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Ep 63 - Mayo Clinic Part 1 of 3
Nearly 1 in 4 millennials report having $100,000 or more in savings
Is an article from Fox. Business and it is entitled one. Fourth of millennials have a hundred K. And the bank. A fourth of millennials have one hundred K. The bank now. Let's calm down here a little bit and realize it's a fourth okay. And so I'M NOT SAYING. All millennials But a fourth and buy in bank. What they're talking about is it saving for retirement Which is invested is the technical phrase that we would go with. But I like this. And it's got some interesting stats. The numbers are based on the Bank of America's twenty twenty better money habits millennial report and just so. We're clear because I if you're like me act can get confused when people start throwing out millennial Jax Gen Y. element of P. And all the rest of them. I mean there's it's confusing but get this according to this article a millennial can actually fall between ages. Twenty four and forty one. Oh that's probably surprising. Some of you. Yeah so a millennial A lot of times people think. Oh these are all very very young people And don't get me wrong. Forty one his young That's like spring chicken type young but for the sake of this study. That's what it is. So all that to say millennials are not necessarily so young anymore. The report found that millennials will beginning to save for retirement at age twenty four which is a good thing that means the message is getting out there. People are understanding they. GotTa get their own Cape. We're not waiting on the government to try to save the day We're doing stuff and I liked that. That means the message is moving. But get this. If millennials started saving at age twenty four which is around the time people get their first big boy big girl job. That's a good thing but Gen xers started saving it age thirty and get this baby boomers on average started saving eight thirty three so I like this trend. I like the fact that things are trending younger and people are making things happen but again. A quarter of millennials have about one hundred thousand save for retirement And I liked it. They're saving earlier than most other generations. I liked that. They are thinking ahead and they're thinking about their future And and and maybe they've heard me talk about and the trend out there that's been in the news. At Social Security is supposed to be insolvent by twenty thirty four twenty thirty five and so this is a situation where people are going to have to make sure that they're putting aside money for themselves to prepare for the future but it's not all good news. Millennials still have some money troubles according to this article. The survey showed that not including home loans. One in six millennials. Oh fifty thousand or more in debt. Oh okay that's not including home loan so you can go with me here in track where this would be. This is probably student loan. Debt this car loans and credit cards about seventy five percent. This one this one's stuck me about seventy. Five percent of millennials aren't confident about their money situation. Wow now that's hi. We're talking about almost eight out of ten aren't confident that means. They're not really understanding what it is that they're doing or or were there going. The trajectory that they're on millennials are though willing to sacrifice a staggering. Ninety percent of millennials said they will make a sacrifice in order to achieve their goals which is an excellent thing because it is necessary. You can't achieve a goal without being willing to make some sacrifices along the way these sacrifices could range from according to the survey Eating out less or not going on vacations or even being willing to work. That's good. Well here's my thing no matter of your age or your stage. I want you to be confident about your financial future. More importantly I want you to be rock solid in your plan. What's the processor working? Now if you're plugged into me and two things that we do here at Ramsey solutions you know that all begins with the baby steps a clear path for you to understand exactly what steps to take when to take it and how to get there. That's a game changer. It's a recipe for success. And I think when you have a plan and you have clear focus you can begin to have confidence. You can begin to move in the direction and you can know that. Hey this is the path that's GonNa lead me to where I wanna be and that's a positive thing so again. This article so interesting read From Fox business and the title of the articles afford the millennials have one hundred K. And the bank as always we'll put a link to this in the show notes That are watching on YouTube You can just click the link below. It's GonNa get you right over there. Take a read. I think it's really important for us to kind of continue to read. But more importantly let's share this information Share it with ranch. Talk about this. I think money is a thing that we all have to deal with and how effective we are with it really determines our results so I want us to begin to have these conversations and by all means do me a favor if you've got some young people in your life whether you go to church with them there in your neighborhood begin to talk with them about money. I'm amazed a lot of people. Assume that young people learn about it at home? And that's not the case. That's why we have a lot of young people walking around on college campuses signing up and doing things because they didn't know any better or they thought it was a grown-up thing to do. So let's share this information and I think you can help young people to prevent making some of the mistakes that maybe we all made in the past.