Tim Baker talks through the unique financial needs and considerations of Generation X.
Key Points From This Episode
- An introduction to today’s topic of Gen X; the sandwich generation.
- How Gen Xers are often providing for their parents, plus a young child or a child over 18.
- How these financial expectations are often overlooked or pushed to the side.
- We talk about average incomes, the rising cost of education, and what their debt load is.
- The impact of the ups and downs in the last few years on their financial mindsets.
- How Gen X wants stability but might not have the financial plan or means to get it.
- You can take out education loans for your kids, you can’t get retirement loans.
- Hear how Tim Baker follows the one-third plan and a reminder of what that is.
- Relying on the act of planning, versus having a plan.
- Some important questions Gen Xers can ask themselves to get financially stable.
- Making sure you’re not on autopilot, particularly in your peak earning years.
- Tackling the fear and inertia of having left it so late in life to start saving and planning.
- Having empathy for Gen X needing different priorities from the previous generation.
- That Gen X really wasn’t dealt a great hand economically, but the problems are fixable.
- Reigniting the vision and finding the motivation to do things differently.
- Speaking about the lack of confidence in social security for future retirement.
- Tim shares a great exercise you can do to check your retirement age and benefits!
- We discuss the shifting dynamics of generations and the transfer of wealth.
- Some parting words of encouragement from us here at the YFP team!
Links Mentioned in Today’s Episode
