Heather Gudac and Haley Modlin join us on this episode of the Financial Symmetry podcast to discuss how to become a financially successful millennial. We’ve had targeted advice toward other age groups in the past, and now we’re excited to share ways to help out the younger generation. Heather and Haley have gathered their best five money tips for millennials to help them take the first step on the road to financial success!
Create and update a financial plan that reflects your goals
For millennials, it’s important to come up with a plan, not just for the next few years but for their long-term future as well. Planning helps you discover how to pay off student loans, how and where to save money, and how to make a budget. The sooner you can start making smart financial decisions the better off you will be later in life. Remember you don’t have to have money to have a plan. Having a financial plan will help you to save efficiently. As you take on more responsibilities in your career and in your life, be sure to periodically adjust your financial plan to stay on track.
Be careful where you are getting financial advice
When you are just starting out in life, you hear a financial advice from many directions. This is usually well-meaning advice from people that care, but it may not be the best advice for your specific situation. Some things to consider are: have they done this themselves, and are they people you really want to be taking advice from. Sometimes people may give you advice that was applicable twenty years ago but may no longer apply today.
When you get married should you join your bank accounts?
Joint bank accounts can be a touchy issue for some people, especially millennials. An important step when you are getting married or embarking on a serious relationship is not to keep financial secrets. Many relationships fail due to finances, so money should be an ongoing conversation. Whether or not you have equal incomes your money is a joint effort and what you do with it now affects both of you and your future.
How do you spend your money?
What are your financial values? Millennials think differently and spend their money differently than previous generations. Studies have shown that 75% of millennials would prefer to have a great experience rather than buy goods. Knowing how you prefer to spend your money will help you plan your budget. Make sure that you are getting the most from your dollars by planning how you spend them. Use this episode to help you learn how to plan your budget, listen to Heather and Haley as they give us the top money tips for millennials.
Outline of This Episode
- [2:27] What is a millennial?
- [4:04] Have a plan and keep it updated
- [8:36] Take into consideration the advice you get
- [13:20] Whether or not to join your money
- [17:38] How you spend your money is important
- [22:11] How does the fear of missing out affect your plans
Resources & People Mentioned
- Financial Symmetry episode 51: Financial Savvy for Women: The Top Ten Tips
- Episode 6 –The Importance of a Financial Plan
- Episode 36 – Money Can Buy Happiness
- Atlantic article: Why More Young Married Couples are Keeping Separate Bank Accounts
- BOOK – Happy Money Michael Norton and Elizabeth Dunn
Connect with Haley Modlin and Heather Gudac
Connect With Chad and Mike
- Connect on Twitter @csmithraleigh@TeamFSINC
- Follow Financial Symmetry on Facebook