Don’t worry about the future… Just save money.
As a millennial, witnessing parents or grandparents live through tough times during the Great Recession or Financial Crisis likely made an impact on overall financial plans like home buying, investing, and more. According to Fidelity Investments’ first-ever Millennial Money Study, 39 percent of Millennials (aka Gen Y, born 1980-1989) admitted to worrying about their financial future at least once a week or more, suggesting peace of mind is not a universal Gen Y trait.
Since graduation, I myself have learned a good lesson or two on wealth management and improving habits of being a better stock investor.
Wealth management and building wealth are not easy feats. Think about it. The temptation to buy that fancy car or a new home right after you newly received a career bonus will not only make you cry later but will impact how you save early on.
Don’t Buy Homes
Homeownership once was the American dream. The keyword here is — once — as back then, owning a home symbolized wealth and freedom. As a homeowner many times over, buying a home is a lot of work. Not only that, paying off mortgages, handling costly contractors to take care of your residence, and putting money that will likely drown you at 26 can be quite painful. In other words, for millennial homeownership, a new home is best if you never ever plan to move.
Saving Will Make You Wealthy And Wise
Save as much as you can. As a millennial, the biggest advantage of this generation is time. Make the most of time management by leveraging technology. Then, allocate a good portion of that extra time toward investing smartly. Take advantage of smart investing tools and learn to retire like you’re Donald Trump.
Continue To Be A Life-Long Learner
Keep learning every day. Everything else around the planet will fade to some degree at some point. The ability to grow, learn new things, and continue to educate yourself might just be the best investment one could ever make. Turn learning strategies into investment strategies. A smart idea!
Sell Your Things On eBay
Sell your things. It’s just stuff. Don’t get caught up on chachkes or toys. A more grown-up approach is to assess the worth of all of your material items. Is it really needed? Are the items you have valuable? What is the worth? Sometimes it’s better to view material possessions such as new cars, clothes, and gadgets as — just stuff — at the end of the day. The 1 percent has tendencies to get jaded in this materialistic world. Instead of purchasing 10 Ford Trucks, invest in experiences.