Broker Check
Millennials: 5 must-know $ tips for anyone your age

Millennials: 5 must-know $ tips for anyone your age

April 26, 2024

As a millennial, you likely had a front-row seat to the 2008 Great Recession, fought through the COVID pandemic, and are now attempting to stay afloat amid high-inflation rates. 

This economic rollercoaster has left many your age with a bigger debt load and slimmer wallets than older generations. In fact, the credit card balances of those your age are climbing faster than any other. Check out the chart.1

Chart of Credit Card Balances by Generation

While you can’t change the economy, you can take charge of our financial destiny with some savvy money moves. 

Here's how to kickstart your journey toward a solid financial future:

  • Tackle High-Interest Debt: Press pause and zoom in on knocking down high-interest debt (yes, including credit cards). These rates are no joke and can turn a molehill into a mountain real quick.
  • Diversify Your Income: Start thinking more about a side hustle that taps into your talents or diving into dividend-paying stocks. Extra income streams could be a game-changer for managing living costs, slashing debt, or boosting your retirement stash.
  • Emergency Fund: Life loves throwing curveballs, whether it's a surprise car repair or an unexpected job twist. Aim for a safety net that covers three months of living expenses to dodge the debt trap.
  • Smart Tax Moves: Maximizing your money involves some tax wizardry, too. Leveraging tax-friendly accounts like 401(k)s, IRAs, and HSAs can supercharge your savings. You can also benefit from understanding tax write-offs and deductions that apply to you.
  • Financial Guidance on Speed Dial: Staying ahead of financial trends and regulations can feel like a full-time job. Teaming up with a financial professional like me could be your secret weapon in navigating the money maze.

Ready to turn your money-saving goals into reality? Schedule a meeting on our website, https://www.bdafinancial.com/schedule . Together we can craft a financial strategy that's as unique as you.


Sources:

1. https://www.experian.com/blogs/ask-experian/state-of-credit-cards/