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","_key":"00ded49c9aba0"},{"_type":"span","marks":["strong"],"text":"Each has its benefits and risks","_key":"f97b004a5481"},{"text":", and choosing the right one depends a lot on factors such as how old you are now, when you hope to retire, and how much you’d like to have after you do.","_key":"20b28d220e41","_type":"span","marks":[]}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"4af1ea47ce5b","markDefs":[],"children":[{"_type":"span","marks":[],"text":"And for those of you who want to ","_key":"89684b47a2750"},{"_type":"span","marks":["strong"],"text":"undercut the typical retirement age","_key":"8081c7b58fb3"},{"_type":"span","marks":[],"text":" of 65 by a few years (or decades), it’s crucial to identify a strategy that offers enough reward without too much 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Fidelity Investments looked at more than 26,000 plans covering about 24 million participants and found that the average 401(k) is","_key":"3933b0654cd10"},{"_type":"span","marks":["strong"],"text":" valued at roughly $127,000 ","_key":"671af60fa68e"},{"text":"as of the second quarter of this year.","_key":"09abfa3e12b3","_type":"span","marks":[]}]},{"children":[{"text":"Broken down by age, here’s what the averages look now compared to the first quarter of 2023:","_key":"591fd7e5ca890","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"1c10f838b2b9","markDefs":[]},{"_key":"f0bf4f620d91","listItem":"bullet","markDefs":[],"children":[{"_key":"688f7cd5ff3d0","_type":"span","marks":["strong"],"text":"Generation Z"},{"marks":[],"text":": $12,000 vs. $7,100","_key":"59cbfbcb6283","_type":"span"}],"level":1,"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"f16313cffb94","listItem":"bullet","markDefs":[],"children":[{"text":"Millennials","_key":"7b18f6632d600","_type":"span","marks":["strong"]},{"text":": $62,000 vs. $44,900","_key":"036d93def849","_type":"span","marks":[]}],"level":1},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Generation X","_key":"178796f4c31c0"},{"_type":"span","marks":[],"text":": $182,100 vs. $145,500","_key":"a72aa7633ba3"}],"level":1,"_type":"block","style":"normal","_key":"6ac949554d36","listItem":"bullet"},{"children":[{"_key":"fc88906ca2e90","_type":"span","marks":["strong"],"text":"Baby Boomers"},{"_type":"span","marks":[],"text":": $242,200 vs. $215,000","_key":"a826bc65ecc1"}],"level":1,"_type":"block","style":"normal","_key":"f03810863b71","listItem":"bullet","markDefs":[]},{"style":"normal","_key":"748076445630","markDefs":[],"children":[{"_key":"aa2b2205da780","_type":"span","marks":[],"text":"The youngest generation on the list saw its average balance balloon by about 66% — or more than 10 times the percentage of growth within the oldest generation."}],"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Better, but not good enough","_key":"a5b659148bf10"}],"_type":"block","style":"normal","_key":"d5fa83fb078e"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Even though all age groups have experienced encouraging retirement growth, that doesn’t mean it’s time to coast into the golden years. With consumer prices and healthcare costs still climbing,","_key":"1f6d5c2346e00"},{"marks":["strong"],"text":" none of the generations","_key":"feb391ca169b","_type":"span"},{"_key":"59b68396421c","_type":"span","marks":[],"text":" have reached an average 401(k) balance that sets people up for a comfortable retirement."}],"_type":"block","style":"normal","_key":"65557a167bc8"},{"_key":"2c959dd09884","markDefs":[],"children":[{"_type":"span","marks":[],"text":"This report is based on millions of cases, though, so it’s always up to each individual to","_key":"6bb1155a3c230"},{"_type":"span","marks":["strong"],"text":" make the best decisions","_key":"3f58f648f2ac"},{"marks":[],"text":" for his or her financial future. 