BUILDING in the U.S. workforce” (The Center
for Generational Kinetics, 2016).
Millennials are the fastest growing
generation of U.S. consumers in the
marketplace, and are expected to
bring the greatest lifetime value to the
American economy.
WITH Millennials have different attitudes
toward employment, money, lifestyle
and family. Therefore the approach to
building wealth with Millennials must
fit their expectations. A solid wealth
accumulation plan for Millennials
should consist of:
WEALTH
MILLENNIALS
B
uilding Wealth with Millennials
is very challenging, especially
compared to previous
generations. Millennials are
caught between the financial
remnants of the Baby Boomer (the
“worst savers” in history), and the
Centennial generation (those who
believe working a lifetime for someone is
insane). The technology revolution puts
Millennials in a unique position because
“overnight success” is no longer just
a cliché. There are opportunities for
financial success in places and industries
that did not exist for Baby Boomers.
Many Millennials are creating their own
paths in life and seeking to be financially
independent at a very young age.
Financial planning and guidance is
more important now than it has ever
been. Considering the slow demise of
pensions, the use of sound financial
strategies and planning will be the
deciding factor among Millennials
who live well, and those who do not.
“In the last two years, Millennials
have become the largest generation
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Summer 2017 | NURAMagazine.com
• Solid budgeting – the key to success
for any financial plan.
• Aggressive Investment Strategies –
the proper asset mix and risk profile.
• Identifying and funding a realistic
travel and entertainment budget.
• Rainy day fund – 12 month
coverage of his expenses (more than
the traditional recommendation of 6
months).
• Entrepreneurial and financial
coaching for those who seek to be
self-employed.
• Regular financial consultations – to
ensure plans are always in line with
his current life events.
Millennials, look out for Generation
Z! This new group of people is
making big waves in every way
possible. Generation Z is conquering
parenting, education, employment,
entrepreneurship, sales, marketing,
politics, and religion. They are
expected to breed more millionaires
than any other generation thus far.
Don’t be left out!
Reference:
Generational Breakdown: Info About All of the Generations (2016).
The Center for Generational Kinetics. Retrieved from: http://genhq.
com/faq-info-about-generations/