Millennials: Reach For The Stars

Millennials; Born between 1981 and 1996, there’s a 15-yearspan of ages, experiences and backgrounds. You could be a 38-year-old career woman living in the heart of Melbourne, or a 23-year-old mother of three from rural Victoria who drives a bus, and still come under the same millennial umbrella.

No matter what your story is, good finances are the key to an easier and more enjoyable, stress free life.

Learning good financial skills when you are younger could mean you’ll be in a very different place later. The basics of financial literacy are so important to learn when you’re starting out in your career, not just when you have some savings tucked away.

According to finance advisor experts, Deloitte, the total net worth of millennials in the world is expected to range between $US19 and $US24 trillion this year. 54% plan to start their own business and 27% are self-employed, around half of millennials own their own home and more than 40% have a degree. That’s a lot of potential!

You may be surprised to learn that over two thirds of wealthmanagement clients are aged over 60 and only 28% of millennials

“78% of millennials feel pressure between planning for present and future financial responsibilities.”

said they’d be willing to spend the time required to get the advice. The younger generation is just not engaging at this level.

Research from Northwestern Mutual shows that 78% of millennials feel pressure between planning for present and future financial responsibilities. And more than a quarter, an estimated 28%, are feeling so much financial anxiety that it impacts their work.

So, why aren’t millennials looking after their financial future?

78% of millennials feel pressure between planning for present and future financial responsibilities

Millennials aren’t saving enough for retirement, in some cases because many employers don’t provide such benefits for employees who don’t work fulltime or have sufficient tenure on the job.

What can you do?

Practicing some essential selfcare and learning more about your finances can help you get there.

Pay attention when you experience financial anxiety — and to what your body is telling you. Next, use those cues to help you hone in on practical solutions for your stress.

Do you lose sleep when your student loans or credit card bills are due? Maybe it’s time to set these on autopay, or to create a budget calendar that ensures you’ll have enough in your bank account at this critical time of the month.

Do your hands get clammy when you make a purchase, or do you feel so overwhelmed when you think about your debt that you choose to ignore it, instead? That’s when it’s time to start being honest with yourself about

“Learning good financial skills when you are younger could mean you’ll be in a very different place later.”

your financial reality — starting with an assessment of what you can afford, and what steps you’ll need to take in order to get on track.

The essentials of good money management — creating a budget, automating payments, shifting your money mindset toward smarter financial choices — can help alleviate most cases of financial anxiety.

If financial anxiety is really making your life miserable, then it’s time to get help. Some anxiety (and financial difficulty) is so significant as to warrant help from others. Let your trusted friends and family know that you need support.

Focus your social media use on those in your network who also practice good money habits — and not the lavish spenders, who may be up to their eyeballs in debt. Most importantly, consult a financial professional to help you create a plan, and get a hold on your money stress.

Seek help from your college’s financial aid office, student loan servicers. a friend or parent’s financial advisor, or free credit counseling services can all offer free or low-cost financial counseling to get you on track.

What difference will it make?

Gaining control over your financial freedom can make a significant difference in your financial situation guiding the actions you do or don’t take-with regard to changing legislation, how you hold your assets (financial structuring), tax-saving opportunities, your level of wealth and personal protection, fluctuating interest rates and how and when you pay off your home.

Research by the Financial Services Council showed people who received financial advice were almost $100,000 better off at retirement.

Relief and reassurance that you now have a financial strategy in place

Confidence and satisfaction that you are making the most of your situation and a professional is looking after your interests

Peace of mind that you can sleep at night knowing you are on the right track.

In a nutshell, this is your money! You can create an amazing future for yourself if you start working on it today.