The Wealthy Millennial: Embracing Change
Change is inevitable. From where we stand now, to who we used to be and who we want to be, we see change in many aspects of life. We have experienced change in the past and will definitely see change in the future. Our lives transition from birth, to childhood, to teenage, to adulthood and to old age. Each milestone presents its own set of challenges to overcome. It has its own set of life-changing decisions.
As we transition through the various stages, we notice how our environment, needs and wants change. If you are a millennial, you would have already experienced a shift in the way people perceive you. On entering the workforce, you would have taken note of your work environment, the sudden responsibilities bestowed on you, and the most important part – the freedom to make your own decisions. One of the biggest decisions you will have to make is how to manage your money.
Believe it or not, money is an important commodity at any stage of life. And with every little change or transition, there is an even greater need to sharpen your money management skills. Let’s take an ideal situation. You have started off your career and the future looks smooth and promising. You are in a healthy relationship. Even after being able to pay your bills on time, you have enough left over to make fun trips with your friends. You now live the lifestyle that you dreamed of and also manage to save a good amount of money! But have you thought about the future?
A few years down the line you may be required to make certain big decisions. You may decide on buying a house or a car, providing for your parents, moving in with a friend, getting married, or even starting a family. These are life’s big milestones. It is best to take them into account and be financially prepared for them. Preparation comes from asking a few questions. Will merely saving money in the bank or locking it in an FD be enough? Or would investing in other traditional instruments help us beat the mark? If traditional methods don’t work, we have to find a solution that will!
This is why one should learn to not be shy. Talk about money. Break out of the habit of impulsive spending and do not leave the concept of saving money for a later stage in life. Understand that you need to be bold in the way you approach your savings. You need to be smart. Talk to an advisor who can show you the right way. A financial planner can help you realise all your goals and tell you how much to save and how effectively you can do it.
We could help you organise your financial affairs for the milestones that lie ahead. Get in touch with our financial planning team or advisors to know what steps you need to take.