Millennials Rising

Key Takeaways

  • This blog is now going to focus primarily on millennials and helping them improve their financial literacy.
  • Millennials will be inheriting more wealth at a younger age than any previous generation–and they’re generally not prepared.
  • As advisors, we’re in a unique position to help millennials and the older generations that will be passing on tremendous assets to them.

About 25 years ago we helped a client save several million dollars in his estate plan. We felt good about that at the time, but I now realize all the extra money we saved our client was going to his children. Unfortunately, his children knew nothing about money–they were really bad savers and spenders. I almost wanted to go back and tear up all those estate planning documents, because the children didn’t have any financial awareness, education or money skills.

That is why I’m changing this blog to focus on millennials and their money issues. We’re really looking at this rising generation of young people that will be inheriting more wealth at a younger age than any previous generation.

The boomers, who will be transferring large amounts of wealth to millennials, are in trouble. Boomers have always been aggressive spenders. They thought they’d have the gold watch, Social Security and pensions, and all the other comforts of retirement, but it’s not happening. Many boomers didn’t save enough on their own for retirement, and they don’t have the money to live their golden years in comfort.

Millennials are much more realistic. Since the year 2000, they’ve seen horrible stock markets, war, terrorism and a host of other disturbing events. They know it’s tough out there and they realize they need to take more control of their own financial well-being. However, like every generation before them, they don’t have the financial education, awareness or ability to be intentional about how to take charge of their financial lives. That’s what this blog is for.

The other thing I want to address in this blog is the convergence of technology and systems that’s taking place. As I’ve mentioned frequently in this blog, you want to systematize the predictable so you can humanize the exceptional. We’re going to look at ways to do that by bringing in education and solutions to engage with millennials and really help them get on a good path to using their inherited wealth responsibly and building their own wealth going forward.


As advisors, we are in a great position to help millennials on their path to responsible financial awareness. Why don’t you join me next year in this important initiative–helping millennials improve their lifelong money skills one young person at a time?

Until next time, enjoy. Gary

Please note: I reserve the right to delete comments that are offensive or off-topic.

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