"Change is never easy, but resisting it only puts you further behind. Instead of complaining about technological shifts, millennials should focus on adapting and taking advantage of new opportunities," Dogen told Bored Panda in an email.
"One of the best ways to do this is by continuously learning and staying curious—whether it’s picking up new skills, leveraging AI tools to enhance productivity, or even exploring alternative income streams that didn’t exist a decade ago," the personal finance expert said.
"I wrote about AI’s impact on personal finance, where I discuss how embracing technology can help people optimize their money management and investments rather than fearing job displacement. The key is to use technology as a tool for financial empowerment rather than as a scapegoat for stagnation. The most adaptable people are the ones who stay proactive, experiment, and evolve with the times."
Meanwhile, Dogen was kind enough to shed some light on how much everyone should be saving and investing for retirement.
"My general advice is to take full advantage of your tax-advantaged retirement accounts, such as your 401(k), IRA, and Roth IRA, by contributing every month. After maxing out your contributions, aim to save at least an additional 20% or more of your after-tax, after-retirement contribution income. If you stick to this plan for at least 10 years—ideally 20—you’ll be financially set for life," he said.
"For a more detailed roadmap, you can follow my net worth target guide based on age or work experience. For example, I recommend having a net worth of 2X your gross income by 30, 5X by 35, and 10X by 40. These are ideal benchmarks, but even if you fall short, my guide will help keep you on track," Dogen shared.
"Ultimately, reaching a net worth of 20X your annual gross income means financial freedom. Using income as a benchmark, rather than expenses, prevents the illusion of financial independence through extreme cost-cutting."
Millennials, also known as Generation Y, are Americans who were born between 1981 and 1996.
After them came Generation Z (also colloquially known as Zoomers), who were born between 1997 and 2012. And after Gen Z came Generation Alpha, aka Gen A, kids who were born roughly between 2010 and 2025.
Meanwhile, the generations preceding millennials include Generation X (born between 1965 and 1980), Baby Boomers (aka Boomers, born between 1946 and 1964), and the Silent Generation (born between 19280 and 1945).
However, as the Pew Research Center notes, “generational cutoff points aren’t an exact science” and there’s no “agreed upon formula” for how long generational spans should be.
Thresholds between different generations, thus, are defined by meaningful shifts in political, economic, and social factors.
Investopedia explains that millennials were the first generation that was born into a digital world. Many consider members of Gen Y to be ‘digital natives’ for whom technology has always been a part of their everyday lives.
Though millennials are considered by many researchers to be people born between 1981 and 1996, some argue that Gen Y could refer to individuals born as early as 1980 and as late as 2004 as well.
As per Investopedia, millennials in the United States tend to be progressive politically and less religiously observant than the generations that came before them.
Furthermore, Generation Y is the biggest generation in US history, faces record amounts of student loan debt, and wants to follow their ambitions, focus on their hobbies, and travel while young instead of putting things off.
Though millennials are still quite young and energetic by all accounts (even if we don’t always feel like it!), it’s never too early to think about retirement. Investopedia warns that not enough members of Gen Y may be thinking about retiring, as just over a fifth of millennials don’t have a job that provides employer-sponsored retirement plans.
70% of millennials think that they’ll be able to survive on $36k per year once they retire, even though in 2022 the average annual expenses for Americans aged 65 to 74 were $60.8k per year. Furthermore, inflation is likely to erode the purchasing power of the money you’ve already saved.
