Debunking Myths About Millennials and Our Finances!

Debunking the myths around millennials and money

 

Millennials have a bad rep in the press, especially when it comes to money. In a financial climate that makes it harder than ever to buy houses or get a decent job, there are countless stories about how we could afford those things if we just stopped wasting all of our money on avocados and Starbucks. Another one that grinds my gears, maybe we’d get paid more money if we weren’t so lazy all of the time. All of these financial myths are damaging for a number of reasons; firstly, they paint our generation as a bunch of “workshy” freeloaders that complain about having to put in that work. It’s important that we debunk these myths and paint a clearer picture of the financial world for us.

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Millennials Are Always Going To Be In Debt

A lot of people in older generations will say that millennials will always be in debt as long as they carry on their frivolous spending habits. I think many of us believe that the financial system is stacked against us so on one hand hand we’re like forget it, but deep down, this is what keeps us up late at night stressing!

While the system doesn’t always work for us, that doesn’t mean we have to resign ourselves to a lifetime of debt, it just means we have to be a lot smarter with our spending.  If you’re already in debt, the best way to pay them off is debt consolidation. This was the best decision I made with reducing my credit card debt and the interest rate! When you’re trying to live on a strict budget, having payments spread all over the place makes it a lot harder (and easier to miss a payment), but combining them into one simple repayment, is far more manageable. Once you’re debt free, you can look further into reducing other major living expenses to live the lifestyle you want.

The only debts that we may be living with for 5+ years are student loans, but those are not a result of bad spending habits. For most people, getting an education is an investment into your future even if you aren’t presently working in your ideal field. 

Millennials Don’t Want To Work

This is the worst myth about our generation and one that is completely mind boggling. If millennials didn’t care about working, we wouldn’t spend years going through higher education and building up huge debts so we could find better jobs. Even after graduating, a lot of us have to work for free as interns to get the experience we need to further our careers. That’s a lot of effort and sacrifice for a generation that is supposedly lazy and doesn’t care about work. I think this is also where many millennials participate in courses and invest into starting their own businesses. For many of us, working in a traditional workplace is not our cup of tea. It doesn’t mean we don’t want to work, we would prefer to just work for ourselves! #girlboss

Millennials Don’t Plan For The Future

Millennials simply don’t have as much disposable income to put into savings as our parents did when they were our age. However, we’ve learned to live on a far tighter budget so we often have better money management skills which means ONCE we start earning decent income, millennials are often more likely to have good savings habits. Have you ever made $5 last until payday? Seriously, that is impossible hard!

What are some crazy millennial myths you’ve heard or read about ?

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