Good news – it seems the world is finally getting to know us. There is now a plethora of Millennial-focused studies, articles and apps that cater to our vast, diverse generation and rightfully so, as there are more than 80 million of us in the U.S. alone!
That’s why this week I look at innovative solutions to financial challenges our generation faces. Whether it’s becoming more familiar with investing, saving or more educated about money, there are resources to help us achieve our goals.
What is the hardest financial challenge for you to overcome as a Millennial? Tweet your challenges or solutions to me, @MadNerdist. Don’t forget to explore our blog where you’ll find helpful information such as whether Boomers or Millennials are better at saving and what steps we should take now to prepare for retirement.
This Money article goes beyond the typical “start saving early” tip that we have all heard. Instead, the piece gives actionable steps we can be taking to retire with a healthy nest egg, such as allocating our portfolios heavily toward stocks. The real gem in this article is the warning to avoid investments laden with fees we may not have even known existed. It’s time to stop wasting our money and start putting it to work for our Future Selves!
Ever wonder how your friends viewed money, but couldn’t figure out how to ask? You’re in luck because this recent Capital One survey, entitled Millennial Mindset on Money, asks for us. The study looks at some important questions about finance and privacy, security, personal relationships and technology—basically everything we care about. For example, did you know more than 14 percent of those surveyed said being a money moocher is a deal breaker when it comes to romantic relationships? Check it out for more eye-opening responses.—How many respondents do you think said they would use Facebook to access their money?
You probably heard something about the Federal Reserve raising interest rates in December, but didn’t know how it applied to you. This Money article breaks down exactly what this rate increase means for us and offers smart moves to make in the current financial environment. Paying down debt, being proactive with our savings and actively seeking new career opportunities are just a few ways we can utilize the Fed rate hike to our advantage.
Finally, there is a financial management app designed specifically with our needs in mind! In a world where we are faced with mountains of student debt and a high cost of living, it’s easy to feel like we just don’t have extra money to be investing. Acorns allows us to take our spare change from everyday purchases and invest it into one of five diversified portfolios. As an added bonus, we can make unlimited deposits and withdrawals at no cost so our money can be flexible with our unpredictable needs. Acorns is a free app to download, and it costs as little as $1 per month to maintain. Good news students – it’s free for you!