Back to Basics: Financial Planning ABCs for Generations X, Y & Z
The generation boundaries are blurry, but typically Generation X includes people born between 1965 and 1979, Generation Y (also called Millennials) includes people born between 1980 and 1995, and Generation Z includes people born between 1996 and 2010.
As member of the XYZs, I understand the unique opportunities and challenges we face around financial planning. We place high value on ease and convenience – seeking education on how to achieve financial goals, but also freedom from the burden so we can focus on family, friends and other priorities.
I believe in approachable financial planning that is sophisticated without being complicated. Through education and organization, let’s create purpose and confidence around personal wealth. With simplicity in mind, I encourage you to get back to the basics with “ABCs for XYZs” a resource developed to help Generations X, Y & Z get their finances on track.
ALIGN your resources and lifestyle
Your financial well-being depends greatly on your ability to spend less than you earn.
Successfully living with your means facilitates saving for your goals and minimizing debt.
BUILD (or BOLSTER) your emergency fund
Set aside cash in a bank account reserved for the unexpected.
Creating a safety net helps you stay on track when faced with an unforeseen emergency.
CONTRIBUTE for your employer match
Allocate the minimum amount of income required to receive your FULL employer match.
Collecting employer matching dollars boosts retirement savings by increasing the pace and efficiency of asset accumulation.
DEDICATE DOLLARS to your goals
Save money for each of your financial goals on a regular basis, regardless of dollar amount.
Designating money for specific goals builds momentum and creates long-term savings habits, all while taking advantage of your greatest resource – time.
EMPOWER yourself financially
Education yourself about money and learn how to manage your finances.
Increasing financial literacy builds confidence and fosters smart decision making and proactive planning.
FOCUS your attention and time
Concentrate on your behavior and delegate financial management, when appropriate.
Accepting responsibility and acknowledging a need for help gives you control over the future, allowing you to live a happier, less stressful life.
