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Your Financial Pharmacist

Dec 30, 2021

Tim Baker talks through the unique financial needs and considerations of Generation X.

Key Points From This Episode

  • An introduction to today’s topic of Gen X; the sandwich generation.
  • How Gen Xers are often providing for their parents, plus a young child or a child over 18.
  • How these financial expectations are often overlooked or pushed to the side. 
  • We talk about average incomes, the rising cost of education, and what their debt load is. 
  • The impact of the ups and downs in the last few years on their financial mindsets.  
  • How Gen X wants stability but might not have the financial plan or means to get it. 
  • You can take out education loans for your kids, you can’t get retirement loans.
  • Hear how Tim Baker follows the one-third plan and a reminder of what that is.
  • Relying on the act of planning, versus having a plan. 
  • Some important questions Gen Xers can ask themselves to get financially stable. 
  • Making sure you’re not on autopilot, particularly in your peak earning years.
  • Tackling the fear and inertia of having left it so late in life to start saving and planning.
  • Having empathy for Gen X needing different priorities from the previous generation. 
  • That Gen X really wasn’t dealt a great hand economically, but the problems are fixable. 
  • Reigniting the vision and finding the motivation to do things differently. 
  • Speaking about the lack of confidence in social security for future retirement. 
  • Tim shares a great exercise you can do to check your retirement age and benefits!
  • We discuss the shifting dynamics of generations and the transfer of wealth.
  • Some parting words of encouragement from us here at the YFP team!

Links Mentioned in Today’s Episode