Financial tips for every stage in life

June 26 2018


There is no one-size-fits-all strategy when it comes to financial planning, but it can be helpful to create a road map based on details like retirement goals, income bracket and how much risk you're comfortable with. These often align with age, making broad generational considerations a good place to start.

Generation Z

The oldest of Generation Z are just starting to enter their 20s. Newfound independence can often lead to overspending and credit mistakes, so it's critical to learn how to balance needs and wants. Most experts would agree that Gen Z should avoid racking up too much debt and try to start building good saving habits.

Millennials 

People born in the '80s and '90s are probably getting into the swing of their careers, and many are starting families and buying homes. With retirement still decades away, investment portfolios can shoulder a bit of risk, but this generation should also start building safeguards to protect their wealth and investments.

Generation X 

Retirement and planning for their children's education is something Gen Xers, those born in the '60s, '70s and early '80s, can't afford to ignore, so they might want to consider dialing down the risk on investments to preserve capital and safeguard against potential bear markets. Estate planning is another thing for this group to start thinking seriously about. 

Baby Boomers

During retirement, it's time to shift from careful saving to mindful spending, which can be a challenging transition for many. Boomers, those born in the late '40s through the early '60s, should monitor assets carefully, regularly check in with trusted advisors and review their estate plans so they can enjoy their retirement years and feel confident about the legacy they'll leave behind.

"Rule No. 1 : Never lose money. Rule No. 2 : Never forget Rule No. 1." Warren Buffett

"I try not to borrow, first you borrow then you beg." 
  Ernest Hemingway