Introduction to the Financially Savvy Millennial

Hi everyone!

I am the Money Guru, your mentor in becoming a financially savvy millennial who sticks to his financial goals in a world where the motto is "You only live once" or YOLO for short.

Who are millennials?

To understand this generation more, lets us compare and contrast the millennials with the other generations.

The Baby Boomers are the generation born from 1940s to the mid-1960s. They value hard work, commitment and practicality. They are not wasteful of resources and are very respectful of authority. 



Generation X are people born from the mid-1960s to the 1980s. They are peer-oriented, entrepreneurial and a bit cynical. They needed less adult supervision during their childhood therefore they are more independent. They grew up with the makings of the computer and music videos which played a big influence in their lives.  



Millenials are the generation born from 1982-2000. They, the ME Generation, are often spited for being narcissistic, entitled, lazy, impatient, coddled and delusional. They are also civically, politically and religiously disengaged. Despite all these, they are ambitious, conscious, collaborative, motivated, open-minded and passionate. They are group-oriented and tech-savvy. They are known to be early adopters of technology. Their lives revolve around social media. They believe that a there should be work-life balance, work place satisfaction and that parenthood is a partnership. Millennials are now the driving force of the economy because their spending habits are shaping how companies do their marketing.



What are millennials' spending habits?

Millennials' spending habits can be best described by the YOLO culture. They value experiences rather than acquiring material wealth but that doesn't stop them from buying the latest gadgets and keeping up with fashion trends. They get that impulse to buy to relieve stress or when they are bored. They spend to impress to up their perceived social status among others. This leads them to using credit cards for consumerist pursuits, loading them with quite a financial debt. Millennials chose fun over financial responsibility. 

They fail to track expenses which can lead to massive totaled expenditures because of their preferences for convenience like cab-hailing applications, restaurants, convenience stores and online stores. They want to have a relationship with brands and participate in it through creating content. They are more prone to purchasing an item if it was referred by a friend rather than if they seeing it in an ad. They also are inclined to purchase if the brand promotes a social cause. Because of all these, they don't have emergency funds when a disaster or a great loss happens. 

What can millennials do to set them straight and reach their financial goals?

That is what we are going to tackle in this blog. We'll show you the different ways to save and invest your money. We'll teach you financial jargon and how to account for your finances. In the end, it will you who will decide whether or not to follow our advice to become financially savvy.