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Generation Y has been called lazy, entitled Smarty -all.
But the harsh reality is that this generation is also a degree in one of the toughest job markets with a portion of the loan debt the highest student They then, was to be scrappy AOVE to find their financial footing in an uncertain economic climate.
accordingly, today, AOS twenty and early thirties have purchases than previous generations considered a rite of passage and forged their own way in the labor market largely avoided.
Of course, there are exceptions to these generalizations, but in broad terms, here are five lessons money for learners that other generations can learn.
invest in your personal brand
many Millennials watched parents or other relatives receive leaflets roses after decades of loyalty to a company.
after seeing two recessions in their young lives, they don, AOT plan to retire with a gold watch for 30 years of service to a company.
instead, They, Aore embracing the hustle, secondary Äîperhaps that sell jewelry, creating a tutoring business or freelancing on the weekends, Äîand build their personal brand through blogs , networking events, social media and more.
This mentality will help them recover from layoffs and other setbacks and reduced their dependence on a single company for income.
Reduce housing costs
housing is the largest line item in most people, AOS monthly budgets.
Keep this cost to a minimum, Äîperhaps living with roommates, moving with mom and dad, or choosing a less expensive city, Äîcan help release funds for payment of student loans , savings or other categories.
The New York Times recently reported that one in five people in their 20s and early 30s are now living with their parents.
Meanwhile, a recent survey Trulia found that the 18-34 and over 55 were more willing to reduce staff in the event of financial difficulties, while 34-55 year olds were least willing.
Many people in the middle of the group may have children and a mortgage, which makes downsizing difficult, but not impossible.
Rethinking property
[1945001maisons] generations of Americans bought cars and because Äúthat, AOS just what, done. AOS atBut many wonder Millennials these assumptions and choosing to pass on experiences rather than McMansions and Mercedes.
Several studies show that fewer young people are buying cars, Äîor even have a driver, AOS license, Äîcompared previous generations.
Without a mortgage or car payment, Millennials have greater mobility and financial flexibility. And when they need a set of wheels, they can always ride a bike or use a car sharing service.
Embrace innovation
Millennials are extremely comfortable using applications, posting on social media and online communication.
This understanding of the new technology makes these digital natives as marketable job candidates and means that They, Aore take advantage of new ways to monitor their spending or pay invoices in real time.
This means they can easily stay on top of their finances using a smartphone, but it, AOS significant for people of all ages to password protect their phone and avoid too shared on social media.
not to do so could lead to potential fraud or identity theft.
Save for the future
Two recent studies show that Millennials are saving money for the future, which is a very positive behavior, given the long-term upward care costs and the uncertainty of social security.
on the other hand, however, some younger workers benefit from the tax benefit and the employer matching a retirement account and many are now cash savings rather than investing.
Setting up an IRA or participate in a company-sponsored 401 (k) or 403 (b) would be to help these young workers to save even more effectively.
Tell us!
Can you relate to any of these lessons? What would you add
Credit: Joel Bedford via photopin cc
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