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Here are the investment strategies of the four generations currently in the workforce and how they arebuilding wealth.
The second rule of investing is, dont forget rule number one.
Planning for long-term care expenses and creating an estate plan are important considerations for Boomers.
Millennials (Born 1981-1996)
According toCNBC, millennials are behind in terms of wealth accumulation.
However, with 20 to 35 years left until retirement, they can still catch up.
Millennials would do well to fully understand their workplace retirement plans or what their options are if theyre self-employed.
And dont sleep on thehealth savings account.
you’ve got the option to roll over what you dont use each year.
This cohort has the most options when it comes to building wealth, and time is on their side.
By saving and investing regularly, they can see their wealth grow over time.
Building wealth takesdedication, perseverance and knowledge.
While each generation may have strategies they prefer, the common denominator is action.
Making active saving and investing a priority will build wealth now, and for generations to come.
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