Quotes

We all know millennials get a bad reputation for spending too much on avocado toast. The truth is, millennials are not only spending beyond their means, but also not saving for their futures. recent study from the National Institute for Retirement Security states that about two-thirds of millennials have nothing saved for retirement

So why is this?

A report from the National Institute on Retirement Security titled “Millennials and Retirement: Already Falling Short”, the Great Recession caused this financial insecurity for millennials. The Millennial generation earns 20% less in wages and have accumulated about half of the wealth of their parents at the same stage in their lives.

Of the millennials that have some money saved up in a retirement fund, the median amount is just $19,100. Experts suggest contributing at least 15% of your paycheck to some sort of a 401K retirement plan. The average amount contributed by millennials is about half that. 

Millennials have an average debt burden of $42,000, most of the debt coming from student loans.  Grant Sabatier of the Millennial Money blog states that retiring early for millennials will not be an easy journey. Millennials will be able to reach retirement, but maybe not the same luxurious retirement their parents have. But many millennials are hustling and putting in the work now, working 50+ hours a week at a corporate job, maxing out a 401K, and supplementing their income with a side hustle or two.

Start with the people you are hanging out with – the people that are influencing you the most. People who are also hustling in second jobs, following the markets, and looking for promotions and raises are the people who are going to help you in your financial independence journey. 

I have a friend in LA who is currently working at a corporate job 50+ hours a week, doing freelance graphic design, babysitting, launching a company and website, and even squeezes in time for modeling. My goal for 2019 is to max out my company’s 401K plan at $19,000 (up from $18,500 in 2018). My take-home paycheck will be a little lower than last years, so to supplement that, I plan to generate at least two more sources of income.

My second piece of advice is to start throwing what ever you can into your employer’s 401K plan. Most employer’s will match your contribution around 2-4%. 

The earlier you can start stocking money into your 401K account of choice, the better. Seriously, you wouldn’t believe how much faster your money will grow.

Say you are just starting to save for retirement at age 45 into an individual Roth retirement account (tax-free). Let’s also say you are contributing $400. Historically, you can assume you will generate a 7% return on your 401K contributions. By age 70, this account will have $326,000.

If you started contributing $400 at age 35, this account would be worth $725,000.

If you are lucky enough to start saving $400 a month at age 25, by the time you are 70, you will have more than $1.5 million in your retirement account. And this doesn’t even take into account what ever 401k matching options your employer offers (*dollar signs for eyes emoji*).

If you are reading this thinking “Oh my god I am so far behind already”, don’t worry. A recent study fro LendEDU shows that 37 percent of millennials are contributing no money at all to any form of retirement savings plan.

If you are lost, or just curious about your retirement plan options, I would suggest starting small:

• Play around with a Roth IRA calculator
• Ask your HR department what savings plans your employer has to offer, and what percent your company matches
• Ask around people you trust what kind of savings plan they are currently contributing to
• Do your own research to find out what options are best for you
• Just dive into contributing! Even if you can squeeze in $50 a month for now, it is better than nothing!

• Your HSA Questions Answered
• What Marie Kondo Can Teach Us About Spending and Personal Finances
• How I Saved and Invested Over $135 This Month Using a Simple Trick
• The Truth About Millennials and Retirement
• 10 Reasons to dive into the Financial Independence Movement

via The Truth About Millennials and Retirement

“At Panda Express, we seek candidates who are values-driven, team-oriented and hungry to learn,” she said. “We offer internal programs such as one-on-one coaching, mentorship programs and leadership courses through the University of Panda to help our associates develop both personally and professionally.”

The company touts its “whole person” approach to employee health, which entails physical, mental and emotional well-being.  #culture #leadership #wholeperson

Panda Restaurant Group, parent company of the fast-casual Panda Express restaurant chain, has forged a culture based on respect and the opportunity to move up in the organization.

via Top Workplaces 2018: Panda Restaurant Group’s ‘whole person’ approach helps employees move up — Orange County Register

Treating employees with dignity and respect – fundamental performance and engagement drivers.  Check out the attached Harvard Business Review article:

Do your employees feel respected?

“When you ask workers what matters most to them, feeling respected by superiors often tops the list.” That’s Kristie Rogers’ opening statement in her latest article on Harvard Business Review. Though hardly shocking for any contemporary leader or executive, it seems the business world hasn’t yet fully grasped the impact of it. As Kristie goes […]

via Stimulating engagement through respect — HERCULEAN, that’s how I feel today

Recently, a study on standard high school curriculum was conducted.  Students interviewed were asked to share what they felt was necessary for productive living, but currently missing from available classes.  Courses centered around financial education and the effective use of traditional banking products and services topped the list.

Insufficient savings and bad financial decision-making present a major challenge for people as the financial world becomes more complex and financial responsibility for old age provision shifts towards the individual.

via Starting early: Educating teenagers to make savvy financial choices — On the level

Kondo has a fairly rigid process for tidying up a home. It starts with clients making a pile of every single article of clothing they own. The piles are usually massive. Then she asks clients to attack that pile, chucking out every item that fails to spark joy

Today’s post is by Steve Grooms The title of this article is a joke. Marie Kondo is tiny, actually. Her height, according to the national press, is five inches short of five feet. And yet she is unquestionably a big deal in the culture. Kondo has become famous and influential by teaching folks how to […]

via Marie Kondo is a Big Deal — Trail Baboon

The job of a manager must be permanently recast from an employer to an entrepreneur. Being entrepreneurial is a mode of thinking, one that can help us see things we normally overlook and do things we normally avoid.

The Role of a Manager Has to Change in 5 Key Ways

via The Role of a Manager Has to Change in 5 Key Ways — Intelligence Pharma

Buying a new home is an exciting time, but excitement can easily turn to stress if there isn’t enough money to pay the monthly mortgage bill. The added expense can take some time to get used to, but there are ways to make the payments easier, especially in those first few months when money is the tightest.

via 3 Budgeting Tips to Help Make Your New Mortgage Payments Easier — Casey Sullivan: Dedicated, Dependable & Fast

Since we last wrote about Zelle, the P2P payments solution has experienced some significant growth (and an anniversary). While we’ve heard our fair share of financial institution executives lamenting the rise of competing P2P platforms from fintechs, the key for Zelle is that it has some differences that make it less a competitor and more […]

via The P2P Marketplace: Can Zelle Live Up To Its Promise? — Xtensifi LLC