Millennials are the children of the Baby Boomers. The oldest Millennials are born at the early 1980s.
Youth is the time of life when one is young and often means the time between childhood and adult hood (maturity). The intergovernmental organization, Organisation for Economic Co-operation Development (OECD) defines youths as “those between 15 and 29 years of age”.
These young adults are shaping our culture today. They will increasingly become the driving force behind technology and new trends in products and services.
Despite having a less-than-ideal economy and significantly lower wages, millennials are attempting to make fiscally responsible choices. To make up for economic shortfalls, more millennials are choosing to put off marriage and child-rearing early in life and are instead focusing on career opportunities.
According to a recent study of millennial money habits from Merrill Edge, “66 percent of surveyed participants believed their savings accounts alone will be sufficient enough to rely on in 20 years.”
“Rich Dad, Poor Dad” famed author Robert Kiyosaki commented, “To me this research is very concerning, because in the new world of money, savers will always be losers…and we can’t afford to have our largest generation being financial losers. They need a new financial game plan. The good news is that anyone can do this, if they have a high financial IQ.
He urged these young adults to open their mind to beyond the poor financial plan of saving their money. Learn how money really works, and learn how to put it to work for them.
To describe the to and fro of this generation in the scheme of things, let name the protagonist, R.man.
In the Financial front, R.man has many financial problems. When R.man came of working age, the world is in the midst of a Great Recession. His take-home pay is not rising fast enough to cover inflating living costs. He has to stay in the family home, to save on renting accomodation cost. If he want to get married and set up a matrimonial home, more money need to be saved from discretionary expenses. Money is not enough even he made every effort to save more and work harder in his job, hoping to get an increase in paycheck.
He need to find a way out, to achieve financial freedom. The question is “How To Do It”?
Financial freedom is the ability to pay for your lifestyle throughout the rest of your life without relying on a regular salary or wage. The money usually come from your “retirement savings and annuities” and investment portfolio income streams. The financial freedom is also characterized by a lack of debt.
There are really three steps to build and maintain wealth. Most people only think in terms of one or two. Here are the 3 steps you need to do.
1. Create your wealth
2. Grow your wealth
3. Preserve your wealth
For more details, please read Path To Financial Freedom
If not this, what?
If not you, who?
If not now, when?
You may also be interested to know more about R.man on the following:
Career challenges of millennials and youths