Wealth Management Tips for Millennials
This is a guest post by Rachael Harper is the Content Marketing Strategist of Bennett & Porter
Millennials are a generation focused on career goals, financial stability, and personal success. They are passionate and dedicated to protecting their finances and securing their future in whatever way they can.
While technology has allowed millennials – and practically everyone – to take advantage of online resources for financial management, too many apps and platforms can confuse them. One can invest in cryptocurrency while also taking risks in virtual trading platforms, which can be chaotic if one is not familiar with wealth management.
When money does not come in, what should one do? When too much money comes in, how can one sustain it? These are questions with answers that can spell financial success or disaster, which is why millennials need to develop a wealth management plan before diving headfirst into any financial activity.
If you’re a millennial looking for a jumpstart in wealth management, here are some tips and suggestions to help you out.
1. Learn how to budget your money.
Managing your finances depends largely on knowing how much you are earning, spending, and saving. Budgeting your money will help you determine if you’re saving enough, how much you need to set aside, and what you need to spend less on.
There are budgeting tools and apps online that you can use, or you can do it the traditional way and write your budget on paper. You can also use Excel Spreadsheet if you are comfortable with it. Make sure that you have a column each for income, your various expenses (including utility fees and emergency money), and savings.
Income pertains to money you earn from your job, a reward, bonus, a tip, a gift, and even an inheritance. Basic expenses include food/groceries, utility, transportation (if you don’t have your own car), and rent/mortgage. You should also have a column for emergency expenses, which will come in handy when you have to go to the hospital or visit the doctor, when your car breaks down, or when you get hit by a storm.
You can also designate a column for shopping and entertainment. Setting aside a particular amount for leisurely activities is better (and financially safer) than taking chances and overspending.
Under savings is where you should enter money that you set aside for the future. Typically, people divide their money according to their expenses, and then whatever is left is kept as their savings.
Having a budget, and following it, is crucial especially if you live from paycheck to paycheck.
2. Pay off your debts and avoid incurring debts again.
Having debts is normal. Practically everybody has debts at least one point in their lives. What’s not normal that’s supposed to be normal is paying off these debts.
If you want to straighten your finances, you have to learn to pay off your debts. You don’t have to pay all of them right away; you can do it slowly but surely. You should start by paying off student loans (if you have one) or credit card debts, whichever has the higher amount and interest.
If paying off debts is still a bit difficult this time, you have an option to apply for repayment schemes. Just be sure that your monthly payments are within your budget (i.e., not over your financial capacity).
For your credit card debts, be sure to pay off the balance in full, not in small amounts. Also, when you charge something, make sure that you can pay it in full when you get the bill. If you can’t, you shouldn’t make the charge or find something that’s more affordable.
Why EVERYONE Seems To Have More Money Than You
Have you ever felt frustrated watching others around you seem more successful? Maybe they’re driving brand-new cars, taking lavish vacations, or sharing perfectly curated moments online, while you’re focused on paying off debt or sticking to a budget. It’s easy to feel like you’re falling behind, but here’s the truth: things aren’t always as they seem.
Many of those impressive lifestyles are funded by debt or come at the cost of time, energy, and peace of mind. Meanwhile, your intentional choices—living within your means, prioritizing your goals, and staying true to your values—are building something far more meaningful than appearances: real financial freedom and a life you love.
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3. Learn how to invest wisely.
Invest in what you believe in, such as environmental projects, societal organizations, or any movement you support. Investing responsibly is investing wisely because you are doing something you like for something you care for. It’s a sustainable investment.
If your investment focus is in a different direction, find a financial consultant who can help you explore your options. What is important is for you to properly weigh youroptions and invest in a project, organization, or company that you believe in.
It is also good to invest in mutual funds, mostly low-cost investments that can give you significant rewards in the future or when you retire. Ideally, you should go for mutual funds that come with no more than 1% in charges.
Lastly, do not invest in something just because your friend or neighbor did.
>> Check out my Investing for Beginners videos on YouTube!
4. Get insurance coverage.
Choose from various insurance types – home, life, health, accident – get one that you believe will protect you and your loved ones. You won’t have to worry about expenses if an accident or something unexpected happens. Your insurance policy will cover your financial responsibilities in such incidents.
Aside from following the tips and suggestions above, you should also set an appointment with a finance expert who can help you create a good wealth management plan.
More Ways To Save:
Here at Freedom In A Budget, I am all about saving money! Here are some of the EASY ways that I save money:
• CIT Bank offers high interest savings accounts and CDs to provide a safe, secure way to earn money grow your savings.
• Fetch Rewards is a free grocery savings app that rewards you just for snapping pictures of your receipts. That’s really it. Free gift cards on groceries on thousands of products every day, no matter where you get your groceries. Just scan your receipts and get gift cards from places like Starbucks, Target, Ulta, Applebees. Use code QHKBH to earn 2,000 points ($2)!
• Rakuten/Ebates: Rakuten is my to go way to earn Cash Back from over 2,500 stores like Macy’s, Amazon, Sephora, Walmart and much more. Join Rakuten today for free, and you’ll get a $10 Cash Bonus to get you started! Every three months, you’ll get a Big Fat Check in the mail or a PayPal payment just for shopping.
• M1 Finance is an easy to use brokerage platform that allows you to invest in Fractional Shares and auto reinvest!
• Budget Templates: Excel budget templates with pre-populated categories and formulas to keep you on track with hitting your financial goals.
Rachael Harper is the Content Marketing Strategist of Bennett & Porter, a wealth management and insurance firm based in Scottsdale, Arizona. When not writing, she makes use of her time reading books and playing bowling with her family and friends.
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