What Millennials Need to Know About Money
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! Here’s what Millennials need to know about money, whether it’s becoming more familiar with investing, saving or more educated about money, there are resources to help us achieve our goals.
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 taken 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? How many respondents do you think said they would use Facebook to access their money? Check it out for more eye-opening responses.
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 allow 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!