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!