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Millennials tend to have the reputation of ruining things. You see the articles all the time of the newest trend we have ruined in our society. The reality is that millennials seem to be breaking free of what is typical.
This is how I think about a lot of my own personal finances and others that I have helped. You need to create your own path to prepare for your future. The only person that can do that is you.
This goes for everything in life and I know I am walking a different path then most of my millennial peers, but I encourage you to do the same.
This is especially true for planning for your future and the possibility of being a millionaire. The reality is that millennials are at the perfect stage to become a millionaire.
Now, I get it. I’m sure a lot of you are drowning in the mistakes of your past. I know I am, but I have a plan to get out of it. And so can you, if you take the time to plan for your present life and your future life in retirement.
I just recently finished reading Everyday Millionaire by Chris Hogan. If you haven’t read it, you need to find a copy right now and start reading. I got mine from the library after being on the wait list for weeks. As a millennial, you have some amazing advantages on your side to becoming a millionaire, especially if you’re a 20-something.
Wouldn’t it be nice to add to the list of things millennials ruined as the generation to broke free of financial hardship and had the highest number of millionaires. It’s possible and here’s why.
1. Becoming a millionaire takes time, something millennials have a lot of.
I’m not saying you need to be busting your butt working all hours and investing your time into working. I mean you have many years on your side to becoming a millionaire. Millionaires aren’t created quickly usually, they usually are created slowly and after many, many years of careful planning.
The reason why it takes many, many years is because you are benefitting from the beautiful thing of compounding interest. This means that your interest is earning interest for you. This also means that the more time you have money sitting in your investment accounts, the less money you actually have to put in.
2. Millennials have been known for loving their work, making it easier to be a millionaire.
It only makes sense, if you love what you do, you’re more likely to continue working. Millennials have been known for doing work they enjoy, rather than chasing a higher salary for work they hate. Most people would consider this crazy, more money makes your life easier.
Your income doesn’t matter. What does matter is that you have the passion and drive to get up and go to your job every single day. That is much easier to do when you love your work.
When you enjoy your work, a lot of aspects of your life improve. This is important in order to become a millionaire. If you work solely because you love your work, not because you need to, your potential is endless.
3. A lot of millennials are living on tight budgets.
The reality is that a lot of millennials are living on little right now. If you’re like me, you have massive student loans and your starting salary isn’t great. Yeah, if I could go back in time, I probably would have not taken out this much debt, but I didn’t know any better at 18.
Looking at the bright side, living on a tight budget has taught me lessons to last me a life time. It has taught me how to be frugal and how to enjoy life while living on less. What prevents so many people from becoming a millionaire is lifestyle creep. More income, more expenses.
This doesn’t have to be the case. If you continue to live on a budget each month, of course less tight as your cash flow frees up, you will become a millionaire. Slow and steady with good money choices will lead you to that big money goal. Any one can do, most people just aren’t willing to make the right moves to do so.
Millennials will be millionaires.
I really do believe this. Millennials have everything in their favor to becoming millionaires, it just depends on if you’re willing to make those moves you need to make to become one. My ebook outlines how us 20-somethings can master our finances and set us up to be millionaires. How are you preparing to be a millionaire?