Curating Financial News and Insights for Savvy Millennials

What we have for you today!

The percentage of millennials with student loan debt is quite substantial. According to data from the Federal Reserve, approximately 42% of millennials (those born between 1981 and 1996) have student loan debt.

How Millennials Can Fix These Financial Regrets Before Retirement by Jordan Rosenfeld for GOBankingRates: According to the author, here are the 5 regrets millennials have before retiring: Student Loan Debt, Letting a Spouse Manage the Finances, Accruing Credit Card Debt, Not Buying Private Homeowners Insurance, and Getting Some Professional Advice.

OUR TAKE
Oh, millennials, always getting it wrong! Jordan Rosenfeld from GOBankingRates has graced us with the ultimate guide on how to fix those pesky financial regrets before you retire. Let’s dive into these five pearls of wisdom, shall we?

1. Student Loan Debt: Who knew that spending four years studying underwater basket weaving would leave you with a mountain of debt and zero job prospects? Well, everyone but you, apparently. But don’t worry, just pay off those tens of thousands of dollars with your “side hustle” selling artisanal, gluten-free, organic friendship bracelets. Easy peasy!

2. Letting a Spouse Manage the Finances: Ah, the old “let someone else handle it” strategy. It’s almost like you didn’t see that episode of Friends where Rachel learned the hard way that letting someone else manage your money never ends well. But hey, nothing screams romance like discovering your significant other spent your retirement fund on a lifetime supply of avocado toast.

3. Accruing Credit Card Debt: Who could resist the siren call of living beyond their means? After all, who doesn’t want to pay $27 for a single latte, especially when you can charge it to a credit card with an interest rate higher than your GPA in college? But no worries, just stop using your credit card. Problem solved! Right?

4. Not Buying Private Homeowners Insurance: So, you thought your landlord’s insurance would cover your collection of vintage Pokemon cards and that couch you found on the curb? Adorable. Next time, maybe consider spending a little less on streaming services and a little more on insurance, because nothing says adulthood like being financially prepared for when life inevitably throws a wrench at you. Or a tree. Or a flood.

5. Get Some Professional Advice: Ah, the pièce de résistance. Because obviously, the solution to all your financial woes is to pay someone $200 an hour to tell you what you already know: you’re broke. But sure, go ahead and hire a financial advisor to tell you to stop buying stuff you don’t need. Maybe they’ll throw in a free pen or something.

So there you have it, millennials. Just follow these simple tips from Jordan Rosenfeld, and you’ll be retiring in luxury in no time. Or, you know, working until you’re 90. But hey, at least you’ll have some great stories to tell your grandkids about how you survived the great avocado toast crisis of the 2010s.

Wealthy millennials are rejecting stocks for 'alternative' investments. What are they? by Daniel de Vise for USA Today

OUR TAKE
So, here’s the scoop: Older investors are all about stocks, while the younger crowd is into "alternatives." That’s the big takeaway from a recent study by Bank of America Private Bank, which surveyed 1,007 wealthy Americans – you know, the folks with at least $3 million burning a hole in their pockets.

When asked where they saw the greatest opportunities for growth, the answers split sharply along generational lines.

Older Americans (44 and up) had a one-track mind: stocks, stocks, and more stocks. Their top pick? Domestic equities. Next in line? Real estate, because who doesn’t love a good piece of property? Trailing not too far behind were emerging market equities and international stocks. It's like they have a love affair with anything that remotely resembles a stock certificate.

Meanwhile, the younger set (ages 21 to 43) decided to take the road less traveled. They ranked six – yes, six – alternative investments above stocks. For them, “alternative” means anything but the old-fashioned stocks and bonds. Because why stick with the bread and butter when you can have avocado toast, right?

So, there you have it. The old guard is sticking with the classics, while the younger crowd is off exploring brave new worlds of investment opportunities. Perhaps they're just trying to be cool or maybe they know something we don't. Either way, it's a generational showdown in the world of finance. Grab your popcorn.

