Whether you follow Don Trump or not, you would have had to be really out of it to miss his Twitter remarks this week: "If you were born poor, it's not your mistake. If you die poor it's really your mistake."
Trump's other remark today also bears some consideration: "I try to learn from the past, but I plan for the future by focusing exclusively on the present. that's where the fun is."
Whether you agree with Trump is not as important as the provocative "stick it in your eye" issue of what the young does with the future these days -- which is probably some more important than whether the current political environment plans to take care of them in the end.
Based on what this government is going to do for the elderly, the young should pay attention. How you prepare for retirement will make a big difference in the way you celebrate it.
The phrase Generation Y first appeared in an August 1993 Ad Age editorial to describe teenagers of the day, which they defined as different from Generation X, and then aged 12 or younger as well as the teenagers of the upcoming ten years.[6] Since then, the company has sometimes used 1982 as the starting birth year for this generation
It appears that the recession has walloped the youngest, least experienced workers the hardest. They have the highest unemployment rate AND the highest rate of educational attainment (and school loan debt), which leaves them much worse off as they start out than their parents were in the Boomer Generation. Even if their parents were in Generation X, they were still better off than today’s 20-something Millennials.
Having said all of that, the 80/20 rule still applies. Twenty percent will survive well, 80% won't. That rule is pretty well established over time, or such has been said consistently.
Given that at least some of the millennials are into the 30 year old group, some of them, believe it or not, are already thinking about retirement, if not much.
Here's an idea. Let's start thinking about a financial plan other than up the risky ladders at the wall street casino -- something with some meat in it -- and little or no risk -- something that can be gained with little money invested. Something that will get our young started into the future early and not after the piggy bank is broken and all the money is gone, spent in "happy for the night" and frivolous and pointless experiences.
Let's say Jayson, a millennial at 29, has no retirement plan yet and no company to leverage his contributions or buy him a life insurance plan to cover his debts when he exits.
Let's also say Jayson has a pretty good job and a little loose change. What can he do with it? If he's paying back college debt, he'll still be able to do this with a little focus on the future.
He can buy an indexed life insurance plan from a reputable company now at $100 per month (or less) and turn that contribution into $200k at retirement, having contributed only $44k himself. The rest is interest and indexing magic with no risk from the ups and downs of the market.
Make sense to the millenials? Not many, you might say. But, some will take the bait and end up in retirement with a sizeable buffer against the incoming tide of retirement.
If not, it will probably be their mistake and if my hunch is correct, less other people will stand by them as we do now with our elderly as these millennials age into retirement, home equity spent on continuous lines of credit until there is nothing left to finance.
Trump's other remark today also bears some consideration: "I try to learn from the past, but I plan for the future by focusing exclusively on the present. that's where the fun is."
Whether you agree with Trump is not as important as the provocative "stick it in your eye" issue of what the young does with the future these days -- which is probably some more important than whether the current political environment plans to take care of them in the end.
Based on what this government is going to do for the elderly, the young should pay attention. How you prepare for retirement will make a big difference in the way you celebrate it.
The phrase Generation Y first appeared in an August 1993 Ad Age editorial to describe teenagers of the day, which they defined as different from Generation X, and then aged 12 or younger as well as the teenagers of the upcoming ten years.[6] Since then, the company has sometimes used 1982 as the starting birth year for this generation
It appears that the recession has walloped the youngest, least experienced workers the hardest. They have the highest unemployment rate AND the highest rate of educational attainment (and school loan debt), which leaves them much worse off as they start out than their parents were in the Boomer Generation. Even if their parents were in Generation X, they were still better off than today’s 20-something Millennials.
Having said all of that, the 80/20 rule still applies. Twenty percent will survive well, 80% won't. That rule is pretty well established over time, or such has been said consistently.
Given that at least some of the millennials are into the 30 year old group, some of them, believe it or not, are already thinking about retirement, if not much.
Here's an idea. Let's start thinking about a financial plan other than up the risky ladders at the wall street casino -- something with some meat in it -- and little or no risk -- something that can be gained with little money invested. Something that will get our young started into the future early and not after the piggy bank is broken and all the money is gone, spent in "happy for the night" and frivolous and pointless experiences.Let's say Jayson, a millennial at 29, has no retirement plan yet and no company to leverage his contributions or buy him a life insurance plan to cover his debts when he exits.
Let's also say Jayson has a pretty good job and a little loose change. What can he do with it? If he's paying back college debt, he'll still be able to do this with a little focus on the future.
He can buy an indexed life insurance plan from a reputable company now at $100 per month (or less) and turn that contribution into $200k at retirement, having contributed only $44k himself. The rest is interest and indexing magic with no risk from the ups and downs of the market.
Make sense to the millenials? Not many, you might say. But, some will take the bait and end up in retirement with a sizeable buffer against the incoming tide of retirement.
If not, it will probably be their mistake and if my hunch is correct, less other people will stand by them as we do now with our elderly as these millennials age into retirement, home equity spent on continuous lines of credit until there is nothing left to finance.
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