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The Rachel Cruze Show

7 Money Lessons from Boomers’ Wins and Regrets

The Rachel Cruze Show

Ramsey Network

Education, Investing, Business, Self-improvement

4.83.6K Ratings

🗓️ 24 March 2025

⏱️ 10 minutes

🧾️ Download transcript

Summary

📈 Are you on track with the Baby Steps? Get a free personalized plan.   The truth is, there’s something every generation can teach us about personal finance. In this episode, find out seven surprising money lessons we can learn from boomers—including what to do and what to avoid.   Next Steps: 🎥 Watch my video 7 Valuable Life Lessons I Swear By. 💰 Find out your earning potential with the Investment Calculator. 💵 Start your free budget today. Download the EveryDollar app!   Connect With Our Sponsors:   🏥 Learn more about Christian Healthcare Ministries. 🔒 Get 20% off when you join DeleteMe.   Explore More From Ramsey Network: 🍸 Smart Money Happy Hour 🎙️ The Ramsey Show   💸 The Ramsey Show Highlights 🧠 The Dr. John Delony Show 💰 George Kamel 🪑 Front Row Seat with Ken Coleman  📈 EntreLeadership   Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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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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