financial planning for millennials

Financial Planning for Millennials

#CreditChatWednesdays | 3 p.m. ET

Join our #CreditChat every Wednesday at 3 p.m. ET. This week, the community shared some key money tips for

millennials.

ex.pn/millennials

http://www.experian.com/blogs/news/about/financial-planning-millennials/

What financial struggles do millennials face?


Many millennials are having difficulties finding jobs after

college, especially ones that can pay the bills.


Southeast Financial@SFCUNews

”“Many millennials are having

difficulties finding jobs after college, especially ones that can

pay the bills.


Southeast Financial@SFCUNews

Financial struggles: Student loan debt, low wages, and an uneven job market. However, student loan debt

is the most crippling.


CARE@care4yourfuture

A couple of items millennials struggle with are student loans and

saving. Some don’t realize how good a rainy day fund is.


More Than Wheels@MoreThanWheels

The average millennial student loan debt was quoted at $33k. This is a huge impediment for a person

just starting out.


Kelby@TheFRUGALennial


What should millennials know about budgeting?

Just do it! If you miss a payment for a bill, or rack up too much debt,

your credit score will reflect immediately.


Compare Cards@CompareCards

It is the key to future financial success. You must sit down and

write out your monthly income and your expenses.



Budgeting is your roadmap to a solid financial future. A good

budget now could open a ton of financial doors down the road!

“


”Leslie H. Tayne, Esq@LeslieHTayneEsq

Budgeting is your roadmap to a solid financial future. A good budget now could

open a ton of financial doors down the road!


Leslie H. Tayne, Esq@LeslieHTayneEsq

There are a lot of free tech tools, sites, and apps millennials can use to help them budget - and make it fun!

#CreditChatWednesdays | 3 p.m. ETBrad Sherman

@shermanwealth

Start saving today for the funds you’ll need tomorrow - like money

for a down payment.


Richmond American@RAHomes


Vouch @vouch

Budgeting can be a great way to get to know your individual

spending habits and the places where you could cut back.


What should millennials know about debt?

Knock it out now because there is no later. Only defer or forbear if necessary. Interest is no fun.

#CreditChatWednesdays | 3 p.m. ETJazmyn Anderson

@GoldLabl

Understand the difference between taking on manageable

and unmanageable debt.

#CreditChatWednesdays | 3 p.m. ET Leslie H. Tayne, Esq

@LeslieHTayneEsq

You can’t just pay the minimum payment each

month. You’ll be stuck forever!

#CreditChatWednesdays | 3 p.m. ETNextGenPF

@NextGenPF


Cinfed Credit Union @CinfedCU

Debt has a way of snowballing. Charging a little here and a little there can add up quickly if you

aren’t careful.


There are ways to refinance or consolidate student loans and other debt that can lower your

interest rate.


@shermanwealth


What should millennials know about credit?

Picking up good credit habits now will help make it MUCH easier to finance that big purchase in the

future.

#CreditChatWednesdays | 3 p.m. ETLeslie H. Tayne, Esq

@LeslieHTayneEsq

When it comes to credit, know what you are getting into ahead of time.

Understand the terms. Have a repayment plan in place.

#CreditChatWednesdays | 3 p.m. ET Cheapsters

@Cheapsters

It is your financial reputation. Don’t destroy it.


Debbi King@DebbiKing

Credit MUST be treated importantly. It is a key factor in

getting an apartment or home, car loans, jobs, and etc.



Know what’s in your credit report. You can’t act until you

know what’s there.


Rod Griffin@Rod_Griffin


How can millennials be smart with their student loans?

Don’t ignore it. Look at how much you owe, interest rates, repayment

plans. Have a plan!

#CreditChatWednesdays | 3 p.m. ETCheapsters

@Cheapsters

First, be aware of how much of a student loan you really need and don’t borrow one penny more.

#CreditChatWednesdays | 3 p.m. ET Brad Sherman

@shermanwealth

Consolidate loan debt. Do not be late, this debt is NEVER forgiven

even in a bankruptcy, so you have to remain current on it.


