7 Resolutions Millennials Should Avoid

Mostly, I write directed at you, the Millennial. Why? Because I’m an millennial and have gone through many of the normal experiences a typical millennial will run into. Teach from experience if you will. Perusing through some of my regular sites, I ran into this piece, by Paul Sisolak, about resolutions Millennials should avoid.

It had some basic points, but one of his points deserved a bit more talking about….

7 Resolutions Millennials Should Avoid:

1. Save “more” Money
2. Pay Down Debt
3. Use Credit Cards Less
4. Join a Gym
5. Go to Graduate School
6. Buy a House or Car
7. Change Jobs

One that didn’t make sense for me was to NOT pay down debt. His point:

“Paying down debt is good idea but not when it negatively impacts your ability to pursue higher-priority savings goals. Saving money in an interest-earning account, and specifically contributing to an independent retirement account while you’re young, can have long-term benefits for your financial health.”

Bank interest accounts pay out usually 0.0000000001%, in other words, 1 penny a year for every $10,000 in the account (give or take some pennies). If you have credit card debt that is a higher interest rate, it makes cents to pay it off. Even student debt can be a burden that deserves attention.

The faster you get rid of debt, the more money you can spend on the experiences and adventures you wish. Getting the weight off your shoulders shouldn’t be discouraging.

What do you think? Is making an effort to put money towards removing some stress better than trying to make a couple points on an investment when you’re just starting out?

Let me know below…

For more: 7 Financial Resolutions Millennials should Avoid — US News

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