3 Millionaire-Making Moves for Millennials
Millennials are getting serious about money, and employers and financial-services companies are responding with products and services that allow them to easily save more. Nevertheless, millennial households have just $31,000 in median savings, according to Transamerica, and roughly 25% of millennials have saved less than $1,000. Clearly, millennials have some work to do if they hope to retire with a million dollars or more. But these three money-savvy tips can help you become a millionaire millennial.
Increasingly, employers are automatically enrolling workers in employer-sponsored retirement plans, and that means millennials are saving earlier in their career than previous generations have. Thanks in part to auto-enrollment, the median age that a millennial begins saving at is 22, and that's roughly six years sooner than Generation Xers and 13 years sooner than baby boomers.
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Source: Fool.com