TheLiveBigWay® Digest: Everyone Knows a Millennial

The Millennial generation, those currently between age 25 – 40, has a lot on their minds when it comes to their finances. From starting their careers, to student loan debt, saving for or buying a home, saving for retirement, and family planning, this generation is in a period of life defined by several big (and expensive!) life transitions. Millennials, let’s explore some cash flow planning tips for building wealth and fostering a strong financial mindset.

Time is the most important ingredient in planning for retirement. The power of compound interest is the reason this is true – each additional compounding period available for savings increases the growth prospects of those funds exponentially (literally). To those in the Millennial generation, use this to your advantage… it’s your superpower! In this piece, we share ten unique advantages of a 401(k) account. How well do you know your plan?

Millennials’ homebuying trends have been different than previous generations. And when making the decision to rent or buy, there’s more to consider than dollars and cents. Like where do you see yourself in five years? Are you planning to start a family? What does your emergency fund look like? The questions and tradeoffs are plentiful, and we’re here to help you think through the pros and cons.

For the millions of millennials with student loan debt, graduating college brings on an interesting duality. On the one hand, you’ve made an impressive accomplishment. But at the same time, you can’t help but to notice the heavy financial weight of your loans. In this piece, we share our thoughts on how to pay off and live with your debt with minimal hindrance to your financial and life decisions.

Millennials are in a period of life where wedding celebrations are abundant. Often a major financial event, Wallet Hub releases a list of the Best Places to Get Married each year, and they supplement their research with expert advice for brides and grooms-to-be. Partner and Senior Financial Planner, Lauren Stansell, was asked to share her thoughts on the financial considerations of wedding planning. See what Lauren had to say.