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With millennials making a big impact in the job market recently, there seems to be more allure for this group to be focused on short-term goals of financial independence than long-term goals of retirement planning.
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Millennials May Be Keener on Financial Independence Than Retirement Planning
With millennials making a big impact in the job market recently, there seems to be more allure for this group to be focused on short-term goals of financial independence than long-term goals of retirement planning.
Financial advisors and planners could do well to bring in millennial clients by focusing on improving their ability to afford daily living expenses rather than sacrificing money and quality of life today to prepare for retirement way down the road.
A financially independent person has a reliable source of passive income in which no future plans need to be made in order to afford all living expenses
There are a number of ways millennials can start to build these income streams such as investing
50% of their income in passively managed index funds • Investing in real estate properties • Using a side job