Millennials
are the people born in the 80s or the 90s. By this time, much of the
younger end of our work force are made up of millennials. And due to
this relatively new experience in the work industry and also because
of exposure to a variety of influences such as social media, spending
could become a habit and could get in the way of financial planning.
Many
millennials admit to making the following money mistakes:
-
Not taking the chance on investing
There
are a lot of millennials who think investing is only for the rich,
the old and the more financially stable. But letting your money sit
in a bank somewhere or spending it on things with a depreciating
value is a loss. Talk to a financial
advisor in Vancouver
such as Chalten Fee Only Advisors about how you can start investing
your money on more profitable ventures.
-
Not sparing money for emergency funds.
Build
an emergency fund as early as you can. You may be young and able
today but you never know when an illness will incapacitate you or a
sudden expense in the future can render you broke. An emergency fund
is also helpful during days when you are thinking of finding a new
job.
-
Living an expensive lifestyle
It’s
so easy to succumb to an expensive lifestyle because we now live in a
world where everything is highly commoditized. Spending on premium
items to impress people and living above your means will surely
become a life-long regret.
This
is the best time to earn, save and invest your money. Talk to a
financial
planning
in Vancouver and find ways on how you can retire early, save more
money and invest properly.
.png)