In a recent survey, we reached out to Boomer investors to find out the best advice they would give to the Generation X and Generation Y investors. Read on to find out what they had to say to the younger crowd. Also, if you have investment tips you would like to share with young consumers, please add them to the comment section below or send me an email at [email protected].
Live beneath your means. It’s the approach that my wife and I have always taken and it’s served us well. Young people don’t think about the future. But the future always comes (you hope!), and it’s no fun getting on in years and not having the money do what you want to do. We both have extended family who got themselves into serious credit card debt when they were younger. It caused them to have to struggle for years.
If I had any advice for a young person — especially a woman — it would be to stay the heck out of the mall. You don’t need all those shoes, trust me. They’re a waste of money and chances are you won’t wear half of them anyway. Problem is, when you’re young, all of that stuff means so much — wearing all the latest fashions and stuff like that. But sooner or later, you realize there’s more to life that keeping up with the Joneses.
Find something you’re good at, something that really gets you revved up, and start your own business. That’s what my brother and I did, and we are thankful everyday that we get to wake up and enjoy financial security. I’m not saying it’ll be a cakewalk, but if you work hard and put in the time, you will be rewarded.