Creating Wealth: The Top 5 Things Baby Boomers Did That You Should Too

The baby boomers, now in their 60s to 80s are considered the wealthiest generation of Americans. They have a net worth that's 3x higher than the next nearest generation and 4x more than Generation X. It's no surprise then that they're some of the most sought after experts on how to grow your money and build wealth. But what actually did these people do? What can you learn from them? This blog post will give you 5 key things America's wealthiest generation did when they were younger so they could live better later in life, with an emphasis on what YOU should be doing too!

Baby boomers invested in their 401k and retirements, you should too. A recent study from the National Institute on Retirement Security found that a staggering 56% of Americans have no retirement savings at all. That's up 4 percentage points since 2011. The average American has less than $25,000 saved for retirement- that won't go very far! I can teach you how to set up an IRA with your company today so you can start saving as early as possible for your future self!

You may not be a baby boomer, but you should still consider investing in real estate. Baby boomers were the generation that experienced unprecedented economic growth and they invested heavily in tangible goods like real estate for both investment and living purposes. The market has changed significantly since then, with many more options available to investors than just buying property and renting it out. But if you want to get involved with real estate, there are ways you can do so without taking on too much risk or spending too much money. You could buy an apartment complex that is already established or a commercial building where tenants are already signed up but need some help managing their properties (there's usually a management fee). You could also sign up as an investor in someone else's project. I can help with my team of experts!

The idea of starting a business may seem daunting, but it is not impossible. With the right planning and resources, you can build your own small business. Baby boomers started small businesses as a way to invest in their future and now many people are following suit. For those who are looking into starting their own business, there is plenty of information available that will teach you what you need to know about building your own company from scratch. You can find information on how to start with an idea or concept for a product or service, financing options such as loans and grants, personnel considerations such as taxes and payroll issues, marketing strategies like social media campaigns or advertisements through traditional outlets like TV commercials or radio spots... The list goes on! With so much information this is the perfect opportunity to build your wealth.

For the majority of Americans, their homes are their largest assets. Without a will or estate plan in place, when someone passes away without a will and with no spouse or children, the state decides who gets what. With more than half of all U.S householders dying without wills on average every year (except for those that die intestate), it is clear why there is a need to take care of this important matter before it becomes an issue after you pass away. The good news? It doesn't have to be complicated or expensive!?This is one of the most responsible items that baby boomers guaranteed for the protection of their wealth for they families that everyone should follow.

Americans should seek professional financial help to lower their interest payments and taxes. The average American is paying about $3,400 annually in taxes and has an annual income of less than $50,000 a year. Seek professional advice from someone who can show you how to reduce your tax liability or find ways for you to save more money on the interest rate of your loans and credit cards. Your credit score will improve too if you work with professionals who have experience in this field.

Remember, there are professionals entrepreneurs can call on that specialize in lowering the cost of their debt burden through savings accounts, mortgage refinancing, loan consolidation, home equity lines of credit (HELOC), debt settlement services etc., all while reducing their taxable income.

Adopting a baby boomer mindset can help you build wealth in your own life. Baby boomers are known for their financial success, and the tips they've shared with us here have been used to create that fortune. The first step is understanding how to make saving money easier by lowering interest rates or taxes through smart tax planning. Next, take advantage of 401ks while there's time left on the clock before retirement arrives so you're ready when it's time to retire. Investing in real estate may be an option if you're looking into expanding your portfolio; just remember that investing always carries risk so don't put all of your eggs in one basket! Finally, creating a will not only helps protect those who depend on you. I can help you build the your wealth and put these tried and true tactics into action.