The Federal Reserve reveals baby boomers hold $85.4 trillion in wealth, 51.1% of the nation’s total, while millennials only hold 10.7%. This generational wealth gap leaves younger Americans with less financial security and limited opportunities to build assets of their own.

Boomers’ wealth was accumulated when home prices were affordable, allowing them to invest in housing and stocks. Today, higher home prices and stock valuations create barriers for younger generations. Boomers’ NIMBY attitudes have also hindered younger Americans from building wealth, leaving them worse off financially.

Despite the challenges, young Americans can invest in high-value skills for lucrative careers. Pursuing trades and avoiding student debt can provide opportunities for financial success. By increasing income, avoiding debt, and investing wisely, younger generations can improve their financial outlook and compete with baby boomers. 1. The US economy added 943,000 jobs in July, exceeding expectations. The unemployment rate dropped to 5.4%, a significant improvement from previous months. This positive trend is attributed to the reopening of businesses and increased consumer spending.

2. The Tokyo Olympics have come to a close, with the United States finishing at the top of the medal table. American athletes won a total of 113 medals, including 39 gold. The Games were marked by impressive performances and inspiring stories of resilience.

3. Scientists have discovered a new species of dinosaur in Chile. The Chilesaurus diegosuarezi, nicknamed the “Frankenstein dinosaur,” had a unique combination of characteristics from different dinosaur groups. This finding sheds light on the evolution of dinosaurs during the Jurassic period.

4. A massive wildfire in California has forced thousands to evacuate their homes. The Dixie Fire, one of the largest in the state’s history, has destroyed over 500 homes and continues to spread rapidly. Firefighters are working tirelessly to contain the blaze and protect communities.

5. The Taliban has made significant territorial gains in Afghanistan, capturing several key cities in recent weeks. This rapid advance has raised concerns about the stability of the country and the future of peace negotiations. The Afghan government is calling for international support to counter the Taliban’s offensive.

Read more at Yahoo Finance: US boomers now sit on a whooping $85.4T in wealth. Why they may be leaving younger generations ‘worse off’