If you were born between 1980-1996, congratulations! You’re a millennial!
Financial lessons are often aimed at us millennials. And it’s no surprise when you consider the harsh economic environment we’ve had to start life with – crashing stock markets, a loss of financial confidence, less jobs available and a soaring cost of living. But coming of age in this environment has also taught us huge amounts about resilience, flexibility and perseverance.
We know things about money and budgeting that we can teach the rest of the world, too.
While preceding generations have centered their financial ambitions around ownership – of houses, of cars and of other assets – millennials have been largely excluded from this, and have responded by turning the whole concept on its head. Why should you need to own, when you can get far more flexibility and economic benefit in other ways?
Millennials have read enough creditrepair.com reviews to understand that large asset ownership may be out of the question. Instead, they have overseen the rise of services such as car sharing services (click here to use my code and start earning money with Lyft, get a $500 bonus when you sign up!) co-operative purchasing of housing and other ‘part-time’ assets, which gives us a huge amount of freedom.
Using Innovation To Manage Finances
The days of the built environment financial institution are numbered as millennials are born digital natives and are using technology platforms to revolutionize how money is managed – on the go and available any time.
Using money management apps to monitor for cash, savings and investments, trading online digitally and using price comparison sites to shop around for the best deal on purchases are all absolutely lessons that other generations can benefit from as well.
Freeing Up Housing Costs
When the price of housing largely excludes a whole generation, they have to find other ways and means than simply purchasing their own place without thinking. Millennials are opting to minimize housing costs and prioritize experiences over property.
Many simply live in the family home for longer than previous generations, freeing up funds for savings or paying back student loans. There has also been a rise in new forms of housing payment such as property guardianship, co-operative mortgages between friendship groups and sub-letting or part-time occupation as creative solutions to the problem.
Creating a Portfolio Career
The days of working one steady job are gone and clever millennials have worked around this by developing a lifestyle which often comprises multiple jobs (what we like to call – “side hustles”) in order to boost their income streams and give them flexibility.
Not relying on the traditional jobs market, millennials are leveraging their own creativity and the power of the internet to forge their own businesses, often run in tandem with an employee day job. We are nothing if not hard working, although the culture of presenteeism has been overturned in favor of an always-on, work from anywhere approach that accommodates areas of multiple focus.
Developing a portfolio career at least ensures that all your eggs are not in one basket, and that if one income stream diminishes or disappears, there are other avenues available to balance the books. This level of resourcefulness balances out the precarious nature of external financial factors.
Folks can be hard on us millennials sometimes but we truly are the generation that has changed the course of our economy…for the better!
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