In today’s final part on WISDOM for Gen-X and Y generations, we will discuss what the Gen-X and Y generations have going for them and what they must do to ensure a different outcome from their Baby-Boom brethren. If you missed Part 1 or Part 2, take a couple minutes to read them first.
The Gen-X and Y generations have a few things going for them:
- Time
- Desire to be in control
- The Web 2.0’s information and truth…in ‘real-time’
- Availability of great low-cost funds and brokers
- On-line companies specializing in blueprints and resources to empower the successful DIY 2.0 investor
What should the Gen-X and Y investors do? Here are a few suggestions for starters:
- Commit to your retirement account first, saving a minimum of 10% of your net earnings (if possible)
- Participate in your employers sponsored retirement plan if they offer matching contributions…it’s free money
- Understand your tolerance for risk
- Leverage low-cost, passively managed and tax-efficient Index Funds or ETF’s
- Own the world via diversification
- Commit to partner with a company with the knowledge, experience and passion for your success as a DIY 2.0 investor
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Our goal for the Gen-X and Y generations is that they have a plan to build their wealth so they can live their retirement dreams.
We all own our power of choice! We can choose to change action steps, or ignore the wisdom and procrastinate like the Baby-Boom generation and accept the same bitter consequences later in life.
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