Every age group needs money advice specific to where they are in life. The Daily Telegraph compiled these best tips for each age group:
Gen Y
- Invest in yourself because time is on your side. Get a degree and earn on average $1 million more.
- Pay your savings first. Putting 10% into savings and towards your future will set you up for riches in the future.
- Get help and don’t assume that you can make all the right choices alone.
Gen X
- Kick the bad spending habits that you have. Gen X is at a tough financial time in life and the best thing to do is to stop spending too much and start saving more.
- Think about developing a career and buying a house. Getting on this path early will make you richer in the future.
Baby Boomers
- Stop procrastinating and get ready to retire. Everyone is a financial procrastinator, but you are running out of time.
- Make estate planning a priority. It is unpleasant to think about death, but it is far better to be prepared.
Retirees
- Avoid debt in every way possible because there will be no pay cheque to back you up. Every debt you make will eat into your retirement fund and leave you worse off in the years to come.
Source: http://www.dailytelegraph.com.au/money/three-ways-to-be-smarter-with-your-money/story-fni0crmh-1226709035850
