Your parents and grandparents undoubtedly once thought that if they had a million bucks they would be on top of the world, at least financially. Millionaire status still comes with nice bragging rights.
But because of inflation, being a millionaire isn't even close to what it used to be. If you had $1 million half a century ago, in 1966, you'd have had the equivalent of about $7.4 million in today's buying power. But today's $1 million is worth only about $134,400 in 1966 goods and services.
If you are a millennial investor — or just think like one — you are likely to have some very different attitudes about investing than previous generations. We conducted a survey and this one stands out for me: 67% of millennials say they want investments to reflect their social and environmental values. (For women, it’s 76%.) Putting your money where your beliefs are is a great idea.
What’s not a great idea is ignoring your retirement, and that is, unfortunately, a common millennial attitude as well. It’s hard to focus on retirement when you are starting out. According to our survey, only 36% of millennials monitor their retirement savings and only 38% increase savings when they can.