What I am about to describe will explain a lot including the featured image of a paint can with GENNEX on it.
Gen X isn’t only the “forgotten generation,” in some cases we don’t even exist. In AI queries on generational differences, often there is no mention of Gen X unless specifically included within the query prompt.
A post this week is the epitome of what I mean.
For those of you who aren’t Gen X, here are some generational traits AI generated for me that you may not be aware of (or agree with) but I confirm with my own personality and experience:
• Independent thinkers (first and foremost)
• Practical
• Self-reliant
• Resilient
• Versatile and adaptable
• Strong work ethic
• Entrepreneurial spirit
• Tech savvy, not tech-dependent
• Motivated by value
• Have more money than you think
• Value work-life balance
I sometimes wonder if Elon Musk (say what you will), a fellow Gen Xer, used X to topple Twitter as a subtle jab to the other generations that forget us, to give the proverbial bird one last flip. The largest user demographic of X is predominantly male 25 – 34 years-old followed by those 18 – 24.
We Gen Xers graduated high school and college in the era when Nike launched its iconic slogan, “Just Do It”! So, we did. But we aren’t the first generation to do-it-yourself. The DIY mindset goes back much further. Although it began to proliferate in the 1950’s and 60’s, it wasn’t a new phenomenon. The 19th century society had a strong principled incentive to help yourself. A brief history of DIY, from the shed to the maker movement | Science Museum
Technology has made DIY widespread. The internet gave us the ability to research our crazy ideas that weren’t so ridiculous after all. TV shows captured our attention showing us what was possible. Social media challenged us to keep up and AI will help us do it quicker with less research and more access to summarized instructions and how-to guides.
Our most challenging DIY project was our first house, but my best return project was one of the 2.5 bathrooms in our Los Angeles home. This is what it looked like when we bought the house in 2009, not much had changed from the day it was built in 1965. After we moved in, I mentioned to my husband that I wanted to paint the tile. He thought I was crazy. I explained not all of the tile, just the flowered accents. My Dad had painted tile in my Parent’s house so I knew it could be done.
I researched online, found the right type of paint and just started painting. My husband was skeptical, also a Gen X trait. Even though I am the slowest painter on the planet, he eventually agreed it looked better which convinced him to paint the cabinets. Then we glued picture frames around the mirrors, updated the faucets and lighting, added blinds and a shower curtain.
With minimal funds and a little bit of effort, we updated the bathroom at least to the 21st century.
To segue into how this relates to financial guidance and those who seek it, BlackRock found Gen X was the least likely generation to use financial advisers for retirement planning, preferring to do it alone. Gen Xers are also more comfortable with technology than their older counterparts, which could explain why they aren’t seeking help from financial advisers / planners like the baby boomers. Baby Boomers vs Gen X: How They Approach Retirement Differently | Kiplinger
Since Gen Xers are independent thinkers and decision-makers, it’s not surprising they prefer investing and retirement planning with minimal advising. However, it doesn’t mean they don’t seek any. A fairly recent Reddit thread revealed that the DIY group seeks guidance through financial planning & modeling software that is available via a single-user subscription. For an additional fee, you can get a fiduciary CFP to review your model with advice and guidance. The thread also mentions the Fidelity model.
Excel modeling has limitations even though you can add a Monte Carlo simulation, something I’ll cover at a later time. The Bogleheads financial tool is good for simple modeling with a few inputs. What was recommended instead allowing for more complex inputs was the following financial planning software. If we didn’t have access to Fidelity as a work benefit, we would have likely used one of these models and paid the additional fee for a CFP review.
Retirement Planner Pricing | Boldin
Pricing & Subscriptions – ProjectionLab
Retirement Planning Software | Financial Planning Software Prices Section
Personal Financial Management Software for Households
It’s not to say that some of you will continue to be all-in DIYers. This is to share that more is available to seek financial guidance along the way.
When I was editing this article, the LinkedIn algorithm gave me this gem from Ryan Holiday. Several things he wrote struck me, but this did the most, “when you find something that helps you, inspires you, or moves you…pass it on. Tell people about it. Help others find what helped you.”
I’m quite certain Ryan is far younger than a Gen Xer but his independent thinking transcends well beyond his years. He proves that generational traits are not absolute and can vary widely by individual and environment. Maybe the traits we need most are those that challenge us from generations before and after us.