5 scary things millennials do with money
As the title suggests, I’m talking to you, Millennials; however, Baby Boomers should also listen up to those scary things Millennials do with their money. The good news is that it’s not all doom and gloom, so let’s start with the encouraging report. Millennials are budgeting… sort of. And, you are doing better than we Baby Boomers have done. The unfortunate news is that we set the bar so low; we are not the generation to emulate. T. Rowe Price released a study in June 2015 revealing that, “More millennials than baby boomers track expenses carefully (75% vs 64%) and stick to a budget (67% vs. 55%). Okay, that is the good news; now for the scary news.
The Scary Mistakes Millennials Make:
Mistake #1: Too Much Debt
Millennials ran up huge student debt, a major “ball and chain” for this generation. A recent Allstate/National Journal/Heartland poll noted that, “…nearly three-in-10 young people who define themselves as just starting out cited paying off student loans as their biggest financial challenge…”continue reading »