Millennials are now the least likely to care about finding day-to-day enjoyment from their work in Unusual Whales

OUR TAKE
Millennials are prioritizing financial stability over job satisfaction due to years of economic challenges, leading them to focus on earning steady paychecks and seeking promotions. A global survey of nearly 35,000 workers found that only 25% of millennials prioritize job enjoyment, compared to 45% of baby boomers, while 56% of millennials prioritize salary. Cultural differences show Europeans value job satisfaction more than North Americans. These economic struggles, including the financial crisis, tight job market, pandemic, and high inflation, have led millennials to work longer hours and feel too financially constrained for typical midlife crisis activities. Steven Floyd notes that millennials' midlife crises are more about questioning purpose and engagement despite achieving their goals.

This article effectively highlights the generational differences in work priorities and financial attitudes, providing valuable insights into the economic pressures faced by millennials.

However, the article may appear slanted as it primarily portrays millennials as victims of economic circumstances, potentially overlooking other factors influencing their career choices. By emphasizing the hardships like entering the job market during a financial crisis and dealing with high inflation, it might underplay millennials' adaptability and resilience. Focusing heavily on financial struggles and career dissatisfaction could paint an overly bleak picture of their future, possibly leading to overgeneralization. In our opinion, a more balanced approach highlighting the strengths and successes of millennials would enhance the article's perspective.

Millennials, Gen Z, and the Apartment Market YouTube by Gray Capital
#multifamilyinvesting #propertyinvesting #realestate: Oh, so we're choosing to be broke and homeless while sipping avocado toast in our tiny, overpriced apartments? News flash: We'd love to own a house, but the economy decided to have a laugh at our expense. Thanks for the 'brilliant' analysis.

Is money a big reason why Millennials don't want to have kids? WION TV
Absolutely, financial concerns are a major factor for millennials when deciding whether to have children. With rising living costs, student loan debt, and job market uncertainties, many millennials feel that achieving economic stability before starting a family is increasingly challenging. Balancing career aspirations and the high costs associated with raising children make this decision even more complex. It's not about not wanting kids but about wanting to provide them with a secure and stable environment.

4 Data-Backed Reasons for Strengthening the Social Security Program for Millennials and Gen Z by Jason Bramwell
“Americans—especially Gen Xers and millennials—are becoming increasingly alarmed about the Social Security system's solvency.” Well, isn't that a plot twist? Looks like the "golden years" aren't so golden after all.

Better 401(k)s Boost Millennial Retirement Outlook, Report Says: “While today’s youth face many financial challenges, new research finds older workers are in worse shape when it comes to saving enough money to retire. About 44% of millennials risk running short of money in retirement, compared with 52% baby boomers and 47% of Gen Xers, according to a Morningstar report…” Looks like the "wise old owl" stereotype just flew out the window.

Millennials Buy The Most Electric Vehicles In The United States: Millennials and Gen Z buying up all the electric cars? Color me shocked! Who knew a generation raised on video games and avocado toast would be leading the charge on sustainability? Maybe we should start a support group for gas-powered car enthusiasts. Or, you know, just embrace the future and let us have our electric fun.

Cancer rates in millennials, Gen X-ers have risen starkly in recent years, study finds. Experts have 1 prime suspect. Ten out of 17 of the cancers that are becoming more common over the generations have been linked to obesity. Check out our video on YouTube to get our take on this.

I’m a Millennial: 7 Reasons I’m Not Relying on Social Security for My Future Retirement by Laura Beck for GOBankingRates 

OUR TAKE
Remember when your grandparents talked about their Social Security checks like they were golden tickets to a comfy retirement? Well, for millennials, that ship might have already sailed. With the Social Security trust fund looking shakier than a Jenga tower in an earthquake, many young adults are taking matters into their own hands. Millennials like Amy, a 32-year-old graphic designer, and Sam, a 28-year-old teacher, are skeptical about relying on Social Security. Amy says, “I’m more likely to believe in the Tooth Fairy than Social Security being there for me.” With fewer workers supporting more retirees and longer life expectancies, millennials are concerned about their future. Sam compares it to a game of musical chairs, worrying there won’t be enough seats when the music stops. They’re planning their own retirements through 401(k)s, IRAs, and other investments, treating Social Security as a potential bonus rather than a guarantee. As Sam humorously puts it, “If it’s there, great. If not, I’ll still be sipping margaritas on a beach somewhere, goddess willing.”

