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Originally Published on Forbes.com
Gen-Xers, Millennials May Reap Big Benefits From Great Recession
It’s become accepted wisdom that the Boomer generation’s wretched excesses and the financial crises that followed have spoiled the financial and career prospects of the next generations, especially those born since the mid-to late1960s. Known variously as Generations X, Y, and Z—or Busters, Millennials, and Digitals—these twenty- to forty-somethings are said to be doomed to lives of under-achievement and financial uncertainty.
The Great Recession has taken its toll on everyone, but if I were advising an X, Y, or Z, I would suggest that it may also have handed them a once-in-a-lifetime opportunity. What better time to get serious about saving for retirement or investing for the distant future than right after asset prices have been beaten down?