1100x720
admin October 7, 2015 5,284 Comments

Millennial! Another of those media driven buzzwords, used to label those between the ages of 18 and 34, while the term Gen Xers define those between 35 and 50 years of age. Boomers, the group to which I belong, are those 51 through 69. This post covers 8 key pieces of advice I proffer to this generation.

Challenges millennials face today are different from the challenges my generation faced, chief among them, crushing student loan debt.

I hate millennials … well, not really. I ENVY them! I envy them because they have their entire lives ahead and I’m looking at mine in the rear view mirror. I hate them because, like all young people, they are ignorant—not stupid, but ignorant. They refuse to learn from the mistakes previous generations have made and many refuse to learn from the successes. But hate is the wrong word. How about profoundly disappointed?

I’m not a sociologist, psychologist or anthropologist. Therefore, I have no academic insights into the reasons young people so often refuse the advice of their elders. All I know is—they do! And like those that have come before me, I continue to offer my advice and counsel, secure in the knowledge that it will rarely be acted upon. As a millennial, you will have your opportunity to have your own look into your own rear view mirror one day. When you do, remember these:


#1 Start early!

Now is the time to start saving and investing. For example, if you invest $5000 each year from the time you are 25 years of age, you will have over $1 million at age 65. If you put $5000 per year in a mattress, you will have only $200,000. This illustrates the power of investing and compound interest.

#2 Conquer your fears!

Forty percent of millennials surveyed are uncomfortable with investing in stock. This is a fear you need to conquer. For almost 8 decades, stocks have returned more than 10% gains when held over any twenty year period. Bonds, in contrast, have yielded about 4%.

#3 Tune in, turn on and don’t drop out!

Shockingly, about one-third of those between the ages of 25 and 34 do not participate in their employer’s 401(k). Tune in to the benefits your employer offers, turn on the payroll deduction and don’t drop out of the plan. Need a reason? Ten years of savings beginning at age 25 trumps 30 years of savings started at age 35.

#4 Guard your credit score.

Always pay on-time. Carry three or four credit cards but use no more than one or two. A good credit score will save you thousands in interest costs over your lifetime.

#5 Buy previously owned cars.

Want that new car smell? It comes in a spray bottle for $6.99. Buying a second-hand car will save you $9000 over a 5 year period. Avoid buying someone else’s problems by targeting off-lease vehicles. Lease agreements mandate proper maintenance and leasing companies charge the lessee for needed repairs. This removes the financial barrier for leasing companies to repair the problems and enhances your odds of getting a trouble free vehicle.

#6 Watch your pennies!

In short, be thrifty. If you watch the pennies, the dollars will take care of themselves. Your $4, four times a week, Starbucks latte racks up $16 of budget drain each week. Over thirty years that represents about $25,000 that you have quite literally pissed away. Don’t let anyone tell you different. And remember—that doesn’t include any gains you may have enjoyed by investing that money!

#7 Open an IRA account.

There are two types of IRAs, the conventional and the Roth. The conventional IRA is funded with pre-tax dollars. This can save you Federal income tax expense. You will be taxed on this money at withdrawal, but you will likely be in a lower tax bracket at that time. The Roth is funded with after-tax money. As a result, there is no immediate Federal tax relief. However, when you withdraw it, you won’t have to worry about Federal income taxes. Get one of each and cover all your bases.

#8 Set Goals!

If you don’t set goals, you are playing the game but failing to keep score. Goals are the destinations on your financial map. Goals force you to watch the road and keep you from making wrong turns.


Look! I get it! The challenges millennials face are different from the challenges my generation faced, chief among them, crushing student loan debt. Although the challenges faced may be different, the solutions are time-tested and as valid today as they were decades ago.

So I’m passing the baton to you. You can drop it or run with it. Your choice!

Are you willing to take advice? If not, why not? What would motivate you to take action on the tips you’ve read here? Would you be interested in ten more tips for millennials? Whose advice do you trust?

Post from Your Finances Simplified

— 5,284 Comments —

  1. My spouse and i were so glad when Chris managed to conclude his analysis by way of the ideas he made out of your blog. It’s not at all simplistic just to always be giving for free things which usually other people have been trying to sell. And we also take into account we now have the writer to thank for that. All the illustrations you’ve made, the straightforward blog navigation, the relationships your site help to create – it’s most excellent, and it is aiding our son and the family do think that article is awesome, and that’s particularly pressing. Thanks for the whole thing!

  2. Hey there just wanted to give you a quick heads up.

    The words in your post seem to be running off the screen in Safari.

    I’m not sure if this is a format issue or something to do with internet browser compatibility but I
    thought I’d post to let you know. The layout look great
    though! Hope you get the problem resolved soon. Many thanks

  3. I have been browsing on-line more than 3 hours these days,
    but I by no means found any interesting article like
    yours. It is beautiful worth sufficient for me. In my view, if
    all site owners and bloggers made just right content material as you probably did, the net will likely be much more helpful
    than ever before.

  4. Wow! This can be one particular of the most useful blogs We’ve ever arrive across on this subject. Actually Great. I’m also an expert in this topic therefore I can understand your hard work.

  5. I’ve been browsing on-line greater than 3 hours these
    days, but I by no means found any attention-grabbing article like yours.
    It’s lovely price enough for me. In my
    opinion, if all web owners and bloggers made just right content material as you did, the internet will probably be a lot
    more useful than ever before.

  6. Its such as you learn my mind! You appear to know so much about this, such as you wrote the
    book in it or something. I think that you just could do with some p.c.
    to force the message home a little bit, but instead of that, that is wonderful blog.
    A great read. I’ll definitely be back.

