Wealth Formula Podcast By cover art

Wealth Formula Podcast

By: Buck Joffrey
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  • Summary

  • Financial Education and Entrepreneurship for Professionals
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Episodes
  • 432: Wealth Transfer to Gen Z: A Generation that Thinks Differently

    432: Wealth Transfer to Gen Z: A Generation that Thinks Differently
    May 26 2024
    The Baby Boomer generation (born 1946-1964) was historically the largest, peaking at around 78.8 million in 1999 when they were in their prime working years. However, the current Baby Boomer population in the U.S. as of 2019 is estimated to be 71.6 million, having declined due to mortality exceeding births as this generation ages. The Millennial generation (born 1981-1996) has now surpassed the Baby Boomers to become the largest living adult generation in the U.S. As of 2019, there were 72.1 million Millennials. The Millennial population is projected to continue growing, partly due to immigration, and peak around 2033 at 74.9 million before declining as mortality rises]. Following the Millennials is Generation X (born 1965-1980), with 65.2 million members in the U.S. as of 2019. Gen X is expected to outnumber the declining Baby Boomer population by 2028. The youngest major generation, Generation Z (born 1997-2012), is also a massive cohort. Gen Z makes up around 20% of the current U.S. population. The Gen Z population in the U.S. is expected to grow from immigration as well, similar to Millennials. The sheer size of the Millennial and Gen Z generations presents both opportunities and challenges for the U.S. economy. A larger working-age population can drive economic growth through increased productivity, consumption, and tax contributions. However, it also puts pressure on job markets, housing, infrastructure, and social services. A recognized major emerging problem is the challenge of supporting the aging Baby Boomer population as they continue retiring in large numbers. The burden of funding Social Security, Medicare, and other retirement programs will fall primarily on the Millennial and Gen Z generations. This will almost certainly strain public finances and some economists have even predicted a major national depression around 2030 because of this. All of these problems have been previously covered to some extent on Wealth Formula Podcast episodes in the past. This week, however, we cover another less appreciated problem…the transfer of massive amounts of wealth to a generation with different political views and values. My guest on this week’s Wealth Formula Podcast believes this is a major underappreciated issue that needs to be addressed as soon as possible. Find out why. Show Notes: 00:00 Intro 05:54 The 100 Trillion Dollar Wealth Transfer 08:25 The Mindset Difference between Baby Boomers and Millennials 10:32 The Risk of the Wealth Transfer 14:59 Monetizing Influence 16:39 Where is Gen-X in All of This? 18:36 The Positive Outcomes 21:12 Where Does the Discourse Take Place? 23:10 The Worst Case Scenario
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    30 mins
  • 431: Wealth Formula Banking Webinar Replay

    431: Wealth Formula Banking Webinar Replay
    May 24 2024
    Buck Joffrey is joined by Rod Zabriskie and colleagues of Wealth Formula Banking to discuss this powerful financial tool that leverages your savings to invest the same money at two places at the same time.
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    31 mins
  • 430: News of the Week 05/22/24

    430: News of the Week 05/22/24
    May 22 2024
    Takeaways Tax policies can have a significant impact on businesses and individuals, and it's important to plan and adapt accordingly. The depletion of social security funds is a concern, and solutions need to be implemented to address this issue. The stock market has been performing well, with the Dow Jones hitting all-time highs and the S&P and NASDAQ showing significant gains. Diversification is key in managing investments and mitigating risks. Having a strong financial team, including tax specialists and estate planning experts, is crucial for navigating the complexities of the current market.
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    19 mins
Economics Personal Finance
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