Ready to finally get your money in order? Don't know where start? You're in the right place. I've reached out to 10 personal finance experts to get their personal finance tips on where you should begin!
To wrap up this series, I wanted to give you more than just my advice. I wanted to pull together some of the best minds in personal finance for millennials to get their personal finance tips. I got some AMAZING responses from 10 awesome financial experts with lots of knowledge and experience!
I asked them all one question that resonates with all millennials just getting started:
“If you were a millennial just starting out in life, fresh out of college, what would be your first financial move?”
Sit back and dive into their responses. There are some great nuggets of advice here!
10 Awesome Personal Finance Tips For Millennials From The Experts
“Your first financial move should be opening a retirement savings account. I don't care if you only put $10 in it, starting your long-term savings and building your nest-egg should be your #1 priority as a newly-minted adult.”
“My first financial move would be to start giving a shit about finances! So many people assume they're "bad with money" but the truth is money isn't really that hard! But if you remain ignorant, you could screw up your finances in an instant. But if you're smart, you could end up retiring in your 30's (like us). So research, read up on finance blogs (like www.millennial-revolution.com, for a start!) and go start kicking life's ass, rather than the other way around.”
“If I was just graduating college, my first financial move would be to create a budget that included repaying my student loan debt as fast as possible and starting a business. Working to get out of debt and owning my own business are the two best financial moves I've ever made and my only regret is not starting sooner.”
“There are actually a few "first moves". First, get a sense for your full financial picture - how much do you owe on credit cards, in loans, and figure out when you need to start making payments. Open a Roth IRA and start putting as much money in as you can while paying down your debt (do both). Don't wait to invest, even if you have debt (unless it's insanely high credit card debt). Explore as many career paths as you can - you don't need to pick one until your at 25 or 26. Until then explore. Get close to what you love. Don't settle.”
“I believe your network is your net worth. My first financial move would be attending every single networking event I could find, volunteering for nonprofit organizations and volunteering to be part of a due diligence team for my city's angel investing groups. This would build my network very quickly and allow me to have more luck getting a kick butt job right out of college.
I would also start writing and sharing articles on LinkedIn and Medium.com to showcase my ability to articulate ideas and passion behind different topics so people immediately associate my name with certain industries and think of me as a potential member of their team.
That's the strategy I would take. :)”
“The first thing I always recommend that a person do in this situation is to not spend their first paycheck until they realize how much it is for. I worked full-time throughout high school and college, so this wasn't a surprise for me. However, for many others who don't get their first real paycheck until after they graduate, they may not realize how many costs are taken out of their paycheck. You have to think about taxes, insurance, retirement, and other expenses that may be taken out of your paycheck, which will most likely make your paycheck much lower than what you may have calculated. Due to this, you'll want to think about your paycheck after taxes, insurance, etc, before you apply for an apartment, get a new car, etc.”
“If you are just starting off in life, you want to be very intentional about every dollar that you spend. To do this, create a very simple budget on one piece of paper and track everything that you earn and spend. This way you know exactly where you are financially each month and you know what you need to change moving forward in order to achieve your financial goals.”
“My first financial move (and what I recommend) is to get financially organized. Ensure that you have a system in place to track your income, expenses, and account balances. I recommend Personal Capital, but you can use Mint, YNAB, a spreadsheet - whatever works for you. The big thing is you just need a clear snapshot of your money.”
Thanks so much to all the contributors for their great personal finance tips! Now it's your turn. Get out there and take action today! To learn more about personal finances for millennial's, read my millennial's beginner guide to money: THE MILLENNIAL'S GUIDE TO MONEY, jump into any part of the guide here:
PART 1 - How to Organize Your Money
PART 2 - How to Automate Your Bills
PART 3 - Automate and Eliminate Your Debt
PART 4 - Creating a Budget That Works for You
PART 5 - Invest in Your 401k
PART 6 - 10 Awesome Personal Finance Tips for Millennial's From the Experts
Original article and pictures take letsautomateyourmoney.com site
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