Generation Y, for lack of a better term, “experienced it.” Our generation has experienced some of the most monumental economic and social events of modern history.
result? Stress, and for some people, a lot of it.Almost 44% Seven people in Generation Y report feeling stressed all the time. Stress factors vary from person to person. very common Saving money, managing debt, and planning for retirement.
Even those who seem to have plenty of money at their disposal find themselves part of the stats. They range from simple lifestyle adjustments, mental mindset shifts, and financial planning tips.
If you’re ready to de-stress, read on!
Queue Regis Philbin – “Who Wants to Be a Millionaire?” Well, you might already be one!
In the United States, a “millionaire” is someone with a net worth of $1 million or more. Think of your net worth as a summary of your total economic value, which is your assets minus your liabilities. More than 8% of her US adults fit this definition.
How financially stressed are millionaires?
In this blog Fidelity Investments Millionaire Outlook Study Survey results show that 81% of billionaires are very satisfied with their lives. But wait.
Fidelity tracks what it calls a ‘Future Economic Confidence Index’ that assesses five different areas.
- stock market
- real estate value
- consumer spending
- business expenditure
It asks participants to look 12 months into the future and demonstrate confidence in what the financial future holds. Unfortunately, 2019 saw the index go negative for the first time.
What are billionaires worried about?
The Fidelity survey asked participants to self-report their levels of health, life, work and financial stress. Here’s what they found:
|The Top 5 Concerns of Today’s Billionaires||Top 5 Concerns of Future Billionaires
(Defined as a survey subject
less than $1 million in investable assets)
|individual weight||individual weight|
|personal health||family health|
|family health||personal health|
|social life||social life|
|payment of medical expenses||payment of medical expenses|
Misery is said to love its companions. Based on these findings, it is clear that Generation Y stressors are to some extent universal.
Of the billionaires surveyed, 43% reported above-average stress levels. Those who self-reported as having less stress shared the following attributes:
- Positivity about future financial and personal prospects
- 94% report being very satisfied with their lives
- They also worry about their own health and the health of their families, but are half as worried as those in the “above average” stress level category.
Your mind may be starting to make connections here, but let’s take a moment and debunk some common expectations.
- The average age of millionaires with high stress (66) is lower than that of millionaires with low stress (67)
- The two groups have an equal number of investable assets ($1.75 million)
- Both groups are equally likely to leave (59%)
- Low-stress millionaires are more likely to have children (78%) than high-stress millionaires (75%)
- Groups are not clustered in one geographic location, they live across the United States.
So what makes a low-stress millionaire different?
Low-stress millionaires take care of their health
The COVID-19 pandemic has made the value of our personal and family health very clear. But unfortunately, besides eating healthy, exercising, and doing our best to keep up with our doctors, there are some health-related issues that are out of our control.
The low-stress millionaires Fidelity surveyed had a few things in common.
- Less likely to manage disability for loved ones or for themselves
- less experienced with serious health problems
- more likely to seek professional help in dealing with serious health problems
Of course, we can’t always control who we’re caring for and if serious health problems arise. However, there are some things you can control.
If you or someone you care for has a disability or serious health problem, it is important that you strive to receive the best possible care. CDC We recommend these tips for navigating your care needs.
- know your body – Be mindful of how you feel when you are healthy and vice versa. Taking notes and writing down your symptoms will help you prepare for your appointment.
- offal open communication with your care team; if you’re afraid you won’t be able to communicate your needs, bring a friend or loved one.
It’s also important to follow in the footsteps of low-stress millionaires and seek professional help when you need it. Your doctor trusts you to follow their advice, just as they require you to take proper care.
Try not to stress about your health by playing an active role in your health journey.
Low-stress millionaires know what they want
You can find satisfaction in living your life according to your values.
While there isn’t necessarily a difference between low-stress millionaires and stressful millionaires when it comes to life experiences, there is a difference in their priorities.For example, Fidelity found that low-stress millionaires were more likely to take time off before retiring if they were still working. personal interest.
That means you need to take a vacation and travel, watch your kid’s soccer game, join a local nonprofit, or learn something new.
Identity is more than work. It’s important to not only enjoy your work, but also focus on your personal goals and priorities.
Low-stress millionaires enjoy what they do
There is an important difference between working for economic need and working for satisfaction. Low-stress millionaires are more likely to fall into the latter category.
In fact, Fidelity found that 1 in 10 billionaires actually have no plans to retire. why? Because they enjoy what they do and don’t want to stop!
But of course, some low-stress millionaires hope to retire someday. Interestingly, they are more likely to take steps to retire early. concentration about what they want to do in life. Likewise, they have clear personal goals and values, so they don’t worry about how they will spend their time in retirement.
Low-stress millionaires have good financial habits and good relationships with financial advisors
Not surprisingly, 100% of the low-stress millionaires surveyed by Fidelity are confident in their overall financial health. There are several reasons behind it.
- You will have less income associated with fixed costs and more control over your spending habits.
- They are less likely to be in debt.
- they enjoy Invest and play an active role in it.
- They have higher financial literacy.
In addition to having positive financial habits, low-stress investors have high-quality relationships with their financial advisors.
The problem lies in the relationship between financial advisors and stressed millionaires. There is a disconnect between the expected service and the service that occurs.
For example, stressed millionaires report receiving these services less frequently.
- real estate planning
- investment plan
- Trust service
- tax planning
- care plan
In addition, stressed millionaires were also found to update their financial plans less frequently.
What are the main factors behind this disconnection? Lack of strong personal connections, understanding, transparency and trust. For this reason, millionaires who are stressed
- Less likely to feel that your advisor considers your unique needs
- More likely to feel as if the advisor did not clearly explain all options
- less likely to trust advisors
How Gen Y’s plan to become a millionaire with less stress
At Gen Y Planning, we are proud to be a team that can relate to what you are going through.
Here’s how we’re expanding our relationship with our financial advisors.
- Simplify things instead of being overwhelmed with charts, graphs and numbers. And layer these complications only when necessary.
- We create your financial plan together to help ensure your money aligns with your values.
- We are always asking more questions to help us understand you better and make more informed decisions.
- we are always here for you In addition to our check-in meetings several times a year, we are always available for contact.
Are you ready to transform your financial life and become a stress-free millionaire? contact us now.
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