Are Millennials Doomed for Retirement? (Breaking Down the Myths)

Are Millennials Doomed for Retirement? (Breaking Down the Myths)

Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

[beneachus]

I’ve been waiting for an episode like this! I’m 28 and I just started my retirement savings 6 months ago. I’m saving 18% in my work 401k alone just to catch up. Plus I have a pension, a Roth 401k and a brokerage account. This has all been done because of this channel! Thanks guys!

[nodsib]

Late-30’s Millennial here, so glad I got my crap together in my early 30’s, wish it was early 20’s, but better late than never. I’m not where I’d like to be, I got left behind in the housing market, but I’ve been building retirement accounts like there’s many tomorrows lol.

[samanthaw.]

That intro was so intense that Bo almost forgot to be excited

[njwhite]

I found these moneyguy show at 21. I have a job with a low income. Was able to pay off my debt, have emergency savings, and am currently able to max out my RothIRA.Thank you money guys for giving me hope that I obtain financial independence

[alkatmsu]

In before fake accounts having conversations recommending scam financial advisors to ewch other

[working_to_hunt]

You have to compare median house price to median wage for boomers at 30-40 years of age compared to today. They had 1/3 the gap for affordability.

[RockyTopYoullAlwaysBe]

just turned 30, have $150k in retirement accounts already and so glad I started at age 22-23.

[WaveWatchTrading]

I'm grateful for you guys, i bumped up my 401K last year because of your show and now it's looking nice. Thank you

[vvannatta]

I'm loving the loud Brian intros, sets a fun vibe! :D Cheers!

[TheFirstRealChewy]

Saving 40% of your gross income is no easy feat. Afterall, you still have to subtract taxes from that income.😢

[yhckelly]

I'm 48. My conservative, quiet 72-year-old father told me something that I'll never forget. He said "if your grandpa had to work as much as I did just to live at the base level, it would have blown his mind." It's just a simple observation that he made. Now I look at my two oldest that have moved out and I can see what he meant. The statement is true. You can still do it, but for every generation there's more complexity-and it just costs so much more.

[DidacticToast]

In my early 30s now, I really wish I had the knowledge about retirement savings back in my 20s that I do today. Despite being in undergrad and grad school for most of that decade, I realize I could have been setting aside even a little for the future. Currently, I've got about $30K combined in my Roth IRA and 401k, and I'm matching my employer's 4% contribution while maxing out my Roth going forward. Time to play catch-up!

[lucypage]

31yrs old & my hubs & I have a net worth of 1m. A lot of our peers take a ton of trips, very fluid with their cash where we stay low-key and live within our means. I think having an interest in money management helps a ton when you're younger, my interest kicked in when I was 25. Looking back on the last 6 years I feel so proud because if we were starting out now (while still young @ 31) it would be different and more difficult.

I'd love to help and coach my friends, but they genuinely don't have an interest - but also like to complain about the state of the world and 'not being able to afford a home.' ... I think they could if they got disciplined and lived well within their means for a while but there's a lot of yolo attitudes out there and it's unfortunate.

[dustin]

I lol’d at the positive spin of the new investment vehicles.

401k introduced when pensions became a thing of the past.

HSA introduced because you’re going to need it with that high deductible health insurance plan you’re paying a fortune for.

[timothymichael]

Starting out of college in 2008 I was making a $25k starting salary, I made sure to invest in Roth and max out as close as possible. Once that $300-400/month was budgeted it was easy to save more as you earn more. Now that I'm a higher income earner, my 401k and HSA are getting maxed.

[captured_agent]

Vtsax and vtiax and chill, save til it hurts, not much to do with the broken housing market so I focus on my savings rate and not paying a penny in interest to banks

[lookingforsure]

Agree with all but the last point. Wealth is being concentrated, not distributed.

[evinthestix]

Money guys, I found the FOO recently and love it. I have deductibles covered, 401k match in place, paid all credit card debt (I had 15k but paid in 6 months!!!), and paid one of my car notes off 2 years early. Now things get a hair more complex. My wife and I each have student loans, and while 1 car is paid off, the other remains. I bought the truck before I found the FOO and it’s an 84 month note. With paying off the debt I already paid I can afford 1100 in extra payment in addition to the 800 payment. Should I pay 1900/month to pay it off early, or just give up and sell the truck. I love the truck and would rather keep it but I’m facing financial napalm on cars you’ve talked about before. The only thing I did right on the truck is I did put 20% down so at least it not upside down. Thanks.

[dustinjohnson]

My wife and I never talked about retirement or financial planning with our parents as kids or young adults, and the men's volleyball coach that was stuck teaching the finacial literacy class in my high school class told us all to lease cars and buy whole life.

The younger generations will benefit from the content that the Money Guy, Ramsey, and Graham are putting out there.

[nerdobject]

What Bo said around 17:00. Information and teaching yourself has never been easier. As a millennial myself we have ZERO excuses. You can teach yourself anything and in this economy almost anything is possible to make money.