Share this Periscope with one of your relatives or friends who is just starting their financial journey. And read further Smart Money Habits for Millennials: Building a Strong Financial Foundation:
- Educate Yourself about Personal Finance. Online resources are abundant. Podcasts, videos and books, by and large, provide reasonable advice. Lean into the financial advisors your family and friends may already have. They can help steer your reading into more reputable, actionable financial planning advice.
- Plan for Emergencies. Sometimes it seems like building up savings is difficult. Other times it seems hard to keep the savings you have! Don’t criticize yourself, just learn. You want to have money in savings for emergencies. Three to six months of monthly income is a great number to keep in a place you can get to quickly. And when it is there, do not worry about the investment returns on the emergency savings. That comes next…
- Save and Invest Regularly. One of the best habits a person can learn is to tuck away money for the future. The person you are becoming completely depends upon the financial decisions you are making today! Many different guides provide different bits of advice about how much to save out of every paycheck. Employers often give a match for money invested in a retirement plan; you want to take advantage of that. And talk with a planner about the power of compounding interest. It can be exciting!
To read a longer list of advice, read