Are you one of the many millions that are treading water financially? It feels impossible to build wealth when you can’t even afford the basics or take a beat to figure out your budget. So how did boomers get so good at it? It’s easier than you think: here are boomer-approved tips for building wealth without spending too much of what you already have.
Keep Yourself Informed
Yes, it’s a bummer that there wasn’t any financial literacy taught in schools for many millennials or Gen Zs. But that doesn’t mean there’s no hope for you; in fact, it’s arguably easier than ever to learn about investing and building wealth with access to the internet.
That said, it’s easier in some ways, and dangerous in others. There’s a lot of misinformation and disinformation out there, though you probably didn’t us to tell you that if you’re spending any of your time on social media. Still, looking for information in the right places means arming yourself with knowledge, which will yield literal dividends when it’s time to make money moves.
Live Below Your Means
Probably the most underrated tip from the boomer era is to stop spending so much. Yes, it’s both that simple and that difficult. Things are undoubtedly more expensive now, but we’re also making things worse by overspending on things we don’t need or not taking the time to search for cheaper alternatives.
If you’re already struggling to make ends meet, this probably doesn’t apply to you. But if you’re the kind of person with a penchant for online shopping and still don’t have an emergency fund, we’d say that it’s okay to cut back on the “treat yourself” moments in favor of financial security.
Avoid Debt at All Costs
Not all debt is bad, nor should you ever use your credit cards or take out a loan. But boomers would agree: if there’s another avenue, explore that first. Most boomers make it a point to pay off their credit card balances in full every single month to avoid the vicious cycle of paying high amounts of interest.
And while that won’t always be possible for some if you’re under financial strain, harm reduction is better than nothing; pay more than your minimum balance if you can, because interest is easily one of the most nefarious culprits that feeds off your potential for greater wealth.
Network
Sure, you have a LinkedIn profile, but how often are you engaging with people on it in a meaningful way? Social media and online forums are an excellent way to connect with other professionals in your industry, even if it can sometimes be hit or miss.
Boomers know that some of their best wealth-building opportunities have come because of their relationships, not solely because of their credentials or work history. And if you can find them, don’t forget about local workshops or seminars to meet like-minded people who also want to build wealth — bonus points if these networking events are free to attend!
