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A study from the Federal Reserve found that Millennials own less than 5% of ALL US Wealth…DESPITE making up THE LARGEST Portion of the work force.

CNBC says that, because many millennials entered the workforce during the Great Recession, they started out with lower salaries than they would have made otherwise, and that’s a big reason for this pay drop.

And as it turns out, those early years of developing a career are instrumentally important for building up your income…it was found that, during the first 10 years of work, people experience 70% of their overall wage growth – and entering the workforce a time of recession, led to an average of a 9% loss of income right off the bat.

It’s also no surprise more people are entering the workforce – that means employers can be pickier about who they hire, and pay LESS because there are MORE people wanting the same job. This competition means employers don’t NEED to increase salaries, because they have no problem filling those positions with people willing to work.

And even though there CAN be benefits of getting a college degree…and it CAN be a pre-requisite for securing a job…it’s certainly becoming a lot more common, and therefore, less impactful towards getting a boost in salary. Studies have shown that the value of a college degree really seemed to have peaked in the late 1990’s…and since then, it’s been a slow decline given the skyrocketing cost of education.

Wage Stagnation in Nine Charts

Also, during a recession, employers are often quick to cut and decrease salaries…but during the GOOD TIMES, they’re much SLOWER to raise them back up. And again – the data backs this up, showing that we’re just NOW getting back to the point we were at…10 years ago.

That means that, today…we have to be more careful than ever to seriously evaluate the benefits of college, and whether or not it’s worth it for the career you want. Most likely, less expensive options, trade schools, or community college would be a better fit instead of pouring money into a 4-year private education…but as it stands right now, more money spent on schooling, combined with lower wages…equals less money can be put towards building wealth.

It’s also INCREDIBLY important to realize that, at the end of the day – all the income in the world won’t help if you don’t consistently SAVE AND INVEST, so that way, you can participate in the markets going up in value over time. As it is now, income and wealth seems to be self fulfilling…the people who make more money, invest more…and because they invest more…they make more money.

Likewise, the opposite happens when you don’t have money…you don’t make as much, you don’t invest, and because you don’t invest…you don’t make as much. It’s so important to break that cycle and start investing AS SOON AS POSSIBLE…even if it means cutting back on extravagances, switching jobs, working a side hustle, or doing ANYTHING YOU CAN just to get in the game…it’s so important just to start, and stay as consistent as you can.

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*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.