Well here’s good news, in a way – according to Growing Bolder, baby boomers have the lowest rate of poverty of any age group. But – they have the highest rate of anxiety about money and retirement and whether one will run out before the other. We know this is especially true for women due to many anxiety-producing factors, especially historically lower pay rates, the hanging threat of the collapse of Medicare and/or Social Security, and of course the soaring rate of divorce. In a radio interview on Growing Bolder, Suze Orman talks about how to take control of your finances and lessen your anxiety.
In inimitable Suze Orman fashion, she stresses looking in the mirror, facing your money situation, and making good decisions. One of her main points of advice is to decrease your bills – worth just as much attention and effort as saving big stores of money. Of course, one of the most dramatic ways to decrease your bills is to cut your mortgage, utility, and other housing expenses in half by combining households and living with a roommate. I’ll bet that Suze will start talking with increasing frequency in the years to come about shared housing, as the entire baby boom population moves through the 50s, 60s, and beyond.
Killer quote from her interview: “You can never fix a financial problem with money.” Wow.