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12 Millennial Money Lessons


 

Millennials have a bad rep for “killing” entire industries with their strange spending habits, so you probably have never thought to go to them for money advice. However, you should not be so quick to dismiss their ways. With full-time employment no longer being the standard and the workforce being reshaped by technology, we are all struggling to find our way in this fast changing economic climate. Meanwhile, millennials, having grown up during these turbulent times, have developed resourceful habits that can assist all of us in adapting.

By looking closer at 4 common trends, we can discover 12 Millennial Money Lessons that provides us with helpful insight and a new perspective on how to approach working, spending, and saving.

Side Hustles

Millennials make things happen. Millennials are not afraid to take matters into their own hands to improve their financial situations. If their main source of income doesn’t support their needs, they create another source of income; often through means of self-employment and building their own business.

Millennial Money Lessons:

1. There are always ways to make more money; without getting a promotion or waiting to be hired.

2. You can monetize your talents and interests, e.g. Etsy, blogging, and freelancing.

3. By taking charge of how you earn money, instead of relying on a fixed-income-job, your earning potential is only limited by how hard you are willing to work.

 

Thrifty Spenders

Millennials are a thrifty bunch. They hunt for deals, they collect coupons, they frequent thrift stores, and they re-purpose what they have to make what they need. Not only is their reduce, reuse, and recycle mentality good for saving money, it’s also good for the environment. Double win.

Millennial Money Lessons:

    4. If you want something, but can’t afford it yet, wait till it goes on sale, has a coupon, or there is a cheaper alternative.
    5. Price compare. Before paying full price see if you can get a good winter coat at a consignment store. Look for cheap concert tickets on Groupon. Shop open-box and refurbished electronics on eBay.
    6. What’s old is new again. Pinterest is full of fun and practical DIY projects that can inspire you to create and give used items a new life.

 

Nothing is a Guarantee

Millennials have grown up during economic and politically unstable times. Programs such as Social Security are no longer a guarantee. As a result, Millennials are more diligent in finding jobs with good saving benefits and are investing in mutual funds at a younger age than previous generations.

Millennial Money Lessons:

    7. Combat uncertainty by saving for the future.
    8. Take advantage of benefits at work – such as 401k matching.
    9. Be your own financial safety net. Don’t depend on a third party to support you, now or in the future.

 

All Things in Due Time

Millennials are in no rush to get married, have kids, or buy houses – which has led to many article being written about how millennials are “killing” the family unit, the wedding industry, and the housing market. However, despite the negative press, there are  benefits to waiting.  Millennials have more time to prepare for these important life steps financially and mentally. Before settling down, millennials often work on earning an education, building a career, and checking a few items off their bucket list.

Millennial Money Lessons:

    10. Don’t rush into things. Know what it costs to live the life you want.
    11. Invest in yourself first.
    12. Know what you want before you commit, so you can be confident in your life choices.

Learn from the millennials and don’t fight change, embrace it. Create an income from what you love, build your own future, spend your money wisely, make saving a priority, and follow the timeline that works best for you.