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

Your Financial Pharmacist

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