4 Mistakes Gen Xers Are Making With Their Money in the Trump Economy

Gen Xers are currently facing a financial storm due to factors such as tariffs, inflation, and economic uncertainty. This generation, caught between supporting adult children and aging parents, is navigating a challenging job market while dealing with rising costs and shrinking retirement safety nets. As a result, many Gen Xers are making money moves that could have costly consequences.

One common financial mistake that Gen Xers are making, according to Cetin Duransoy, the U.S. CEO at Raisin, is keeping too much cash in their checking accounts. While direct depositing paychecks into checking accounts is convenient for paying bills, having excess cash sitting idle in these accounts can be detrimental. With low interest rates on traditional savings accounts, Gen Xers are missing out on potential returns. Duransoy recommends exploring high-yield savings accounts and other financial products to take advantage of compounding interest.

Another mistake that Gen Xers are making is failing to adapt to industry shifts and delaying skill upgrades. Harry Morton, founder of Lower Street, emphasizes the importance of upskilling in areas like digital tools and project management to stay relevant in today’s job market. Taking low-cost online courses can help Gen Xers create new income opportunities and secure their long-term financial stability.

In addition, many Gen Xers are putting off retirement savings to cover immediate expenses or support their loved ones. However, Ashley Morgan, a debt and bankruptcy attorney, warns that delaying retirement savings can have serious repercussions. By making small contributions to retirement accounts, automating deposits, and considering catch-up contributions for those over 50, Gen Xers can build a more secure financial future.

Overall, Gen Xers should prioritize their own financial well-being before assisting others. Building emergency funds, revisiting insurance coverage, and meeting with a fee-only financial advisor can help Gen Xers navigate the financial challenges they face in today’s economy. By taking proactive steps to secure their financial future, Gen Xers can weather the perfect financial storm they currently find themselves in.

This article originally appeared on GOBankingRates.com and can be found at: 4 Mistakes Gen Xers Are Making With Their Money in the Trump Economy