3 Common Millennial Money Mistakes to Avoid

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:

1. 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.

2. 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.

3. 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.