According to a 2013 survey by U.S Trust, around a third of Baby Boomers worth more than $3 million claim to have grown up in a lower middle class home, versus 18 percent of Generation Xers, and 12 percent of Millennials. Why the change? In our increasingly class stratified society, it takes money to make money—frugal habits be damned. Even Mitt Romney suggested youngsters on the make turn to mom and dad for the funds to start a business. People who have taken that advice include Jimmy John Liautaud, the founder of Jimmy John’s, and Steve Ells, the man behind Chipotle.
Helaine Olen is my favorite personal finance writer and has become known for her own great book and for debunking all kinds of informercial-esque claptrap from some of her contemporaries in the field (you know their names).
In a new post at Baffler, she talks about the death of the Millionaire Next Door archetype, who is pretty much vanishing into extinction in the current age of Pikettyism and mass inequality. Click over a the link above to read more on the topic.