Why Millennials Making $300K Don’t Feel Like They’re Wealthy, According To a Personal Finance Expert

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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};be("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat(Vn)),notifLabel:document.querySelector(".".concat($n))};t.notifDropdown&&ro(e,t)}))}()}};]]>Cara Danielle BrownMon, Jul 28, 2025, 2:16 PM 2 min readEryn Schultz is a certified financial planner and the founder of Her Personal Finance, a website designed to help high-earning women take charge of their financial futures.Shultz recently made a post Instagram addressing high-earning millennials, in particular: “According to 2023 Census data, a $300K-per-year household puts you in the top 5% of millennials,” wrote Shultz. However, she went on to explain that the top 5% of millennials reported not actually feeling wealthy.So why is this? Schultz elaborated further.Check Out: I Asked AI To Make Me as Much Money as Possible: Here’s What Happened, According To Codie SanchezRead Next: Clever Ways To Save Money That Actually Work in 2025According to Schultz, homes in major metropolitan areas typically cost upward of $1 million. The cost of housing for millennials has rapidly outpaced inflation and wage growth.According to Schultz, childcare costs roughly $2,000 per month…per child. If millennials have two children, that’s a whopping $48,000 per year out the door before other kid essentials like food, clothes, diapers, toys and strollers are even taken into account. (Costs are often this expensive because, prior to grade school, there’s no government-sponsored child care.)Discover More: If Bezos’ Wealth Was Evenly Distributed Across the US, How Much Would We Get?Interest rates on home and auto loans are currently 6.5% and up, resulting in exceptionally high monthly mortgage and car payments. Credit card interest is even higher, meaning that carrying credit card balances can trap people in a dangerous cycle of debt.It doesn’t help that the top 5% of millennials typically hang out with the top 1% to 3%, which skews their perception of wealth and makes them feel positively middle class — even though they aren’t.For the top 5% of millennials, it may be difficult to differentiate between real factors pinching their wallets and the perception that they aren’t doing as well as their wealthier counterparts. This is why Schultz recommends taking pen to paper and mapping out your money to see how you’re doing.Track three basic numbers: what percentage of your income goes to housing, what percentage is/will be going to child care and what, if anything, is being saved for the future.“Sometimes seeing these money maps helps people realize how great they’re doing,” wrote Schultz. “Other times, we identify places where they want to shift.”More From GOBankingRates3 Luxury SUVs That Will Have Massive Price Drops in Summer 20254 Things You Should Do if You Want To Retire Early 5 Cities You Need To Consider If You're Retiring in 20256 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable AlternativesThis article originally appeared on GOBankingRates.com: Why Millennials Making $300K Don’t Feel Like They’re Wealthy, According To a Personal Finance ExpertTerms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,370.86 -18.91 (-0.30%)Dow 3044,632.99 -204.57 (-0.46%)Nasdaq21,098.29 -80.29 (-0.38%)Russell 20002,242.96 -13.77 (-0.61%)VIX15.98 +0.95 (+6.32%)Gold3,325.30 +15.30 (+0.46%)PortfolioSign in to access your portfolioSign inTop gainersNEGG Newegg Commerce, Inc. 56.19 +17.11 (+43.78%)SANM Sanmina Corporation 120.76 +22.42 (+22.79%)CVLT Commvault Systems, Inc. 193.27 +29.84 (+18.26%)AMKR Amkor Technology, Inc. 25.08 +3.85 (+18.13%)PII Polaris Inc. 57.81 +8.33 (+16.84%)Top losersNVO Novo Nordisk A/S 53.94 -15.06 (-21.83%)STEM Stem, Inc. 15.17 -3.74 (-19.78%)HRI Herc Holdings Inc. 123.61 -26.27 (-17.53%)EXEL Exelixis, Inc. 36.94 -7.45 (-16.78%)QS QuantumScape Corporation 9.28 -1.70 (-15.48%)Most activeSOFI SoFi Technologies, Inc. 22.40 +1.38 (+6.57%)NVDA NVIDIA Corporation 175.51 -1.24 (-0.70%)LCID Lucid Group, Inc. 2.5600 -0.2300 (-8.24%)NVO Novo Nordisk A/S 53.94 -15.06 (-21.83%)AMD Advanced Micro Devices, Inc. 177.44 +3.78 (+2.18%)Earnings eventsTrending tickersV Visa Inc. 351.29 -4.18 (-1.18%)SBUX Starbucks Corporation 92.96 -0.71 (-0.76%)NVO Novo Nordisk A/S 53.94 -15.06 (-21.83%)PANW Palo Alto Networks, Inc. 193.84 -10.66 (-5.21%)SOFI SoFi Technologies, Inc. 22.40 +1.38 (+6.57%)Top economic events