Just 13% of Folks in This Age Group Boosted Their Finances in 2022
A full 43% of people in this generation say they are in a worse financial situation today compared with 2021.
A full 43% of people in this generation say they are in a worse financial situation today compared with 2021.
It is amazing some of these trends are still around today. Time will tell if they ever truly go away, but here are some of Reddit’s predictions on trends that will go away with time. Giant China Cabinets “Giant china cabinets with whole extra sets of plates that are used once or twice in a … Read more
There have been a lot of articles and headlines coming out recently saying that inventory is up, the real estate market is cooling down, and a crash may be coming as well. There are many articles that are saying sales are down as well and insinuating that prices are down too, even though they are … Read more
There have been a lot of articles and headlines coming out recently saying that inventory is up, the real estate market is cooling down, and a crash may be coming as well. There are many articles that are saying sales are down as well and insinuating that prices are down too, even though they are … Read more
Many people try to time real estate markets or predict when the ups and downs will be. While it seems easy to time a real estate market after seeing what happened in the past it is much more difficult trying to predict the future. The world’s smartest economists have trouble predicting real estate markets. There … Read more
Tax breaks help pad our bottom line. But inflation makes these deductions less valuable with each passing year.
How much cash back are people actually getting from their credit cards? Who charges the most money to their card, boomers or Gen Z? Does having a credit card mean youâre more likely to have good credit compared to someone who doesnât? These questions, and many more, are what we set out to answer in […]
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Over the last decade Millennials have gotten a lot of attention (good and bad) for their âslacktivism,â job hopping, mountains of student debt and FOMO culture. But Millennials are growing up, and many of them are prioritizing financial independence and thinking seriously about their path to retirement. Perhaps unsurprisingly, and in contrast to the generations before them, they have different ideas about what that path and the ultimate destination will look like.
According to a new Schwab study, Millennials are more likely to prioritize travel over homeownership in retirement. They want the freedom to use their savings to pursue their desired lifestyle and passions more than chase financial stability. They want flexibility and new experiences more than traditional retirement pursuits.
As for the path to reach these non-traditional goals, Millennials are looking for flexibility on that front too. They are less focused on a specific retirement savings amount. Instead, they see the accumulation process as more of a continuum, and they want to pursue their passions along the way toward retirement â not just in retirement. Additionally, they are less interested in preserving their wealth in retirement and will not spend as much time managing their investments as Boomers.
Some of these Millennial preferences may seem out of line with responsible retirement goals, but this is a generation of action. Millennials, to their credit, are already starting to save much earlier than their predecessors and over the course of the pandemic, many have stepped up their engagement and focus on financial planning.
It’s also worth noting that Millennials arenât simply re-writing the script for retirement because they can. Major economic and societal shifts are driving these changes in how younger people approach money, careers and life. They have encountered challenges that are different from the generations before them. The cost of homeownership has risen, pensions plans have dwindled, student debt has risen dramatically â just to name a few.Â
The road to retirement has only gotten more challenging over the course of Millennialsâ lifetimes. The good news is that many timeless financial planning strategies can be readily adapted to fit their needs.
Here are the top tips I share with Millennials for reaching the retirement of their dreams:
Just like Boomers and Gen Xâers, Millennials have distinct generational characteristics that set them apart, but at the same time they are not a monolith. Millennials will take many different approaches and paths to retirement. Their personal lives will take unexpected twists and turns that may change some of their goals along the way.
Sound financial planning that begins early is the key to success no matter the desired destination. That much never changes.
Diversification strategies do not ensure a profit and do not protect against losses in declining markets. Investing involves risk, including loss of principal.
(0522-25L6)
With the two biggest generations, Baby Boomers and Millennials, competing for space in America’s housing market, inventories of available homes have been affected drastically. But what does this mean for future generations when Boomers eventually start vacating their homes?
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