jcamp-12 / ai-project-1

AI-Project-1

Our project aim is to answer if adult children are not doing as well as earlier generations. Using sourced data and adjusting for inflation where necessary.

Table of Contents

• Installation
  • Prerequisites
  • Install Python
  • Install Jupyter Notebook
  • Install Libraries
• Usage
  • Running Jupyter Notebook

Installation

• [Python Documentation] (https://docs.python.org/)
• [Jupyter Notebook Documentation] (https://jupyter-notebook.readthedocs.io/)
• [Matplotlib Documentation] (https://matplotlib.org/stable/index.html)
• [SciPy and NumPy Documentation] (https://docs.scipy.org/doc/)
• [Google Colab] (https://colab.research.google.com)

Prerequisites

• A computer running Windows, macOS, or Linux
• Administrator privileges on the computer

Install Python

1. Download the latest version of Python from the official Python website.
2. Run the installer and follow the instructions. Make sure to check the option to add Python to your PATH.

To verify the installation, open a terminal or command prompt and run:

python --version

Install Jupyter Notebook

pip install notebook

Install Libraries

pip install matplotlib scipy numpy

Clone the repository

• Open a Terminal window and use cd commands to navigate to the directory where you would like to save your repository.

• Use the git clone command and the link you copied previously to clone the repository in the location you selected.

• Run all .ipynb files, except generation_prophet_compare_final.ipynb, using jupyter notebook, an anaconda dev setup may be preferable

• Run generation_prophet_compare_final.ipynb in a google colab workspace. Upload the dfa-generation-levels-detail-cleanedup.csv found in the resources-jc folder when prompted.

Running Jupyter Notebook

jupyter notebook

Sources

• combining multiple data frames
• Federal Reserve Data
• charting tools
• student loan stats
• stacked to full bar chart
• secondary axis
• Historical Median Income
• Historical Median rent cost
• Percentage format
• Average Net Worth per Generation

Findings

• Today's 40-year-olds own 25% less wealth compared to older generations when they were the same age.
• Baby boomers owned 25% more real estate than Generation X at the same age.
• Baby boomers are collectively 8 times wealthier than millennials.
• Millennials are 22.4% behind Generation X in terms of wealth accumulated.
• According to an analysis of Federal Reserve data, the average baby boomer now has a median net worth of $206,700. However, the average net worth of baby boomers is considerably higher, at a whopping $1.2 million showing how significantly the top earners skew the average higher.
• The inability of lower earning and younger millennials and likely gen z to save for the american dream, owning their own housing, due to an increasing percent of income going to rent and home prices + major assets like equities will likley make it harder for more and more household formation and ability to acquire their parents level of net wealth.
• Inheritence and relying on parents for help will likely play into more haves and have nots.