Millennials have 'phantom wealth' hidden in their homes and 401Ks — but they don't feel rich

• Millennials are actually doing pretty well financially right now.
• Owning a home and having started a 401(k) can create what's been called "phantom wealth."
• These millennials are rich on paper — but might not feel it.

Imagine two elder millennial friends sitting in a coffee shop, eating avocado toast (this is all about generational generalizations, so let's stick to the classics).

Their monthly income is the same. They both spend the same on housing, transportation, and grocery bills. They both feel the burden of a high day care bill. And their spending looks the same — that $12 toast hits the wallet just as hard for each.