How 30-somethings can have the freedom they want
With so many people frighteningly behind on stocking their financial freedom pots, you’d think that the 50-somethings rapidly approaching retirement would be the most frightened about their financial future. But a recent Pew Research study revealed a startling fact - the greatest financial anxiety and fear is currently being experienced by those in their mid-to-late 30s. So what is frightening these 30-somethings?
Lack of confidence Overall, confidence about whether people will have enough income and assets during their retirement years has decreased sharply over the past several years. This is in stark contrast to the experience investors have had over the same time as the stock markets around the world have more than doubled since the bear market of 2008.
What’s even more surprising is that younger adults, with plenty of that wonderful wealth spice TIME to go before they’d even consider retirement, are more anxious about their financial future than the 50-somethings who’s financial clocks are ticking loudly as they rapidly approach retirement.
What’s going on? 30-somethings know that the chance of the government looking after them in their retirement is as likely as a fish and a pig having a successful co-creation moment and that it is up to them so ensure they sort out their worn financial wellbeing but they haven’t been taught how. They have no idea how to convert the income they bring in into assets that actually grow and work for them. They have seen the disillusionment of their parents generation from under performing financial products and the consequence of not having all their wealth foundations in place but they have never been taught the skills to determine the good from the darn right rotten or even what different things they
14
should have in their wealth plan to ensure they actually achieve financial freedom. This confusion and uncertainty has resulted in paralysis for many. Although they know they should be doing something, the fear of getting it wrong has resulted in doing nothing or very little.
Missing out It’s hard to exaggerate the impact that not getting started and then sticking to your wealth plan letting your asset pot expand steadily
and consistently. This includes
not only staying invested during market downturns and subsequent rebounds but also continuing to invest.
Look Forward It’s not too late for anyone to stated and most definitely not too late for those anxious 30-somethings to ensure themselves a seriously wealthy feast, but getting started is the key. The steps are straight forward. Get rid of debt, build up an emergency fund to cater for those to be excepted “unexpected” events, and set up a regular investment contribution investing in simple low cost stock market vehicles like index tracker funds and exchange traded funds.
Be confident After a huge stock market rally that has helped so many people recover from the worst of the financial crisis, it’s heart breaking to see so many people missing out of having their money working hard for them due to fear and financial illiteracy. Start where ever you are, but start you must. Find a good financial advisor
By Ann Wilson, The Wealth Chef sharing the recipes for wealth. Ann is a multi-millionaire with a difference, she is a woman with a mission and a big message for the World as ‘The Wealth Chef’. Follow her on Twitter @thewealthchef
To advertise in thewire t. 07720 429 613 e.
the.wire@btinternet.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100