Millennials across America have long been blasted for making investment planning a low priority.
But that criticism might be unfounded now as the generation of roughly 70 million enters the post COVID-19 era with fresh optimism tied to personal finances. Millennials are more confident than other generations their money will last in retirement, new data from New York Life’s Wealth Watch survey shows.
Take Jordan Myers, a 29-year-old mail carrier for the U.S. Postal Service. He makes a base salary of around $41,000 a year. The amount is higher with overtime. Last year, he earned about $78,000 and expects to make $90,000 this year. He also makes around $4,500 a year from rental property.
Myers, who lives in Memphis, generally works 13 hours a day, six days weekly. He walks around 14 miles most days, CNBC reported. Myers also has found a balance that works for him and his wife, Jalyn, and their one-year-old son, Jacob. Pertaining to bills, the husband-and-wife team work together.
While Jalyn makes much less, she pays for childcare, groceries, car insurance, and utilities. Myers takes care of everything else. “I do bring in more money, but we’re equal because she does have to take care of [our] son more, and if she didn’t, I wouldn’t be able to work the hours I work, so I wouldn’t make the money I make,” Myers said.
Further, Myers has made building wealth a top concern on his list. Monthly, he puts $500 into his savings account, $400 into his 401(k) and $2,000 into a taxable brokerage account through Fidelity. Now, he has around $3,000 in savings and $34,000 in investments.
Plus, Myers is a member of an investment group led by real estate investor and YouTuber Graham Stephan, helping him learn about options trading and rental properties. Myers has earned up to $10,000 in a month trading options, despite the risks. Yet he usually reinvests those earnings and doesn’t recognize any gains.
In five years, Myers hopes to be “halfway to being a millionaire, if not more,” he said. In 10 years, “I think I’d be well over being a millionaire.” He is confident he can hit his goal. He is saving for another rental property, which he hopes will pay for itself over time. He hopes his story inspires others to learn and grow like him.
“When you see me, it’s like, ‘Hey, that guy is also just working a normal job, day to day. He’s really growing day by day, month by month, year by year.’ I’m hoping I can show people that it’s possible.”