Millennial Career and Retirement Planning is Unique
Today’s job and investment markets are different beasts than what other generations had to deal with when they started their careers and investing. However, the technological opportunities available to millennials position them for independence and to pursue their passions. These considerations make millennials career and retirement planning unique and exciting.
As we’ve learned from David’s stepson and our nieces, millennials have redefined success. Previous generation’s definitions, such as expensive cars and large houses, don’t necessarily meet the millennial generation’s definitions.
Because of technological advancements and the need for businesses to adapt, millennials play critical roles in fostering such advancement.
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Millennial Career and Retirement Planning Considerations
That said, business is different today and all generations must adapt. When starting careers, many people experience job hopping. On this Queer Money, we discuss the considerations millennials should take when changing jobs or job hopping to not lose benefits and money.
We discuss the benefits of saving and investing early. The David’s (David Rae and David Auten) share calculations and examples of the benefits of starting investing young and consistently that make us regret not starting earlier.
Large student loans are a somewhat unique consideration for millennials. Rae shares his advice on chipping away at student loan debt while also working towards other financial goals, such as buying a house and saving for retirement. He also discusses how to take advantage of today’s low interest rate environment.
The benefits of today’s gig economy are endless. Multiple streams of income can help millennials pay down student loan and other debt more quickly, or generate spending money so more money from a W-2 job can go towards savings and retirement. Part-time jobs can be replaced by side hustles and side-hustles can lead to employment independence.
We discuss investment options for millennials and their retirement savings. Rae shares insights on investments such as mutual funds, exchange traded funds (ETFs) and stocks and the benefits of investing in each. Despite initial apprehension of most new investors, millennials should invest and Rae shares why.
Company stock options are also considerations, especially because workers have multiple reasons to invest in their employer. Rae shares his strategy for investing in company stock options so as to not thwart progress towards other financial goals.
Of course, we talk about the ever-present need and benefit of emergency savings accounts.
Check out this first of three episodes, millennial career and retirement planning, of Queer Money episodes for generational career and retirement planning.