By: Tim Myers, Estimating Manager, Wohlsen Construction Company
Millennial Financial Statistics:
- Around 50-66% are living paycheck to paycheck
- Around 50% do not have a retirement account
- Around 50% carry balances on their credit cards
- Around 50% are concerned about defaulting on a loan in the next 12 months
I am not a financial planner, but in the last few years, I have become passionate about finances. I see the staggering debt statistics out there, and I want those to go away. I want to see people get out of debt, stay out of debt, and have a plan for financial freedom and retirement. I have the desire for everyone to do this, including our government. How much less stress would we feel in our lives if we felt that we are on a good path with our personal finances and the finances of our country?
Having your finances in order and having a financial plan is not an easy task. It takes intention, discipline, hard work, and delayed gratification, but it is also can be very rewarding and allow you to accomplish many things. It can allow you to provide and experience more things for yourself and family in the future as well as allow you to be very generous.
I hope nobody reading this falls into the statistics noted above, but I am sure that most of us could benefit from encouragement and steps for getting out of debt, staying out of debt, and planning for future retirement. I would encourage everyone to seek out advice from a trusted financial planner on how you can best position yourself and your family for future financial success. You can also seek advice from friends and family that you know are debt free and ask them how they did it. I also encourage everyone who is married to include your spouse in financial planning so that you are on the same page.
Because I am not a financial planner, I will refrain from giving specific advice in this article, but the most basic principle I will share is “spend less than you make.” I will also share a few questions below to get you thinking.
- How much money would you have each month if you didn’t have any debt payments?
- Are you setting yourself and your family up for success with the financial decisions you make?
- Does your debt stress you out?
- How much relief would you feel if you had a plan and saw a path to financial freedom?
My hope is that people who are struggling with this topic will take a step back and evaluate how they can better their situation. Don’t keep doing the same thing if it isn’t working. Seek advice, make a plan, and work toward a better future for yourself and your family. You can do it.