Part 2: Money The Last Taboo
"Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult."
- Venita VanCaspel
Who’s In the Hive and How Does It Impact You?
Money and your financial goals are worth talking about.
First, understand your financial data and how you compare to your peers
Use data and peer insights to better manage
Share your own experiences and help others become more confident about money
Together we can become more successful financially
Breaking the Money Taboo -- Understand Your Financial Data
The first step in breaking the money taboo is understanding your financial data and seeing how you compare to your peers. A recent study by the accounting and professional services giant Deloitte says the average Millennial has a net worth of $8K.
Impart Wealth also conducted a survey of both Millennials and GenXers. The average results of the Impart study are higher than the Deloitte study. . Impart surveyed more than 750 Millennials and GenXers who are active on line and willing to share their experiences with money in a safe, anonymous, and moderated community.
A good deal of your peers in Impart Wealth are from tech centers on the East and West Coast where average salaries can be significantly higher. While the averages are high, the net worth of members span an enormous range -- from those who owe more than they have to those who have substantial assets.
The Average Impart Wealth Millennial Has a Net Worth of $363K--
Where do you fit in?
The Impart Wealth Hive is predominantly made up of people from tech-centric cities with higher incomes and net worth than the averages for the whole of the United States.
What is your net worth?
Are you saving for Retirement
87% are already saving
13% are not saving
43%+ of the Hive a plan for their retirement
How much will you need in retirement (est)?
How much have you saved already?
How confident are you in reaching your retirement goals?
25.7% Extremely/Very confident
27.8% Somewhat confident
14.3% Not so confident
5.7% Not at all confident
The Importance of Saving for Retirement
In 2017 BankRate surveyed readers to understand what they thought was their biggest financial mistake. Not saving enough for retirement topped the list.
The first step in breaking the taboo
First, understand how your financial situation compares in context to your peers. Then leverage the support, insight and encouragement of the hive to build a plan for your retirement. Together we can break the money taboo and become more confident investors in ourselves.
What does this data give you context for how you are doing?
Where do you fall in the percentile breakdown of the hive?
What can you teach others about your approach to wealth?
How do you talk about money with your friends and family?
Let’s share with the Hive...
* “The average millennial has a net worth of $8,000. That’s far less than previous generations.” The Washington Post, May 31, 2019.