I’m a Gen X Investor: 5 Tips for Success I Want Every Millennial Investor To Know
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Laura Beck
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Rebekah Evans
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Meet Elaine King, a Gen X financial expert at RetireGuide, who’s seen the markets through tech bubbles, financial crises and pandemic recoveries. She spoke to GOBankingRates and shared the investing wisdom she wishes someone had given her when she was starting out. Here’s what King wants millennial investors to know to be successful.
Think Beyond the Bank Statement
“True investing goes beyond what’s in your bank statement,” King said. She emphasizes looking at the bigger picture — real estate, businesses and intangible assets. “Millennials often focus too heavily on their 401(k) [plans] while missing other wealth-building opportunities.”
Build a Real Emergency Fund
Forget the standard three-month emergency fund advice. “Think of it as your ‘career transition fund,'” King said. In today’s job market, having a bigger safety net isn’t just about emergencies — it’s about giving yourself the freedom to make big, bold career moves when opportunities arise. Being prepared is half the battle.
Break Down Big Goals
Don’t let big financial targets overwhelm you. “If you need a certain amount, break it down by the number of years you’ll save or invest,” King explained. This approach makes even seemingly impossible goals manageable — when it’s a bite-sized goal, you can tackle it and succeed.
Invest in Your Financial Education
King has an unconventional view on investing in financial education. “Allocate a percentage of your income toward financial education,” he said. While most focus solely on investment returns, she believes learning about money management is an investment itself. Whether it’s courses, books, or professional advice, knowledge compounds just like interest.
Create Multiple Income Streams
“Strive to diversify your income sources,” King said. Don’t onlyrely on your day job. Think outside of the box when it comes to making money — rental income, side gigs, dividend stocks. Multiple streams of revenue are important for both security and growth potential.
“Financial well-being is a habit, not a specific number — it’s what helps you sleep better at night,” King explained. Build the habits and the wealth will come.
The best thing you can do is implement these strategies one at a time. As King suggests, tackle your financial goals “in small, manageable steps.” Rome wasn’t built in a day and neither is a solid investment portfolio.
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