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According to the ","_key":"104ee03284ba0"},{"_type":"span","marks":["0d959eb7f4f8"],"text":"results","_key":"104ee03284ba1"},{"_type":"span","marks":[],"text":" of a study conducted by University of Birmingham and the University of Oxford psychologists, older generations are influenced by others far more than younger people.","_key":"104ee03284ba2"}]},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"A tale of two test groups","_key":"1ad22d4be5e80"}],"_type":"block","style":"normal","_key":"7c164042b0f7"},{"_key":"6044689ac909","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The researchers studied","_key":"9889e5ac08940"},{"_type":"span","marks":["strong"],"text":" several dozen subjects","_key":"095718dc1644"},{"text":" separated into one of two groups: 18 to 36 year olds and 60 to 80 year olds. After taking care to provide similarly diverse groups and screening those in the older category for age-related cognitive decline, the psychologists were confident that remaining differences between the groups would be largely due to their age disparity.","_key":"e151abb3ad1a","_type":"span","marks":[]}],"_type":"block","style":"normal"},{"_key":"40b604fc318a","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Aside from simply providing new information, University of Birmingham professor Patricia Lockwood says the report seems to highlight a serious concern for older individuals.","_key":"ecbce4e7d5560"}],"_type":"block","style":"normal"},{"children":[{"_type":"span","marks":[],"text":"“In an era of an aging population and increasing misinformation, it is crucial to understand how aging affects people’s susceptibility to influence,” she said. “One key area where people may be influenced is in their preferences for receiving money","_key":"7cb8101490bd0"},{"text":" sooner rather than later","_key":"efe83a7fbeed","_type":"span","marks":["strong"]},{"marks":[],"text":". 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It also tested how much participants were influenced by the decisions of others in the study.","_key":"fb8aabd8431f0"}],"_type":"block","style":"normal","_key":"5fb5b8945376"},{"_key":"79a95b7ff9ea","markDefs":[],"children":[{"_key":"58165a8c5d6d0","_type":"span","marks":[],"text":"Over the course of the experiment, older subjects were generally more likely to "},{"text":"shift their response to the instant reward","_key":"cbc9d20bc5c1","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":" if others around them did so first.","_key":"eb9abbc38a15"}],"_type":"block","style":"normal"},{"children":[{"text":"Based on this propensity, older individuals could be more likely to make an impulsive investment or even fall victim to financial scams.","_key":"7e13b1f1355b0","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"1deef0c75df8","markDefs":[]}],"slug":"/story/2024/09/how-your-financial-decisionmaking-changes-as-you-get-older","_updatedAt":"2024-09-24T21:52:30Z","author":{"_ref":"phCNL32Gn","_type":"reference"},"image":{"hotspot":{"_type":"sanity.imageHotspot","width":0.924657534246575,"x":0.5,"y":0.5,"height":1},"_type":"image","attribution":"Giphy","asset":{"path":"images/8mioycse/v3/191fcd7ca79b97558c8f1be1d938147550cfe499-480x270.gif","uploadId":"hI86WBgB4tYc8ratn8e8O05zhFqcuywP","sha1hash":"191fcd7ca79b97558c8f1be1d938147550cfe499","_createdAt":"2024-09-24T21:51:16Z","mimeType":"image/gif","source":{"name":"Old Lady Lol GIF by MOST EXPENSIVEST","id":"1BhoM53hKiuFZcz6Oj","url":"https://giphy.com/gifs/mostexpensivest-viceland-most-expensivest-1BhoM53hKiuFZcz6Oj"},"url":"https://cdn.sanity.io/images/8mioycse/v3/191fcd7ca79b97558c8f1be1d938147550cfe499-480x270.gif","size":792158,"_id":"image-191fcd7ca79b97558c8f1be1d938147550cfe499-480x270-gif","_updatedAt":"2024-09-24T21:51:16Z","extension":"gif","metadata":{"dimensions":{"height":270,"_type":"sanity.imageDimensions","width":480,"aspectRatio":1.7777777777777777},"isOpaque":true,"blurHash":"MFGH@*~9Ej0h4U~AS$E2EMRQR-RPIVogxt","_type":"sanity.imageMetadata","palette":{"darkMuted":{"background":"#514336","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":10.23},"muted":{"background":"#846c52","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":10.42},"lightVibrant":{"population":1.27,"background":"#efbb90","_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#fff"},"darkVibrant":{"title":"#fff","population":0.99,"background":"#5a3