossCountry Mortgage and WDBO Radio. It’s time for the three big things you need to know, but I’m going to change it up a little bit, so pay close attention. I’m going to bring some things to the table that you may not have been aware of when it comes to gen x, baby boomers and millennials in terms of their net worth and wealth compared to previous generations. So this study that I read was done by the Federal Reserve Bank of ST Louis and it says that the net worth of today’s millennial as of 2016 was about $28,000 lower than their previous generation. That was pretty substantial. We found that it’s really disturbing because a lot of the baby boomers and gen Xers were just totally overloaded in student loan debt, which really contributed to a loss of net worth. So all these schools just bombarded people and they got sucked into where I got to have a college degree and I got to have all the student loans and they don’t make enough money to be able to even afford the student loans. Now it’s keeping them from moving ahead and they’re behind their previous generation, which has really never happened before. All of our generations seem to do better than the last generation, but not in this case. So let’s talk about some things that have changed since 2016. So as things progressed, they found that post 2016 and up to 2019, that the typical millennial household has increased its net worth by $51,000. Millennials are still significantly behind their previous generation by about 11%, or about $60,400. But here’s the thing, about half of millennials are invested in stocks, so recent surges in the stock market even more important. Purchasing homes really helped increase their net worth and that’s where I come in because I’m in the business of helping people buy houses. I can’t help you with your stock investments, but I can tell you your net worth and the gains that these people made in a three year period of time to catch up was made in real estate in the stock market. Real estate in the stock market, you’ve got to get into real estate in the stock market. So that helped make it up, but they’re still behind. Now, here’s some disturbing facts to that. The typical millennial without a college degree has about 19% less wealth than their previous generation. Millennials who graduated from college, on the other hand, of about 4% less wealth than their similarly educated equivalents in previous generation. This growing inequality between college and non college educated millennials fits into an enormous amount of research that shows that today’s blue collar and low income workers have less upward mobility than their previous generations. But the most disturbing fact in this data was black millennials. Okay, while white millennial families had about $88,000 in wealth, The typical black millennial has $5,000 in wealth. It gets even worse when you look at the trends, because white millennial families made huge strides in 2016-2019 and now lag behind previous generations of white families by only about 5%. And blacks fell behind, and they are behind about 52%. Now that’s disparaging, Okay, I it’s really disturbing. So looking at this, we have a huge gap and when we see an environment in our community where more there are more black politicians, there’s more black people being represented, but yet they’re falling further and further behind. There’s something going on here and I don’t know who we’re following, but it’s not helping the black family right now. A lot of my employees are minorities and I’m committed to helping minorities. I’m committed to helping all of you whether you’re white, black or Hispanic, it doesn’t matter, you’re all my clients. I care about all of you. But let’s take this trend seriously because it’s not getting better and we’re having so much separation between whites and blacks. I’m seeing it’s falling further and further behind. Instead of getting better and better. It’s not positive for this country at all. Let’s stop the separation, let’s come together and let’s help each other build wealth. This is a country of prosperity. Stop leaving it behind. Stop blaming others. Stop living off the government. The government is not going to help you amass wealth. I can promise you that they want you to become dependent upon them. That’s not what America was built on, it’s built on ingenuity, it’s built on hard work, it’s built on being there to help each other. So let’s come together. If you are an adult parent that has adult Children, let’s help them get into the housing market. There’s first time opportunities available for so many people, even though the first time housing market is getting further and further out of reach for you guys, it’s time to do it now because it’s not going to get closer. We are seeing inflation come about, it’s going to keep increasing the price of houses. Interest rates will likely continue to rise. Let me help you get into the market right now. Those were one big thing you needed to know. But I think super, super important. I hope that this message sits well with all of you. It helps awaken you to the potential opportunities that this country has to offer, and my team and I are here to help you and committed to helping all of you, help more people become homeowners so they can also experience the wealth that’s built in this country. Have a great day, I’m Bruce Woodburn with CrossCountry Mortgage, The Loan Arranger signing out. We’ll see you next week. Same time, same place.