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What Millennials need =/= hipster financial plan?

Updated: Oct 3, 2021


Financial planning for millennials rachel-liew-cfp-certified-financial-planner-personal-finance-financial-therapist-consultant
Millennials have different financial planning needs compared to other generations

Truth be told, Millennials don’t need much education on how to get rich (if that, indeed was the goal), they are overloaded with information. What they do need is, the ability to analyze their current financial situation, make the right financial decisions instead of being influenced by popular culture (which is typical in their generation), and eventually, follow through with their plans.


Unlike the Boomer, Millennials did not go through enough hardships that scared them into needing a higher safety net to feel secure (in this case, savings). They are neither the Gen-X who faced social pressure of having to prove themselves by achieving a certain milestone at different stages of life (having a house, fancy cars, sending children to private schools) like sandwiches stuck between funding their parents’ retirement and their children's education fees.


The Millennial has a different set of priorities, their desire for financial freedom with the dream of instant internet fame.


Their behavior differs, they're overloaded with information, but lack the ability to analyze, causing them to fall into the trap of making financial decisions deeply intoxicated with the dream of becoming the next Kylie Jenner, and feeling miserable when reality hits.


And if I may give a piece of advice, that would be there’s no such thing as one plan fits all, read my article on [Financial Management = Weight Management?]



Talk to your financial therapist, have a thorough financial assessment, work out a plan and stick to it.


Also, Knowing and Doing are two different things.



 

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