How will millennials manage a $60 trillion inheritance

Показать описание

Millennials are going to become the wealthiest generation in history. As the baby boomers are aging, they’re preparing to pass down $60 trillion over the next 1/4 decade.

There’s a large % of our generation relying on this money for their retirement. They’re not saving now because they know money is coming in the future. In other words, this inheritance is the solution to their money problems.

An inheritance can be a great blessing, but it can also be a wasted opportunity.

Here are some things to keep in mind, so if your parents or grandparents leave you money or assets, they can truly benefit your future:

1. If you’re not saving now, you won’t save once you have money. Saving is a discipline or a muscle that needs training. Have your skills refined when you have little, so you can manage your money when you have a lot.

2. The same goes for debt. Start your strategy of getting out of debt now. Make sure you have already addressed your spending behavior and are already paying down debt. Then if you get an inheritance, use that to pay off the rest, but if you haven’t addressed the problem than this one time pay off isn’t going to be final. You’ll end up right back in debt.

The takeaway... Don’t wait for an inheritance to change your life. Start changing now, so if you do receive a gift like this, it’s used for your future the way your parents intended it to be!