Most millennials are navigating life’s major milestones—careers, families, homeownership—without a solid financial safety net. Studies show that 66% of millennials don’t have life insurance, leaving their families financially vulnerable if the unexpected happens. Meanwhile, another 66% have no retirement savings, often putting off long-term planning in favor of immediate expenses.
Many avoid life insurance and retirement savings due to common misconceptions. A major barrier? Cost. More than half of millennials overestimate how expensive life insurance is, assuming it’s unaffordable. But in reality, starting early with a small policy can be an accessible and powerful step toward financial security.
That’s where local experts like Claudia Box come in. A licensed life insurance agent and financial strategist, Claudia helps families understand how small financial moves today can create generational wealth for the future. Losing her father at a young age showed her firsthand how financial insecurity can impact a family, shaping her passion for helping others prepare for the unexpected.
With financial uncertainty on the rise, millennials are realizing that wealth isn’t just about how much you earn—it’s about how well you protect and grow what you have. The good news? It’s never too late to start. Here, Claudia shares five key strategies to help millennials build security and long-term stability today.
Five Ways To Build Wealth and Protect Your Future
-
Change Your Money Mindset
- Financial security isn’t just for the wealthy—it starts with small, intentional steps. The earlier you begin, the more time your money has to work for you.
-
Use Life Insurance as a Wealth Tool
- Life insurance isn’t just about covering funeral expenses; it’s a way to create tax-free, six-figure wealth for your family. Many policies also accumulate cash value that can be used during your lifetime.
-
Prioritize Retirement Savings
- Relying on Social Security isn’t a plan. Whether through a 401(k), IRA, or policies that offer living benefits, investing in retirement early allows compound interest to work in your favor.
-
Diversify Your Income
- Multiple streams of income—from side businesses to investments—create financial flexibility and long-term security. Certain financial tools, including life insurance policies, can also provide steady cash flow.
-
Budget Smarter, Not Stricter
- It’s not about giving up everything you love—it’s about knowing where your money goes. Understanding your needs versus wants allows you to invest in the future without sacrificing the present.
Making Financial Security More Accessible
Planning for the future can feel overwhelming, but small, consistent steps make all the difference. Claudia encourages her clients to focus on protection as much as growth, balancing today’s needs with long-term stability. “The goal isn’t just to protect what you have today,” she says, “it’s about building a foundation that lasts for generations.”
With the right knowledge and planning, millennials can break financial cycles, create lasting security, and ensure their families are protected—starting now.
'The goal isn’t just to protect what you have today. It’s about building a foundation that lasts for generations.'