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4 steps young people can take to start building wealth, even in a recession
It may sound crazy to talk about building wealth during a recession in which millions are struggling with unemployment and paying bills. But financial expert Patrice Washington says that not only can Americans dig themselves out of debt right now, they can take steps toward building long-lasting wealth.聽
The majority of Americans say they want to retire by age 67 at the latest.
Yet when it comes to planning for retirement, picking a specific age means you are focusing on the wrong number, according to financial expert and radio show host Chris Hogan.
“Retirement is not an age. It is a financial number,” Hogan said.
Americans think they need $1.9 million to retire, according to a 2020 nationwide study by Charles Schwab.
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Retirement planning, however, is not a one-size-fits-all.
Hogan recommends that you start by determining exactly how much money you need per year to fund your dream retirement. Once you have that yearly total, work your way backwards to figure out what size nest egg you need.
Check out this video to see case studies of how much money you should save and learn Hogan’s process for setting realistic goals in retirement.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
- Baby Boomers
- Chris Hogan
- Investment strategy
- Personal saving
- Personal finance
Feeling anxious about money? Increasing your financial knowledge can help
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