Let’s make it clear right away: your generation is this best Generation, okay?
And no matter what generation you are, you can learn a lot from the financial mistakes of previous generations, all of whom were financially unwise.
If you’re Gen Z, you can avoid millennials housing hunting. If you’re a millennial, you can learn from the Gen X credit card disasters. If you’re Gen X, you still have time to avoid the baby boomers’ retirement mistakes. And if you’re a boomer, you already know it all, don’t you?
Kidding all of you! We’re just kidding! (Full Disclosure: The author of this article is Gen X, so it doesn’t matter.)
What can we learn from the financial mistakes of previous generations?
1st generation Z? Avoid Millennials Regret
If you’re Gen Z, you can avoid millennials housing hunting.
A 2017 survey of home buyers found that 57% of millennial homeowners surveyed would have done something different if they had overtaken the home buying process. Over a quarter – 28% – wish they had saved more before buying.
With an app like Aspiration, it’s easy to automatically give away some savings. With a digital aspiration account – a mixture of current and savings accounts – you can earn up to 20 times the average interest on your savings. (The FDIC reports that the average account only earns 0.05%.) They also get a debit card that gives you up to 5% cashback on purchases.
You can automatically siphon off some savings every payday. Registration takes five minutes.
2. Millennial? Avoid the Gen X credit card hell
So we’re obviously not going to talk about millennials like: you irresponsible children and your avocado toast. The fact is, older millennials are turning 40 these days. Millennials are now in middle management.
So it’s not too late to be drawn into the credit card hell that messed up Generation X. And that’s what I say as a member of Generation X.
Credit card debt is the most expensive type of debt, and your credit card company gets rich just by ripping you off with high interest rates. But a website called AmOne can help you fight back. You will receive a low-interest loan with which you can pay off every single one of your credit balances.
The advantage? You have to pay an invoice every month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you become debt free the much faster. Plus: No credit card payment this month.
It takes two minutes to see if you qualify for up to $ 50,000 online.
3rd Generation Z or Millennial? Don’t wait too long to invest
When you are young there is still something you can learn from the misguided paths of your elders. Many of them wish they started investing when they were old.
Example: Today, Amazon stock is valued at around $ 3,700 per share. Twenty years ago it was $ 14. A relatively modest investment back then could easily have turned this investor into a millionaire today.
You really don’t need a lot to get started. Whether you have $ 5, $ 100, or $ 800 to spare, you can invest with Robinhood.
Yes, you’ve probably heard of Robinhood. Both beginners and professionals love it because it has no commission fees and you can buy and sell stocks for free – with no limits. Plus, it’s super easy to use.
What’s the best? When you download the app and add funds to your account (it won’t take more than a few minutes), Robinhood will leave a percentage of free shares in your account. It’s random, however, so the stock can be worth anywhere from $ 2.50 to $ 200 – a nice boost to help you build your investments.
4. Save for retirement to scream out loud
You have probably heard that America is in a retirement crisis. In one study after another, half of Americans expect financial problems in their golden years because they don’t have enough retirement plans.
One of the smartest things you can do about your future – by far – is to set aside money from your paycheck to put in your 401 (k). And if your employer matches every post, that can mean that Hundreds of thousands extra dollars in your account when you retire. It’s free money!
But if you can’t take advantage of that employer advantage because you need all of your paycheck every month, a company called Lendtable will provide you with the money.
We know it sounds too good to be true. However, if your employer has a 401 (k) match program, this is money they have already earmarked for you. When you use Lendtable you can unlock this free cash.
Let’s say you make $ 50ka a year and your employer pays your 401 (k) contribution up to 4%. If you add $ 0 to your retirement account this year, your boss will give you $ 0. When Lendtable lends you the 4% of your salary that your employer is willing to pay, your boss will give you $ 2,000, minus Lendtable’s fee. (This comes from the extra money you made so you don’t have to make a sacrifice.)
It takes three minutes to answer a few questions about your eligibility and sign up for an account.
5. Regardless of your age, think about the next generation
Regardless of your generation – no matter how old you are – this past year has made many of us reflect on our mortality.
During the pandemic, interest in life insurance increased as more Americans realized they likely need it.
In addition, more and more people are looking for exam-free life insurance because they don’t want to go to a doctor’s office for a personal check-up. Companies like Bestow use algorithms instead of medical exams to evaluate applicants.
Prices start at just $ 16 per month. You could leave your family up to $ 1 million. Knowing that your family is being cared for is priceless.
If you’re under 54 and want a quick quote on life insurance without leaving your home, get a free quote from Bestow.
Whether you’re a Gen Z, Millennial, Gen X, or a baby boomer, you can learn a lot about what to do – and what – from previous generations Not make.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder. He’s a member of Generation X, whatever kind of man.