Ramit Sethi: How Boomers Blocked You From Wealth — And 5 Steps To Build It Now

Core Insights - The article discusses how baby boomers were able to build wealth through favorable housing and retirement conditions that are no longer available to younger generations [1][3][4] - It highlights the systemic changes that have occurred, including the shift from pensions to 401(k)s, which has placed the retirement burden on individuals [3] - The article emphasizes the role of government policies in creating barriers to homeownership for younger generations [4] Housing and Retirement - Baby boomers benefitted from pensions, which have largely been replaced by 401(k)s, shifting retirement responsibilities to employees [3] - Favorable government policies historically encouraged homeownership, allowing middle-class families to purchase homes on a single income [4] - Boomers have actively blocked the construction of new homes, reducing supply and increasing housing costs for future generations [4] Steps for Younger Generations - Young people are encouraged to vote for policies that support housing construction to address the supply shortage [6][7] - Engaging in the political process is crucial, as millennials and Gen Zers represent over 40% of the U.S. population and are expected to dominate future elections [6] - Younger generations should maximize their retirement contributions, as companies may offer support despite the lack of traditional pensions [8]