Do you know your financial family tree?
Do You Know Your Financial Family Tree?
Can financial habits, like physical traits, be passed from generation to generation?
[Large graphic of a family tree filling the page. There are two sets of grandparents at the top, dad and mom and mom’s brother in the middle, and brother and sister near the bottom]
[Graphic of Grandma Betty Goldrush, Grandpa Bill Pennywise, Grandma Joan Deepockets, and Grandpa John Woodstock]
Silent Generation: Stealthy, Wealthy and Wise
Grandparents Pennywise and Woodstock belong to the wealthiest, thriftiest generation in history.1
Saving money for large purchases and avoiding credit card debt are second nature to them—a financial best practice at any age.
[Graphic of Mom Linda Pennywise and Dad Dennis Woodstock]
Baby Boomers: Living Large and Long
Linda and Dennis are redefining aging, staying independent through smart retirement planning and good health care.2
They’ve included annuities in their financial mix, to help create income in retirement, and increased their budget for medical expenses as they get older.
[Graphic of Uncle Brian Pennywise]
Generation X: Owe Is Me
Uncle Brian hosts the best parties, but shoulders more debt too.3
With retirement on the horizon, his priority is to stabilize cash flow through better budgeting and planning and make sure his family is protected with safeguards like whole life insurance and annuities.
[Graphic of Sister Jessica Pennywise-Woodstock]
Millennials: Work to Live Every Moment
Jessica works 60-hour weeks as a freelance travel writer. Like many millennials, Jessica considers herself a business owner. Without the benefits of a big corporation, she’s looking into disability income insurance to help protect her paycheck, in case she is unable to work.
[Graphic of Brother Alan Pennywise-Woodstock]
Gen Z Centennials: Debt-Free Digital Native
Alan manages his money by app in anticipation of college costs, but worries about finding trustworthy financial advice online. Incidentally, he heard about Grandpa Pennywise’s “pay yourself first” lifelong savings strategy of 20 percent—bringing the family’s financial strategies full circle.
No matter your life stage, greater financial and emotional confidence is within reach. Talking with an experienced financial professional can help your family tree prosper for generations to come.
- The Graying of Wealth. Mar 16, 2018. Forbes.
- From Smartphones to Smart Planning. 2018. Guardian Life Insurance Company.
- 5 Interesting Facts About Generation X: Financial burdens, obligations make saving challenging. 2018.AARP.org
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