BRUTAL Financial Truths For Boomers & GenX

00:08:28
https://www.youtube.com/watch?v=UEAb6l0eU30

概要

TLDRThe video outlines five brutal truths for Boomers and Gen Xers regarding financial empowerment and health. The speaker emphasizes that individuals must take ownership of their financial futures without relying on external support. The key points include the urgency of time as many are nearing retirement, the necessity of saving over spending, living within financial means, understanding the importance of asset allocation, and the need to prioritize health alongside wealth to truly enjoy life. The video serves as a reminder that while financial discussions are important, enjoying the present is equally vital.

収穫

  • 🛡️ We are on our own; the cavalry isn't coming.
  • ⏳ Time is not on our side as retirement approaches.
  • 💸 Live below your means to secure a better future.
  • 💰 It's not how much you earn, but how much you save that matters.
  • 📊 Asset allocation beats stock picking for long-term success.
  • ❤️ Invest in your health as well as your wealth.
  • 🌍 It’s important to enjoy the journey as well as the destination.
  • ✈️ Avoid lifestyle creep and focus on what truly brings joy.

タイムライン

  • 00:00:00 - 00:08:28

    The speaker outlines five brutal truths for Baby Boomers and Generation X regarding financial security and well-being, starting with the reality that individuals must rely on themselves for future stability, as traditional pension plans have diminished. Truth number two emphasizes the urgency of time as many are approaching retirement age, needing to make prudent financial decisions soon. Truth number three stresses the importance of living below one's means and avoiding the trap of lifestyle inflation; instead, one should focus on meaningful expenditures. The fourth truth highlights that savings rates matter more than income levels, urging viewers to prioritize saving decisively over generating high income without savings. Lastly, the fifth truth discusses the necessity of asset allocation over stock-picking strategies and underscores that investing in health is equally as crucial as financial investments.

マインドマップ

ビデオQ&A

  • What is the main message of the video?

    The main message is that Boomers and Gen Xers must take personal responsibility for their financial future by making wise lifestyle and investment choices.

  • Why is time mentioned as a crucial factor?

    Time is important because many Boomers and Gen Xers are approaching retirement age, and act quickly to secure their financial future.

  • What does it mean to live below one's means?

    Living below one's means means spending less than what you earn to save for the future and avoid lifestyle inflation.

  • Why is saving emphasized over earning a high salary?

    Many people earn high salaries but fail to save, so it's more crucial to save money consistently regardless of income level.

  • How important is asset allocation in investing?

    Asset allocation is critical for achieving long-term investment goals, more so than trying to pick the next hot stock.

