Gen X attorneys might find it somewhat distasteful to hear themselves compared to flip-flop-wearing techies from Gen Y. Despite their substantive differences, when it comes to money, their mistakes are often eerily similar. Based on my experience, here are the top four.
1. No plan: little chance of winning
This is what I refer to as the sitting duck phenomenon. Both Gen X attorneys and Gen Y techies tend to have above-average IQs and very little time, a potentially dangerous combination, motivating self-management without the time to do a competent job. Often when it comes to their financial plans, this leads to a frayed patchwork of mutual funds and a handful of individual stocks, alongside boatloads of cash sitting in stasis, awaiting deployment for the “right time.”
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