Why You And Money Need To Have A Serious Talk
What do I know about money that gives me the nerve to tell others what to do? I’m no David Ramsey or Suze Orman, but I’m a 25-year-old money coach who’s been able to achieve 35% returns on my investments for the last three years. All this while living through the biggest pandemic of our time—shout-out to COVID-19.
I’ve also paid off a $13,000 car loan two years early and am on my way to building wealth through multiple income streams, monthly savings, and value investing. This isn’t boasting. I’m sharing because I understand the importance of retirement planning early on and want other millennials to know they can do the same.
Let’s Talk Retirement
Did you know the average millennial will need between $500,000 and $1 million to retire comfortably? Yet, only about 24% of millennials have over $100,000 saved.
If you’re 24 and plan to retire at 65, you’ve got 41 years to save. That’s plenty of time if you start early with wealth planning and stick to smart money-saving tips for retirement. Every dollar you save now grows exponentially thanks to compound interest.
The goal is to build wealth steadily, so you don’t end up working past your retirement age or relying on others financially. Whether you want to retire early or at 65, starting your financial planning in your 20s sets you up for success.
Why Is This Important?
Right now, many baby boomers are working past retirement age because they don’t have enough saved. My dad is a perfect example. At 67, he's still working—not because he wants to, but because he has to. My mom is still 10 years away from retirement and has little saved.
This is why millennials and retirement planning are critical. Planning for your financial future ensures you don’t end up in the same situation, working when you should be enjoying life. It’s time to get serious about how to retire in your 20s and create the life you want.
The Aging Financial Burden
If you don’t save for retirement, the financial burden may fall on your children. I grew up with immigrant parents who believed children would take care of them in their old age. But that’s a lot of pressure, especially when health issues arise.
Instead of relying on others, focus on building financial independence through smart wealth planning. It’s about securing your future and relieving your loved ones of financial strain. Financial stability ensures your retirement years are about rest, not worry.
It Starts With You
Financial independence starts with you. It’s about making decisions that put you in control of your money, not the other way around. Wealth isn’t just about being rich. It’s about having enough to live comfortably and not having to depend on others.
Here’s a key truth: How to retire in your 20s doesn’t mean retiring immediately, but rather setting up the financial framework so you can retire whenever you want. It’s the freedom to choose your future.
Money-Saving Tips for Retirement
Here are a few money-saving tips for retirement that can help:
Start Early: The earlier you begin saving, the more time your money has to grow.
Automate Savings: Set up automatic transfers into a retirement account so you can save without thinking about it.
Invest Wisely: Put your money into low-risk investments that grow over time.
Cut Unnecessary Expenses: Trim out wasteful spending and put that money toward your future.
Three Choices With Your Money
Slack off, and risk working through your retirement years.
Fail to prepare, and end up relying on your kids.
Get serious, and plan for a financially stable future.
What will you choose?
The most important thing you can do is save. Saving is the foundation for financial security and independence. You don’t have to race—this is a long-term game. What matters is that you plan ahead and work steadily toward your goals.
You have all the tools you need to calculate how much you’ll need for retirement. And if you need help, there are financial experts who can guide you on your journey. But don’t wait—start today.
Check out the link to the U.S. based article on millennial savings here .
$500,000 is the minimum the average millennial will need to save for retirement, but this depends on your circumstances and where you are at in your financial journey. Please make sure you check for yourself what this number will need to be.
Comment below and let me know your thoughts! Be sure to check out my YouTube channel and if you're ready to take your financial wellness journey to the next level, then look below for additional coaching services and resources that can help you build lasting wealth and abundance.
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