Select Page

In a not so shocking, yet disturbing report by CNN Money, it was announced that 66% of millennials have not saved a single penny for retirement.

This doesn’t surprise me, to be entirely frank. I keep seeing the younger crowd buying the latest iPhone, the most popular video games, and designer clothing, all before dropping a meager $50 into their savings.  In a world of social media bragging wars, many of the young professionals focus on fancy cars, jewelry, and anything that is deemed trendy.

Sure, I get the fact that there are bills, loans, and rent.  However, people like me, approaching 40, were in the same boat at one point.  I was taught early and often the value of saving money, even if it’s only a small percent of every paycheck.

21 – 32 Crowd Not Saving Well

While the report did’t shock me, the depth of the problem did.  A reported 66% of people aged 21 to 32 have zero saved up for later.  This is according to the National Institute on Retirement Security and it draws on 2014’s Census data.

This drastically hampers retirement at an early age, because saving early and often is the key to financial freedom later in life.  Whether it’s doing something as simple as starting a ROTH ira, or just contributing to a traditional ira, you really don’t have to invest much to see the benefits of compounding interest.

The report continued to highlight the one third of this group that are actually saving up for retirement.  While they did say that most have less than $20,000 saved, there are outliers that have saved up more money, and of this third of the group the average balance is over $67,000. Taking advantage of an employer’s plan, such as a 401k, seems to be the norm for millennials.

Call me old school, but unless I’m in dire straights and have debts or bills that are absolutely crucial, I sock away money on a monthly basis.  However, my Father, and his Father before him, were a driving force in teaching me how to be a disciplined investor.  I give thanks daily for the values they have instilled on me.

Tim Schmidt

A Florida-based Entrepreneur, Author, and Life Hacker, Tim Schmidt decided to take control of his retirement portfolio several years ago by setting up a self-directed IRA. This website shares his thoughts and opinions on retirement, investing, and managing credit. You can follow his career and travels on his Official Website as well as on his Instagram page.

Money MGMT.

How to Pay Off Your Mortgage in 5 Years

Many years ago I had a good friend of mine share a calculator that allowed me to see what the benefit of making an extra payment to my mortgage would do to my overall end payoff of my home.  I found that by making even simple payments of an extra $50 or $100 on a...

6 Smart Money Moves to Make in Your 20’s

I follow several YouTube Channels that have to do with investing.  Some deal with retirement, others are for trading, and some are even in the cryptocurrency space.  One that I feel has a lot of great information for the generation right behind me, is Millenial...

Kevin O’Leary’s Advice for 20 Year Olds

If you are looking for tips from one of the most successful businessmen of all time, you should take a peak at this video by Kevin O'Leary.  It's his tips for 20 year olds, but I found them useful for people of all ages and walks of life. Top 5 Tips for 20 Year Olds...

Precious Metals

Retirement Tips

Best 10 Countries to Retire to in 2020

​I always read articles that tout retirement destinations with extreme caution, mainly because many of them are influenced by advertising dollars and are perhaps selling real estate on subsequent pages.  However, this Business Insider article was told from the...

Where to Donate Used Books – 10 Options to Consider

Do you love buying books? Are you the type to stop at every bookstore in your path? Do you always buy at least one new book whenever you’re in a bookstore? It’s no secret to your family and friends that you’re a book fanatic. In fact, they enable your collecting habit...

Flipping Houses for Profit

Not that long ago, I met a guy who just decided that it was time to get started in the real estate game. He decided to become a real estate agent. But he didn’t end his education there. In fact, he decided to learn all he could about renovations too. This led to him...

Stock Market

Coronavirus Putting Fear into Stocks & Retirement

The past two days have been very rough for U.S. stocks, having lost more than $1.7 trillion in market value, according to a report on Yahoo! Finance.  The sell off stems from the concerns over the corona virus outbreak that has been causing chaos on an economy that...

Is Investing In This Bull Market a Smart Move?

I recently stumbled into a new Podcast called "Exchanges at Goldman Sachs," and I found the first episode I listened to to be very informative as I try to navigate this seemingly endless bull market.  I found and listened to the podcast on Stitcher, but later found it...

Beyond Meat Price Prediction for 2020

It’s always interesting seeing what companies in emerging markets do in terms fo stock prices after a successful launch. Beyond Meat’s stock price surged shortly after it’s IPO, thanks in part to a huge movement towards plant-based proteins in society.  I’ve seen...