How much do I need for retirement?
How can I make sure that I do not run out of money?
These are common retirement questions most of us consider. For some, they are questions that cause stress and insecurity. For those who feel like these questions are unanswerable, they cause financial paralysis. Action and decision-making comes to a halt.
YOLO—You only live once.
Carpe diem—Seize the day.
These phrases encourage people to live for today because there is no guarantee of tomorrow. While the use of YOLO is fading, the mindset is still there. And certainly, there is some accuracy to that line of reasoning. We are not guaranteed another day or even another minute.
Young children are probably not old enough to understand the importance of setting aside money for retirement, but this does not mean that they are not old enough to understand how money works.
If fact, your young kids can get a better grasp on some financial principles than you probably realize.
You know the stereotypes.
Millennials are lazy. Millennials are entitled. Millennials are self-absorbed. Millennials are savers? Wait. What?
That’s right. Millennials are savers.