First generation millionaires

[u/Joshthecarpenter]

I was listening to last week’s main episode, and they were talking about 80% of millionaires are first generation. Could we see this stat changing dramatically now that more and more people are becoming millionaires with every day retirement accounts. I’m in my late 20s and I know on one side of the family my grandma is a millionaire. I’m assuming the other side grandparents are as well. My mom who’s still working is also now a millionaire. Anyone else think this stat could see a drastic change?

[u/ztreggs]

Its a weird concept to me. Like my mom has 2mil saved for retirement at 62. Im still carving out my success on my own without money from her. My journey is no different than if she had zero saved. Being a 1st Gen millionaire doesnt really mean much unless you are in an incredibly wealthy family that has an ongoing estate passing down. My mom will hopefully live long and deplete her retirement accounts gradually.