- With each succeeding generation, the educational and career expectations increase. This delays the start of marriage, family and home ownership.
- Nearly half of 20- to 29-year-olds have debt today, compared to just 17 percent of 20-somethings who had debt in the 1980s.
- Long-term coddling by parents, colleges and society isn’t helping young adults move faster to financial independence.
- Achieving financial independence isn’t only about money and careers; it’s a shift in one’s mind-set.
- Not having a budget is one of the leading causes of financial stress.
- Good budgeting comes down to having a handle on your income coming in and your expenses going out.
- I have three simple but powerful rules for budgeting (see below and related video above).
- Owning a home gives you great peace of mind, but it comes with a lot more responsibility than renting.
- Budget 1 percent of your home’s value each year for routine maintenance.
- Using a rent versus buy calculator is a good start, but it won’t account for the emotional satisfaction (or stress) of being a homeowner.
- April is National Financial Literacy month. It calls attention to how much work people of all ages have to do to improve their money skills.
- Over 120 million Americans do not have estate plans. It’s never too early to start one.
- The majority of people in their 70s could run out of money if they live into their 80s and/or 90s. Don’t let this happen to you.