Which Generation Can Gain Financial Freedom Quickest?

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Which generation do you think can achieve financial freedom quickest?

The Millennials? Gen X? Or Boomers?

It comes with no surprise to know each generation has its own set of needs, wants and desires. Let’s list out a few of them for each generation. This will help you determine an opinion of your own on which generation can achieve financial freedom first.

Remember the formula:

Financial Freedom = Monthly Passive Income > Monthly Expenses

 

The Millennial Generation

Needs:

  • Steady paycheck
  • Security

Wants:

  • Access to money
  • Safe investment places

Obstacles:

  • Low-income from entry level jobs
  • Entitled Mentality

 

Gen X

Needs:

  • Growth of dollars for retirement
  • High savings rate
  • High(er) income to support family

Wants:

  • Access to cash for family/business

Obstacles:

  • High expenses (kids, home(s), college)

 

Baby Boomers

Needs:

  • Passive income for retirement
  • Security / guarantee’s

Wants:

  • Leave a legacy
  • Tax incentives

Obstacles:

  • Traditional mentality of money
  • No longer earning money, just spending it

 

So, which do you think can get to financial freedom the quickest? As you will hear in today’s show, Joey and Will took sides with one generation, while Russ was on the opposite end of the spectrum.

Leave a comment below telling us which you side with and why!

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