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Millennials are hard at work making a name for themselves in business, fashion, and lifestyle. Their financial futures look bright due to endless opportunities and their zest for innovation, but are they making the right financial decisions? There are a few topics that are important, but do not get the attention they deserve.
Make your student loan debt a priority
Most millennials are either heading into college or have completed their degrees in the past few years. Kudos if you have completed your degree, way to stay focused and take charge of your future! What you may realize now, is that student loan debt follows you around long after you walk the stage. Looking for ways to lower your student loan debt? Start by evaluating all of your debt, lower your car payment, negotiate for lower insurance premiums, and focus on paying off one bill at a time.
Stop using your credit card
Credit cards can be tempting to use when you want to make a large purchase, but don’t quite have the funds in your account to cover it in cash. Avoid the temptation to buy something outside of your means and you could be well on your way to a debt- and stress-free life.
Talk about money before marriage
Finding the right person to spend your life with is a process that can take some people years to accomplish. With divorce rates increasing a little each year, it is recommended to discuss finances before heading to the altar. Discussing finances can lead to a healthier relationship and clear expectations for the newlyweds.
Wondering which questions to ask your beau? Here are a few conversation starters:
- Do you have debt?
- How much debt do you have?
- Do you have a savings account?
- How do you feel about spending money on leisure, entertainment, and unnecessary items?
- Do you follow a budget?
- What are your financial goals?
Contribute to your 401k
Maybe you don’t plan on retiring anytime soon or perhaps you own your own business. Whether it is a 401k, mutual fund, or a savings account, millennials must start saving money now in order to prepare for the inflation that is sure to shake our financial market before they reach retirement ages. To get an idea of how much you will need to have a relaxing retirement, check out this calculator.
You aren’t too young to invest
Investing early allows time for your money to earn significant interest by the time you are ready for retirement. If you aren’t interested in the stock market, consider investing in a business or real estate. You are never too young to make your money work harder for you. By 50, you will appreciate the effort you put in at this age.
If you’re a millennial, tell us how you are taking control of your finances!