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Money Guy Show
Are Millennials Doomed for Retirement? Breaking Down the Myths
Jan 19, 2024
Debunking myths about millennials' financial future, including building wealth, retirement, and homeownership. Importance of starting early and increasing savings, utilizing gig economy options for additional income. Significance of preparation and free resources for home buying. Advantages and challenges of millennial investing, including accessibility and technological advantage.
21:42
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Quick takeaways
- Saving and investing early can lead to significant wealth building over time, despite the fact that 66% of millennials have nothing saved in their retirement accounts.
- Millennials have the advantage of new and attractive savings and investment vehicles, such as 401k plans, Roth IRAs, and HSA savings accounts, even with lower household income compared to the overall population.
Deep dives
Myth #1: Millennials won't have any money at retirement
Despite the fact that 66% of millennials have nothing saved in their retirement accounts, millennials have the advantage of time on their side. Starting to save and invest early can lead to significant wealth building over time.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode