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🗓️ 24 March 2025
⏱️ 10 minutes
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0:00.0 | We tend to do two things when we compare ourselves to other generations around us. |
0:09.7 | We either kind of just like throw shade or we put them on a pedestal and we're like, |
0:13.2 | they did everything so well. |
0:15.2 | But like most things in life, usually the truth is somewhere in the middle. |
0:18.4 | So today I'm going to be sharing seven unexpected financial lessons to learn from boomers. |
0:23.9 | Thank you, boomers. |
0:25.3 | There are some good and some not so good. |
0:27.6 | But before we get started, make sure to subscribe and share this episode with a friend. |
0:31.5 | All right, first and foremost, we need to learn not to rely on social security. |
0:35.8 | Social security was never meant to take care of every expense for |
0:39.7 | every retired American, especially with our generation. It's not something that we fully should |
0:45.1 | be dependent on, because depending on who you read, it may or may not be there when we retire. |
0:51.1 | So again, this idea of taking control of your money and allowing your decisions to |
0:56.7 | really dictate your future and not depending upon a program to do that. I mean, honestly, |
1:00.9 | it's like this level of having the discipline to say, hey, I'm actually going to plan out my life. |
1:05.7 | And when you do that, that is a way more practical, wise, and stable way of looking at money for the next chapter |
1:11.8 | when it comes to retirements. Funding retirement, you want to start that once you are completely |
1:15.9 | debt-free and you have a fully funded emergency fund of three to six months of expenses, |
1:19.6 | then 15% of your income should be going to retirement. And when people are funding retirement, |
1:24.6 | if they are, majority of Americans aren't,'t but if you are it's usually a pretty |
1:27.9 | low percentage like four or five percent and so when you get to that 15 percent you catch up a lot |
1:33.2 | because you'll pause retirement savings while you get out of debt and save up an emergency fund |
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