Baby boomers are retired or will soon be retiring and they have spent much of their lives learning about how to manage 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 it’s 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 careers. 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 you have money to put towards your day to day expenses and for your retirement.
Are any of these some of your biggest money regrets? For more, you can read the full Yahoo Finance article here.