Millennial generation have been surrounded by stereotypes, such as playing video games, watching Netflix, and networking for several hours a day. However, such stereotypes do not seem to be appropriate these days. Millennia’s’ vanguard has been in the process of aging. Most of them are now around 35 years old. They have been raising kids, working for their families, and facing economic realities. So, it seems that the stereotype now needs revision.

How a Millennial Faces Financial Realities

A millennial, who is also a popular financial blogger, Erin Lowry, shared some facts about how millennial face financial realities in this digital era. Interviewed by Reuters, the 27 years old blogger told some next-generation ideas about money management.

Financial Challenges for Students

As general people do, millennial face financial challenges in this digital era. These days, people rarely bring cash wherever they go. Money is digital today. It does not seem to be a reality, but it does.  In addition, millennial are less careful about their financial decisions. In the past, young people had to consider every decision carefully, since they had few options. Now, students are faced with huge student debt.

Erin Lowry suggests that millennial never make careless financial decision. If you have your financial life under control, never think about applying for debt. If you have $75.000 in debt, never think of adding another $10.000 debt unless you have no option. Instead of thinking about applying for debt, millennial had better think of putting aside at least 5-10 percent of their monthly earning for savings.

Financial Challenges for Freelancers

The younger millennial still stick to the paradigm that they should find a job for their life. Few of young people think of being self-employed. As a result, those who are freelancers of contractors can hardly putting aside their earning for saving. Freelancers keep thinking about potential fees that can get after working. Few of them think about doing something to get self-employed.

The young blogger advises freelancers to think beyond being a freelancer. Do not undervalue yourself  by sticking to the job, which does not give you a vision on your future. The millennial should not get satisfied with what they are now.

Millennials View of Home Ownership

Previous generations were always obsessed with how ownership. However, the idea of having a house in a big city seems to be too challenging for young millennial. They have to consider many things before deciding to buy a house. They include job promotion, possibility of moving around, property taxes, maintenance and repair costs, and other possible additional costs. In the past, home ownership was a priority for a young family, but the case is different now.

How Millennial Get Ready for Future Financial Reality

Millennial are faced with financial uncertainty. Many things have changed. They should learn from how elder people managed their financial life while having themselves accustomed to the realities in digital era. millennial have to talk about the current financial reality as well as future goals at the same time.  The most important thing is that millennial have to keep putting aside their money for saving.