Cary Carbonaro, CFP@CaryCarbonaro

http://www.kinf.org/

Pay off the highest interest loans first. The loan(s) with the higher interest rate(s) is costing you more money.

#CreditChatWednesdays | 3 p.m. ETCARE

@care4yourfuture

Take full advantage of available scholarships and

grants before exploring student loans.


Vouch@vouch


How can millennials start saving for retirement?

Don’t wait! Sign up for your company’s 401k plan ASAP!


Compare Cards @CompareCards

Speak with experienced financial planners who can help you find a workable plan for your situation

and goals.


@shermanwealth

It starts with budgeting. Figure out how much you need for your essential expenses and budget

a small amount to save for retirement. A small amount can go a LONG way; the beauty of

compound interest.

#CreditChatWednesdays | 3 p.m. ET Kelby

@TheFRUGALennial

Pay yourself first. If it’s gone right when you get your check, you

won’t miss it.


Kasasa@Kasasa

Saving for retirement can be easy the earlier you start. Start saving now.

#CreditChatWednesdays | 3 p.m. ETMore Than Wheels

@MoreThanWheels


What goals should millennials set to help them financially successful?

Your goals are yours to make. Common millennial goals = paying off

loans, cash reserve, wedding/ring, house, family, etc.

#CreditChatWednesdays | 3 p.m. ET Douglas A. Boneparth

@dougboneparth

$100 per month from 25-65 yields you approximately $1.7 million in growth

stock mutual funds. Start there.


Debbi King@DebbiKing

#CreditChatWednesdays | 3 p.m. ETKelby

@TheFRUGALennial

Avoid the temptation of what you see on social media. Budget, live within your means, and stay the course.

Minimize debt, maximize savings.


Leslie H. Tayne, Esq@LeslieHTayneEsq

Pay off debt, have a great credit score, have an emergency fund,

invest, and be able to have fun and enjoy the ride!

#CreditChatWednesdays | 3 p.m. ET Cary Carbonaro, CFP

@CaryCarbonaro


Where can millennials go to learn more about money and finances?

The Internet is a good place to start! So are local credit unions and banks.

#CreditChatWednesdays | 3 p.m. ETKasasa

@Kasasa

Millennials can learn about finances from blogs, books, courses, and more.

“



”Millennials can learn about finances from blogs, books,

courses, and more.



A good financial planner is a great first step to help you understand the many

options available to you.


Brad Sherman@shermanwealth

Talk to your parents and successful peers - experience is the best teacher,

learn from it!

#CreditChatWednesdays | 3 p.m. ET Compare Cards

@CompareCards

Best ways are to speak with a financial planner. Money Magazine and Kiplinger are great resources.

#CreditChatWednesdays | 3 p.m. ET CARE

@care4yourfuture


What’s your number one financial tip for millennials?

A budget gives you the control to tell your money where to go instead of

wondering where it went.

#CreditChatWednesdays | 3 p.m. ETJoe Koss

@AlohaDebtFree

Number one tip: Do your research! Education is an investment in yourself.

“


Vouch@vouch

”Number one tip: Do your research! Education is an investment in yourself.


Vouch@vouch

Save money in as many ways as you can know. Live below your means so

you can live more richly in the future.



Don’t panic. Most of us started off in the same position as you. Getting

financially fit takes patience, time, and knowledge.

#CreditChatWednesdays | 3 p.m. ET Leslie H. Tayne, Esq

@LeslieHTayneEsq

It’s never too early to save for retirement! Put at least enough in

your 401k to get the employer match - it’s free money.

#CreditChatWednesdays | 3 p.m. ET Starting Out Kiplinger

@SOKiplinger

Subscribe & Check Out:

http://www.slideshare.net/Experian_US/save-money-or-pay-off-debt-37519531



http://www.slideshare.net/Experian_US/how-to-strategically-manage-and-pay-off-debt


http://www.slideshare.net/Experian_US/how-to-juggle-debt-retirement








financial planning for millennials

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