MILLENNIALS, ARE YOU GUILTY OF COMMITTING THESE MISTAKES?
Take a least an hour or two to evaluate if you are committing the following financial mishaps.
Not Maximizing Free Money
A Vanguard report showed one third of 401(k) holders do not maximize their employer’s matching contribution. The free money ignored by millennials can escalate up to tens of thousands of dollars in missed retirement savings.
Not Realizing the Importance of Time
Millennials have all the time to take advantage of whatever they have, specifically the magic of compound interest. Previous generations do not have the luxury to grow their fund. Save, save, and save as early as you can. Who knows your $100 could increase to around $9,305 in 40 years.
Not Avoiding the So-called Millennial Trap
It is a myth saying all millennials are not doing well. Given these perils, majority of media entities only focus on not-so-positive money stories and the like. Good thing the young generation is doing great in beating this fallacy.
Not Investing in Stocks
Millennials are risk averse. That’s understandable since they have experienced the dot-com burst and the Great Recession. Still, this is not a valid reason to ignore the stocks. Like what we have mentioned before, you have all the time in the world to invest in equities. Considered one of the best asset classes for long-term growth, it pays to allocate a large portion of your portfolio into stock trading.
Not Living within (or below) the Means
There is a formula called the frugality equation. That’s income – expenses = savings. Unfortunately, many young professionals overlook the salary aspect and concentrate only on the reduce expenses portion of this equation. This generation has the most potentiality to earn more income since they can keep up with the fast-changing world. Not to mention they are healthier and tech-savvy. Do everything in might to bolster your salary. That way you raise the possibility of saving more money over time and bolstering your retirement nest egg.
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