The millennial generation is well regarded for its embrace of values that are based more on social good than on selfish gain. As the age group comes into true financial independence, that commitment may be tested – but embracing the fundamentals of financial well-being will help them stay the course.
There will be plenty of challenges for this generation to navigate. Traditional employment opportunities are not a given (65 percent of young adults are employed, down from 69 percent of the same age group in 1980), and theirs is the largest generation (73 million) in the past 30 years. That means they face more competition for traditional jobs in a global marketplace that is being constantly reinvented.
Technology enables remote work, and millennials are more apt to hold multiple jobs. Business ownership or freelance contractor projects come with more control and flexibility, but they also bring tax complications and a natural intertwining of personal and business finances.
As they encounter defining moments in their financial lives, millennials should bear in mind a few fundamentals that will keep them on track.
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