The broken relationship of millennials and their money
And What I Plan To Do About It
The millennial generation has rightly or wrongly been called a lot of things. We are something of a generational enigma, optimistic, expectant and still unsure of exactly where we fit in. But if one thing is for sure it’s how much we like to share. We cast our movements, thoughts and brunch photos for everyone to see.
This characteristic openness spans almost everything we do, almost everything. There is one glaringly obvious, ugly taboo of a topic that we would rather shy away from, brush over and later Google rather than expose our embarrassing lack of a clue for all to see. That topic is money.
You’re not wrong for thinking ‘I don’t have any money so how can I manage it?’ or ‘I’ve been born into ‘generation rent’ and there’s nothing I can do about it’. So money becomes something for your future self to worry about. But that would be a huge mistake.
We are in a unique position to start small but to start early (the earlier the better), to take our finances into our own hands. My aim is to help millennials to be good with money.
What does being good with money actually mean? To have it all? To be financially independent? Truth is there is no one best answer but to be able to make a choice for yourself you first need to know some basics to understand what choices you’ve got.
Post by post I want to start conversations and to build up understanding of what good money management looks like, particularly for the under 30s. I’m going to cover a mix of theoretical and down right practical topics like ‘Should I have a credit card?’, ‘Is buying a home really better than renting?’ and ‘What is compound interest and why did Einstein call it the greatest invention in human history (apparently)?’
Important disclaimer — I am not a financial advisor and I will not be telling you what to do with your money. I am a millennial and a business school graduate who didn’t take long to realise that a management consulting grad scheme just wasn’t for me. Strange I know but I find personal finance pretty fascinating and am happy to read up and write about the thoughts of genuine money experts so you don’t have to.
Our generation is passionate about purpose and genuinely wants to do great stuff. A little financial confidence is what we need to stand up for ourselves, as adults, and to make our money work for us.
I’m particularly keen to hear about your financial uncertainties so please shout up on any topics you’d like me to explore.