There are many misconceptions about millennials, but there are misconceptions that tend to be right for some of them. Some of the millennial tips you’ll find on the internet talk about financial woes and struggles. If you are not careful, you may end up scrapping the bottom of the barrel.
Millennials view money as a tool. Unlike baby boomers who see money as something you need to work hard for, millennials see it as something they must have to be able to do something. They are more comforted by what money can let them have now than in the future.
Millennial Tips: Letting Go Of YOLO And FOMO
There are two principles on how millennials of today live: YOLO (You Only Live Once) and FOMO (Fear Of Missing Out). One of the millennial tips we can tell you is to let go of the need to follow these principles. It can do nothing but make you broke and dry up your savings account.
YOLO and FOMO emphasize the need to live “now” rather than in the future. Any financial advisor will tell you that’s a recipe for disaster. Not thinking about the future will lead you astray and you will face many financial challenges, we’re sure.
The spending behaviors of millennials reveal that they buy experiences for this YOLO and FOMO lifestyles. This includes expensive “hobbies” and “interests” such as enrolling in a gym and yoga classes, traveling, and pursuing the latest trends.
They also immerse themselves in culture, which isn’t really a bad thing. They tend to go on food trips and party at the hippest places.
Yet, all of these must stop if you don’t earn enough. The YOLO lifestyle must come after you have saved the money intended for an investment or your future. YOLO and FOMO must not be prioritized over the more important things in life.
Avoiding Debt And Educating Yourself
The first step towards financial freedom is never to allow yourself to use credit cards for unimportant things. If you keep on using those cards, you’ll end up in debt, which is really more severe than not having a savings account at all.
You should also educate yourself about your financial options. Should you put your money in the bank or should you invest it somewhere else? Where’s the best place to put your hard-earned money?
There are so many available options for millennial tips. All you have to do is contain yourself from spending the money you should be saving for the future instead.