822","_type":"sanity.imagePaletteSwatch","foreground":"#fff"},"lightMuted":{"background":"#d3c3a6","_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#fff","population":2.45},"vibrant":{"background":"#af7955","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":2.9},"dominant":{"title":"#fff","population":10.42,"background":"#846c52","_type":"sanity.imagePaletteSwatch","foreground":"#fff"},"_type":"sanity.imagePalette"},"hasAlpha":true,"lqip":"data:image/jpeg;base64,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"},"_rev":"xLD4OWfdzNrtrFmtm3Ajxc","_type":"sanity.imageAsset","assetId":"191fcd7ca79b97558c8f1be1d938147550cfe499","originalFilename":"4253be5d-9f17-4dff-ac03-9b86d440514b.gif"},"crop":{"right":0,"top":0,"left":0,"bottom":0,"_type":"sanity.imageCrop"}}},{"summary":"It might not automatically instill good money habits in the next generation.","body":[{"children":[{"_type":"span","marks":[],"text":"It might have been part of your childhood, and if you have kids of your own it might be something that you provide now. But what are the real advantages, if any, of giving children an allowance?","_key":"6c92d413d7970"}],"_type":"block","style":"normal","_key":"3407893c330b","markDefs":[]},{"_key":"d03997f79de7","markDefs":[{"_type":"link","href":"https://www.washingtonpost.com/business/2024/09/04/allowance-kids-money-managers/","_key":"fddf3923c333"}],"children":[{"marks":[],"text":"Some say it helps kids learn more about the value of money and the importance of saving it … ","_key":"49d45276fa120","_type":"span"},{"_type":"span","marks":["strong"],"text":"but that’s not always true","_key":"26ef05f6589f"},{"_type":"span","marks":[],"text":". Many families find that an allowance on its own doesn’t provide any benefit, although it can be part of a ","_key":"e3b2d5dbc333"},{"_type":"span","marks":["fddf3923c333"],"text":"strategy","_key":"49d45276fa121"},{"marks":[],"text":" for raising financially well-informed children.","_key":"49d45276fa122","_type":"span"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"How to do it right","_key":"68e9fdf265c90"}],"_type":"block","style":"normal","_key":"55416716ceaa"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Finance columnist Michelle Singletary recently shared several stories from her readers that demonstrate just how different the experience of receiving an allowance can be","_key":"81337f33e7fe0"},{"text":" depending on the actions","_key":"7d79dc2a7f3b","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":" of the 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Almost two-thirds took the next step of contacting the appropriate billing department.","_key":"abc8c05a285d","_type":"span"}],"_type":"block","style":"normal","_key":"d2c4a5b89109","markDefs":[]},{"style":"normal","_key":"3cadf77da664","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The most common reason given by those who didn’t make that call was that they assumed it wouldn’t do any good.","_key":"37aab24e787d0"}],"_type":"block"},{"_type":"block","style":"normal","_key":"fb4fd9c9fa34","markDefs":[],"children":[{"marks":["strong"],"text":"The odds are in your favor","_key":"88bd6c5555fe0","_type":"span"}]},{"_key":"f1cedf24054f","markDefs":[],"children":[{"text":"As Duffy said of those who called the billing office: “Most of the time, the bill was corrected. 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","category":"finance","title":"Financial Experts Say These Tips Will Help You Avoid Money Mistakes","visibility":"true","author":{"_type":"reference","_ref":"phCNL32Gn"},"body":[{"style":"normal","_key":"dac84d8522d6","markDefs":[{"_key":"fb1141083596","_type":"link","href":"https://www.npr.org/2024/08/15/g-s1-16998/to-save-more-money-avoid-these-5-common-financial-mistakes"}],"children":[{"marks":[],"text":"Inflation might be tracking in the right direction, but debt is sky high for millions of Americans and the economic future remains murky at best. So if you’re wondering how to take control of your financial situation, keep reading for ","_key":"8e18ec8e2a600","_type":"span"},{"_type":"span","marks":["fb1141083596"],"text":"a few