YFP 236: Gen X Pharmacists: Financial Challenges and Money Strategies

Tim Baker talks through the unique financial needs and considerations of Generation X.

Key Points From This Episode

An introduction to today’s topic of Gen X; the sandwich generation. How Gen Xers are often providing for their parents, plus a young child or a child over 18. How these financial expectations are often overlooked or pushed to the side.  We talk about average incomes, the rising cost of education, and what their debt load is.  The impact of the ups and downs in the last few years on their financial mindsets.   How Gen X wants stability but might not have the financial plan or means to get it.  You can take out education loans for your kids, you can’t get retirement loans. Hear how Tim Baker follows the one-third plan and a reminder of what that is. Relying on the act of planning, versus having a plan.  Some important questions Gen Xers can ask themselves to get financially stable.  Making sure you’re not on autopilot, particularly in your peak earning years. Tackling the fear and inertia of having left it so late in life to start saving and planning. Having empathy for Gen X needing different priorities from the previous generation.  That Gen X really wasn’t dealt a great hand economically, but the problems are fixable.  Reigniting the vision and finding the motivation to do things differently.  Speaking about the lack of confidence in social security for future retirement.  Tim shares a great exercise you can do to check your retirement age and benefits! We discuss the shifting dynamics of generations and the transfer of wealth. Some parting words of encouragement from us here at the YFP team!

Links Mentioned in Today’s Episode

Create a Comprehensive Estate Plan with Thoughtful Wills The Your Financial Pharmacist Podcast YFP Planning: Financial Planning for Pharmacists Mom and Dad, We Need to Talk: How to Have Essential Conversations with Your Parents About Their Finances by Cameron Huddleston YFP 108: How to Effectively Talk with Mom & Dad About Their Finances YFP 195: How to Save for Your Child's Education 5 Interesting Facts About Generation X: Financial burdens, obligations make saving challenging by Lynnette Khalfani-Cox Meet the typical Gen Xer, America's 'forgotten middle child' who earns more than everyone else but has the most debt at $136,000 by Hillary Hoffower and Andy Kiersz For Gen X, retirement both beckons and threatens during the pandemic by Mark Dolliver Focus on Generation X, Analysis of Gen X participants reveals important considerations for plan sponsors and advisors Social Security Benefits Calculators Your Financial Pharmacist Disclaimer and Disclosures