Ah, Gen X. You’ve been through the 80’s hair and are now professionals with jobs, kids, and a lot of enthusiasm for setting goals. You’re at a great point in your life where you’re likely quite independent and yet still young enough to enjoy the world and everything it has to offer.
Although you’re still young, there are a few different ways you can still prepare for the future. This is especially important when it comes to your finances. If you haven’t learned to budget or you’re not the best when it comes to spending, now is the time to develop those good habits that can last you a lifetime. In addition to that, here are 4 pieces of financial advice that can benefit all Gen X-ers.
1. Ramp Up Retirement Savings
If you’re in between the ages of 30-50, it’s time to take a long, hard look at your retirement savings. Are you saving enough every year? Are you maxing out your retirement plans? Is your portfolio balanced? I know that checking your retirement accounts might seem taxing, and I admit it can definitely be a little overwhelming if you’re not particularly financially savvy. However, it’s important to remember that no one cares more about your money than you do, and it’s your responsibility to stay on top of your retirement savings.
2. Let Your Kids Go
Many of you have teenagers and kids starting college. Don’t feel like you have to pay for their every whim. Part of having kids is teaching them how to be financially independent. It’s been said many times before that they can take out a loan for college, but you can’t take out a loan for retirement. Even if you have teenagers, encourage them to get a part time job to pay for the extras that they want. You shouldn’t have to pay for their dates or their gas to go on those dates!
By this point in your life, you’ve likely accumulated a lot of things. That’s pretty normal. We all pick up a few possessions here and there. However, one of the best things you can do for yourself and your family is to downsize. You don’t have to sell you house and buy a smaller one, but you can let go of many of your possessions. You can even have a garage sale and make a few hundred bucks that you can put towards debt or if you are debt free, towards a vacation.
4. Finally Kick The Debt Habit
Make this your year to finally get out of debt. If you have a credit card balance hanging over your head, try everything you can to kick it to the curb. As you get older, spending time with family and on your hobbies becomes more important, and debt prevents us from doing those things. It might take a year or two of hard work and sacrifice, but the feeling of being debt free is hard to beat!
Are you in Gen X? What is the best piece of financial advice that someone has given to you?
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