>> NEIL: YOUNG PEOPLE,
MILLENNIALS, THEY HAVE NO
RETIREMENT SAVINGS, NOT AN EARLY
PROSPECT THAT THEY'RE GOING TO
START SAVING BUT THEY DO TALK
ABOUT WANTING TO RETIRE BY AGE
60.
SURFACE, CHRIS, BUT WHAT'S GOING
ON HERE?
>> I THINK YOU HAVE PEOPLE THAT
IT'S GOOD TO DREAM.
I JUST THINK WHEN YOU HAVE AN
EXPECTATION WITHOUT A PLAN, IT'S
CALLED A THOUGHT.
SO I WANT TO GRAB THESE YOUNG
PEOPLE AND CONTINUE TO GUIDE
THEM.
I WANT THEM TO HAVE THOSE
DREAMS.
I WANT THEM TO HAVE THAT
EXPECTATION.
BUT WE'VE GOT TO GET TO WORK.
I'VE TALKED TO THESE YOUNG
THEY WANT TO KNOW WHAT TO DO.
I'M TRYING TO GUIDE AS MANY
PEOPLE AS I CAN.
>> THIS IS LINDSEY BELL.
WHERE DO YOU TELL THEM TO PUT
THEIR MONEY?
IS IT EQUITIES, GIVEN THAT WE'RE
>> I THINK WE HAVE TO HELP THEM
UNDERSTAND HOW MONEY WORKS,
FIRST.
SO THAT IS, WE'VE GOT TO GET ON
A BUDGET.
YOU'VE GOT TO START TO TELL
MONEY WHERE TO GO INSTEAD OF
WONDERING WHERE IT WENT.
YOU'VE GOT TO GET OUT OF DEBT.
DEBT IS KEEPING YOUNG PEOPLE
FROM REALIZING A LOT OF THEIR
DREAMS.
I WANT THEM TO UNDERSTAND THE
REALITY.
THEY TEACH US IN GRAD SCHOOL
THAT DEBT IS A TOOL.
DEBT IS A LIMITER.
IT KEEPS YOU FROM
IT YEEPS YOU FROM
IT YOUPS YOU FROM
IT YOU - YOU FROM
IT YOU -- IU FROM
IT YOU -- IT FROM
IT YOU -- IT KROM
IT YOU -- IT KEEM
IT YOU -- IT KEEPS YOU FROM
LIVING THEIR DREAMS.
WE HAVE TO GET INTO THE STOCK
MARKET.
I WANT THEM TO UNDERSTAND WHAT
THEY'RE INVESTING IN AND THE
EXPECTATION FROM THE INVESTMENT.
>> CHRIS, THE DATA IN THE STUDY
IS THAT I THINK IT WAS 66% OF
MILLENNIALS AREN'T SAVING FOR
RETIREMENT.
IN THEIR 30s.
THEY'RE GOING OUT, THEY'RE
BUYING HOMES, THEY'RE STARTING
DIDN'T START HAPPENING UNTIL THE
40S.
ARE THEY REALLY THAT FAR BEHIND?
>> I THINK AMERICA AS A WHOLE IS
EXTREMELY BEHIND.
THE BEST WAY TO STOP A CYCLE IS
TO EDUCATE PEOPLE A LOT EARLIER.
I WANT THEM IN THEIR 20s TO
GET ON THIS PLAN AND START TO
INVEST.
WE ALL KNOW MONEY'S TWO BEST
ACCORDING TO THIS STUDY, 71% OF
MILLENNIALS WANT TO UNDERSTAND
HOW TO REACH THEIR FINANCIAL
GOALS.
65% WANT TO LEARN HOW TO BUDGET
AND SAVE FOR RETIREMENT.
55% WANT TO UNDERSTAND ABOUT
DEBT.
THEY HAVE THIS DESIRE.
WE HAVE TO GUIDE THEM.
HERE'S THE PROBLEM.
IF PARENTS DON'T KNOW AND CAN'T
SHARE THE INFORMATION, THEN
THESE YOUNG PEOPLE ARE LEFT IN
GET THEIR OWN EDUCATION, FIND
THE KNOWLEDGE, REACH OUT AND
>> I KNOW THAT ONE BIG PROBLEM
FOR YOUNG PEOPLE IS STUDENT LOAN
DEBT.
WHAT DO YOU SUGGEST PEOPLE DO
ABOUT STUDENT LOAN DEBT.
I THINK THAT REALLY KEEPS IT
>> STUDENT LOAN DEBT IS A
MASSIVE SITUATION.
WE'VE GOT TO HELP YOUNG PEOPLE
UNDERSTAND.
THERE ARE AVENUES TO GET TO
HIGHER EDUCATION WITHOUT SIGNING
LOAN DOCUMENTS.
DEBT, THAT IT'S NOT A FRIEND.
I WANT THEM TO ATTACK IT.
WE TEACH ATTACKING DEBT,
SMALLEST TO BIGGEST.
IT'S CALLED THE DEBT SNOW BALL
ATTACK THE LITTLE ONE FIRST AND
MOVE DOWN THE LINE FROM THERE.
