As a millennial myself, I’ve often thought about how we can keep up with the demands of our lives and supply of our money. Our generation is known as the Information Age. We are very comfortable with the use of electronic devices, other digital technologies, and of course, social media. In fact, many of us are the creators of technology applications and platforms that are widely used by all groups of ages. We re-introduced and enhanced computerization to improve the ways we normally do.
We work so hard. Everything is out there to be successful. That’s what we thought, at least.
Shamefully, the recent national financial literacy surveyed ages 18-34 year olds shows that we did worse than any other age group. The result presented higher rates of:
- Being late with mortgage payments.
- Overdrawing checking accounts.
- Having trouble with medical costs.
That’s scary! Guys, what are we doing? Are we going to allow us to be labeled as irresponsible, uneconomical, shortsighted generation? Geez, number 4 to the list must be that we have a large, if not the largest, student loan balances!
We are often taught or told at work, by our friends and families, or everywhere to acquire work-life balance and yes, we should be doing all the suggested activities available for us. It is important to be and stay healthy! Alongside with it, we should also be thinking that we have an obligation to learn how to handle our finances wisely and properly. Yes, we need to identify stability with our money too! Don’t we work hard to earn it?
Almost a year ago, I have little by little explored some basic financial concepts. I dug more. I am still learning but what I’ve found is worthy of doing. Suddenly, a somewhat-like epiphany came to me, an aha moment – every single millennial should be educated financially! This is what we lack! This is where we need to begin! And please, oh please, let’s do something about it! Let’s start making concrete actions to address our inadequacies!
I’m not shouting here, by the way, with all the exclamation points I’ve used. I’m just trying to make a point. And if we do, surely, one million percent, we will be in another spot – a better one – on the next review.
Reference:
https://www.forbes.com/feature/millennial-money/#79717f4e4799
DISCLOSURE: The information provided here is for informational purposes only. It should not be considered legal or financial advice. You should consult with your independent attorney, tax advisor, investment manager and/or insurance agent for final recommendations and before changing or implementing any financial, tax or estate planning strategy.
