5 Successful Financial Habits of Baby Boomers You Need to Incorporate Today

Financial Habits of Baby Boomers: 5 Successful Strategies You Should Follow

Older Americans have a lot of financial wisdom. Read on to find out some money habits boomers have that we can all learn from.

Much of this is the simple byproduct of holding on to assets for a long period of time to let them grow.

After all, most in the boomer generation have had many decades to let their wealth accumulate. While younger generations can sometimes envy older Americans' financial positions, a better approach would be to realize there's something to be learned from their decisions.

• They invest heavily in stocks and mutual funds: Baby boomers have the largest percentage of their wealth in stocks and mutual funds.
• They buy real estate: The second-largest portion of baby boomer wealth comes from real estate ownership.
• They're more willing to cut back on non-essential spending: Another successful financial habit of baby boomers is that they've been far more willing to cut back on non-essential spending than other generations.
• They're more honest with their partners about finances: Boomers are the most honest when it comes to disclosing financial information to their partners.
• They seek advice from professionals: Boomers turn to financial advisors more than other generations when seeking financial advice.

You don't have to exactly match what boomers are doing with their money to build wealth. But by incorporating some of these successful financial habits, you can set yourself on a path to financial success.