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  • 00:00:01
    these are five brutal truths for Boomers
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    and gen aers that unfortunately are true
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    and I'm here in New York City and the
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    saying here is if you can make it here
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    you can make it anywhere and that's true
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    for New York City but you know what it's
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    also true for us right the world can be
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    a brutal place and and so truth number
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    one is we're on our own the calvary is
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    not coming to save us if we want to have
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    a a secure future if we want to be able
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    to retire and do the things that we want
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    to do unfortunately we need to make that
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    happen ourselves it's us and it's our
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    family and back in the day in my
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    father's
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    generation many people had defined
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    benefit plans they had pensions for most
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    of us for most Boomers and for most gen
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    xers those days are behind us so we need
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    to make some hard choices along the way
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    way in order to be able to to provide
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    for ourselves in the future okay brutal
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    truth number number two is time is not
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    on our side right the the youngest
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    boomers are turning 60 the oldest gen
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    xers are are 59 right now and time is
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    slipping away and time can be our best
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    friend when we're when we're in our late
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    teens or early to late 20s right because
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    we have 40 years we have 30 years until
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    we're going to retire but most boomers
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    are going to be retiring in the next 5
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    to seven years and most gen xers are
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    starting to reach that phase again so
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    unfortunately brutal truth number two is
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    time is not on our side number three is
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    just the importance of living below our
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    means you know it's it's nice to make a
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    nice salary um and I'm going to talk
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    about that soon but it's super important
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    no matter how much we make to live below
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    our means now it doesn't mean we can't
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    go on vacation we can't do nice things
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    like this we can't take the the Big Bus
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    tour right um but it does mean that we
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    need to look at how we're spending our
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    money and be sure that we're spending
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    our money in a way that that's bringing
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    us joy as opposed to trying to oppress
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    somebody else so many people's futures
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    have been derailed and and it's not
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    going to be as bright as it could have
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    been because they were worried about
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    keeping up with the Joneses as they got
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    raises they let lifestyle creep come in
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    and so if if you're suffering from that
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    it's never too late to change it's never
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    too late to look and say what are the
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    things that really bring me joy in life
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    and focus on those and spend our money
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    that way as opposed to looking the right
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    way to impress the right people there's
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    a saying that you know a lot of
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    Americans and unfortunately Boomers and
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    gen xers are guilty of this you know a a
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    lot of folks are borrowing money to buy
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    stuff that we really don't need or want
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    in order to impress people that you know
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    frankly aren't that important in our
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    lives okay brutal truth number four is
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    it doesn't matter how much we earn it
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    matters how much that we save there's
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    been multiple studies that have shown
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    that about half of all people in the
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    United States that make a
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    $100,000 a year or more in the United
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    States unfortunately don't save a dime
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    and you know part of the problem is a
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    lot of those people making $100,000 a
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    year salaries are living in places that
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    are expensive to live so we do what we
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    can but if you're making a nice salary
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    if you're not living in a place that's
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    crazy expensive to live like here in New
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    York City you know do what you can to to
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    set aside money frankly I would much
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    rather make $50,000 a year and be saving
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    5 or $110,000 a year then making
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    $100,000 a year and not saving anything
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    and and I'm kind of an outlier on this
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    many of my viewers might feel this way
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    as well but you know part of my measure
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    of was this a successful year one of
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    them it's not the only measure I want to
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    enjoy the journey but one of the
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    measures is was I able to put aside some
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    money so that future asso future me will
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    have a more secure life and if I'm not
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    doing that you know if I'm not saving
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    anything frankly I'd rather you know
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    just travel and and pick up side jobs
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    along the way in order to make ends me
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    to have that Adventure I like to travel
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    internationally I have met people that
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    are able to keep their expenses low um
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    but really one of my goals is to save
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    something every year except you know now
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    I'm in retirement so one of my
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    challenges is to not save money but
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    that's the subject for another video
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    okay brutal truth number I believe is
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    four brutal truth number four is asset
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    allocation is it it asset allocation is
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    incredibly more important than picking
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    tomorrow's hot stock you know most of us
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    unfortunately don't have the skill set
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    to pick tomorrow's hot stock we might we
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    might get lucky but you know what all of
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    us have the skill set to figure out what
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    our asset allocation would be either on
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    our own or with a professional's help I
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    should mention none of what I'm sharing
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    in today's video is financial advice I
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    don't know your situation
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    so I can't give Financial advice but
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    most of us have the ability either on
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    our own or by hiring a professional to
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    come up with an asset allocation that we
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    can stick to in good times and bad times
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    and it's not sexy it's not fun but it is
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    a brutal truth that your asset
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    allocation is much more likely to help
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    you reach your long-term investment
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    goals than than you know trying to pick
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    the best stock
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    okay the next one and this is a brutal
  • 00:06:33
    truth and this is a critically important
  • 00:06:34
    truth and that is it's important to
  • 00:06:38
    invest in our health as well as our
  • 00:06:41
    wealth so you can have all the money in
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    the world but you know this is this is
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    the home this is the body that you know
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    it's the only one that we have and and
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    so do what we can to take care of it to
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    invest both the time and the money uh to
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    work out to try to eat as healthfully as
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    as as we can um because I can tell you
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    some of the richest people in the world
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    for instance Warren Buffett uh who's
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    who's Worth close to a hundred billion
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    dollar I'm sure he would trade all but
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    maybe a billion of that uh to swap
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    places with most of us if we're in our
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    50s 60s or even 70s because Warren
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    Buffett is is now in his '90s and Warren
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    has one of the greatest Gifts of all
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    time
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    which is he loves his job right and he
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    skips to work every day but you know
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    what 80 90% of Warren Buffett's net
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    worth came after he was 65 years old and
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    that gets back to that earlier brutal
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    truth that time is so important time is
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    important in order to reach our
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    financial goals so um those are some
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    things to think about and then I also
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    think it's important it's not just the
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    destination it's not just trading off um
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    today's adventures and today's fund to
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    have a stronger and a more secure
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    financial future it's also about
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    enjoying the journey and that's why I
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    made this video up here eight things to
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    stop doing in our 50s and 60s in order
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    to enjoy our journey more thanks for
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    watching this video and I'll see you in
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    that one bye-bye
タグ
  • Boomers
  • Gen Xers
  • financial responsibility
  • saving money
  • asset allocation
  • health investment
  • retirement planning
  • lifestyle choices
  • personal finance
  • financial security