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3 Ways Millennials Can Fight Back Against Financial Stigma

Estimated reading time: 2 mins

Millennials have received a bad rap over the years, dubbed by numerous media outlets as being ‘bad with money’. 

There is little truth to this stigma, and in fact, the consensus is broadly beginning to change. Millennials are becoming increasingly active in managing their money, and they are notably doing it well too. Still, stereotypes can be hard to shake when they are deeply ingrained into society.

Your money is your own business and it is your right to spend it as you wish. Still, if you want to stick it to millennial-centric financial stigma, then any of the following points below may help you. 

Consider Retirement Plans

Retirement is far off for most millennials, but that does not mean it should sit snugly in your subconscious until you are elderly. 

CNN reported last year that the money habits of millennials were markedly improving, showing an uptick in saving and retirement prospects. Additionally, a quarter of saving millennials have amassed an impressive $100,000 to their respective names, showcasing their discipline in bolstering their bank accounts. Ultimately, there is no reason you cannot join them. 

By taking your retirement seriously, you will be signposting to others that you have an eye for future, preparation, and personal accountability. Of course, your money saving habits are more about your own prospects than what others think of you, but if you are keen to act in direct opposition to all the stigma, retirement saving is a good place to begin. 

Utilize Economically Resistant Portfolios

If you are going to invest, then you may as well do it safely and securely. 

This is what the Harry Browne Permanent Portfolio can do for you. Designed to perform well across all economic decisions, the portfolio is simple and diversified in all its varying uses. It is also easily accessible due to only having four assets that correspond directly to four economic climates: stocks for economic expansion, bonds for deflation, cash for economic recession, and gold for inflation. 

Optimized Portfolio can intelligibly walk you through matters here should you click the link above. This is an investing opportunity that is more than suitable for all, and not just the fortunate few who can risk their finances frivolously. It is safe, secure, and straightforward, and the potential for healthy returns is not to be snubbed on a whim. 

Kickstart an Emergency Fund

If the past year has taught anyone anything, it is that the economy is just a few bad months away from experiencing some seriously crippling difficulties. 

As part of their advice on staying afloat during the pandemic, The Washington Post recommend beginning an emergency fund to weather the storm, and many would be hard-pressed to disagree with that assessment. It is times such as these when your savings become key resources in building a sustainable future for yourself, so make sure you are constantly putting money away for the bleaker days in life. Of course, you might think it is too late to begin an emergency fund now the pandemic is gripping the world. However, this is useful advice for the post-pandemic world too, for who knows what the future has in store? Regularly set money aside so that when these things happen, you are unquestionably prepared financially.

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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