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- We've asked you all these questions and now I'm curious, have we missed anything? What are the questions that we should've been asking you?

- You can't just think about your financial capital. You also have to think about your human capital and your human capital is in essence what's my earnings potential? And so your biggest asset when you're younger is your human capital because you have more of that than you do financial capital and then you should also manage your human capital in two ways. If you're an entrepreneur and your income is up and down, well maybe you want to invest more in bonds in your 401K. If you're a schoolteacher and your income is stable, maybe you want to invest more in stocks in your 401K because your income is like a bond. So that's one, the second thing is given that you're in your 20s and you may have five or six or seven careers, you want to make sure that you're always investing in your human capital because that may be the far better return on your investment when you're young than investing in the market. Think about it this way, Fidelity just came out with a study that said when you retire at age 65, you should have 10 times your final salary set aside for retirement to fund an adequate standard of living. 10 times your final salary. So if you think about the fact that two-thirds of Americans have less than $100,000 and you think that the median household income in America is 50 to 60,000 give or take.

- Around there.

- Around 58.

- So that means that they have less than two times their salary set aside for retirement at this point. So right, they're off by a factor of eight. So save young.

- I shouldn't laugh at that.

- It's terrible right because someone's gonna have to pay for this. This is the problem that I think about when I think about the social issues that we're gonna face in America is those who save may end up paying for those who didn't.

- Right.

- Later in life.

- And that's why everyone has to, you know, we're not gonna have defined benefit plans to bail you out. You may not have Social Security. It's gonna be up to you to bail yourselves out.

When it comes to savings, millennials are off to a good start.  According to LendEDU, young investors put away an average of $480 per month for retirement! That's GREAT.  But, it's not the most important asset that a millennial has.

According to TheStreet's Robert, Mr. Retirement, Powell there's actually a more important asset. he says it's their human capital.  And they should manage it wisely.

Savings Advice for Millennials

So, what do they do?

Among other things, Powell says hat They should invest in themselves in ways to maximize their future earning potential and they should invest in ways that complement their financial capital.

So, for instance, those with fluctuating income - say entrepreneurs - might consider investing more in safe assets while those with stable income - say school teachers - might consider investing in risky assets.

Now, not all millennials are saving. In fact, according to that same survey of 1,000 Americans, LendEdu says 37% of  young people are not investing at all. The good news, it's never too late to start.  Watch the video for more.

Ask Bob is part of TheStreet's Ask the Expert Series. Check it out below or follow us on YouTube.