Not many Millennials get their sound Financial 101 principles either during college or listen to parents when they say you need to save before you spend.
Whether it is purchasing power of the Millennials or peer pressure to have a better phone like others or pure love to the latest gadgets, buying a smartphone is almost a mandatory purchase during the first year of their earnings
They also end up spending more on eating out, partying, or online shopping.
They, however, reduce their spend on rental by staying with 3-4 roommates.
Everyone gets a credit card, and by the time the monthly salary is in the bank, the credit card statement stares (this is not just for millennials but for all age groups where spending comes first and save comes last and there is no look at where the money is going)
If people in their early 20s, can set aside at least 30% of their salary towards investments towards, EPF, PPF, FDs, Equities, Metals like Gold, Land, etc. they can have a comfortable corpus during their retirement days, or else years pass-by without savings, expenses rise, living comfortable lifestyles. before it is too late.
Someone who can save his pocket money and invest from an early age like 14 yrs.. itself or from their very first paycheck and increase investments with each addition of the family, can even retire early.
Time people spend on whatsapp, facebook, if diverted to finding where to invest and how much his investment is making money, you can have a comfortable life
Whether it is purchasing power of the Millennials or peer pressure to have a better phone like others or pure love to the latest gadgets, buying a smartphone is almost a mandatory purchase during the first year of their earnings
They also end up spending more on eating out, partying, or online shopping.
They, however, reduce their spend on rental by staying with 3-4 roommates.
Everyone gets a credit card, and by the time the monthly salary is in the bank, the credit card statement stares (this is not just for millennials but for all age groups where spending comes first and save comes last and there is no look at where the money is going)
If people in their early 20s, can set aside at least 30% of their salary towards investments towards, EPF, PPF, FDs, Equities, Metals like Gold, Land, etc. they can have a comfortable corpus during their retirement days, or else years pass-by without savings, expenses rise, living comfortable lifestyles. before it is too late.
Someone who can save his pocket money and invest from an early age like 14 yrs.. itself or from their very first paycheck and increase investments with each addition of the family, can even retire early.
Time people spend on whatsapp, facebook, if diverted to finding where to invest and how much his investment is making money, you can have a comfortable life
