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How To Make A Budget You Can Stick To

October 16, 2019

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Becky Gordon

Becky Gordon

Insurance Representative

m: 423-526-8337



New Tazewell, TN

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The Millennials Are Coming, the Millennials Are Coming!

The Millennials Are Coming, the Millennials Are Coming!

Didn’t do so well in history at school? No worries.

Here’s an historical fact that’s easy to remember. Millennials are the largest generation in the US. Ever. Even larger than the Baby Boomers. Those born between the years 1980 to 2000 number over 92M. These numbers dwarf the generation before them: Generation X at 61M.

When you’re talking about nearly a third of the population of North America, it would seem that anything related to this group is going to have an effect on the rest of the population and the future.

Here are a few examples:

  • Millennials prefer to get married a bit later than their parents. (Will they also delay having children?)
  • Millennials prefer car sharing vs. car ownership. (What does this mean for the auto industry? For the environment?)
  • Millennials have an affinity for technology and information. (What “traditional ways of doing things” might fall by the wayside?)
  • Millennials are big on health and wellness. (Will this generation live longer than previous ones?)

It’s interesting to speculate and predict what may occur in the future, but what effects are happening now? Well, for one, if you’re a Millennial, you may have noticed that companies have been shifting aggressively to meet your needs. Simply put, if a company doesn’t have a website or an app that a Millennial can dig into, it’s probably not a company you’ll be investing any time or money in. This may be a driving force behind the technological advancements companies have made in the last decade – Millennials need, want, and use technology. All. The. Time. This means that whatever matters to you as a Millennial, companies may have no choice but to listen, take note, and innovate.

If you’re either in business for yourself or work for a company that’s planning to stay viable for the next 20-30 years, it might be a good idea to pay attention to the habits and interests of this massive group (if you’re not already). The Baby Boomers are already well into retirement, and the next wave of retirees will be Generation X, which will leave the Millennials as the majority of the workforce. There will come a time when this group will control most of the wealth in Canada and the US. This means that if you’re not offering what they need or want now, then there’s a chance that one day your product or service may not be needed or wanted by anyone. Perhaps it’s time to consider how your business can adapt and evolve.

Ultimately, this shift toward Millennials and what they’re looking for is an exciting time to gauge where our society will be moving in the next few decades, and what it’s going to mean for the financial industry.

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Millennials: Getting Your Money to Work for You

Millennials: Getting Your Money to Work for You

If you feel like you make less money than your parents did at your age… You’re probably right.

A new report from Young Invincibles revealed that in 2013, Millennials had a median income of $40,581 – 20% less than what Baby Boomers were making in the same life stage in 1989. It’s probably no great surprise that Millennials have less…

Less money to spend. And less money to save.

You know that saving is important for your future. Retirement may seem far away, but it’s coming. So what do you do with the money you should be saving now?

This is where a little-known formula called “The Rule of 72” comes in…

Here’s how it works: Take the number 72 and divide it by the annual interest rate. The answer is approximately how many years it will take for money in an account to double.

For example, applying the Rule of 72 to $10,000 in an account at a 4% interest rate would look like this:

72 ÷ 4 = 18

That means it would take approximately 18 years for $10,000 to grow to $20,000 ($20,258 to be exact).

This formula really shows the value of finding a higher interest rate, doesn’t it?

Here’s the breakdown (tl;dr - too long; didn’t read):

  • You probably earn less than your parents did at your age.
  • You’ll probably have less money to set aside for retirement.
  • But you can make what you do save work for you.

If you start early, you have the potential to be well-prepared for your retirement.

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