  7. Greetings from Ohio! I’m bored to death at work so I decided to
    browse your blog on my iphone during lunch break. I really like the
    information you provide here and can’t wait to take a look when I get
    home. I’m amazed at how fast your blog loaded on my cell phone ..
    I’m not even using WIFI, just 3G .. Anyways,
    amazing blog!

  8. Greetings! Very helpful advice within this post! It’s the little changes which will make the biggest changes.
    Thanks a lot for sharing!

  9. Greetings! Very useful advice in this particular article!
    It’s the little changes that make the most significant changes.
    Many thanks for sharing!

  10. You made some really good points there. I looked on the internet for more info about
    the issue and found most people will go along with your views on this website.

  11. Howdy just wanted to give you a quick heads up. The words in your post seem to be running off the screen in Firefox.
    I’m not sure if this is a formatting issue or
    something to do with browser compatibility but I figured I’d post to let
    you know. The design and style look great though! Hope you get the problem fixed soon. Thanks

  12. It’s the best time to make a few plans for the future and it’s
    time to be happy. I have learn this submit and if I may I wish to
    suggest you some attention-grabbing issues or suggestions.
    Perhaps you could write next articles referring to this
    article. I want to read even more issues about it!

  13. In the interest example, it resolve again compel sense for someone earning $50,000 [url=http://bit.do/garofirg]gagner de l’argent en ligne[/url] a year without a corpulent portfolio to renounce an investment advisor altogether, unless there are some behavioral advantages that about to ameliorate outcomes or the convenience is merely advantage it, as it is to profuse people, instead opting in compensation a handful of well-selected, low-cost ratio funds.

  14. It tests for delayed reactions. viagra canada https://footstepsunltd.com/ cost of viagraGetting colonoscopy screenings as recommended after age 50 is the best way to ensure colorectal cancer is caught in its earliest stages, or before precancerous polyps develop into cancer. Panic attacks that include only one or two symptoms, such as dizziness and heart pounding, are known as limited-symptom attacks. Restoring blood flow is the key to keeping heart tissue alive and healthy.

  15. Impulse magnetic-field therapy for migraine and other headaches: a double-blind, placebo-controlled study. buy viagra online no prescription http://kaeviagraon.com/ lowest price viagraCT scan: An x-ray machine linked to a computer takes a series of detailed pictures of your head. As mentioned above, these occur if the virus reactivates from time to time – similar to cold sores. Many patients who suffer from anxiety disorders have features or symptoms of more than one disorder.

  16. I’ve recently started a blog, the info you provide on this web site has helped me greatly. Thanks for all of your time & work. “Cultivation to the mind is as necessary as food to the body.” by Marcus Tullius Cicero.

  17. He ate Beneful since he was a puppy. viagra without prescription https://saresltd.com/ buy cheap viagraI immediately went to the doctors who done a blood test and sent me for a scan. The usual dose is 500 mg two to three times daily. Exercise also helps to decrease the risk of osteoporosis by strengthening the bones and may assist in reducing the severity of menopausal symptoms such as hot flushes.

  18. A breast examination is a routine part of a physical examination. buy cheap viagra http://ekioviagencm.com/ viagra online pharmacyWhat are the symptoms of the flu versus the symptoms of a cold? The killed vaccine contains virus that has been inactivated or killed using either heat or chemicals. In other words, a brain tumor composed of benign cells—but located in a vital area—may behave in a malignant fashion.

  19. Endocrine therapy uses medicines to block certain hormones. buy viagra online without prescription http://alecdviagajafuk.com/ generic viagra rxThe recommended number of links is between 4-8. Therefore, “a sign ceases to be a sign when you cannot read it”. The vaccine works by activating the immune system against all cells expressing the antigen.

  20. Taber’s Medical DictionaryTo view this definition, please sign in or purchase a subscription. viagra sale online https://ouarzazatefilmcommission.com/ real viagraNow bosses at the Nottingham University Hospitals NHS Trust have admitted they “did not listen with sufficient attention” and that they must embrace the “internet age”. After surgery for colon cancer, testing can be useful in monitoring treatment and detecting recurrence. Reply Alert moderator Privacy protected : 08 Sep 2014 11:09:03pm Listening to this discussion was a disappointing experience.

  21. Woah! I’m really loving the template/theme of this site. It’s simple, yet effective. A lot of times it’s difficult to get that “perfect balance” between superb usability and appearance. I must say you’ve done a very good job with this. Also, the blog loads extremely fast for me on Firefox. Outstanding Blog!

  22. wh0cd174310 [url=http://flagylmedicaid.doctor/]flagyl[/url] [url=http://tadacipmedicaid.doctor/]tadacip[/url] [url=http://ventolin2018.video/]ventolin[/url] [url=http://buspar2018.press/]buspar[/url] [url=http://zithromax365.host/]zithromax[/url] [url=http://tetracyclinemedicaid.doctor/]tetracycline prescription[/url] [url=http://elimitemedicaid.doctor/]elimite[/url]

  23. wh0cd391110 [url=http://colchicine18.live/]colchicine[/url] [url=http://medrolmedicaid.doctor/]medrol[/url] [url=http://cephalexin365.press/]online keflex[/url] [url=http://prozac365.press/]prozac for sale[/url] [url=http://vasotec.video/]vasotec[/url] [url=http://vardenafil2018.video/]vardenafil[/url] [url=http://levitra2018.video/]levitra[/url]