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  1. #1
    Registered User Semi Pro Member
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    Savings Tips for Boomers, Gen-Xers and Millenials

    Experts offer advice on saving for generations.

    Boomers: 51-69

    - Continue working or return to work. This is what a large percentgae are doing for financial reasons.
    - Do with less stuff than before and think about downsizing.
    - Ramp up your retirement savings

    Generation Xer-s: 36-50
    - Start paying yourself first. Put a portion of your income aside the day you get paid, prior to spending any money.
    - Avoid buying a big house or getting into a big mortgage

    Millennials 19-35

    Because in many cities, rent requires over 30 percent of your monthly income, avoid paying it altogether, and live at home instead.
    - Keep sudent loan debt down to a minimum.
    - Use a budgeting app.
    - Give yourself a weekly or monthly allowance, or you' coudl wind up spending much more than not




    Can you do this?

  2. Savings Tips for Boomers, Gen-Xers and Millenials
  3. #2
    Registered User Semi Pro Member
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    336
    I cannot do that and won't advise that to any Millenials that they should continue to live with their parents. They need to just make it with multiple roommates and leanr to be an adult.

    The advice given means they are not a responsible adult until age 35?

    C'mon. Are we moving backward or forward as a society?

  4. #3
    Registered User Semi Pro Member
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    298
    As a Generation Xer myself, I was already thinking about keeping my house payment low. I am on the right track.

  5. #4
    Registered User Semi Pro Member
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    382
    I can think of no way to build your personal wealth than to live well below your means and invest your savings.

    This may mean having to go without frequent phone updates, and maybe even no cable TV or expensive vacations. But I think it is worth the price. In return, you get much greater financial security and freedom.

  6. #5
    Registered User Senior Member
    Posts
    189
    All that advice can be summed up as:

    1. Live below your means.
    2. Don't take on too much debt.
    3. Work hard.

  7. #6
    Registered User Senior Member
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    112
    Personally, I can attest to the crushing burden of supposedly good student debt. Only take on student debt if it radically increases your chance of making a lot more money.

  8. #7
    Registered User Semi Pro Member
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    298
    Quote Originally Posted by Michelle_S View Post
    Personally, I can attest to the crushing burden of supposedly good student debt. Only take on student debt if it radically increases your chance of making a lot more money.
    These are words to live by for those going to college. We've all heard about graduates accepting low paying jobs. If you are not going to study to become a doctor, lawyer, or software engineer, think really hard about taking on large student debt.

  9. #8
    Registered User Pro Member
    Posts
    554
    All great advice I cannot argue with.
    I'd only add that you should set up some type of secure asset protection if you become wealthy so it is not lost in the many ridiculous litigation cases that happen today.

  10. #9
    Registered User Semi Pro Member
    Posts
    301
    If you are serious about changing your financial situation, you'll need to be very watchful of how you spend. It is okay to spend as long as it is beneficial and you're able to repay it fairly quick. Don't sit by and let growing credit card debt and its associated interest eat up your money.

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