Search Results for: millennials

It's no secret that the older you get, the wiser you become, right? So as the youth grows up into young adults with financial responsibilities, of course, their elders are going to be there to guide them in the right direction. But should they? Millennials apparently want boomers to stop telling them about money and what to do with it. Could this be because financial responsibility is different today than how it was, say, in the '60s? Perhaps because things are much more expensive now than they used to be? Let's see what millennials want to stop being told about money. 1. To stop getting that expensive coffee Starbucks coffee / pxhere This is usually a hot topic for millennials who love to get their weekly, or daily, fix from Starbucks—a chain known for jacking up the prices and making a small coffee about $4 and change, depending on where you go. Pair it with avocado toast and you're probably paying close to $10 or more for two things. But they don't want to hear it. RELATED: Meet The Geriatric Millennials, A New Term Defining A ‘New’ Generation — Are You One? 2. Stop being lazy Young adult woman stretching after a nap / pxhere Millennials hate to hear this because they feel they work hard, and truly, many of them do! In fact, Lending Tree data from 2020 reports that half of millennials have a side hustle, which is more than any other generation. 3. Buying stocks Stock market / Piqsels Some baby boomers have been able to create some nice wealth for themselves by investing cheaply in companies such as Berkshire Hathaway, Microsoft, and Apple, and the value going on to soar. However, R.J. Weiss, a certified financial planner and founder of The Ways to Wealth says that it's difficult for millennials to replicate this. “First, one needs to pick the right companies. Second, you must be able to hold those investments through their ups and downs, including when everyone else is selling,” says Weiss. “It's rare the person giving this advice was able to hold on for decades themselves. More likely, they're giving this advice because they wished they'd done it themselves, not because they successfully did.” 4. That buying a home is a good investment Home sold / Pixabay Actually, Laura Adams, MBA, a personal finance author and expert with Finder.com says that this is a piece of advice millennials should flat out ignore. “Whether you should own or rent a home depends on many factors, such as your job stability, plans to stay in an area, lifestyle, credit, savings, and budget.” 5. That millennials should "save up" in order to buy instead of rent Savings account / pxhere According to Slate, the stats of private equity firms, private investors, and boomers buying up reasonably priced starter homes just rose 28% since the start of the pandemic. On top of that, the rent prices are expected to increase an additional 10% this year, which will make it even more difficult for millennials to save up even if they do want to buy a house instead of rent. 6. You have to have a college education to get a good job College graduate / Pixabay Greg Wilson, a chartered financial analyst, says that boomers should stop telling millennials that they need a college education to find a job. He says, “College is more expensive than ever. Student loans are larger than ever. But the purpose of college has always been to get an education, not a job." 7. You have to make a lot of money to be happy/successful Stacks of money / 401(K) 2012/Flickr Millennials are usually brought up to believe that money is everything, the essence of life, and the key to happiness and success. However, studies are showing that while money certainly is a factor, it's not the only one—having close relationships looks to be the biggest factor in providing emotional well-being and life satisfaction. 8. That they need to have kids as quickly as possible Pregnant woman / StockSnap.io MSN reports that a child born in 2022 to adulthood is estimated to cost a whopping $272,049. Millennials are already delaying marriage to get their finances in order first, meaning babies are also on the delay. RELATED: In The Jeans War Between Millennials And Gen Z, They Could Learn From Boomer Fashion