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Episode 128: Financial Advice for Millennials and Their Money

 

INFO

CEO of Limit Free Life®, Michelle Perkins hosts guest, Shari Rash,  the Founder of GWA Wealth, a virtual financial advisory firm that helps millennial and gen x families address financial challenges in a fun, comfortable, no-nonsense way. She is a Financial Advisor, the host of “Money CHIC” podcast and author of “Insider’s Secrets about Women and Money.”

We talked about the challenges millennials face, such as high housing costs, student loan debt, and how emotions play a key role in financial decisions. Topics like buying a home, retirement planning, student loans, and the importance of talking about money were discussed. Shari emphasized the need to remove emotions from money decisions, using money as a tool to achieve financial goals. 

The discussion highlighted the importance of flexibility, understanding where to invest money, and making money conversations approachable and fun. The podcast aimed to provide practical advice and insights to help listeners improve their relationship with money and make better financial choices. It is important as it addresses common financial challenges faced by millennials and offers guidance on navigating them effectively.

00:00 – Money relationship matters: Tough love 

06:36 – Millennials and financial challenges 

17:53 – Emotions and money management 

24:48 – Retirement planning insights 

31:06 – Student loans impact discussion 

37:56 – Money as a tool: Approachable advice 

Why do many millennials struggle with the idea of buying a home?

Many millennials struggle with buying a home due to the psychological hurdle of permanence, lack of readiness, and the societal taboo around discussing money openly.

What advice does the podcast offer regarding saving for retirement, especially for millennials?

The podcast advises setting aside a portion of income for retirement, adjusting savings goals based on living expenses, and considering alternative income sources to achieve financial security in retirement.

Building a healthy relationship with money involves understanding where your dollar can work harder and making informed financial choices.

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