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3 Finance Hacks for Millennials

August 30, 2020 Leave a Comment

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Taking a close look at your finances may not be the most fun you can have on a lazy Saturday afternoon. However, if financial stresses are getting you down, taking the time to analyze your spending and saving habits may just yield some lasting dividends. But where do you start?

3 Finance Hacks for Millennials

 

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5 Things Parents Need to Teach Teens about Saving Money

April 3, 2018 1 Comment

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If there’s one huge gift we as parents can give our kids, it’s the knowledge they need to grow up to be financially stable adults.

5 Things Parents Need to Teach Teens about Saving Money

As National Teach Your Child to Save Day rolls around this month (April 20), now is the perfect time to start teaching best practices for savings. And with the graduating class of 2018 about to walk the stage, it’s urgent that parents make sure their teens have the information they need to manage their money.

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Financial Advice to my Younger Self

April 11, 2016 2 Comments

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As far back as I can remember, my parents always stressed the importance of an education. My mother was an English teacher, and my father worked in finance. They came from a 3rd world country, worked hard, and put my brother and I through school.

I love them dearly for that. Many people in this world, including many of my friends, grew up in single parent homes or were not pushed to succeed by parents that stressed the importance of an education. To be sure, many of these same friends who did not have the benefit of encouraging parents still received excellent educations, great careers, and have gone on to start families of their own.

Now, I am a firm believer in education as instrumental to success. I have an undergrad degree and a graduate degree as well. However, I do not necessarily believe that one must get educated and acquire skills through expensive universities. Looking back on the past 15 years or so, I wondered what I would tell my former self with the benefit of hindsight.

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5 Must Do Financial Planning Tasks for New Grads

April 6, 2016 3 Comments

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If you’re a recent college grad with a lucrative job, you may be unsure how to prioritize your spending and investing. Use these tips to organize your current finances and map out a bright financial future.
Now that you’ve landed that big job and are earning a healthy paycheck, you may be unsure how to prioritize your spending and investing — or maybe you’re so happy to be earning money instead of living the student lifestyle that you’re skipping financial planning altogether.
5 Must Do Financial Planning Tasks for New Grads
These simple steps will help you get your finances organized and get you headed down a smart fiscal path.

5 Financial Tasks for New Grads

1. Set Up a Budget

Think you’re earning so much that you don’t need to budget? You might be fooling yourself:
  • 68% of Americans destroy their credit before age 30, according to a 2016 Credit Karma survey. More than a quarter of these young people had to move back in with their parents to recover financially.
  • Of households earning $100,000 or more per year, 40% said their spending was the same as, or more than, their income, according to a Federal Reserve report.
  • 71% of millennials earning $75,000 or more annually said lifestyle purchases like dining out and entertainment caused them to save less than they should, a 2015 Suntrust survey found.
Convinced? Budgeting doesn’t need to be an overwhelming task. Apps like Mint, BillGuard and GoodBudget can track your spending.
Monitoring your money helps strike a balance between spending on the indulgences you want now (renting a luxury loft apartment) and investing for your future goals (owning a luxury retirement home in Costa Rica).

2. Establish an Emergency Fund

It can be tough to motivate yourself to save for a future financial crisis that might not happen, like a layoff or losing your uninsured iPhone, but everyone needs a rainy day fund to help them weather tough times — just in case.
In fact, building up your rainy day savings should be your first financial priority once you start earning a paycheck.
Most people should set aside about six month’s living expenses. Goal Investor’s Emergency Fund Planner can help you quickly run the numbers to see if a six-month cushion fits your situation, and make realistic savings plan to reach your target.
Setting up automatic contributions will build your emergency fund with the least effort. You’ll sleep easier at night knowing you can handle whatever financial challenges life throws at you. You’ll also avoid overspending your way into expensive credit card debt in a financial crisis.

3. Start to Save for Retirement, ASAP

Does a 20-something worker really need to pay attention to retirement planning? Retired workers think so: More than a third of retirees regret that they didn’t start saving for retirement earlier, and suggested the best time to start saving was before age 30, according to an HSBC survey.
We agree the best strategy to maximize your retirement nest egg is to start investing when time is on your side. The earlier you begin preparing for retirement, the more years your investments have to benefit from compound earnings.
Take advantage of your workplace 401(k) or fund a Roth IRA at the very beginning of your career, and spare yourself the added pressure of playing catch-up with retirement savings when you’re older.
Do you have any idea what you might need to invest for retirement? Use our sophisticated Retirement Planner to calculate a target goal.

