I’m a Millennial Millionaire: Here’s What People Get Wrong About My Generation and Money

i’m a millennial millionaire: here’s what people get wrong about my generation and money

a wealthy couple takes a photo iStock-1969468362

Millennials can be a punching bag when it comes to jokes about money. The tired trope of millennials eating too much avocado toast to afford a home shows no signs of slowing down. However, some real-life millennials are fighting back against this mischaracterization.

They say it’s an unfair stereotype perpetuated by grumpy older folks who don’t understand what millennials have inherited financially — and what they’re doing with it. Just ask Steven and Lauren Keys, the millennial millionaire couple behind Trip of a Lifestyle. Despite joining the workforce amid the wreckage of the Great Recession and facing headwinds like soaring education costs, this husband-wife duo still managed to cross the $1 million net worth mark by the ages of 33 and 34. How’d they pull it off?

Check Out: I’m a Self-Made Millionaire: Here’s My Monthly Budget

Up Next: 4 Genius Things All Wealthy People Do With Their Money

According to them, through disciplined budgeting, living well below their means and making calculated career moves. All while taking full advantage of their youth to travel and experience life rather than grinding at a desk.

“Throughout our 20s, we lived frugally — sharing a used car, cooking most meals at home and getting our entertainment for free out in nature,” said Steven. “Neither of our salaries ever cracked six figures, but with such a low cost of living, we felt wealthy even working our first jobs out of college, which paid under $40K annually.”

Yeah, you read that right. These millionaires were pulling in less than $80K combined at first! But by keeping their expenses insanely low at just $18K-$26K per year and consistently investing over 60% of their take-home pay, their net worth skyrocketed into seven-figure territory in a little over a decade out of school.

So let’s debunk some of the biggest millennial money myths this hardworking couple is shattering.

‘Millennials Will Never Afford a Home’

Just two years out of college, Steven and Lauren put down $71,000 in cold hard cash to purchase their first home mortgage-free at ages 25 and 26.

“Millennials are often stereotyped as the generation that will ‘never be able to afford a house,’ but we totally reject that notion,” stated Steven. “By living frugally and working average, middle-class jobs, we actually paid cash for our first home at ages 25 and 26.”

With a bit of discipline and looking in the right — read: cheaper — locations, these two prove that homeownership is still absolutely achievable for millennials.

Investing Advice: I’m a Self-Made Millionaire: 5 Stocks You Shouldn’t Sell

‘Millennials Are Chronic Job Hoppers’

This one may be down to a difference in priorities. You’d think being open to greener professional pastures would be considered an asset, not a liability. Yet the perception persists that millennials will never gain career traction by job hopping too often instead of staying loyal soldiers for decades like previous generations.

“It’s the complete opposite: Millennials’ fearlessness to leave jobs when their skills have exceeded their pay can be a massive career accelerant,” Steven said. “We personally quit our jobs and took a six-month sabbatical in Hawaii only to score significantly higher salaries upon our return.”

By knowing their worth and seizing opportunities for big pay bumps, Steven and Lauren were able to supercharge their income trajectory and fatten their savings rate in the process.

‘Millennials Spend Money Like Crazy’

Wait, these are the same millennials who are “killing” incumbent industries like cable TV and diamond rings by avoiding them, right? Well if that’s crazy spending, sign millennials up.

“Keeping a wide gap between our income and our expenses allowed us to invest the difference in passive index funds and grow a big nest egg at a very young age,” said Steven. “Our net worth jumped past the million-dollar mark in 2023, at the ages of 33 (Steven) and 34 (Lauren).”

At the end of the day, the lessons from this millennial money master class are simple: spend less than you earn, invest early and often, live within reason and find fulfillment outside of buck-chasing. Homeownership, career freedom and a $1 million net worth can be yours too if you reject the stereotypes and make smart choices.

