My visit with Jason followed on the heels of some extensive research I was involved in, to gain a better understanding of millennials' financial habits. In addition, we also investigated the role (or lack thereof) a financial advisor plays in helping millennials plan and save. The results? As varied as their personalities.
How do we decide what percentage of our income to earmark for retirement? Undoubtedly we think about the bills we have to pay and the medical expenses we might incur. This is a solid start -- but how many of us are thinking about the lifestyle we hope to have and the unpredictable realities that we may face during our retirement?
You know how dogs do that stiff-legged resistance thing when you try to drag them through the door to see the vet? Well, older workers are apparently doing the same when it comes to retirement. They are digging in and not budging, much to the chagrin of companies that would like to be rid of them and their higher salaries.
Are you "plugged in?" Do you spend at least 27 hours per week on the Internet? Why would I use such a specific number? Because in a 2012 research study by WSL Strategic Retail, they found that Baby Boomers spend two hours more a week online than the 25 hours Millennials (ages 16 to 34) do on average.
When we announced that we would spend June through August in Paris this year I could see dismay in our friends' eyes. Even though most were too polite to say anything, I knew they were thinking, 'Oh, my God, August in Paris? Really? It's going to be jungle hot with no air conditioning, it will be jammed with unwashed tourists, and you won't have anything to eat because EVERYONE knows Parisians evacuate in August.'