High mortgage rates and tight housing inventory hinder young adults' aspirations for homeownership, compounded by student loan debt affecting savings. Despite this, many Gen Z and millennials are financially savvy. A caller named Nick, only 22, revealed substantial investments but was counseled by Dave Ramsey to prioritize buying a home instead of focusing on retirement savings. Ramsey advised Nick to sell individual stocks and concentrate on saving for an independent living situation and establishing a career first before considering retirement accounts, advocating for eventual investments in a Roth IRA with mutual funds.
"You're a little bit early in your process. Not in your age-but in your process. You're in the middle of transitional things that need to happen before you start investing."
"You do not need to start your Roth IRAs yet. You need to pile up money to make the transition out of your household ... get your career going. Then you need to start."
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