More From GOBankingRates

    This article originally appeared on GOBankingRates.com: I’m a Millennial Millionaire: Here’s What People Get Wrong About My Generation and Money

    OTHER NEWS

    6 hrs ago

    Transfer: Okejepha set to complete move to Tanzanian club Simba SC

    6 hrs ago

    50 Rep members demand Nnamdi Kanu’s release, write Tinubu

    6 hrs ago

    Euro 2024: Be bold enough to drop Harry Kane – McCoist tells Southgate

    6 hrs ago

    F2 Spain: Crawford victorious as Correa gets podium retribution

    6 hrs ago

    I’m a Mortgage Lender: 5 Red Flags Your Financing Will Fall Through Before Closing

    6 hrs ago

    This Stock Is Down 42% This Year, but Wall Street Sees a 73% Upside

    6 hrs ago

    Where Will Tellurian Be in 5 Years?

    6 hrs ago

    4 Delicious Chicken Burger Recipes

    6 hrs ago

    Fun With Flags #7 - Oddly Shaped Flags (Nepal, Vatican City, Switzerland And More!)

    6 hrs ago

    For the First Time in 65 Years, This Recession Indicator Has Been Wrong -- but Wall Street Isn't Out of the Woods Just Yet

    6 hrs ago

    Albon to start from Spanish GP pitlane after F1 power unit changes

    6 hrs ago

    What If Two Hurricanes Collided?

    7 hrs ago

    3 Artificial Intelligence Stocks to Buy and Hold for Great Long-Term Potential

    7 hrs ago

    Nvidia and Microsoft Will Make Up Over 40% of This Popular ETF. Here's Why This Alternative ETF Could Be a Better Option.

    7 hrs ago

    Lakers mock draft: Zach Edey, Tristan da Silva among best 2024 NBA prospects to pair with LeBron James, Anthony Davis

    7 hrs ago

    Beyond Nvidia: the search for AI's next breakthrough

    7 hrs ago

    Forget NuScale Power: 2 Nuclear Power Stocks to Buy Instead

    7 hrs ago

    Beyond green card: Nigerians find true love abroad amid cultural bias

    7 hrs ago

    Rockefeller Foundation President Holds Productive Meetings in Nigeria to Advance Ambitious 300 Million Project

    7 hrs ago

    Best Stock to Buy Right Now: Amazon vs. Disney

    7 hrs ago

    How to Use Packing Cubes For Travel & 6 Tips for Minimalist Packing

    7 hrs ago

    3 Nasdaq Stocks to Buy Before They Soar as Much as 97% According to Select Wall Street Analysts

    7 hrs ago

    Warren Buffett Doesn't Own Nvidia. Here's How He's Profited From the Artificial Intelligence (AI) Stock's Big Gains Anyway

    7 hrs ago

    Meet 1 of the Market's Latest Stock-Split Stocks. Is It a Buy?

    7 hrs ago

    1 Growth Stock Down 34% to Buy Right Now

    7 hrs ago

    4 Reasons to Buy Enterprise Products Partners Stock Like There's No Tomorrow

    8 hrs ago

    Netizens Oppose Politicians' Presence at Bishop Gachathi's Consecration

    8 hrs ago

    T20 World Cup: Bangladesh suffer another thumping defeat to India

    8 hrs ago

    Marcos says Philippines won't 'instigate war' with China

    8 hrs ago

    3 Artificial Intelligence (AI) Stocks That Are Screaming Deals

    8 hrs ago

    VIDEO: Heavy Security Presence at Nyahururu Church as Ruto Attends Service

    8 hrs ago

    Isaac Mwaura Discloses Foreign Countries Funding Anti-Finance Bill Protests

    8 hrs ago

    Monthly inflation slowed amid policy tightening – CBN

    8 hrs ago

    How Long Costco's Most Popular Products Last

    9 hrs ago

    Touching Reunion: Evelyn Wanjiru and Anastacia Mukabwa in India

    9 hrs ago

    NATO Leadership Change: Mark Rutte Set to Succeed Jens Stoltenberg as NATO Secretary-General

    9 hrs ago

    Every Premier League club’s pre-season fixtures ahead of 2024-25

    9 hrs ago

    Japa: Civil servants must refund salaries collected, department heads punished – Tinubu

    9 hrs ago

    Watch Videos: See how Kenyan Revellers Stopped Music, Dancing to Observe Reject Hour in Clubs

    9 hrs ago

    What If We Built Cities on the Moon?