“Save and Hope” is not a strategy!
Unlike their predecessors, baby boomers are facing unprecedented debt with little to no savings. This has led members of this generation to reevaluate their retirement plans often times resulting in their relocation to places with lower costs of living.
There is an old saying “It takes money to make money”. However, the adage doesn’t say “It takes YOUR money to make money.” Have you ever thought about how banks make money? We as consumers deposit our money into the bank ostensibly loaning the bank our money and receiving interest for our money. The bank then invests or loans our money to others and charges more than they are paying us, thereby earning a profit without using their own money. Did you know you can do this too?
Millennials have been affected by the financial meltdown of 08 more than any other generation. The first hit was emotional; they watched their families lose their homes and parents struggle with the financial collapse. The second hit affected their future as heavy student debt and a poor job market after the financial meltdown made many members of this young generation cynical about their financial prospects.