A millionaire in California is not the same as in other states. A California millennial millionaire secluded in Silicon Valley may not even know it.
Alot of those so-called Millennials are really Gen X, and screw Pew Research for saying otherwise.
But you're right. Old school wisdom: it ain't what you make, it's what you keep, and a million don't go that far in Cali or NYC.
Which is a big part of the problem. All those little millennial geniuses - real and self-proclaimed - might be so in all that is tech related, but ususally don't know jack about money, finance, economics, and markets.