Most Millennials Say They Won’t Ever Accumulate $1 Million

Below is a list of some of my favorite money/personal finance articles from this past week. I’ve sifted through boat loads of articles on money, retirement, personal fiance, budgeting, paying off debt, and buying a home.

All of the below articles are highly relevant to the Millennial generation (Gen Y) and their money. Knowledge is power, and you are your single greatest investment, so continue to educate yourself on money and personal finances right here on this very blog so you can one day become financially independent.

This week’s best articles on money and personal finances, specifically for Millennials



Majority of Millennials Say They Won’t Ever Accumulate $1 Million

Despite an impressive head start, millennials overwhelmingly say they will not be able to put away as much as $1 million in their lifetime, new research shows. Yet with three or four decades to save, that mark should actually be fairly easy to hit. (Wells Fargo)

The 50/20/30 Rule for Minimalist Budgeting

Budgets are more than just paying your bills on time—a budget is also about determining how much you should be spending, and on what. The 50/20/30 rule, also called the 50/30/20 budget, is a proportional guideline that can help you keep your spending in alignment with your savings goals. (Mint.com)

The index fund: A monster of efficiency

When the first index mutual fund began operations on August 31, 1976, Jack Bogle’s brainchild was a curiosity, a provocation in a largely academic debate about whether professionals could consistently outperform the market. It wasn’t even all that cheap, with a sales load and expenses equal to 0.43% of assets at the end of its first fiscal year. (Vanguard Blog)

3 ways to more than double your retirement savings

The majority of the investments I own I’ve had for over 40 years. When I look back, they have had incredible performance — largely as a consequence of three principles that my financial advisor taught me in a number of early consultations. All three principles were the enemies of compounding’s power. The average long-term investor got only a fraction of the growth I have achieved. (MarketWatch)

20 Signs You’re Destined to Become a Millionaire

Becoming a millionaire may seem like an unobtainable dream. I’ve been there and felt like it was unattainable and something that would never happen to me. Then I started reading, studying and mimicking countless different successful millionaires. Here are 20 signs based on observations from several millionaire friends of mine, that you’re destined to become successful. (Entrepreneur)

The Worst ETFs You Can Own

Bloomberg’s resident ETF expert, Eric Balchunas, shared some interesting stats today on the habits of millennial investors. Their use of ETFs has exploded in recent years, up nearly 60% over the last year. Also, a greater percentage of millennials use ETFs than older generations: Millennials=41%, Gen X=25%, Baby Boomers=17%. (A Wealth of Common Sense)

Tax-Free Savings for College

The two most popular college savings programs are the Qualified Tuition Programs (QTPs, aka 529 plans) or Coverdell Education Savings Accounts (ESAs). Whichever one you choose, try to start when your child is young. The sooner you begin saving, the less money you will have to put away each year. (Warrior Accounting)

How to Grow Your 401(k) in a Flat Market

The average 401(k) account balance stood at $88,900 at the end of June, according to an analysis of Fidelity accounts. That was up from $87,300 at the end of March but down from $91,100 a year earlier, Fidelity says. IRA accounts showed a similar pattern: The average balance stood at $89,700 on June 30, up from $89,300 at the end of March but down from $96,300 a year earlier. (Money)

Happy reading, my fellow Millennials.



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