rules","_key":"8e18ec8e2a601"},{"_type":"span","marks":[],"text":" to live by.","_key":"8e18ec8e2a602"}],"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Don’t confuse loans with gifts","_key":"fde1b57cd2d80"}],"_type":"block","style":"normal","_key":"0ded58ccc3bd"},{"_key":"ee62f7fb81d9","markDefs":[],"children":[{"_key":"7dc5600cb5760","_type":"span","marks":[],"text":"When borrowing from a lender or purchasing on credit, it’s easy (at least at first) to ignore the harsh reality that it all has to be paid back. If you need a loan to make ends meet or carry out a substantial purchase, that’s OK. But before you sign on the dotted line, make sure you’ve"},{"text":" done sufficient research","_key":"3b6841f19b3e","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":" not only to find the best rate possible, but also to fully understand what it will take to repay it in full.","_key":"95ee087e66e9"}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"495ff2b76ce0","markDefs":[],"children":[{"text":"Be cautious about cosigning","_key":"a593d2c116bc0","_type":"span","marks":["strong"]}]},{"_type":"block","style":"normal","_key":"d77b12116342","markDefs":[],"children":[{"_type":"span","marks":[],"text":"In the interest of helping out a friend or family member, it might be tempting to cosign for someone else’s loan. But doing so both risks your credit while","_key":"d3f015384d780"},{"_key":"f81a04b28ed2","_type":"span","marks":["strong"],"text":" putting you on the hook"},{"_type":"span","marks":[],"text":" to repay the debt if the person who initially borrowed it does not. Instead of cosigning, consider helping that other person search for a reasonable loan that can help improve his or her credit.","_key":"7b30eb7c42f1"}]},{"children":[{"_type":"span","marks":["strong"],"text":"Make sure you’re gaining interest","_key":"9fb2f2b3c7a50"}],"_type":"block","style":"normal","_key":"8f79171cd271","markDefs":[]},{"markDefs":[],"children":[{"text":"Traditional savings accounts at big banks have almost become a joke at this point, often offering practically no interest. 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And once those credit cards reach their limit, there usually aren’t many good options for additional financial assistance.","_key":"41acd78822510","_type":"span"}],"_type":"block"},{"_type":"block","style":"normal","_key":"c48ac244b26e","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Looking for a way out","_key":"3cc52cfb747c0"}]},{"children":[{"text":"TransUnion executive Michele Raneri said that the staggering increase in credit card debt is “a pretty good indicator that ","_key":"eabeb26cee620","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":"people are stretched","_key":"6320d06730a7"},{"_key":"640008b14b60","_type":"span","marks":[],"text":".”\nAnd even though an early spike in debt was largely attributed to “revenge spending” after COVID-19 lockdowns were lifted, the past couple of years seems to have been fueled by necessity rather than 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schools simply aren't teaching these essential skills.","_id":"01d0c5bd-f33e-4748-82a3-9b76ab56906c","author":{"_ref":"phCNL32Gn","_type":"reference"},"_rev":"OFXn9tuJLXyMC5nIjIRnrQ","_type":"story","body":[{"style":"normal","_key":"d9fdef1f30bf","markDefs":[{"_type":"link","href":"https://www.businessinsider.in/international/news/financial-literacy-is-not-always-taught-in-school-heres-how-parents-can-prepare-their-kids-to-budget-and-invest-wisely-/articleshow/112351781.cms","_key":"0d3a758a593c"}],"children":[{"text":"In our uncertain economic environment, it can be hard for even seasoned adults to make the right financial decisions. 