It can be a rude awakening when young adults are given complete control over their own money for the first time. Most millennials are now in their 20s and 30s when many people make big financial decisions like buying a house or figuring out how to invest for the long term. If you’re from this generation and need to learn more about money for millennials, read this advice from the Forbes Finance Council.
Sign Up for Online Classes
Given that millennials like technology, I suggest they take courses in introductory economics, accounting, and capital markets from Coursera, Udemy, or other similar sites. The classes are cheap, easy to understand, and even fun. They are the best way to stay up-to-date on any topic, including finance, that you are interested in. – Gabriel Grego, Quintessential Capital
List Out your Expenses
The Millennial generation is brilliant; moreover, they need more experience. I suggest they immediately generate a list of all of their monthly expenditures. Involve their parents in this endeavor. After totaling the costs, they should ask themselves, “How am I going to pay for all of this?” This is the initial step toward enhancing financial literacy. – Amir Eyal, Mylestone Plans LLC
Investigate Passive Income Opportunities
Sadly, schools, colleges, and universities do not provide adequate financial education. Additionally, many parents need help in this area. Most people spend their whole lives working for money; however, it is feasible to discover how your money may work for you so that you can eventually replace your “job” income with passive income from investments. Dmitriy Fomichenko, Sense Financial Services LLC
Recognize The Effects of Your Credit Score
Entrepreneurial-minded Millennials must recognize that their credit may determine their capacity to get working capital. It can be challenging to obtain financing approval when a borrower’s a low credit score. Students must learn how to read a credit report, monitor their credit score, and comprehend the factors that influence it. – Ben Gold, QuickBridge Funding
Consult With a Trustworthy Mentor
There is a wealth of information on the Internet to support a self-help strategy. However, consulting with someone you know and trust is vastly superior. Their most relevant insights are frequently suited to your needs. Find an individual you consider a mentor and bounce questions and ideas off them. – Ross Garcia, PREI Capital Group, and Divorce Mortgage Consultants
Keep Track of Everything To Get a Complete Picture of Your Money
Everyone should have a fundamental understanding of their income, expenses, assets, and liabilities. People should manage their cash flow just like businesses do. Some tools connect your bank, credit card, and other accounts to help you make sense of your finances. Many of these tools are free. Mint, Quicken, and Personal Capital are some of the more well-known ones. Atish Davda, EquityZen’s
Start Saving
If millennials develop the habit of saving, they will seek opportunities to invest or spend their resources on something they have always desired. With the current availability of information and millennials’ familiarity with Google, they will begin to educate themselves on numerous financial solutions. In addition, students should be confident in making mistakes and losing money, as this will expand their experience. – Deepak K. Kedia, Motorola Solutions
The 2019 National Survey on Financial Literacy and Inclusion (SNLIK)
