While trust fund babies used to be a far more common version of the young millionaire, Gen Z and millennials have so far been whistling to a different tune.
The time of the trust fund baby is over, and the era of the self-made millionaire is just beginning.That's the latest from a new Federal Reserve report on consumer finances. Wealth is steadily growing across America, even in families not historically tied to high income or stocks.The Federal Reserve reported that the average net worth of American families finally passed $1 million for the first time this year, growing 42 percent from $749,000 in 2019.
'Also, learning to code enabled me to turn my vision into reality, giving me a distinct edge.'What Makes a MillionaireAmericans are largely entering this new millionaire title due to their college educations and investments, experts say.
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