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Even the youngest kids can learn lessons about how money is a limited resource and buying things requires people to make choices about how to use that resource.","_key":"64a52d0eb338","_type":"span","marks":[]}],"level":1,"_type":"block","style":"normal"},{"level":1,"_type":"block","style":"normal","_key":"3d5aca31fa5d","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Help make a plan:","_key":"48e148f273e50"},{"_type":"span","marks":[],"text":" As kids get close to their teenage years, it’s time to start teaching the importance of investing and planning for the future … from saving for a big purchase like a car or putting money away for college.","_key":"d877b1986d82"}]},{"level":1,"_type":"block","style":"normal","_key":"95c75db38b52","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Lead by example:","_key":"812aa016ae8f0"},{"_type":"span","marks":[],"text":" In the end, kids tend to replicate the models they’re given during childhood. So parents are advised to demonstrate their own financial decisions and have open conversations about the topic whenever appropriate.","_key":"004b2a54a63b"}]},{"_key":"6831a5caa457","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Parents might not be able to rely on the education system to provide all the information their children will need to be financially literate, but communication at home can at least ","_key":"e7459d2504890"},{"_type":"span","marks":["strong"],"text":"provide the foundation necessary","_key":"3c057f55d972"},{"_type":"span","marks":[],"text":" to avoid some of the pitfalls that ensnare so many adults of all ages.","_key":"124771eaabc3"}],"_type":"block","style":"normal"}],"visibility":"true","_createdAt":"2024-08-07T21:32:55Z","id":"geAw1Q7t","title":"Here’s How Parents Can Help Their Kids Learn Smart Money Habits","_updatedAt":"2024-08-07T21:32:55Z"},{"body":[{"markDefs":[{"href":"https://finance.yahoo.com/news/42-people-avoid-looking-checking-201512632.html","_key":"ae741ea8677a","_type":"link"}],"children":[{"_type":"span","marks":[],"text":"In an uncertain economy and after years of post-pandemic inflation, it’s only natural that finances have become a particularly stressful subject for millions of Americans. More than two-fifths of U.S. adults say they purposely ","_key":"6d2d6855002a0"},{"_type":"span","marks":["ae741ea8677a"],"text":"avoid","_key":"6d2d6855002a1"},{"_type":"span","marks":[],"text":" monitoring their checking accounts due to fear about what the result will be.","_key":"6d2d6855002a2"}],"_type":"block","style":"normal","_key":"b0c67e1053af"},{"style":"normal","_key":"708b4d7c758e","markDefs":[],"children":[{"_type":"span","marks":[],"text":"But ignorance is not bliss when it comes to your financial health.","_key":"e2f48d8891de0"}],"_type":"block"},{"_type":"block","style":"normal","_key":"fa7dcf34ffcc","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Average vs. median","_key":"7446166b32010"}]},{"_type":"block","style":"normal","_key":"b5d6dc1094ed","markDefs":[],"children":[{"_type":"span","marks":[],"text":"You might feel a little better about your situation when you consider what the typical American’s checking account balance is.","_key":"f4a334bc90de0"}]},{"style":"normal","_key":"4bb8a11bd161","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Overall, as of October, the checking accounts of American households had an average balance of $16,891 but a median balance of ","_key":"2faba812723b0"},{"_type":"span","marks":["strong"],"text":"just $2,800","_key":"49e487f8a5ca"},{"_type":"span","marks":[],"text":".","_key":"d297d3208dcf"}],"_type":"block"},{"_type":"block","style":"normal","_key":"11d795e47ed6","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The reason the average (total divided by number of account holders) is so much higher than the median (amount at which half of the population has more and half has less) is due to the impact of a minority — about 13% — with ","_key":"7d1b99eedb750"},{"_type":"span","marks":["strong"],"text":"more than $50,000","_key":"126349ade466"},{"_type":"span","marks":[],"text":" in their checking accounts.","_key":"498f87cdf6c8"}]},{"_key":"90f0a99f9576","markDefs":[],"children":[{"_type":"span","marks":[],"text":"As you might imagine, balances tend to increase as Americans get older, and here’s what the average and median balances look like for various age groups:","_key":"fc2fe27ec5410"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"text":"Under 35","_key":"be18ceba07750","_type":"span","marks":["strong"]},{"_key":"ec4022025588","_type":"span","marks":[],"text":": $7,355.53 