5 things to understand about money!
5 Things Millennials Need To Understand About Money
We all know to pay yourself first, have an emergency fund, you can snowball or avalanche your way out of debt. There are plenty of personal finance clichés and idioms, and for good reason. For the most part, though worn out, they’re true. This list, however, is not generalities. It’s five things you – as a millennial – need to understand about money
Other people will be happy to spend your money
There’s no Hallmark card to convey “Happy You’re Getting Married, But This Destination Bachelor Party and Wedding In Another State Is Too Rich For My Budget,” because it feels like bad manners to turn down such invites. So the mid-twenties to early-thirties seems like an endless cycle of birthday parties, bachelor parties, bridal showers, weddings, baby showers and not to mention Kickstarter requests, brunch dates and happy hours, which drain both your bank account and, often, vacation time.
Here’s the secret: other people are happy to spend your money for you. It may be your best friend’s/cousin’s/college roommate’s special day that only comes along once in a life time (or so they hope), but it’s a day that will be on repeat for you. Participating in a wedding, while an an honor, can cause a slow creep towards danger zone for your bank account. This leads to either a wildly awkward conversation or ignoring the problem and just financing the expenses on a credit card. Don’t do the latter.
Using apps to automate your financial life, increase your savings and start investing became all the rage in the last few years. There’s nothing wrong with using apps to give your money a little boost – but you shouldn’t solely rely on them to get the job done.
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