Friday, October 22, 2021

What Boomers Regret Most When It Comes to Money

Baby boomers are retired or are soon retiring and they have had much of their lives learning about managing their finances. With Generation Z just starting their careers and making decisions about the money they’re earning, this article from Yahoo Finance delves into what boomers would do differently, so that Gen Z can learn from this older generation’s missteps. Do you have similar regrets? Read on.

Not starting to save money at an early age

We’ve all undoubtedly heard that we should start saving at an early age, but many of us don’t start early enough. And for boomers, this is one of the biggest regrets, according to the Yahoo article. Start early, with compounding interest, and as time rolls on you won’t have to save as much every month.

Not doing what you love for work

Many boomers followed a path of taking jobs that pay well, and progressing up the ladder, even though its in a field they never enjoyed. But with promotions and more money, it became harder to leave and follow their passions. And boomers cite this as a regret they have when it comes to their career. Look for work that aligns with your values and that you find fulfilling.

Having a lot of credit card debt

Don’t let balances on credit cards snowball out of control. The high interest rates mean that this can happen very quickly, as many baby boomers confessed in this article. Watch how you use your credit cards, and make paying off balances a priority so that you have money to put towards your day to day expenses and for your retirement.

Are any of these regrets some of your biggest money regrets? For more of the biggest money regrets, you can read the full Yahoo Finance article here.

Read more:

The “Great Retirement” Trend Is Gaining Momentum

Millions of Boomers Are Considering Buying a Home in the Next Five Years

Top 10 Greatest Fears About Retirement

Must reads

The Latest from YouAreUNLTD

YouAreUNLTD
YouAreUNLTDhttps://www.youareunltd.com/
YouAreUNLTD is a purpose driven brand, disrupting and redefining what it means to get older. We are a fresh voice to provide people with the inspiration and resources to help them age powerfully.