How are we to drive to work 20 miles a day combined, yet save our money? How are we to save money when we use the MTA to get to work, but that’s notoriously late so our Uber account starts to multiply? We make sure to check in to that happy hour right after work Wednesday, purchase our Eventbrite ticket as early as a month in advance, and buy an outfit for the same event all during pay week. How are we going to save money when we must do ourselves, (and our 7 friends), a favor by utilizing those (planned) sick days for a well over budget weeklong Air-Bnb extravaganza, right? A millennial is a young person born within the year 2000 and onward. The person is usually tech savvy, eco-friendly, social media driven, and unable to determine how to install a tire on a car. The millennial may sound like a person who does not have their priorities together, but we beg to differ.
The millennial either is dual-employed or within the process of obtaining a master’s degree, all the while saving up for a cost effective car or house. To be dual-employed is to be both employed at a career based organization as well as self-employed. The working millennial only struggles because he or she is funding their entrepreneur goal with their occupation’s wage. The millennial has learned to avoid very costly mistakes simply by typing things on Google, or being swoon into a binge-watching trance via Youtube. The millennial is a person free of judgment from others, free from bashfulness when asking questions, and full of vigor when charged with the task of creating an easier life for self. The to-do lists of the past is not absolute with this bunch, but rather digital, and may even speak to them.
As a young working millennial myself, I have continued to devise ways where working “for the man” becomes a thing of the past. For the moment, and for most millennials, working at this job is simply a place where more ideas of residual income come into play. The Millennials are a robust bunch and are statically proven to be saving more vigorously and efficiently than their parents. In fact, millennial are also in possession of stock, a second bank account, a savings app on their smartphone, and even BitCoin – the proposed currency of the future. As far as I am concerned, the working class of millennials has the future down pact and present a momentum shift of both critical thinking and preparation. At times the millennial hits an obstacle because he or she wants to go buy the new Jordan sneakers and Supreme headband, but their Macbook hardrive is kaput, which spoils their progress of a video blog via iMovie; or their Nikon Camera flashlight breaks and that halts the progress of their side hustle freelance photography job. You think the millennial wants to cease working on that new iMovie project because of sneakers? I think not. Working does take up a lot of my time, but at work, this is where the GroupMe messages fly, the Memes within text messages get faster, and links to Youtube are loaded at a rapid pace. Millennials are a group who believe retirement is not a finish line after 45 years of work with a reward of Social Security, but rather achieving a way of life that can be continued with or without working. Saving for the millennial is great too, as I can confidently suggest two things, starting with the Acorn or Digit smartphone app and exploring the 50-30-20 rule. With Acorn, it’s a stock market preset to the type of investing you want to have. It uses your savings from debit card purchases rounded up to a dollar, then invest that evenly amongst stocks. They even have purchase bonuses called “found money” when you purchase from a selected retailor for the month and the app matches your invest. With Digit, it’s the same concept without the stocks. You can set the type of savings you want, and they round up to the nearest dollar. If the the amount spent on tickets for concerts, pet food, coffee, Chinese food, and other spontaneous purchases you’ll often scroll down your bank account in awe, after that EXTREMELY irritating line item called “rent” can be tolerated, you’ll look in that account after 5 months and realize that you’ve just awarded yourself with a trip to Miami with the money saved. The best part is that this is done blindly and does not annoy you like your father ridiculing you for not having money saved under the mattress for a rainy day.
With the 50-30-20 rule, its rigorous to adjust to but your future self will reward you in ways unheard of. Save 50% of your earnings in a compound interest account so your savings multiply faster than a savings account at a bank, put 30% away for emergency moments, and use only 20% for personal use, you’ll be set for retirement by 45 years old if your current gross wage is $42,000. If that number does not apply to you, play around with the numbers to your liking, with a strong concentration on always manually saving more than spending. Through this method, not only do I appreciate what money can truly buy, but I also appreciate the creativity in my DIY projects.
It’s a see-saw with millennial though, as they shift through moments of brilliance way too early for their age, but also times where they prove to the world that they are gullible idiots who take out credit cards in college to purchase Subway sandwiches for points earned. That’s exactly the flaw with all young people. They think they know everything, but through the inventions of our elders and adults that truly believe in the working individual, there’s now apps that do exactly what our parents have scolded us to do from the very beginning. Ha! Siri, call my mom and tell her sorry, “Okay, calling Mother Dearest…”