IRC WealthCast 045: Millennial Wealth Made Simple with David Ragland
The statistics are clear — if you’re a millennial, you’re probably not saving and investing enough to achieve your goals and secure your future. According to a 2016 Wells Fargo survey, 41% of millennials aren’t saving for retirement. Another study by Corporate Insight found that 42% of millennials have less than $50,000 in their employer-sponsored plans.
When it comes to investing, we are also seeing that you want more validation and guidance than other generations. The data shows that 70% of millennials have a hands-on approach to managing their money, compared to baby boomers. In this IRC Wealthcast, we bring some of these data points and your specific wealth building perspectives together.
What are some of the key takeaways from this IRC Wealthcast?
- Cash is critical to your success. Having a cash safety net allows you to view financial challenges objectively instead of emotionally. It helps avoid the stress of “I need to come up with enough money by the end of the week to pay my employees or make the rent.”
- Seeking out a mentor in addition to a certified financial planner (CFP) is a critical step in your financial education. Millennials are the most educated generation but the real world financial classroom is relatively new to you. Leverage your formal education with a trusted advisor and a mentor.
- Investing and wealth building are 80% emotional. “I deserve this” can be a great drainer of your wealth building opportunity.
- There’s a lot of FREE money out there for you to get your hands on. Learn how just $10/week can be parlayed into over $800,000 over time.
Being financially free is not about retiring but about having enough money so you have choices about work. Whether you are an employee or a business owner, it’s possible to achieve this state of wealth. It all boils down to not just understanding money but what you want out of your money. What role does it play in your life? How does it help you lead a fulfilled life?
Tune in and learn from the expert.
This article originally appeared in the IRC Wealth blog