5 Key Takeaways for Global Markets in 2020, Future Generations, at Least, May Enjoy 2020, The Pandemic Has Spawned Lots of New Audiophiles. Tweet. Astra’s Covid-19 Vaccine Won Approval, But How Good Is It? But sometimes the more advantageous move is simply to reframe your thinking. Bold retirees sport the bumper sticker “I am spending my children’s inheritance.” The sentiment might seem selfish, but it’s good financial planning. To contact the author of this story: Erin Lowry at info@brokemillennial.com Want to save $10,000? Expecting recession to continue through 2021: Gary Shilling . Best of 2020 Coverage: From Travel Shaming To How To Rent An RV For $1 A Day … Dec 30 2020, 8:30 PM Dec 30 2020, 9:30 PM December 30 2020, 8:30 PM December 30 2020, 9:30 PM (Bloomberg Opinion) --Despite years of being seen as self-involved, over-indulged children who can’t get it together, Millennials have been growing up. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. NEW YORK, NEW YORK - AUGUST 23: A barista wearing a mask prepares coffee at Bluestone Lane on the Upper East Side as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on August 23, 2020 in New York City. Erin Lowry is the author of “Broke Millennial,” “Broke Millennial Takes On Investing” and the forthcoming “Broke Millennial Talks Money: Stories, Scripts and Advice to Navigate Awkward Financial Conversations.” ©2020 Bloomberg L.P. Erin has appeared on CBS Sunday Morning, CNBC and Fox & Friends. If that feels too steep, adjust the goal by lowering the amount or extending the timeline. Either allows you to look back at how far you’ve come, which is important to remember in moments of frustration. Check your bank account. It can reinforce someone’s belief that they’ll be trapped in an endless debt cycle or that they’re doing everything wrong. One of the most frequent questions that comes through my inbox, my weekly “Ask Me Anything” series on Instagram and my DMs is some version of: “Did I start investing or saving for retirement too late?” It prompted me to run a couple of polls on Instagram. If it turns out you don’t need long-term care, your children may be … In May Robinhood announced it had already added three million funded accounts in 2020. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. Check out some of my writings. Have a confidential tip for our reporters? Without a viable national long-term care insurance program or secure pensions, planning to not leave a bequest makes sense for most Americans. The best financial plan would be to spend your last dollar on the day you die, but no one knows when that day will come and no one wants to outlive their money. Erin Lowry, Bloomberg News. Speaking as an economist who gets emails from adults panicked they will have to pay for their parents’ retirement, being financially independent is a great gift to your children. The main point of contention was that the advice didn’t acknowledge crushing student loan debt, wage stagnation and feeling trapped in a paycheck-to-paycheck cycle. Despite the term “saving for retirement” you really should be investing for retirement. For children of degree holders, that figure is only a little higher — 27%. Is five percent enough to be setting aside for retirement long-term? Erin Lowry, Bloomberg News (Bloomberg Opinion) -- In the coming decades, a Great Wealth Transfer will be upon us. Think both critically and rationally about your current financial situation and what you’d like to achieve in a certain amount of time. Perhaps you’d rather save for taking a sabbatical, traveling the world, starting a business or something else. Image: Bloomberg . The recommended amount for most retirees is to sock away eight times your income in a retirement plan. But especially when it comes to personal finances, one-size-fits-all reference points can cause more frustration than inspiration. As hokey as it sounds, creating a tracker of some sort can be really helpful for both savings and debt payoff goals. Comparing ourselves to others is a hard habit to break. Trying to leave a bequest could put older people in a tight spot. You don’t want to halt all investing until you’re debt free with a fully-funded emergency savings. Erin Lowry. And we generally like knowing where we sit relative to others. After relishing one the longest bull markets in history, millions of millennials and young investors, myself included, are getting our first real taste of a severe recession — a scenario that often leads to costly, knee-jerk financial decisions. By Erin Lowry, Bloomberg 12 Dec 2020 00:19 . Erin Lowry Financial Translator making money easier • 3x author, Broke Millennial® series • Seen on Rachael Ray Show, BBC News, Wall Street Journal • Bylines in The New York Times, Cosmopolitan, Bloomberg NYC. Crypto assets can be either useful hedges or useful forms of payment — but not both. Of course not. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. To contact the author of this story:Erin Lowry at info@brokemillennial.com, To contact the editor responsible for this story:Nicole Torres at ntorres51@bloomberg.net, Erin Lowry is the author of “Broke Millennial,” “Broke Millennial Takes On Investing” and the forthcoming “Broke Millennial Talks Money: Stories, Scripts and Advice to Navigate Awkward Financial Conversations.”, Photographer: Christopher Furlong/Getty Images Europe. But it’s helpful for future you to be putting even something modest aside early and consistently than trying to play catch up. Share (Bloomberg Opinion) -- A couple years ago, the high-yield savings market was hot — at least to millennials. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. Than the typical.01 % of most banks ’ savings products than trying to play up. Play catch up instead of fixating on being behind some average number, focus on out... 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