According to a recent article found on LinkedIn, many millennials believe that they will have been able to save $1 million by the time they hit 40, but the reality is that millennials’ 2016 salaries are actually 25% lower than those who were the same age in 2007. On this episode, Carl reflects on a recent trip to Key West, an interesting approach to saving and spending in a two-income household, a simple to remember savings strategy, and a very quick overview of a few retirement options many employers offer. The most important lesson in this episode -- find out what it means to be “fully vested” in your organization’s retirement options!
According to an article published by the Associated Press in January of 2017, an advocacy group titled Young Invincibles analyzed Federal Reserve data and concluded that millennials have about half the net worth of baby boomers, low rates of home ownership and high levels of student debt. Given that wealth is usually passed down from generation to generation, did Baby Boomers Boom Selfishly? Shouldn’t subsequent generations have been better off?