{"id":1,"date":"2020-12-11T06:08:42","date_gmt":"2020-12-11T06:08:42","guid":{"rendered":"http:\/?p=1"},"modified":"2021-03-04T23:33:53","modified_gmt":"2021-03-05T07:33:53","slug":"millenials-and-finance","status":"publish","type":"post","link":"https:\/\/dadspersonalfinance.com\/millenials-and-finance\/","title":{"rendered":"Millennials and Finance"},"content":{"rendered":"

When I first started this website I didn’t anticipate that millennials would even be part of the demographics for personal finance.\u00a0 That somehow the millennials were lazy and had no drive due to receiving all those ribbons and awards just for showing up. \u00a0I assumed that the upbringing of these kids may have tainted their drive.\u00a0 Shame on me for assuming.\u00a0 I don’t have enough data for this site to confirm or deny it but I am sure that if I had been more diligent in looking for market data I would have found differently.\u00a0<\/span><\/p>\n

 <\/p>\n

Over the past several weeks, I have found four instances where millennials are very active in personal finance.\u00a0 The first was an Uber driver that took from JFK to the Marriott Marquis where I was attending the Affiliate Summit East 2016.\u00a0 The second was another Uber driver from the Marriott Marquis back to JFK.\u00a0 The third person was a young man who is engaged to my daughter.\u00a0 Then there is Bobby from MillenialMoneyMan.com.<\/p>\n

 <\/p>\n

Millennial 1\u00a0<\/strong><\/p>\n

 <\/p>\n

The first Uber driver was a young lady who had come to New York from Los Angeles about 10 years ago.\u00a0 At 28 years of age she has already accumulated $275,000.\u00a0 Quite a sum seeing that she came to New York to go to college, then spent the better part of the next 6 years as an Administrative\/Executive assistant.\u00a0 Well, she found that that she could make better money as an Uber driver so she did that full time.\u00a0 Her goal is to buy several rental houses by the time she is 35.\u00a0 It appears that this is in her blood since her father just recently retired at 50 years of age after selling 20 rental houses that he had for years.\u00a0 If this young lady can accumulate that kind of money in that time period then there is no excuse for the rest of us.\u00a0 It made me feel like I hadn\u2019t done enough in my twenties.<\/p>\n

 <\/p>\n

In addition, this young lady pays cash for her cars and she buys them brand new.\u00a0 I happen to agree with this approach.\u00a0 There will be another post on this topic.<\/p>\n

 <\/p>\n

Millennial 2\u00a0<\/strong><\/p>\n

 <\/p>\n

The second Uber driver was a young man who had a heck of a time picking me up at the Marriott Marquis but he finally made it.\u00a0 There wasn\u2019t much discussion in the beginning but about half way through the trip we found ourselves discussing such classic readings as Rich Dad Poor Dad and Napoleon Hill\u2019s Think and Grow Rich.\u00a0 Then he proceeded to drain me of any information I had about stock investments.\u00a0 So much so that I was exhausted after he let me off.\u00a0 I am not sure where he was from a numbers point of view but he certainly has a thirst for knowledge.\u00a0 I am sure he will do well.<\/p>\n

 <\/p>\n

Millennial 3<\/strong><\/p>\n

 <\/p>\n

I received a call from the young lady about her student loans.\u00a0 She is like a lot of our youth today.\u00a0 They did the right thing by getting an education but the result of the doing the right thing is to have some crushing loans to pay for that education.\u00a0 I have heard about our youth being burdened with student loans in the media but it never really hit home until someone close to me was affected.\u00a0 So, we spent an evening going over the loans.\u00a0 I could not believe what I saw.\u00a0 The rates were all over the place and very high. In addition, the amount she had to pay changed from time to time.\u00a0 I know some of this was done to keep her payments low but how can we figure what she is really getting charged for and how to plan?\u00a0 There were at least three loans that changed payment every two years and wouldn\u2019t be paid off for 16 years.\u00a0 When we did the analysis we determined that she was paying back close to double what he had borrowed.<\/p>\n

 <\/p>\n

Anyway I am proud of her for analyzing this to determine how to pay back the loans with a decent interest rate in a timely fashion. The analysis we did will provide several blog entries to go through the details.\u00a0 So we will tackle this in upcoming posts.\u00a0 She also discussed trading in her high price car for a more economical vehicle and using the additional cash to pay down her student loans.\u00a0 She is now making and taking her lunch to work.\u00a0 So she is already minimizing expenses so she can tackle the debt.<\/p>\n

 <\/p>\n

Now, why would I be talking about this in a website devoted to approaching retirement?\u00a0 Well a lot of us have millennials in our family and it is our duty to help them succeed.\u00a0 We must make sure that they receive the type of financial education that just doesn\u2019t exist in today\u2019s schools.\u00a0 Some may look at this and say that it is common sense but let\u2019s face it, common sense isn\u2019t so common.\u00a0 And the analysis that we did includes skills that we all need.\u00a0 Skills that we need to manage our portfolios as we take the snap at fourth down.<\/p>\n

 <\/p>\n

\"\"<\/p>\n

 <\/p>\n

Millennial 4\u00a0<\/strong><\/p>\n

 <\/p>\n

And then there is Bobby at www.millennialmoneyman.com<\/a> .\u00a0 Bobby paid off $40,000 in student loans within one and a half years.\u00a0 He accomplished this all on a teacher\u2019s salary. This is an amazing feat.\u00a0 Now he is a successful personal finance blogger.<\/p>\n

 <\/p>\n

Conclusion\u00a0<\/strong><\/p>\n

 <\/p>\n

I promise to never jump to assumptions like this again.\u00a0 These kids may be growing up in a different time and possibly even a bit different way but they are still people and still have the basic wants and needs that we all have.<\/p>\n

 <\/p>\n

What are your experiences with millennials and personal finance?<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

When I first started this website I didn’t anticipate that millennials would even be part of the demographics for personal finance.\u00a0 That somehow the millennials were lazy and had no drive due to receiving all those ribbons and awards just for showing up. \u00a0I assumed that the upbringing of these kids may have tainted their …<\/p>\n

Millennials and Finance<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":1969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_mi_skip_tracking":false,"site-sidebar-layout":"right-sidebar","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[34,28,35],"tags":[40,39],"yoast_head":"\nMillennials and Finance - Dads Personal Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dadspersonalfinance.com\/millenials-and-finance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Millennials and Finance - 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