While many Millennials have changed the world (i.e. Mark Zuckerberg: worth $71 billion according to Forbes), the majority are struggling with debt, living home longer and marrying later.
It is not easy to be saddled with debt while making $30,000 and wanting to live comfortably, enjoy life and even vacation.
But keep in mind that you can retire a millionaire with simple savings. $50 takeout meal once a week adds up to $2,600 at the end of the year, which makes a great vacation for two.
The team at BusinessStudent.com put together 8 Awesome Money Tips for Millennials.
The tips include:
· How to Get Out of Debt: Paying double digit interest on that credit card will cripple you. Transfer your high interest debt into a 0% credit card, so all your payments reduce the principle instead of servicing the compounding interest.
· How to Avoid Lifestyle Inflation: Graduates can go from eating Ramen noodles with four roommates to needing an apartment, car and a work wardrobe. The best way to save is to live on last year’s budget. The first year out of college will seem rough but as your salary increases make sure your lifestyle is based off last year’s salary. This will get you in the habit of saving for emergencies of the Greek islands.
· How to Retire a Millionaire by Saving: The average home wastes $50 in food per month which adds up to $75,000 in 30 years. One $40 night out per week adds up to $259,551 and maximize your 401K especially if the company matches.
In general, the key is to think long-term. The sooner you start saving and investing, the better off you will be.
Feel free to view all tips from BusinessStudent.com and the 8 Awesome Money Tips for Millennials.
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