WE CAN'T ALLOW IT TO HANG AROUND
FOR 15 TO 20 YEARS.
THAT CHOKES OUT THE OPPORTUNITY
TO GROW MONEY.
>> NEIL: ONE OF THE THING THAT'S
CONSTANT WITH THE GENERATION,
IT'S ABOUT MONEY IN, MONEY OUT.
I'VE SEEN MILLIONAIRES LOSE A
THEY EXCEED WHATEVER THEY HAVE
COMING IN AND A LOT MORE IS
NOT JUST ON MILLENNIALS, BUT A
LOT OF GENERATIONS, A LOT OF
THOSE KIDS' PARENTS ARE IN THE
SAME BIND.
>> YOU'RE ABSOLUTELY YOU RIGHT.
IT REALLY BOILS DOWN TO
CONTROLLING LIFESTYLE.
TOO MANY PEOPLE ALLOW THEIR
LIFESTYLE TO BE DETERMINED BY
THE INCOME.
HUMAN NATURE IS TO SPEND.
I THINK THERE'S ANOTHER SIDE OF
IT TOO.
WE WANT TO LIVE AND WE WANT TO
LIVE WELL.
I THINK JUST STARTING TO CONTROL
IT, THIS IS NOT AN AGE ISSUE.
THIS IS NOT A GENZ OR MILLENNIAL
SITUATION.
LEARN HOW TO USE IT PROPERLY.
>> NEIL: WHAT I DON'T
THE MONEY BUT I WANT TO RETIRE
BY 60 AND PREFERABLY SOONER.
WHAT DO YOU TELL THEM?
WHAT DO YOU SAY?
>> I TELL THEM THIS, NEIL.
I THINK IT'S UNREALISTIC FOR US
TO EXPECT GREAT RESULTS AND LIVE
A GOOD LIFE WITHOUT HARD WORK
AND SACRIFICE.
I GRAB THEM AND I GUIDE THEM.
I WANT THEM TO UNDERSTAND THE
WE HAVE TO DO COMMON SENSE
THINGS, GET ON A BUDGET, GET OUT
OF DEBT, BUILD AN EMERGENCY FUND
AND START TO INVEST.
INVESTING SMALL CAN LEAD TO BIG
GAINS.
WE JUST HAVE TO BE CONSISTENT.
>> NEIL: LINDSEY, YOU WERE
TOUCHING ON IT TOO, BUT MANY
YOUNGER PEOPLE ARE NOT CONFIDENT
THAT SOCIAL SECURITY WILL BE
THERE FOR THEM, THE ENTITLEMENTS
THAT ARE GIVEN FOR THEIR PARENTS
OR GRANDPARENTS MIGHT NOT BE
THERE FOR THEM.
WHAT DO THEY DO?
>> THE YOUNG PEOPLE TODAY, WE'RE
LEFT TO
LEFT UO
LEFT UP TO OUR OWN WILL TO SAVE.
CHRIS, I WOULD ASK YOU,
INDIVIDUALS AREN'T SAVING NOW,
TO INVESTING IN 401-K PLANS.
IS IT JUST THAT THEY HAVE TO PAY
DOWN THEIR SCHOOL DEBT?
IS IT THAT THEY JUST DON'T MAKE
ENOUGH AS OTHERS THAT HAVE COME
OUT OF COLLEGE?
WHAT'S THE DRIVING FORCE BEHIND
THE LACK OF SAVINGS?
>> I THINK IT'S A MULTITUDE OF
THOSE ISSUES THAT YOU JUST
MENTIONED.
I THINK IT IS A LACK OF
KNOWLEDGE AND UNDERSTANDING JUST
HOW IMPORTANT IT IS, A LACK OF
FALSE RELIANCE ON SOCIAL
IT'S A FEW VOTES AWAY FROM BEING
MAJORLY ADJUSTED.
I THINK AT THE END, I WANT
PEOPLE TO JUST TAKE CONTROL OF
WHAT THEY CAN CONTROL.
THIS IS, AGAIN, GETTING YOURSELF
OUT OF DEBT.
THAT MIGHT MEAN TAKING ON AN
EXTRA JOB.
IT MIGHT MEAN MAKING SACRIFICES.
BUT AGAIN, I NEVER HEARD ANYBODY
THAT GOT OUT OF DEBT THAT'S GONE
THROUGH FINANCIAL DIVERSITY, I
NEVER HEARD ANYBODY TELL ME,
CHRIS, I'M MAD THAT I GOT TO GET
HAPPENS.
>> NEIL: YOU KNOW WHAT'S SO
THREAT
THINAT
THINGT
THREGT
A GIVEN, YOU HAVE A POWERFUL
VOICE, I WOULD DO ANYTHING YOU
TOLD ME TO DO I WOULD SAY ALL
>> NEIL, I'M GOING TO USE
WHATEVER TOOLS I CAN TO
ENCOURAGE PEOPLE.
JUST DON'T ASK ME TO SING.