and $1,600"}],"level":1,"_type":"block","style":"normal","_key":"ed815103f6b3","listItem":"bullet"},{"children":[{"_key":"272a013fcab80","_type":"span","marks":["strong"],"text":"35-44"},{"text":": $15,309.92 and $2,500","_key":"48bcd5b71c59","_type":"span","marks":[]}],"level":1,"_type":"block","style":"normal","_key":"3ec6380d0067","listItem":"bullet","markDefs":[]},{"_key":"63f7193284f8","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"45-54","_key":"870b11d74d3d0"},{"_key":"888454d856fd","_type":"span","marks":[],"text":": $20,155.22 and $3,400"}],"level":1,"_type":"block","style":"normal"},{"markDefs":[],"children":[{"text":"55-64","_key":"bffdeb9ba78f0","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":": $17,515.35 and $3,500","_key":"0298bf01ed69"}],"level":1,"_type":"block","style":"normal","_key":"da7c5a333379","listItem":"bullet"},{"listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"65-74","_key":"bfaee04e7a470"},{"text":": $24,408.76 and $3,100","_key":"230c330f5066","_type":"span","marks":[]}],"level":1,"_type":"block","style":"normal","_key":"55a019feb35b"},{"children":[{"_type":"span","marks":["strong"],"text":"Over 75","_key":"1dc3068f90cf0"},{"_type":"span","marks":[],"text":": $19,517.14 ad $3,300","_key":"5c255f0f6312"}],"level":1,"_type":"block","style":"normal","_key":"70c02668d0ab","listItem":"bullet","markDefs":[]},{"style":"normal","_key":"77a1b9b38489","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Face your fears","_key":"e2f5c3bfd3d20"}],"_type":"block"},{"_key":"745e14fbad56","markDefs":[],"children":[{"_type":"span","marks":[],"text":"If you dread looking at your checking account, you’re in good company. But experts say there are a few steps you can take to address your anxiety.","_key":"761ac5c044a90"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Begin by checking your balance","_key":"3601c359d11c0"},{"_key":"88d7734b39e5","_type":"span","marks":["strong"],"text":" once a week"},{"_type":"span","marks":[],"text":". Try a ","_key":"d07fed94855a"},{"_key":"c5ae4410b9dd","_type":"span","marks":["strong"],"text":"budgeting app"},{"text":" that helps you make sense of your expenses. And start taking ","_key":"8d8fc8661de0","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":"baby steps","_key":"c285289f61f5"},{"_type":"span","marks":[],"text":" toward your goal instead of getting overwhelmed by what might appear to be an insurmountable feat.","_key":"6baf1008bab9"}],"_type":"block","style":"normal","_key":"765d8bbf8a22"}],"_rev":"fAdM1QEBWa4XyT89tffbww","title":"Does Looking At Your Checking Account Cause You Anxiety? 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And it’s a heck of a lot lower than the $11.6 million you’d need to break through to the 1%.","_key":"91ba19d925cf0"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"What does ‘net worth’ mean?","_key":"12261fc5f0cc0"}],"_type":"block","style":"normal","_key":"48b350e6abde"},{"markDefs":[],"children":[{"_key":"98edfb4eeb600","_type":"span","marks":[],"text":"Financial terms can be a little nebulous to many folks, but “net worth” is one that gets used quite a bit. 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generation came out far ahead of all the others.","body":[{"markDefs":[{"_type":"link","href":"https://finance.yahoo.com/personal-finance/average-savings-by-generation-194254649.html","_key":"d33c1dffb342"}],"children":[{"marks":[],"text":"You might assume that as a generation moves closer to retirement, its collective rate of saving increases. 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But it might be beneficial to take","_key":"9157357358750"},{"_key":"6e21cdd97bf1","_type":"span","marks":["strong"],"text":" a broad look at the habits "},{"_key":"144a28201575","_type":"span","marks":[],"text":"of similar age groups."