Do you remember when the Internet came and seemed to redefine everything that happened before? Millennials belong to that world.

Millennials were raised in the era of technology and social media. They were the first generation who grew up with computers in their homes. Millennials are exceptional in many ways. They are better educated than their predecessors and more economically active. Yet they confront greater difficulties including economic uncertainty and student debt. As a generation carrying new personal financial responsibility, it is critical for millennials to focus on financial security.

For most millennials, adulthood begins when they become financially independent of their parents. While the previous generations strived to own a house or buy gold, millennials seek experiences. They are attracted to travelling for pleasure and pursuing offbeat careers. Millennials would rather buy luxury cars or splurge on apparel and accessories rather than settle down into a house of their own. The most popular personal finance priority for millennials is to live the good life. Consequently, they are more concerned about the present than the future – which means spending takes precedence over saving. The concept of long-term financial goals or basic budgeting takes a back seat.

By now, most millennials have probably heard the standard financial advice:
  • Pay off student debt
  • Avoid personal loans
  • Don’t get trapped by revolving credit

Prioritizing paying off debt is a step in the right direction, but it’s not the only thing millennials need to do. Millennials must get their money to work for them and they’re lucky to have time on their side.

Here’s some lifestyle advice for millennials:
  • Spend less than you earn
  • Save or “pay yourself” first
  • Avoid impulsive buys – defer your decision by a day or two and see if you feel the same way
  • Enjoy your money and make it last so that you can retire early or in style
  • Have an emergency fund for all the expenses you can’t anticipate
  • Insure yourself
  • Pay off your student debt

Millennials must start figuring out how they would like their money to work for them. With age comes more responsibilities, dreams, and demands on time.  Millennials needn’t wait until then to do what they can easily achieve today.

Better to start early than to finish late.

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