A Tale of Two Millennials: The Impact of Saving vs. Not Saving by Members Plus Credit Union

OUR TAKE
Millennials fall into two main financial groups: savers and non-savers. Savers are proactive, setting budgets, contributing regularly to savings accounts, and making smart investments early in their careers. This group understands the long-term benefits of financial planning, such as being able to invest in a home sooner and maintaining financial security during unexpected events. In contrast, non-savers prioritize immediate gratification, spending on vacations and luxury items without planning for the future. This behavior often leads to financial instability, delayed major life purchases, and stress when unexpected expenses arise.

A comparative analysis reveals significant lifestyle differences between these groups. Savers enjoy a more stress-free life, with the ability to handle financial obligations and unexpected emergencies. They can buy homes earlier, building wealth through real estate. Non-savers, however, struggle with monthly expenses, delay home purchases, and lack the financial cushion needed for emergencies, negatively impacting their future financial security and happiness.

The long-term consequences of these financial behaviors are stark. Savers can expect a secure retirement, financial independence, and stability for their families. Non-savers face a lack of preparation for retirement, financial dependence, and vulnerability to emergencies. The key lesson is that starting to save early, even small amounts, can significantly impact one's financial future, leading to a more enjoyable and less stressful life.

For millennials, the advice is clear: make saving a lifelong habit, create and stick to a budget, plan for major purchases, and invest early. According to the National Institute of Retirement Security, 66% of working millennials haven't started saving, with only 5% saving adequately. Regardless of current financial situations, starting to save now, even as little as $50 a month, can grow significantly over time due to compound interest. Prioritizing home ownership, leveraging employer-sponsored retirement plans, being smart about large purchases, and seeking professional financial advice are crucial steps toward securing a bright financial future.

Millennials and Side Business Ideas: A Path to Financial Freedom by Mia Garcia, Industry Leaders

OUR TAKE
Millennials are jumping into side hustles like there's no tomorrow, and why not? In a world where your degree costs more than your first car and your paycheck barely covers rent, a little extra cash is a lifeline. So, if you're passionate about knitting quirky hats for cats or have a knack for tutoring kids in math, congratulations! You've got yourself a side business idea. Whether it's freelancing, creating online courses, or selling homemade candles, the gig economy is here to save the day (or at least your wallet).

But wait, there’s more! Not only does a side hustle help you avoid living on ramen noodles, but it also gives you the freedom to flex your creative muscles and build a killer portfolio. Plus, in case you decide your 9-to-5 is soul-sucking, your side gig could be your ticket to a new career. So, go ahead, start that dog-walking empire or become the next Etsy sensation. After all, who doesn’t want a little financial security and a lot more bragging rights at parties? But really, it’s not that simple! What do you think?

Millennials really do have it tougher — compared with 1977 by Erin Arvedlund, StarTribune (“Life decisions are being affected when you don't earn as much, pay more for higher education and put off home purchases longer”)

OUR TAKE
Yes, life is definitely more expensive for America's millennials. They earn about the same as previous generations, but the cost of higher education has skyrocketed, leaving many with significant student debt. Housing prices have also gone up, making it harder to buy a home. All these financial pressures mean millennials have to delay major life milestones and make tough financial decisions. Are you feeling the pinch?

35% of Millennials Would Take a Pay Cut for Remote Work by Jessica Howington

"Financial Freedom: A Proven Path to All the Money You Will Ever Need" is an insightful, motivating, and highly practical guide. Grant Sabatier's personal story and comprehensive advice make it a valuable read for anyone aiming to transform their financial life and achieve true freedom.

The core message of the book is that financial freedom is achievable for anyone with the right mindset and strategies. Sabatier successfully conveys that by focusing on increasing savings, reducing expenses, and maximizing income through various streams, readers can take control of their financial destiny. The book also addresses the cultural obsession with consumerism and advocates for a more mindful approach to spending.

Compared to other personal finance books like "Rich Dad Poor Dad" by Robert Kiyosaki or "Your Money or Your Life" by Vicki Robin, "Financial Freedom" stands out for its modern approach and emphasis on leveraging technology and side hustles to build wealth.

I would highly recommend this book to anyone looking to improve their financial situation, especially those who are new to personal finance. It’s also a great read for young adults starting their careers or anyone interested in achieving financial independence.

"Do not save what is left after spending, but spend what is left after saving." – Warren Buffett