According to the study, millennial sacrifice their savings for retirement. Of the 36% who have an account for retirement, 31% have applied for a loan or taken money from that account.
Currently, 85% of older adults do not get to retire and end up depending on their children or living in extreme poverty. The reason why this happens is that they did not manage their money properly.
If this is not very encouraging, imagine what could happen to you contemplating that many millennial do not want to have children (who is going to keep them!?). What you have left is extreme poverty. The situation is complex. The reality is that everything depends on what you do now.
Learn from an expert
Despite the financial problems in which this generation finds itself, according to a study, visit homepage millennial do not seek financial help (they try to avoid the problem … and the reality). Only 12% seek help on debt management and 27% on savings and retirement.
The reality that you can learn to manage your personal finances, you can live the lifestyle you want and all you need is to learn.
What can you do?
You can start at several levels (the important thing is to start), but it is recommended to have information about personal finances, from knowing what is inflation? to manage your credit card like a professional and even better, how to multiply your money without effort.
Loans are an obligation but also an opportunity
If you had to resort to a loan to finance your academic training , as does 60% of the US student body, the payment of the loans begins six months after graduation. This can affect your liquidity, especially if you consider that the first jobs after graduating do not have large salaries … However, the positive side of this situation is that if you pay your fees in a timely manner, this improves your credit and increases your chances to obtain credit cards, low-interest loans, a mortgage …
To improve your credit,
What you should do is find out everything you can about your financial situation and calculate the monthly payments to pay for the loan. Make a payment plan and try to start organizing at least two months before paying the first installment.
Prioritize the payment of your debts
If you have outstanding debts on the credit card, remember that these expenses do not offer any kind of flexibility, unlike student loans, so you must necessarily try to pay them off quickly. Once you’ve done it, try not to use the card again unless it’s an emergency. The money that you do not pay in the interest of the card you can dump it in other things.