}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Starting with the oldest generation included in the recent report, here’s how much those groups saved, on average, during 2023:","_key":"683b8cc81d850"}],"_type":"block","style":"normal","_key":"995c509bab4e"},{"_type":"block","style":"normal","_key":"7e38b328950e","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Baby Boomers","_key":"75c8a304a4720"},{"_type":"span","marks":[],"text":" (born between 1946 and 1964): ","_key":"69d761175784"},{"_type":"span","marks":["strong"],"text":"$4,059.72","_key":"20369140fb0a"}],"level":1},{"listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Generation X","_key":"450870cb9e870"},{"_type":"span","marks":[],"text":" (born between 1965 and 1980): ","_key":"73e3d30a3f72"},{"marks":["strong"],"text":"$5,132.20","_key":"12dec84205a0","_type":"span"}],"level":1,"_type":"block","style":"normal","_key":"c704a3034ab3"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Millennials","_key":"8f3a5ad1ee4b0"},{"_type":"span","marks":[],"text":" (born between 1981 and 1996): ","_key":"83911a3ad06e"},{"_key":"dc07aebede7d","_type":"span","marks":["strong"],"text":"$9,299.45"}],"level":1,"_type":"block","style":"normal","_key":"37fa3c9c956a","listItem":"bullet"},{"_type":"block","style":"normal","_key":"52c0753ac877","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Generation Z","_key":"f7e71b8713300"},{"marks":[],"text":" (born between 1997 and 2012): ","_key":"f98b42ed6428","_type":"span"},{"_type":"span","marks":["strong"],"text":"$6,440.67","_key":"9c60acd6d4fd"}],"level":1},{"style":"normal","_key":"888bff166d55","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Millennials seem to be crushing it, socking away nearly twice as much last year as the older Gen Xers, who also came in behind the youngest generation on the list.","_key":"c03b385f57590"}],"_type":"block"},{"_type":"block","style":"normal","_key":"68eb13ff8f2a","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Analyzing the facts","_key":"b500e1603fd70"}]},{"_key":"dcb8b22c7e8e","markDefs":[],"children":[{"text":"Despite the disparity between Gen X and the Millennial generation, the common wisdom remains valid. As people get older and presumably have an opportunity to earn more money, their rate of savings tends to increase.","_key":"e2b148ffde8a0","_type":"span","marks":[]}],"_type":"block","style":"normal"},{"style":"normal","_key":"3b78a96f0063","markDefs":[],"children":[{"_type":"span","marks":[],"text":"What seems to be holding Gen X back, however, is that this generation has the","_key":"f55701ae977a0"},{"_type":"span","marks":["strong"],"text":" highest amount of average credit card debt","_key":"aaf1dbc73791"},{"_type":"span","marks":[],"text":" — $9,123 compared to Millennials, who came in second at $6,521.","_key":"380cbfc22a03"}],"_type":"block"},{"style":"normal","_key":"1abc9faefcd5","markDefs":[],"children":[{"_type":"span","marks":[],"text":"But no matter your age, you can improve your savings status by finding a high-yield bank account, prioritizing debt with the highest interest rates, and eliminating unnecessary expenses from your budget.","_key":"b1591f48d9360"}],"_type":"block"}],"title":"The Financial Generation Gap: Comparing Savings Trends Between Age Groups","_id":"c0a3eddd-2b50-4179-835d-8e1a3a734b4a","id":"MuWchbfC","author":{"_ref":"phCNL32Gn","_type":"reference"},"_rev":"0BsiJUSjeQAdeGLuzZMMJz","_type":"story","category":"finance","publishDate":"2024-07-06"},{"_rev":"w910kBWLvnTXjAFtthYg7a","publishDate":"2024-07-05","title":"It Might Not Make You A Billionaire, But Here’s Bill Gates’ Secret To Success","visibility":"true","id":"tm7ulorO","author":{"_ref":"phCNL32Gn","_type":"reference"},"body":[{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"For 18 years between 1995 and 2017, Microsoft co-founder Bill Gates was the wealthiest person on the planet. While he no longer holds that title, he’s clearly not doing too bad for himself.","_key":"7935dda129560"}],"_type":"block","style":"normal","_key":"176f584b948a"},{"_key":"4bc5bbcfcc42","markDefs":[{"_type":"link","href":"https://finance.yahoo.com/news/bill-gates-worlds-richest-man-155055431.html?guccounter=1","_key":"214fe6ea2c82"}],"children":[{"_type":"span","marks":[],"text":"And if you want to know some of the ","_key":"acc9297c57410"},{"text":"tricks","_key":"acc9297c57411","_type":"span","marks":["214fe6ea2c82"]},{"_type":"span","marks":[],"text":" he’s