Why Boomers are jealous of YOU
There are 76 million Baby Boomers in the United States. Their lifetimes have been characterized by decades of prosperity that allowed them to pursue education, buy homes, advance their careers, support their families, and make their favorite musicians fabulously wealthy. (Mick Jagger’s net worth: $500 million.)
Now, in possession of all the houses and all the money, they are content to tool around in golf carts and listen to “Gimme Shelter” for as long as they feel like it. Thanks to advances in modern medicine, they will live forever.
So why would they be jealous of younger people? Is it simply their own self-indulgent nostalgia? They may have this in abundance, but no. It’s not nostalgia, or functional knees, or the fact that the bands you like are still writing new songs. No.
So why then?
Boomers are jealous of you because you have the one thing they no longer have: time. The truth is, most Boomers haven’t saved anywhere near enough for retirement. And now it’s too late for them to make up for it.
Today, the average 60-year-old needs somewhere around $1 million to retire. Trying to save that much before age 65 (in 5 years) would require putting aside $14,800 per month 😱 and hoping for consistent returns of at least 6% in each one of those years. It’s basically impossible.
Because of the natural course of inflation, it’s going to take a lot more than $1 million to retire in 40 years. But YOU have the time to make that possible. How? By taking advantage of compound interest, sometimes called the eighth wonder of the world. Compound interest is a powerful concept that takes time and money and makes absolute magic. The most important part is not starting with a lot of money, but starting as early as possible. (Try it out on our calculator.)
What money can’t buy
And really? Even the richest Boomers are jealous of you. Bill Gates, Warren Buffet, maybe even Mick Jagger. They can have as many houses with as many golf carts on as many private islands as they want. But all the money in the world can’t buy them more time.
You, on the other hand, have loads of time. What are you going to do with it?
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“I don’t care too much for money. Money can’t buy me love.” — Lennon/McCartney