If you are a parent of a Millennial, a friend of a Millennial, or a Millennial yourself, it’s time to start dealing with the some of the difficult financial realities that today’s youngest working generation is dealing with. Millennials may have come of age at a difficult economic time in American history, but this doesn’t mean that they can’t have a better future on their own terms. Millennials will benefit from some traditional financial methods for security and future wealth. There are also some financial techniques which will benefit Millennials in particular. If you have influence in the life of one of these young people, help them out with this kind of advice.
Some of the specific financial problems that Millennials found thrust upon their laps over the past decade were related to the 2008 financial crisis in the United States and around the world. Many young people found themselves graduating from a college without a job to go to and with tons of student debt to their names. Fortunately, the worst of this is over, but many young people are still not fully recovered.
This is a good time in history for young people to specialize in skills that will provide them with adequate improvement moving forward. Some employers even pay for their new hires to get an updated education. For specialized fields, there are simply not enough qualified people to fill the jobs. Disappointed Millennials who still haven’t found an application for their major may be well-served by calling it a wash and acquiring new skills which can be had without spending a great deal of money on a new degree.
For Millennials who have families and children, there is even greater reason to future-proof finances. This can be done in many ways. Acquiring wealth in many forms: through career, through saving, through investment, through equity in a home, and even through life insurance. Life insurance policies are very affordable for young people, because they are statistically more unlikely than some to die within the term of the policy. If the worst were to occur, life insurance could help a Millennial preserve their wealth for the people that matter most to them.
Some Millennials are future-proofing their finances by increasing their knowledge to compensate for the lack of financial opportunity that was available to meet them when they graduated. By becoming more financially savvy, young people are investing in new opportunities, saving with better intention than previous generations, and living on less with greater satisfaction than typified more materialistic cultures that characterized some segments of earlier generations.
If you count yourself among this generation, then there are many ways for you to make the most of your money in the long term. Get savvy and always make financial preparedness a priority. If you learn how to spot opportunities and make the most of what you have, you’ll likely end up in a better situation than those who squandered the roaring economies of several previous generations. Future-proofing money isn’t easy for Millennials, but it’s worth the effort.