Escape Debt, Save for Your Future, and Live the Rich Life Now
Millennial Money Makeover by Conor Richardson gives practical advice to help millennials gain control of their finances, eliminate debt, and start building wealth. The book offers a step-by-step plan to transform your financial life.
Millennials are a generation often stereotyped: They’re addicted to Instagram! They love queuing for cronuts! Such stereotypes, though, are far too narrow to accurately apply to all millennials. After all, this generation of people, born between the late 1970s and the mid 1990s, is the largest and most diverse generation in history. Unfortunately, there is one thing most millennials do have in common, especially in the US. They face unique challenges on the road to achieving financial success.
Previous generations since the 1950s have enjoyed relative economic stability throughout most of their working lives. As a result, they trod a fairly uncomplicated path to financial success. Let’s call this path the success sequence. It starts with acquiring a steady, life-long job, followed by purchasing property, acquiring assets, and finally, retiring with a healthy nest egg.
In the wake of the 2008 global recession, however, the economic landscape changed. The job market became volatile right at the moment many millennials were trying to enter the workforce. A steady job, the first step in the conventional success sequence, became hard to find.
Post-recession, many millennials are still scraping by: The cost of living continues to rise, whilst at the same time, wage growth is sluggish with salaries unable to keep pace with inflation. Housing prices are through the roof, which means millennials struggle to get onto the property ladder. And, finally, when it comes to securing a decent retirement, 72 percent of millennials have less than $10,000 saved for this purpose.
It’s clear that millennials face obstacles to achieving financial security. Worryingly still, many millennials currently lack the knowledge and confidence necessary to overcome these obstacles. A 2014 study by The George Washington School of Business surveyed over 5,500 millennial Americans between the ages of twenty-three and thirty-five. It found that 76 percent were financially illiterate, meaning they were unfamiliar with even the basic concepts of personal finance.
No wonder then that, according to a 2015 Gallup study, 70 percent of millennials report feeling financially stressed! The conventional success sequence that worked for previous generations is no longer applicable. This doesn’t mean, though, that millennials can’t achieve financial success on their own terms.
Millennial Money Makeover (2019) is essential reading for millennials who want to get a grip on their finances. In this accessible guide to money management, Conor Richardson offers straightforward financial solutions for the unique economic challenges and stressors that many millennials experience.
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Blink 3 von 12 - Eine kurze Geschichte der Menschheit
von Yuval Noah Harari