used on his way to billionaire status, you’re in luck.","_key":"acc9297c57412"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Optimism + Pessimism = Success","_key":"3a2042e87adb0"}],"_type":"block","style":"normal","_key":"37aa8983f14d"},{"style":"normal","_key":"e3c3f1706114","markDefs":[],"children":[{"_type":"span","marks":[],"text":"It’s a simple, if seemingly counterintuitive, equation that Gates says has been the foundation for his ability to accrue so much wealth over the course of his life.","_key":"d3555a21af170"}],"_type":"block"},{"_key":"e316e61ab621","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Essentially, it breaks down to knowing when to see the glass as half full and when to say it’s half empty. ","_key":"45379fcaf2570"},{"_type":"span","marks":["strong"],"text":"When you’re saving money","_key":"3d8726b7d35f"},{"_type":"span","marks":[],"text":", expect the worst. ","_key":"1c6d9d5b3482"},{"text":"When you’re investing","_key":"66473453a36f","_type":"span","marks":["strong"]},{"marks":[],"text":", expect the best.","_key":"712098a402d1","_type":"span"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Gates ran Microsoft this way from the beginning, providing him both the safety net that a pessimist demands while leaving open the possibility for huge gains than an optimist would expect.","_key":"3a57b0f6c0b60"}],"_type":"block","style":"normal","_key":"c613154a2b9f"},{"style":"normal","_key":"05787dcc1e21","markDefs":[],"children":[{"marks":[],"text":"Even if you’re not in charge of a massively profitable tech giant, you can implement the same tips in your own finances.","_key":"6d7463d4845d0","_type":"span"}],"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"How to get started","_key":"38e564ce9b730"}],"_type":"block","style":"normal","_key":"0a8db328fc6c"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"It might take some time to get there, but starting down the road toward financial independence and prosperity starts with a game plan. 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","_createdAt":"2024-07-04T21:01:21Z","_updatedAt":"2024-07-05T01:54:44Z"},{"summary":"Just because something is hard doesn't mean it's impossible.","author":{"_ref":"phCNL32Gn","_type":"reference"},"body":[{"_type":"block","style":"normal","_key":"819b98deac5e","markDefs":[],"children":[{"marks":[],"text":"We recently brought you a report outlining the fact that many folks in their 50s find themselves far short of the amount experts say they should’ve already saved for retirement. 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","_key":"0f18727015ab0"},{"text":"It’s not easy","_key":"cf1b54618243","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":". We can always find things that we’d rather spend the money on today than save for this thing that’s going to happen in 10 or 20 or 30 years.”","_key":"93b7db31ca79"}],"_type":"block","style":"normal","_key":"f7c08094a266","markDefs":[]},{"children":[{"text":"But retirement savings is an important part of life … and failing to prepare can lead to tough choices later in life. 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Essentially, the concept boils down to one or more influential social media users encouraging investors to buy shares of a particular company’s stock, thus inflating its value — at least on paper.","_key":"890200337e370","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"c0fa798da729"},{"_type":"block","style":"normal","_key":"eb962f188981","markDefs":[],"children":[{"_key":"052f9b61ab9a0","_type":"span","marks":[],"text":"And one name has become synonymous with the movement: Roaring Kitty. That’s the handle used by Keith Gill, whose"},{"_type":"span","marks":["strong"],"text":" 1.4 million X followers","_key":"6a799e3f3e1e"},{"_type":"span","marks":[],"text":" can alter the direction of stocks based solely on his sometimes cryptic posts.","_key":"1d6547c488d9"}]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"After a lengthy drought on the platform, Roaring Kitty began posting again a few weeks ago. 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