4. Establish Credit in Your Own Name

If you’re just starting out in the working world, you’ll need to build credit if you ever want to borrow money to buy a house, car or other big purchase.
Start by pulling a copy of your credit report to see where you stand and make sure the information in your report is correct.
Major credit cards like Visa, AMEX or MasterCard, store credit cards, auto loans and student loans help you create a credit history. You may already have some credit history if your parents cosigned a card for you while you were in college.
Now it’s time to apply for a credit card based on your own income and assets. If you’re turned down for a regular credit card, open a secured credit card account, which requires you to make a cash deposit to back up your credit line.
Once you have a credit card, paying your bills on time boosts your credit score. People with excellent credit scores frequently save money because they qualify for the best loan rates.

5. Tackle Student Loans

As a recent college grad, odds are good you’ve got some student loans to deal with. Choosing the right repayment option and staying on top of your payments will get you out from under that debt as quickly as possible, and will build your credit history.
There are actually a number of different repayment plans for federal student loans (as opposed to private loans). The U.S. Department of Education has a handy Repayment Estimator that shows what your monthly payments would be under each repayment option. Consider total payments, too.
Full Steam Ahead
The first chapter of your adult life is an exciting time to explore new opportunities and challenges. Once you get your finances squared away, you can be on your way to a successful financial future.
If you don’t know what you’ll need to invest for retirement, chances are you’re not saving enough. Take care of your future self by creating a retirement investment plan.
About the Author: Janet Stanton Burt of Goal Investor. This information is provided for educational purposes only and is not intended to provide investment or legal advice. SEI does not claim responsibility for the accuracy or reliability of the information provided. 
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Personal Finance for the Millennials – An Infographic

April 2, 2016 Leave a Comment

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Keeping Score: Millenials and Credit

Source: avant.com

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6 Financial Truths Your Kids Should Learn from You

January 7, 2016 6 Comments

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It’s very rare for a school to offer financial courses, let alone require them. Although there are strong benefits from children having the opportunity to learn both at school and at home, the responsibility usually lies squarely on the shoulders of parents. Unfortunately, family financing is not commonly discussed in most households.

6 Financial Truths Your Kids Should Learn from You

On money matters, parents may sometimes say they’re tight on cash, or that they’re saving, but if a family budget happens to exist, it’s not something kids are exposed to. As a whole, Canadians now owe $1.57 trillion, a figure that works out to more than $20,000 per person. Debts are climbing across the board, and the behaviors that have caused this are being installed as normal in today’s generation.

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Golden Tips to Help You Raise Financially Responsible Children

October 28, 2015 3 Comments

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I love my children and I want the very best in life for them. I want them to avoid making the same mistakes as I made. I want their future to be brighter and fuller of opportunities than mine was. I want them to live healthy, happy and properly balanced lives.

Raising Financially Responsible Child

And I am more than certain all parents out there are the same.

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Millennials Are Unprepared For Retirement – Infographic

July 8, 2015 4 Comments

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Maybe it is this generation’s record-breaking student debt, or maybe it’s the trend of getting married much later in life, but millennials are known for putting off adult responsibilities. The generation is pushing back the big financial decisions in life, like buying a home and establishing a viable retirement plan.

How Millennials are Unprepared for Retirement

A new survey[1] from the Indexed Annuity Leadership Council (IALC) reveals that 37% of millennials say they have no money for retirement, and 24% say they owe more than they’ve saved. So, clearly millennials are unprepared for retirement!

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5 Simple Money Saving Tips for Young Couples

April 1, 2015 3 Comments

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Taking bad financial decisions in your 20’s and 30’s can have a huge impact on your long-term goals. And when you’re in a relationship, budgeting and saving money can go for a toss.

Finance for young couple

But you needn’t fret about getting into a relationship just because you have goals to meet. Saving money while being in a relationship isn’t difficult and if you go about it the right way, you and your partner are bound to succeed!

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11 Quick Fire Financial Advise For Young Ones Starting Their Independent Life

January 26, 2015 8 Comments

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Imagine a 20 something just starting their work life after finishing college education. He/she would have loads of student loan to repay, a successful career to start, tons of financial decisions to make and lots of dreams to live for. Well, everything would become smooth and easy if they follow the below guidelines.

Financial success for young

Remember how you achieved the academic success? I am sure it’ was due to your intellectualism and hard work. Guess what? Financial success can be achieved by exactly those two qualities you possess. Having success is a mind game, a game you play against yourself.

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