Whether they’re members of the silent generation or baby boomers, grandparents have a lot of financial wisdom to share.
Some had to survive on a bare-bones budget during the Great Depression. Others experimented with new types of credit in the 1960s. Here are four things millennials can learn from their elders:
#1: Save for Retirement ASAP
Your grandparents understand the importance of saving for retirement—because they’re living it. After beefing up their 401(k) funds and IRAs for decades, they are now reaping the rewards.
Yet two-thirds of working millennials have nothing saved for retirement. Start investing!
As Sharon Marchisello, a grandmother and author of Live Cheaply, Be Happy, Grow Wealthy, put it: “Begin saving for retirement as soon as you have income. The magic of compound interest will work in your favor. The longer you give your investments to grow, the less you’ll have to put aside.”